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 President doubled down on his earlier call that MDAs must take the budget defence exercise seriously or risk sanctions The President of the Senate, Sen. Godswill Akpabio, has issued a stern warning to Ministries, Departments and Agencies (MDAs) of the Federal Government cautioning them not to take a casual approach during the budget defence exercise. Akpabio gave the caution while speaking at an interactive session organised by the Committee on Appropriations on Tuesday...
Senators generally spoke in favour of the N27.5 trillion budget bill and expressed willingness to pass it for second reading The Senate on Thursday commenced debate on the general principles of the proposed N27.5 trillion budget for 2024. Recall that the budget estimate was laid at a joint sitting of the National Assembly by President Bola Tinubu on Wednesday. Senators took turns to air their views on the proposal. In his lead debate, the Senate...
President of the Senate, Godswill Akpabio, in his welcome remark at the 2024 budget presentation session, outlines why the 10th National Assembly is proud to work collaboratively with President Bola Tinubu. “On behalf of the Right Honourable Speaker of the House of Representatives, the Distinguished Deputy Senate President, the Right Honorable Deputy Speaker of the House of Representatives, the Distinguished Senate Leader, Principal Officers of both Chambers, Distinguished Senators and Honourable Members of the House...
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