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 minister says N29 billion allocated to solid minerals development in the 2024 budget is a drop in the ocean if Nigeria must diversify the economy away from hydrocarbons The Ministry of Solid Mineral Development has solicited for an increased budgetary allocation to ensure adequate funding for the exploration of solid minerals in the country. According to the Minster, Mr. Dele Alake, an increased allocation is the only way to ensure the ministry generates more...
Minister Edu called attention to non-provision for a poverty eradication trust fund and said there has been over 71% reduction in capital allocation to the ministry between 2022 and 2023 The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Beta Edu, has pleaded with the National Assembly to increase the capital allocation to her ministry in the 2024 budget as the amount allocated is not sufficient for poverty eradication in the country. The minister made...
The senate committee expressed concerns over low budgetary allocation to the ministry of information and its parastatals and promised to ‘do something about it.’Â The Senate has frowned at the allocation to the ministry of information and national orientation in the N27.5 trillion 2024 budget. The Senate Committee on Information expressed this displeasure during the budget defence session with the officials of the ministry on Tuesday. In his presentation before the committee, the Minister of...
In a rather ironic twist, the federal government which introduced the naira redesign policy now admits its deleterious consequences  The Federal Government has bemoaned the rate at which farmers are going bankrupt in the country due to the naira redesign policy pushed through by the Central Bank of Nigeria (CBN) from December 15, 2022 to early February this year when the Supreme Court ruled against it. This was as lawmakers in the national ssembly...
The state oil company reveals massive scale of oil theft through multiple illegal connections across the country but maintains that production projections are realistic The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that there are 4,800 illegal connections on some 5,000 kilometers of oil pipelines across the country. This was disclosed by the Chief Executive Officer of NNPCL, Mele Kyari, during an interface with the members of the senate committee on Appropriations held on...
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 Senate has resolved to increase the 2024 Budget of the ministry of labour and productivity to enable more revenue generation The senate committee on labour and productivity has considered the need for increased revenue generation and accordingly raised the 2024 budgetary allocation of the ministry of labour, productivity, and employment. This followed requests from ministers in the ministry during the 2024 budget defence on Friday, December 8, 2023. While the amount of raise was...
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...
The national assembly joint committee flayed officials of the correctional service who fiddled and fidgeted in providing answers to questions The Senate has lambasted officials of the Nigerian Correctional Service (NCoS) over the inhumane conditions of inmates in their custody. This followed series of questions thrown at the officials by lawmakers during the 2024 budget defence with the National Assembly joint committees on Interior on Thursday, December 7, 2023. Trouble started when Sen. Adams Oshiomhole...
