Following concerns from some legislators, the Nigerian Senate on Wednesday increased the country’s 2023 budget by 6.4% to ₦21.83 trillion ($49 billion) and postponed a decision on the president’s request to convert central bank overdrafts to long-term bonds. President Muhammadu Buhari had previously requested permission from the legislature in a letter dated December 20 to Read More…
Budget
Ikorodu LG consults on 2023 budget, pledges to do more
Mr. Wasiu Adesina, the chairman of the Ikorodu Local Government, has reassured the locals of his administration’s commitment to bringing them more development projects and democratic dividends. At the stakeholders meeting for the local government’s 2023 budget held on Friday in Lagos at the council secretariat in Ikorodu, Lagos State, Adesina made the guarantee. In Read More…
State House’s 2023 budget sees a 50% slash
The State House’s permanent secretary, Tijjani Umar, says that the N21.1 billion budget request for 2023 is N19.01 billion less than the N40.1 billion budgeted for that year. This information was made public by Umar on Thursday in Abuja when he appeared with other members of the State House’s top management team to defend the Read More…
Experts urge FG to boost oil output to reduce budget deficit in 2023
Some financial experts have told the federal government that increasing the country’s oil production to the OPEC quota is the only way to keep the budget stable and reduce the projected budget deficit. On Wednesday in Lagos, they made the appeal in separate interviews with the News Agency of Nigeria (NAN). Prof. Sherifdean Tella, Head, Read More…
2023 Appropriation Bill passes second reading as Reps kick against subsidy, debt profile
The House of Representatives passed the 2023 appropriation bill for second reading despite opposition from members about the nation’s high debt level and ongoing fuel subsidy payments. The two problems, according to the House, are the main causes that are harming the country’s economy. The breakdown of the budget was read to the House at Read More…
11bn national budget deficit to be fixed through amendment of Finance Act
The National Assembly intends to tackle the N11.03 trillion deficit proposed in the N19.76 trillion 2023 budget as indicated in 2023-2025 MTEF and FSP by amending relevant provisions of the Finance Act. Chairman, Senate Committee on General Services, Sen. Sani Musa ( APC Niger-East) disclosed this in a chat with newsmen in Abuja on Sunday. Read More…