Business Headlines

Setback for economy as FG records N2.3trn budget deficit in Q1

Ihesiulo Grace 23 September 2021 0

As the economy is gradually recovering from the huge impact of the Covid-19 pandemic, there seems to be a major setback as the Federal Government recorded a budget deficit of about N2. 293 trillion in the first quarter of 2021. This is contained in the First Quarter (Q1) Budget Implementation

News

Ensure transparent use of ₦500 billion COVID-19 stimulus fund – AHBN tasks FG

Ihesiulo Grace 7 June 2021 0

*Says, delay in utilising funds will be seen as sabotage Doosuur Iwambe,Abuja The Africa Health Budget Network (AHBN), has called on  the Federal Government to ensure efficient and transparent utilisation of the N500 billion COVID-19, received from the International Monetary Fund (IMF) as a stimulus package for COVID-19 intervention. According to the non governmental

Business

FG looking beyond budgetary allocations to finance infrastructure-Finance Minister

Ihesiulo Grace 28 May 2021 0

PHILIP CLEMENT, ABUJA The minister for Finance, Budget and National Planning, Mrs Zainab Ahmed, says the federal government is looking beyond budgetary allocations to finance critical infrastructure development in the country. Mrs Ahmed who also doubles as Vice-Chair of the National Council on Privatisation (NCP) said this at the recently held webinar on financing

Business News

‘How Lagos will fund N192.494bn deficit’

Ihesiulo Grace 18 January 2021 0

SAM NZEH & MOTOLANI OSENI Lagos State government has explained how the N192.494 billion deficit in its 2021 Budget will be funded. The 2021 Budget is christened ‘Budget of Rekindled Hope’ with N1.164 trillion as an appropriated sum. Revealing this during the Facts-Behind-the Figures Media Roundtable held on Thursday in Lagos, Commissioner for Economic Planning […]

Business

Minister to present Fed Govt revenue projections in budget

Ihesiulo Grace 11 January 2021 0

FELIX OBOAGWINA Almost two weeks after President Muhammadu Buhari signed the 2021 budget into law, the Honourable Minister of Finance, Budget and Planning, Mrs (Dr) Zainab Shamsuna Ahmed will unveil the comprehensive picture of the government’s revenue projections for this year to the public on Tuesday. The Nigerian Parliament had on December 21 approved the […]

News

N’Assembly raises 2021 budget by N505.607bn, appropriates N13.588trn

Ihesiulo Grace 22 December 2020 0

Both chambers of the National Assembly on Monday passed the 2021 budget totalling N13,588,027,886,175 which is N505,607,317,924 above the initial sum of N13,082,420,568,233 presented by President Muhammadu Buhari for consideration. Highlight of the bill passed showed that N496,528,471,273 appropriated for Statutory transfer, N5, 641,970,060,680 for Recurrent Expenditure,

News

‘We will pass 2021 budget in second week of December’

Ihesiulo Grace 21 November 2020 0

By Tunde Opalana As the 2021 budget defence session by ministries, departments and agencies (MDAs) winds up, the President of the Senate, Ahmad Lawan on Friday assured Nigerians that the parliament is leaving no stone unturned towards the passage of the 2021 Appropriation Bill by the second week of December, 2020. Lawan gave the assurance […]

News

FG to sustain 2020 budget funding amid economic downturn

Ihesiulo Grace 29 August 2020 0

By Philip Clement Despite the country’s Gross Domestic Product (GDP) contraction by -6.10 per cent in the second quarter of 2020, the Federal Government says it will continue funding the 2020 budget to ensure that the economy recovers as projected. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed that in spite […]

News

Ommitted N186b stalls Senate consideration of N10.509 trillion 2020 revised budget

Ihesiulo Grace 9 June 2020 0

Tunde Opalana, Abuja Expeditious consideration of the N10.509 trillion Federal Government 2020 revised budget by the Senate on Tuesday was stalled by the ommission of a sum of N186 billion out of the N500 billion appropriated for the Covid -19 intervention fund. Due to the ommission by the Budget Office, the Senate Tuesday was forced to […]

