The president and his chief of staff join others to mourn Na’Abba, the former Reps speaker who passed earlier today The Nigerian presidency has expressed sadness over the death of former House of Representatives Speaker, Ghali Umar Na’Abba, who died in the wee hours of Wednesday, 27 December 2023. President Bola Tinubu, in a statement to mourn Na’Abba issued by Ajuri Ngelale, his Special Adviser on Media & Publicity, described the late speaker in glowing...
The late House of Representatives Speaker, Ghali Umar Na’Abba, will be remembered for being fierce, fearless, and forthright A former Speaker of the House of Representatives, Ghali Umar Na’Abba, is dead. Na’Abba died at the age of 65 in Abuja. Mr Ahmed Tijjani Lawal, an aide to the deceased, disclosed this to the News Agency of Nigeria (NAN). The second Speaker of the House of Representatives in the current 4th Republic died in the wee...
Despite marginal and sometimes substantial differences between budgeted oil price benchmark and average sales every year, the excess crude account is constantly depleting Every year fiscal benchmarks are set by the Nigerian government, usually for the following budget year and for the succeeding three years in the case of the Medium-Term Framework (MTEF). The benchmarks cover a variety of elements ranging from the anticipated naira to dollar exchange rate, crude oil production in barrels per...
The National Assembly joint committee condemned the N9.6 billion 2024 budget allocation of federal ministry of petroleum resources The 2024 budget proposal of the ministry of petroleum resources does not support the renewed hope agenda of President Bola Tinubu, and therfore needs to be increaesd. This was made known during defence meeting of the ministry on Monday, December 18, 2023, at the National Assembly. Members of the National Assembly joint committee described the budget as...
Besides expressing optimism about the exchange rates, the CBN boss projects less revenue from oil exports in the 2024 fiscal year The Central Bank of Nigeria (CBN) has guaranteed that the country’s skyrocketing inflation and exchange rates will significantly decrease in 2024. The apex bank also predicted lower oil revenue for the coming fiscal year, while disclosing that the sum of N18.804 billion worth of trade was recorded through the Nigerian Foreign Exchange Market (NFEM)...
The joint committee also suggested that the president, who is the substantive minister of petroleum, is also expected to appear to defend propositions in the 2024 budget The National Assembly joint committee on Petroleum Resources has summoned the minister of state for petroleum resources, Sen. Heineken Lokpobiri and minister of state for gas, Mr. Ekperikpe Ekpo, to appear before it on Monday, December 18, 2023. The committee members reached the decision on Thursday, December 14, 2023,...
Members of the joint committee promised to increase the defence budget to ensure that the ministry and security agemcies are completely equipped to perform their functions The National Assembly joint committee on defence has told the minister of defence that budgetary allocations to security agencies should be of priority knowledge and coordination in order to avoid working in silos. This position was spearheaded by Senator Ahmad Lawan (APC, Yobe North) during the budget defence of...
The NCoS says it plans to rehabilitate dilapidated facilities for inmates and staff of the service if it gets sufficient budgetary allocation in 2024 The Nigeria Correction Services (NCos) says it plans to rehabilitate dilapidated correctional centres staff quarters and build new ones to reduce the prevalence of overcrowded prisons across the country. The NCos Comptroller General, Haliru Nababa, pleaded for an increased allocation in the 2024 budget to ensure that the service can achieve...
In the last ten years, Nigeria has been unable to meet its oil production benchmark signifying a pattern of failing in executive planning and legislative approval of the country’s annual budgets Nigeria set its first Medium-Term Expenditure Framework (MTEF) benchmark for crude oil in 2004, which was about 19 years ago. The MTEF provides a framework for Nigeria’s annual budgeting process, including revenue projections and expenditure estimates for a period of three years. It also...
The controversy over the content of the budget box laid before a joint session of the National Assembly by President Tinubu was stoked by a combination of ignorance, misstep, and mischief Public discourse, especially on social media, was inundated with the controversy over the alleged empty budget box presented to the National Assembly by President Bola Ahmed Tinubu on Wednesday, 29 November 2023, during a joint session of the Senate and House of Representatives. The...
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