FG Proposes N26trn Budget For 2024 Fiscal Year
The Federal Government, yesterday, projected N26 trillion for the 2024 budget which it has targeted to submit to the National Assembly before December 31, 2023. Minister of Planning and Budget, Atiku Bagudu, made the disclosure at the end of the Federal Executive Council (FEC), presided over by President Bola Tinubu, while briefing State House Correspondents alongside his colleagues from Ministry...
IMF Says South Africa May Overtake Nigeria As Africa’s Biggest Economy
The International Monetary Fund (IMF) has disclosed in its forecast that South Africa may topple Nigeria as Africa’s biggest economy. According to the IMF World Economic Outlook, South Africa, the most industrialised country on the African continent is reaching towards achieving $401 gross domestic product (GDP) in 2024. The global financial institution, however, envisioned that based on current prices, Nigeria and...
Tinubu To Present N26.1 Trillion 2024 Budget To National Assembly November
President Bola Tinubu will present the proposed N26.1trillion 2024 budget estimates to joint session of the National Assembly early next month, the Senate revealed on Wednesday. Ahead of the presentation, the Senate through its committee on Appropriations , has summoned the Ministers of Finance , Wale Edun and his counterpart on Budget and Economic Planning , Senator Atiku Bagudu ,...
FG Fixes December 2024 Deadline For Completion Of Rehabilitation Work In Kaduna Refinery
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that the ongoing quick-fix project at the Kaduna Refinery and Petrochemicals Company Limited will be back on stream by the end of 2024. This was disclosed in a statement posted on the official X handle of the Nigerian National Petroleum Company Limited on Saturday. According to the statement, Lokpobiri...
Air Travel Fees Increases By 8.70% In One Year: NBS
The National Bureau of Statistics (NBS) has said in one year, air transport fare rose by 8.70% from N72,690.54 in September 2022 to N79,013.48 in September 2023. This was contained in its document titled: “Transport Fare Watch for September 2023.” According to the data: “In air travel, the average fare paid by air passengers for specified routes single journey was N79,013.48 in September...
Labour Rejects Harbour, Ports Bill
The two in-house unions in the nation’s maritime industry have rejected the Ports and Harbour Bill at the National Assembly, seeking to repeal the Act that sets up the Nigerian Ports Authority, NPA. The unions are the Maritime Workers Union of Nigeria, MWUN, and the Senior Staff Association of Statutory Corporations and Government-Owned Companies, SSASCGOC, NPA, branch. They warned that the...
APC Lawmaker Says Reps Will Investigate Tinubu Over Trillions Of Naira From Fuel Subsidy Removal
A member of the House of Representatives, Hon. Yusuf Gagdi, has vowed to ask President Bola Tinubu, what he did with the trillions of naira saved from the removal of fuel subsidy. The lawmaker and chieftain of the ruling All Progressives Congress (APC), who chairs the House Committee on Navy, said that he supported the removal of fuel subsidy but...
FG Vows To Checkmate Indiscriminate Borrowing By States
Worried by the indiscriminate borrowing by state governments from banks and the capital market, the Federal Government has commenced a process to check such borrowing. Consequently, the Fiscal Responsibility Commission, FRC, has issued a guidelines on conditions a state government must meet before borrowing from any bank, in the country. Barrister Charles Abana, the Head, Directorate of Legal, Investigation and Enforcement...
Nigeria’s Inflation Rate Hits 27.3%
Nigeria’s annual inflation rate rose to 27.33 percent in October from 26.72 percent in the previous month. This was disclosed by the National Bureau of Statistics (NBS) in its consumer price index report for September, released on Tuesday, November 14. The CPI measures the rate of change in prices of goods and services. The statistics office said the October 2023 headline inflation rate...
Our Economic Environment Does Not Support Further Borrowing, Finance Minister Tells Senate
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has disclosed that the country cannot rely on borrowing to fund the 2024 budget. Edun stated this on Thursday when he appeared before the joint Senate Committee interrogating the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper chaired by Senator Sani Musa. The finance minister told the joint...
