President Tinubu in the 2024 appropriation bill signed into law followed the tradition of his predecessor with a budget deficit of N9.178tn A Budget typically comprises 2 main items. The revenue (income) and the expenditure (how the income is to be disbursed and spent majorly as a capital project or a recurrent project). A budget deficit occurs when one’s expenditure is more than the revenue. That is, you plan to spend more than the earnings....
In a rare occurrence, the House of Representatives says to sit on Saturday, and the sole agenda will be to pass the 27.5 trillion appropriation bill for the 2024 fiscal year The House of Representative will pass the 2024 appropriation bill on Saturday, December 23, 2023. TheSpeaker, Rep. Tajudeen Abbas (APC, Kaduna), disclosed this at the plenary session on Tuesday. He urged the lawmakers to ensure that they are present for the passage of the bill...
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,...
The minister says N29 billion allocated to solid minerals development in the 2024 budget is a drop in the ocean if Nigeria must diversify the economy away from hydrocarbons The Ministry of Solid Mineral Development has solicited for an increased budgetary allocation to ensure adequate funding for the exploration of solid minerals in the country. According to the Minster, Mr. Dele Alake, an increased allocation is the only way to ensure the ministry generates more...
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....
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...
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 committee says it is fully aware of its mandate, which includes focusing on the area councils to catch up with the rest of the federal capital in terms of development The House of Representatives Committee on Federal Capital Territory (FCT) Area Councils and Auxiliary Matters says it will prioritise resettlement schemes, agriculture, and development across the area councils. The committee chairman, Agbedi Yeitiemone Fredrick (PDP, Bayelsa), disclosed this at the committee’s inauguration on Wednesday,...
The representatives took an unreserved swipe at the electoral body, including the widely held view of its battered image from the last general elections The House of Representatives Committee on Electoral Matters has expressed displeasure over the absence of the Independent National Electoral Commission (INEC) at the planned 2024 budget defence hearing. The House had scheduled Wednesday, December 6, for the electoral body to appear and defend its budget estimates. However, the meeting did not...
The Commission asked the National Assembly to almost double its allocation of N43billion for 2024 so it can have more money for the expansion of its operations and to cater for the rising cost of living of personnel Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukayode, has said the commission intends to construct buildings to accommodate the operation of its zonal officers across the country. The EFCC boss disclosed this at...
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