Tag Archives: Budget

FG plans to raise N471bn from domestic capital market

The Federal Government has revealed its intention to t raise about N471 billion in new debt capital from the domestic capital market this quarter. This is part of the strategy of the government to begin to bridge 2022 budget deficit of about N6.39 trillion. Provisional debt issuance calendar of the government at the weekend showed that it will be raising ...

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Breaking: Senate approves N17.126 trillion budget

The upper legislative chamber, Senate has passed a 2022 budget of N17.126 trillion against N16.391 trillion naira as presented by the president. It was learnt that N3.8 trillion is earmarked for debt service, N6.9 trillion recurrent non-debt expenditure while N5.4 trillion is for capital expenditure. The upper house also increased the benchmark price of crude from 57 to 62 dollars ...

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Financial experts lament 2018 Budget delay, MPC confirmation

Some financial experts, on Monday, in Lagos, frowned at the failure of the National Assembly to pass the 2018 Budget and confirm nominees of the Monetary Policy Committee (MPC). They told journalists that the continued delay arising from the lingering impasse between the executive and legislature was affecting the nation’s development. Sheriffdeen Tella, Professor of Economics, Olabisi Onabanjo University, Ago-Iwoye, ...

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FG may borrow $2.5bn via Eurobonds

The Federal Government will consider raising $2.5bn through Eurobonds in the first quarter to refinance a portion of its domestic Treasury bill portfolio at lower cost, the Director-General, Debt Management Office, Patience Oniha, has said. According to her, the issue is part of a $5.5bn fund raising programme approved by the National Assembly last year. The DMO director-general also told Reuters on ...

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Nigerians not feeling impact of economic recovery – CISLAC

Civil Society Legislative Advocacy Centre (CISLAC) The Civil Society Legislative Advocacy Centre (CISLAC) has said that the reported improvement in the nation’s economy is still largely reflected in government figures and statistics and not having direct bearings on the citizenry. Its Executive Director, Auwal Musa Rafsanjani, said at a state of the nation media briefing on Tuesday in Abuja, and ...

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FG releases N1.2trn for economic growth

The Debt Management Office (DMO) has indicated that a total of N1.2trillion has been released by the Federal Government for capital projects in the 2017 Appropriation Act. It noted that the release of such amount for the capital project was a strong demonstration of the commitment of the present administration to prioritise improvement in infrastructure, in order to stimulate economic ...

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Rivers’ 2017 Budget records 74% performance – Wike

Governor Nyesom Wike of Rivers said on Thursday that the state’s 2017 Budget recorded 74 per cent performance, representing significant improvement on that of 2016. The governor disclosed this in Port Harcourt while presenting the 2018 Appropriation Bill to the legislature. The governor announced that the state witnessed a 31 per cent shortfall in its targeted revenue for 2017. Wike ...

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Borno govt budgets N170.3bn for 2018

Governor Kashim Shettima of Borno State has presented a N170.3billion budget to the State House of Assembly (BOSHA), for appropriation for the 2018 fiscal year. The Appropriation Bill, tagged: “Budget of Resettlement and Empowerment” is 7.3 per cent or N13billion lesser than last year’s N183.84 billion appropriation bills. Shettima said the “massive reconstructions of institutional structures,” destroyed by Boko Haram ...

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Nigeria floats $3bn dual-tranche bond

The Federal Government on Monday announced that it had floated a $3 billion dual-tranche bond. It said that the pricing of the $1.5 billion 10-year and $1.5 billion 30-year notes were under its Global Medium Term Note programme

. The Federal Government said that it had priced the offering of the $3 billion aggregate principal amount of dual series notes under ...

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Economic experts slam FG’s proposed $5.5bn loan for infrastructure development

Economic experts on Monday expressed concern over the Federal Government’s intention to borrow 5.5 million dollars to fund some capital projects captured in the 2017 Budget. President Muhammadu Buhari presented a four-page letter to the Senate which showed that the proposed borrowing was for the implementation of the external borrowing approved in the 2017 Appropriation Act. However, this is not ...

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