*Directs release of 50% of capital expenditure *FG records N1.48tn revenue in 2020, expects decline in govt revenues *Economy to begin recovery before year end President Muhammadu Buhari has signed into law the revised N10.8 trillion 2020 budget, and directed the release of at least 50 per cent of the approved 2020 revised capital expenditure […]
The Senate has passed the revised 2020 budget of N10,805,544,664,642, this morning Thursday, June 11 during plenary. The passage of the budget comes a day after the House of Representatives passed the same figure as the 2020 budget. A breakdown of the figure shows that the sum of N2,488,789,433,344 is for capital expenditure and recurrent non-debt expenditure […]
The House of Representatives Committee on Sustainable Development Goals (SDGs) has denied indicting the Senior Special Assistant on Sustainable Development Goals (SDGs), Mrs. Adejoke Orelope-Adefulire of financial impropriety in respect of the 2020 budget. Chairman of the House Committee on SDGs, Rep. Rotimi Agunsoye, who made the clarification in a statement on Friday, debunked media […]
The Peoples Democratic Party (PDP) has rejected the federal government’s slashing of the 2020 budgetary allocations for basic health care from N44.4 billion to N25.5billion and the Universal Basic Education (UBE) budget from N111.7 billion to N51.1 billion. The party said the cut in projected funds allotted to basic needs of the citizenry, depicts the […]
In a bid to give frame to the implementation of the 2020 appropriation bill, the Senate on Tuesday, jerked up to $28 per barrel, the oil price benchmark.Recall that the executive in the revised Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper ( FSP) forwarded to the Senate for approval has propised $25 as benchmark. It also reduced […]
…Slashes oil sales projection, increases Debt servicing from N2.4trn to N3trn …Buhari seeks Senate approval of fresh $5.513bn foreign loans …PDP kicks, says Nigeria now on auction market Tunde Opalana, Abuja The Federal Government has made a U-turn on the planned dropping of the 2020 Budget from N10.594 trillion to N9 trillion as it mulls […]
…Say any MDA or official found altering the budget will face the music Henry Omunu, Abuja Following the consideration of the revised 2020 Budget proposal by the National Assembly, the Chairman, House of Representatives Committee on Appropriation, Rep. Muktar Betara, has warned Ministries Department and Agencies (MDAs) of to desist from tampering with the budget. […]
…Says review fallout of COVID-19 pandemic Benjamin Omoike The Lagos State Government has embarked on a downward review of the year 2020 budget, precipitated by the negative economic and social effects of the Coronavirus (COVID-19) disease on the global economy. Making the disclosure, the Honourable Commissioner for Economic Planning and Budget, Mr. Sam Egube, said […]
The leadership of the National Assembly on Thursday met with the Minister of Finance, Budget and National Planning, Zainab Ahmed to be briefed by the latter on the plan by the Federal Government to amend the N10.59 trillion 2020 budget passed by the National Assembly in December last year. The meeting which had in attendance […]
…Okays 1.2bn Euros loan for agric mechanisation The Federal Executive Council (FEC) has approved an increase in the size of the revised 2020 budget by N318 billion from N10.276 trillion to N10.523 trillion. The total budget size is N71.5 billion lesser than the original budget of N10.594 trillion and N318 billion higher than the N10.276 […]
The Taraba state government has stated that its focus in the 2020 budget of over N215billion is to complete ongoing projects, initiate and execute others that have direct bearing on the lives of the people of the state. Commissioner for Budget and Planning, Solomon Elisha made the disclosure Friday during a press briefing at the […]
The Ministries of Defence, Education and Police Affairs are expected to take the largest share of recurrent expenditure in the 2020 budget, The Daily Times findings have shown. A breakdown of the top ten Ministries with highest recurrent spending in the budget reveals that the ministry of defence too the list with a recurrent expenditure […]
The Senate on Friday approved N278 billion for the 2020 Federal Capital Territory Administration (FCTA) budget, against the N232 billion earlier presented by the FCTA . The approval followed the presentation of a harmonised report of the Senate and House of Representatives Committees on FCT on the budget estimate. There are still challenges ahead, Buhari […]
.Expresses worry over low GDP growth compared to population .Consequential adjustment to take effect from December salary Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, says the Federal Government is targeting more revenue from the finance and deep offshore inland basin and PSC Act if implementation begins from January 2020. The minister said […]
Abuja – The Nigerian Association of Small and Medium Enterprises (NASMEs), on Thursday said that early passage of the 2020 budget would accelerate the achievement of Nigeria’s goals. Mr Auwal Bununu, the Zonal Vice President (North Central) of the association said this in a telephone interview with the News Agency of Nigeria (NAN). The National […]
Minority Leader of the House of Representatives, Rep. Ndudi Elumelu (PDP/Delta) has pledged the commitment of members of the opposition parties in the House to ensure the effective implementation of the 2020 budget. Rep. Elumelu, who made the pledge in a statement on Sunday in Abuja, said the opposition caucus would step up its oversight […]
Abuja – The House of Representatives on Thursday passed (2020 budget) the 2020 Appropriation Bill of more than ₦10.59 trillion against the initial amount of ₦10.33 trillion presented by President Muhammadu Buhari. Also the Senate, on Thursday at plenary, passed the 2020 budget of N10.594 trillion as against N10.33 trillion presented by President Muhammadu Buhari on […]
National Chairman of the All Progressives Congress (APC), Comrade Adams Oshiomhole, has commended the commitment and patriotism of the Speaker of the House of Representatives, Femi Gbajabiamila towards the quick passage of the 2020 budget. The APC national chairman also lauded the efforts of the Gbajabiamila-led House, especially members of the APC caucus, for ensuring […]
President of the Senate, Ahmad Lawan, has said the Ninth National Assembly will insist on accountability and transparency in the power sector, particularly in the application of funds proposed for it in the 2020 budget. Lawan stated this on Monday when the Managing Director of the Niger Delta Power Holding Company, Joseph Chiedu Ugbo, led […]
The federal government has projected to spend a total sum of N2.154 trillion on salaries and allowances of only four federal ministries in the 2020 budget proposal. A breakdown of the budget by The Daily Times shows that Defence ministry has the lion share of recurrent expenditure which is N778 billion. The defence ministry is […]