Skip to main content

Tinubu Begs Reps To Approve $8.6bn External Loan Request

President Bola Tinubu has written the House of Representatives, seeking the approval of the green chamber for an $8.6billion and €100million external borrowing plan for critical infrastructure in areas such as power, roads, water, railways, and health.

The President also forwarded the Federal Capital Territory Supplementary Budget to the House for consideration.

Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. 

This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5trillion.

The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the National Assembly, which benchmarked the exchange rate at N700 to $1 and the crude oil price at $73.96 cent per barrel.

The Minister of Budget and Economic Planning, Abubakar Bagudu, told reporters at the State House on Monday that FEC revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.

According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5trillion, an increase of over N1.5trillion from the previously estimated.

Comments

Post a Comment

Popular posts from this blog

2023 Census: We Won’t Ask Questions On Religion –NPC

2023 Census: We Won’t Ask Questions On Religion  –NPC By Editor  Ahead of the commencement of the 2023 census, the National Population Commission (NPC) on Wednesday said it will not ask questions on religious affiliation. In a statement on Wednesday by the Director of Public Affairs, Isiaka Yahaya, the commission said the decision to exclude religion along with ethnicity from the census questionnaire was taken in consideration of the sensitive nature of these issues within the Nigerian polity. He also stated that the need to save the census data from needless controversies and attention will compel the NPC to avoid questions bordering on religion. “For the avoidance of doubt, the commission wishes to state unequivocally that the 2023 Population and Housing Census will not canvass questions on religion and religious affiliations of respondents.” This comes amid a viral WhatsApp audio claiming that the religious affiliation of a person will be canvassed. The exercise is schedule...
1 comment
Read more

2023: Nigeria Ranks Low, As IMF Names Countries With Highest Debt

The 2023 World Economic Outlook of the International Monetary Fund (IMF), has named the countries with highest debt – Sudan 256 per cent, Japan 255 percent, and Greece 168 percent. According to the October index posted by Statisence X handle, while Nigeria has 39 percent, and China 83 percent, the U. S. has 123 percent and United Kingdom 104 percent. The above data shows that Argentina tops the list of 12 highest IMF debt burden with $44,433,379; followed by Egypt at $12, 521, 322,333; Ukraine $11,588,182,405; and China $9, 674,159, 560. Also on the list are, Pakistan $7,969,383, 344; Russia $7, 850, 147, 849; India $5,606,170, 345; Brazil $3, 995, 905, 562; Mexico $3,946, 241,133; Venezuela $3,534, 993, 686; Indonesia $2, 741, 057, 642; and South Africa $2,471, 131, 618. However, as of March 2023, Argentina led 10 countries with the highest debt burden, hitting $46billion; Egypt $18billion; Ukraine $12.2billion; Ecuador $8.2billion; Pakistan $7.4billion; Colombia $5billion; Angola $4....
Post a Comment
Read more

FG Begins Payment Of Health Workers’ Salary Arrears

The Federal Government has commenced payment of the salary arrears to health workers under the expanded midwives service scheme. The development followed the report that the Federal Government, through the National Primary Health Care Development Agency (NPHCDA) and Sydani Group owed doctors, nurses, midwives, and community health extension workers under the scheme four-month salary arrears. The health workers under the eMSS lamented the untold hardship caused by the non-payment of salaries, coupled with the high cost of living in the country. eMSS was implemented by the Federal Government through the national primary healthcare development agency as part of efforts to improve maternal and child health in the country. The Executive Director and Chief Executive Officer of NPHCDA, Dr. Muyi Aina, confirmed on Thursday that the Federal Government had begun paying the three-month arrears. Aina said, “We are aware that the workers have begun to receive payments of outstanding salaries for Au...
Post a Comment
Read more