States in N1.7trn debt to FG for budget support loans
Post AMUGE
March 22, 2024
Business a.m. The finances of Nigeria’s 36 states and the Federal Capital Territory are in a precarious state, as they collectively owe the federal government N1.72 trillion in budget support facilities. The worrisome figures were revealed in a statement by Stanley Nkwocha, senior special assistant to the vice president on media and communications, titled “NEC […]
Lagos 2020 budget revised to N920bn
Businessam StaffJuly 7, 2020
The Lagos State government has reworked its 2020 budget arising from the disruption occasioned by the Coronavirus pandemic. The Lagos State House of Assembly yesterday passed the 2020 appropriation (amendment) bill of N920,468,589,337. The revision followed the recommendations of the joint committee on economic planning and budget and finance. Gbolahan Yishawu, chairman, house committee on […]
N4.563trn budget deficit pushes Nigeria closer to recession
Omobayo AzeezJune 2, 2020
By Omobayo Azeez The Nigerian economy is fast showing signs of shrinking and plunging into recession as deficit for financing of federal government’s revised N10.509 trillion 2020 budget rises to N4.563 trillion from N1.847 trillion earlier projected. This means that of the appropriated total expenditure of government in the year, only N5.943 trillion equivalent to […]
FG slashes 2020 budget
Businessam StaffApril 8, 2020
The federal government has sent a revised budget to the National Assembly, cutting down some costs in view of the coronavirus pandemic in Nigeria. A top source in the National Assembly shared a copy of the revised 2020 budget on Wednesday, noting that a meeting was ongoing between the leadership of the National Assembly and […]
FG slashes budget by N1.5tn, reduces benchmark to $30
Businessam StaffMarch 19, 2020
The federal government on Wednesday announced a slash in the 2020 budget by N1.5tn as part of measures to respond to the impact of coronavirus on the economy. Included in the N1.5tn is over N457bn the government spends on fuel importation under the name of “under-recovery.” A government’s panel set up to assess the impact […]
Covenant University’s CEPDeR pulls in Akabueze for roundtable on budget
Afolabi OluwaseunFebruary 14, 2020
Adesola Afolabi As economic experts argue on the importance of Nigeria’s growing debt profile, Covenant University’s Centre for Economic Policy and Development Research (CEPDeR) has announced Ben Akabueze, the Director General (DG) of the federation’s budget office as the keynote speaker in its upcoming roundtable. According to CEPDeR, the national budget roundtable themed ‘‘The […]
Taxation of informal sector will address budget deficit, says FIRS
Businessam StaffFebruary 5, 2020
Mohammed Nami, the executive chairman of the Federal Inland Revenue Service (FIRS), yesterday said Nigeria and the rest of Africa must exploit the potential in the informal sector of the economy to reduce budget deficits and increase tax revenue collection. He said bringing the informal sector into the tax net may further promote good governance […]
National Assembly raises own 2020 budget by N3bn
Businessam StaffDecember 5, 2019
The National Assembly has raised its budget for 2020 from the N125bn to N128bn. The House of Representatives Committee on Appropriations made the recommendation in its report on the 2020 Appropriation Bill scheduled for consideration and passage today. The increment of the National Assembly budget forms part of the increase in the size of the […]
Governors meet over N614bn bailout deductions, seek extended time frame
Businessam StaffOctober 28, 2019
Governors of the 36 states of the federation are now meeting in Abuja to review deductions over N614 billion being made from states accounts following bailout funds given to them by the federal government. Basically, the governors are asking that some of the deductions be made from the money the federal government is owing them […]
2020 Budget: CSOs raise concerns over VAT increase, frivolous items, others
Businessam StaffOctober 10, 2019
Less than 24 hours after president Muhammadu Buhari presented the 2020 budget proposal of N10. 33 trillion to the National Assembly on Tuesday, Civil Society Organisations, CSOs, have raised grave concerns over items of the proposed budget, which include an increase of value added tax, VAT, to 7.5 per cent, frivolous items, deficit and borrowings, […]