Despite marginal and sometimes substantial differences between budgeted oil price benchmark and average sales every year, the excess crude account is constantly depleting Every year fiscal benchmarks are set by the Nigerian government, usually for the following budget year and for the succeeding three years in the case of the Medium-Term Framework (MTEF). The benchmarks cover a variety of elements ranging from the anticipated naira to dollar exchange rate, crude oil production in barrels per...
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...
Nigeria’s highly successful scaling of the EITI global assessment is a true testament to NEITI’s hard work Nigeria has successfully scaled through the final global assessment of the Extractive Industries Transparency Initiative (EITI). With high scores reaching 90 on data integrity, comprehensiveness of report, outcomes and impacts, contribution to economic growth and adherence to legal frameworks, Nigeria made an overall score of 72, according to a statement released by the Nigeria Extractive Industries Transparency Initiative...
The Speaker’s reiteration of the stated resolve of the National Assembly to amend the Fiscal Responsibility Act gives an additional boost to the advocacy efforts of the GIFT project Speaker of the House of Representatives, Rep. Tajudeen Abass has restated that the National Assembly will review the Fiscal Responsibility Act (FRA), 2007, after the passing the 2024 budget. The Speaker said this on Monday, 4th December 2023, at a Citizens Townhall on the 2024...
The enactment of the student loan law is a unique initiative that provides students from low-income families access to higher education through interest-free loans and the financial flexibility it offers. Here are key provisions and consequential implications of the law On the 12th of June, 2023, the Access to Higher Education Bill, popularly known as the students loans scheme, was passed into law with the assent of President Bola Ahmed Tinubu. The Act aims...
Crude oil production is a vital aspect of the MTEF benchmarks upon which the government builds revenue prospects to fund service delivery. Nigeria’s crude oil production is pivotal to its economy. With extensive reserves, which are concentrated primarily in the Niger Delta region, the country is one of the largest oil producers in Africa and a key player in the global energy market. Daily crude oil production in Nigeria has historically contributed significantly to...
Artisanal mining of crude oil in the Niger Delta Region verges on criminality. But given the scale of the activity, should the government consider making it a possible avenue for empowerment of the youths? Energy plays an important role in the economy of any nation of the world. It directly and indirectly affects the standard of living of its citizens, the security, transport, growth and development of its society. The world is still largely run...
Biofuel is a goldmine for Nigeria to harness in the quest for energy transition but the government must get its act right while industry players should live up to the billing Nigeria, often referred to as the “Giant of Africa”, is grappling with the dual challenge of energy sustainability and environmental responsibility. With a population of over 200 million people and an economy heavily reliant on fossil fuels, the nation faces increasing energy insecurity and...
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