The dire fiscal state of the country does not allow for vital production and sales data of crude oil to remain shrouded in secrecy, says Minister Edun The Ministry of Finance had called for a transparent resource management system that allows it to track the production and sales of the country’s petroleum resources. The ministry also emphasised the need to monitor the conversation of petroleum revenue from dollars to naira. The minister of finance, Mr....
Senator David Umahi promises to include a provision for a 15-year shelf-life insurance guarantee for projects and a maximum of 5% Variation of Price (VoP) Clause in the contracts. The minister of works, Senator David Umahi, has announced plans to include a provision for a 15-year shelf-life insurance guarantee for projects and a maximum of 5% Variation of Price (VoP) clause in contracts awarded by his ministry. Umahi said this during the 2024 budget defence...
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...
With N1.8 trillion lost this year alone, the Customs Service advocates for the scrapping of the exemption scheme as it denies Nigeria huge sums of revenue at a time when the country is falling short in resource mobilisation The Nigeria Customs Service (NCS) says it lost N1.8 trillion to the Import Duty Exemption Certificate (IDEC), an incentive which allows for specific goods to be imported into the country without paying import duties. According to the...
The senators were on a condolence visit to the governor of Kaduna State, Sen. Uba Sani, where they pledged a full-fledged investigation into the costly military misadventure The members of the 10th Senate have announced the donation of N109 million being their December salaries, to the victims of the bombing mishap that took place in Kaduna last Sunday. This is as they promised not to leave any stone unturned in unravelling the circumstances that led...
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...
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...
Sanusi, a former CBN governor, renowned for his blunt forthrightness, said the national assembly shares huge blame for the opacity and alleged corruption of the NNPCL, the state oil company Former governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has said the failure of the National Assembly to adequately carry out its oversight functions on the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation Limited (NNPCL), and other relevant departments in...
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