Tinubu Writes National Assembly, Wants 2024 Budget Increased By ₦6.2tn
President Bola Tinubu, on Wednesday, requested the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget with ₦6.2tn. Tinubu’s request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and read at plenary on Wednesday. The President in the letter, said the move was pursuant to Section 58, sub-section...
Nigeria Does Not Have Enough Crude Oil For P/Harcourt Refinery, Others – Minister
The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has once again expressed fear that the newly inaugurated Dangote Petrochemical Refinery, Port Harcourt Refinery, Warri Refinery, Kaduna refinery and modular refineries in the country may not get enough crude oil locally for the production of petroleum products without increase in production in the sector. Lokpobiri expressed this fear publicly for...
Government Agencies Agree To End Fuel Scarcity
Federal Government agencies and petroleum marketers have undertaken to end the crippling shortage of petrol across the country that has seen pump prices hit N285 per litre. Speaking after a meeting at the Nigerian National Petroleum Company Limited, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, in Abuja on Thursday, the operators said the depots would work for 24 hours...
Organic Farming Alone Can’t Feed Nigeria’s Population – AFAN
The All Farmers Association of Nigeria (AFAN) has expressed concern over the viability of organic farming as a sole solution to Nigeria’s food security challenges, citing its limitations in meeting the demands of the country’s rapidly growing population. Speaking in an interview with journalists in Lagos on Friday, Mr. Femi Oke, the chairman of AFAN for the Southwest and Lagos...
Watch Your Debt Profile, IMF Cautions Nigeria As Borrowing Spree Continues
As President Bola Tinubu proposes N26.01 trillion budget for 2024 fiscal year, the International Monetary Fund (IMF) has raised concerns about Nigeria’s increasing debt burden. In its recent report on ‘Africa: Special Issue: In Pursuit of Stronger Growth and Resilience,’ IMF raised some concerns fearing that Nigeria’s government debt will surge by 4.3 percent of its GDP in 2024, from...
Buhari Says His Government Took Painful Decisions To Invest For Prosperous Future, Insists Pain ‘Short Term’
President Muhammadu Buhari has explained how his administration took painful decisions to invest for a prosperous future of all Nigerians. Speaking on Tuesday in Saudi Arabia at an investment conference organised by the Future Investment Initiative Institute, the Nigerian leader said upon assuming office in 2015, his government understood the importance on inclusive policies for sustainable peace. “In the past six...
”Nigeria’s Growth Retained at 3.6%” – World Bank
The World Bank has predicted that Nigeria's economy is expected to grow by 3.6% in 2025, despite changes in the dynamics of international trade. This was disclosed in its twice-yearly Global Economic Prospects report released on Tuesday, where it slashed its forecasts for nearly 70 per cent of all economies, including the United States, China, and Europe, as well as...
Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister
Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit recession by the first quarter of 2021. Ahmed spoke about the current recession in the country at the ongoing 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Ministry of Finance, Budget, and National Planning. Nigeria, on Saturday, entered...
Buhari signs Finance Bill into law
The President, Major General Muhammadu Buhari (retd.), has signed the finance bill into law. He made this known via his Twitter handle on Monday. “I am pleased to announce that this morning I signed into law the Finance Bill, 2019,” he tweeted. He said the Finance Bill would support the implementation of the 2020 Appropriation Bill. He added, “This is the first time,...
Zamfara State Govt Says It Did Not Borrow N14bn
The Zamfara State Government has clarified that the reported sum of N14.26 billion was not obtained through a loan but part of the proceeds from a N20 billion bond initiated by the previous administration in the state. It said the current administration of Governor Dauda Lawal has not taken any domestic or external loan since assuming office. Sulaiman Bala Idris, the...
