Sen. Lawan promises to increase the capital budget of the DSA in order for it to function effectively The Senate has expressed its commitment to ensure that the Defence Space Administration (DSA) receive sufficient funding in the 2024 budget to allow it carry out its mandate effectively. This was made known by the chairman of the committee on defence, Senator Ahmad Lawan (APC, Yobe North), on Thursday, when officials of the DSA appeared before the...
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,...
A budget defence session by AMCON turned dramatic as senators took turns to lambast the debt recovery agency and threatened to scrap it There was a dramatic turm of events on Wednesday when senators disagreed on the performance of the Asset Management Corporation of Nigeria (AMCON) with some of the legislators calling for its dissolution. This was as the Managing Director of the agency, Ahmed Kuru, failed to convincingly explain inability of the agency to...
The chief executive also assured that Nigeria would see better times in the oil and gas industry as recent policy reforms are realised through the NNPCL The Nigerian National Petroleum Company Limited (NNPCL) has declared that it remitted N4.5 trillion generated revenue as at October this year into the federation’ account. The state oil company further asserted that prosperity is imminent for the country because itself and other significant players in the oil industry are...
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 extractive watchdog emphasized that its reports meet the highest global standards of accuracy and objectivity as recently affirmed in a recent global assessment of NEITI The Nigeria Extractive Industries Transparency Initiative (NEITI) has refuted claims that it concealed some information from its 2021 oil and gas industry report. NEITI, in a statement issued on Monday, described the claims as fictitious, and incorrect information from frivolous media reports. The agency emphasised its dedication to transparency...
The senate committee expressed concerns over low budgetary allocation to the ministry of information and its parastatals and promised to ‘do something about it.’ 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...
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