News

2020 Budget: Oil price benchmark increased to $28 by Senate

Ihesiulo Grace 2 June 2020 0

Abuja – The Senate on Tuesday increased the 25 dollars per barrel oil price benchmark proposed by the executive in the revised Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) forwarded to it for approval. The upper chamber made the increase on the oil price benchmark to 28 Dollars. The resolution was sequel […]

News Politics

Lagos’ 2020 budget cut by lawmakers to N920.5bn

Ihesiulo Grace 2 June 2020 0

Ikeja -The Lagos House of Assembly has passed a resolution to reduce the size of the state’s 2020 budget from N1.68 trillion to N920.5 billion due to the economic challenges posed by COVID-19 pandemic. The resolution was made following a voice votes conducted by the Speaker of the House, Mr Mudashiru Obasa, during plenary in […]

News

Revised 2020 Budget Approved-FG

Ihesiulo Grace 13 May 2020 0

The Federal Executive Council has approved the revised Medium Term Expenditure Framework and the 2020 budget. The revised estimates are based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day. Earlier, Minister of Finance, Zainab Ahmed had hinted that the government would make the revision based on declining international […]

News

Economists differ on plan to rework 2020 Budget oil benchmark

Ihesiulo Grace 13 May 2020 0

Lagos – Some economists  have  expressed divergent views on plans by the Federal Government to further rework the 2020 Budget to reflect an oil benchmark of $20 per barrel. In interviews an in Lagos, some of them said that periodic review of the situation was very critical while others cautioned  against it. Minister of Finance, […]

News

COVID-19: Bauchi to cut 2020 budget

Ihesiulo Grace 23 April 2020 0

The Bauchi state government says it will cut down its 2020 budget to meet economic reality of the state due to outbreak of the coronavirus. Mr. Aminu Gamawa, the state Commissioner for Budget and Economic Planning disclosed this in a news conference on Wednesday in Bauchi. Gamawa said that the state budget would be slashed, […]

Headlines

Ekiti approves downward review of 2020 budget

Ihesiulo Grace 10 April 2020 0

The Ekiti state Executive Council on Thursday approved a downward review of the state’s 2020 budget in the face of dwindling revenue occasioned by the fall in global oil prices and the raging COVID-19 pandemic. The downward review was approved at an executive council meeting held through video-conferencing in Ado Ekiti. Commissioner for Information and […]

News

Lagos mulls re-ordering of 2020 budget to cushion effects of COVID-19

Ihesiulo Grace 9 April 2020 0

…Offers 3-month moratorium on LSETF loans, plans to inject more funds into scheme The Lagos state government has reeled out strategies being put in place to cushion the effects of COVID-19 as the pandemic takes its toll on the economy and residents of the state. Speaking at an Inter-ministerial briefing to update the media about […]

News

Breaking: FG reduces 2020 budget

Ihesiulo Grace 8 April 2020 0

The Federal Government has sent new budget proposal to the National Assembly for consideration in view of global economic realities as a result of the COVID-19- pandemic. The new proposal, according to The Nation, is being considered by the National Assembly, reduced the 2020 estimate from. N10.594 trillion to N10.276 trillion. It also reduces the […]

News

COVID-19: FG reduces 2020 budget by N1.5trn, suspends recruitment

Ihesiulo Grace 19 March 2020 0

Abuja – The Federal Executive Council (FEC) on Wednesday approved reduction in the size of the 2020 budget by about N1.5 trillion, as part of measures to address the impacts of Coronavirus disease on Nigerian economy. The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, made this known when she addressed State House […]

Business Featured Headlines

Covid-19 sends economic team into panic mode over 2020 budget

Ihesiulo Grace 12 March 2020 0

…Diversification, reducing cost of production vital – Dangote …Over-reliance on oil hurting economy – Emefiele …Capacity to finance oil development lacking – Kyari The sudden and unexpected drop in crude prices to just over $30 has thrown the global oil market into commotion especially economies that hugely rely on oil receipts as major source of […]

News

Zamfara has 2m Almajiris — Official

Ihesiulo Grace 12 March 2020 0

About two million Almajiris are roaming the streets of Zamfara, according to the state Director of Budget, Alhaji Hamza Salisu. Salisu made the disclosure on Wednesday in Gusau, at a meeting on Child Development Grant Programme and Strengthening Social Protection System in the state, organised by Save the Children International. “Based on the data available […]