The President makes history as he not only signs 2024 budget but also endorses the extension of the 2023 supplementary appropriation earlier passed by the parliament President Bola Tinubu has signed into law the 2024 budget of N28.7 trillion. The president also signed the N2.2tn supplementary appropriation for 2023 which will now run alongside the 2024 budget until March 31, 2024. He appended his signature to the bills on Monday, January 1, 2024. OrderPaper recalls...
The representatives explained that inflation and the need for a realistic dollar exchange rate necessitated the increase of N1.2trn in the 2024 budget The National Assembly has passed the 2024 budget with an increase of N1.2trn. The lawmakers, who held a special session to pass the budget, increased the estimate from N27.5 trillion presented by President Bola Tinubu to N28.7trillion. The Senate also passed the 2024 budget with a similar raise of the estimates. Explaining...
In passing the budget the Senate also jerked up the exchange rate for 2024 to N800 per US dollar but retained oil production and price benchmarks as proposed by President Tinubu The Senate has approved the budget for the 2024 fiscal year. The budget was, however, increased from N27.5 trillion presented by President Bola Tinubu on November 29, 2023 to N28.7 trillion. This shows an increase of over N1.2 trillion. The Senate also increased the...
The face-off between the Benue State Governor and the Secretary to the Government of the Federation has escalated with members of the National Assembly from the state in proxy battle The Benue Caucus of the National Assembly has urged President Bola Tinubu to intervene in the crises within the All Progressives Congress (APC) in Benue State allegedly fueled by Governor Hyacinth Alia. The lawmakers from both chambers who are of the APC accused the governor...
The president and his chief of staff join others to mourn Na’Abba, the former Reps speaker who passed earlier today The Nigerian presidency has expressed sadness over the death of former House of Representatives Speaker, Ghali Umar Na’Abba, who died in the wee hours of Wednesday, 27 December 2023. President Bola Tinubu, in a statement to mourn Na’Abba issued by Ajuri Ngelale, his Special Adviser on Media & Publicity, described the late speaker in glowing...
The late House of Representatives Speaker, Ghali Umar Na’Abba, will be remembered for being fierce, fearless, and forthright A former Speaker of the House of Representatives, Ghali Umar Na’Abba, is dead. Na’Abba died at the age of 65 in Abuja. Mr Ahmed Tijjani Lawal, an aide to the deceased, disclosed this to the News Agency of Nigeria (NAN). The second Speaker of the House of Representatives in the current 4th Republic died in the wee...
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...
The National Assembly joint committee condemned the N9.6 billion 2024 budget allocation of federal ministry of petroleum resources The 2024 budget proposal of the ministry of petroleum resources does not support the renewed hope agenda of President Bola Tinubu, and therfore needs to be increaesd. This was made known during defence meeting of the ministry on Monday, December 18, 2023, at the National Assembly. Members of the National Assembly joint committee described the budget as...
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,...
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