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  •  The Central Bank of Nigeria CBN said it followed due process in its decision to redesign some denominations of the naira adding that the exercise was 12 years overdue The apex bank made this known via its verified twitter account on Saturday urging Nigerians to support the measure as it was in the overall interest of the country The reaction is coming after recent comments by Minister of Finance Budget and National Planning Mrs Zainab Ahmed that the ministry was not consulted by the CBN before the decision was taken The CBN said the measure was in line with provisions of sections 2 and 19 of the CBN Act The management of the CBN had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign produce release and circulate new series of N200 N500 and N1 000 banknotes The CBN urges Nigerians to support the currency redesign project which is in the overall interest of every citizen of the country The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country it said According to the CBN it had tarried for too long considering that it had to wait 20 years to carry out a redesign The standard practice globally was for central banks to redesign produce and circulate new local legal tender every five to eight years it said NewsSourceCredit NAN
    Naira redesign followed due process – CBN
     The Central Bank of Nigeria CBN said it followed due process in its decision to redesign some denominations of the naira adding that the exercise was 12 years overdue The apex bank made this known via its verified twitter account on Saturday urging Nigerians to support the measure as it was in the overall interest of the country The reaction is coming after recent comments by Minister of Finance Budget and National Planning Mrs Zainab Ahmed that the ministry was not consulted by the CBN before the decision was taken The CBN said the measure was in line with provisions of sections 2 and 19 of the CBN Act The management of the CBN had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign produce release and circulate new series of N200 N500 and N1 000 banknotes The CBN urges Nigerians to support the currency redesign project which is in the overall interest of every citizen of the country The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country it said According to the CBN it had tarried for too long considering that it had to wait 20 years to carry out a redesign The standard practice globally was for central banks to redesign produce and circulate new local legal tender every five to eight years it said NewsSourceCredit NAN
    Naira redesign followed due process – CBN
    Economy1 month ago

    Naira redesign followed due process – CBN

    The Central Bank of Nigeria (CBN) said it followed due process in its decision to redesign some denominations of the naira, adding that the exercise was 12 years overdue.

    The apex bank made this known via its verified twitter account on Saturday, urging Nigerians to support the measure as it was in the overall interest of the country.

    The reaction is coming after recent comments by Minister of Finance Budget and National Planning, Mrs Zainab Ahmed, that the ministry was not consulted by the CBN before the decision was taken.

    The CBN said the measure was in line with provisions of sections 2 and 19 of the CBN Act. “The management of the CBN had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500 and N1,000 banknotes.

    “The CBN urges Nigerians to support the currency redesign project, which is in the overall interest of every citizen of the country.

    “The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country,” it said.

    According to the CBN, it had tarried for too long considering that it had to wait 20 years to carry out a redesign.

    “The standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years,” it said.


    NewsSourceCredit: NAN

  •  The Federal Ministry of Finance Budget and National Planning said the ministry was not consulted on the new monetary policy announced by the CBN to redesign N200 N500 and N1000 naira notes with effect from Dec 15 Minister of Finance Mrs Zainab Ahmed said this in Abuja on Friday while responding to questions from Sen Bamidele Opeyemi APC Ekiti on the impact of the policy at the budget defence session with Senate Committee on Finance Opeyemi had decried the spontaneous increase in price of dollar to naira at the parallel market since the policy was announced by the CBN He expressed concern on the likely consequences of the policy on the nation s economy given the astronomical increase of forex Collaborating Chairman of the Committee Sen Solomon Adeola APC Lagos said with the announcement of the policy dollar had started going up He said the consequences of the policy were that price of dollar to the naira was rising adding that it might rise to N1 000 before December when the policy would take off The minister said she received information on the new policy just as other Nigerians saying that her ministry as a fiscal authority was not part of the process leading to formulation and announcement of the policy We were not consulted it was an announcement that we heard it was said that part of the reason advocated was that it was one of the ways to mope up liquidity to manage inflation But there are consequences that we are also looking at what will the consequences be there will be some benefits but there will be some challenges And I don t know whether the monetary authorities have actually looked very closely as to where the consequences are and how they can be mitigated So I still advise that you have that discussion with the monetary authorities she said She said it was her opinion as a Nigerian not as a fiscal authority reiterating that as finance ministry and fiscal authority they were unaware of the policy On debt profile of the nation she said the size of the nation s debt profile which stood at 23 per cent to the Gross Domestic Product GDP was a healthy debt She revealed that the debt services were sustainable adding that what the nation needed was to increase its revenue generation profile She said the Nigeria Customs Service NCS collections stood at 83 per cent performance of the 2022 budget as at August She said with the activation of the excise duties on carbonated drinks and eventual commencement of the use of heavy duty scanners by customs at the ports revenue profile would increase towards the end of the year NewsSourceCredit NAN
    Naira redesign:Finance Ministry was not consulted-Minister
     The Federal Ministry of Finance Budget and National Planning said the ministry was not consulted on the new monetary policy announced by the CBN to redesign N200 N500 and N1000 naira notes with effect from Dec 15 Minister of Finance Mrs Zainab Ahmed said this in Abuja on Friday while responding to questions from Sen Bamidele Opeyemi APC Ekiti on the impact of the policy at the budget defence session with Senate Committee on Finance Opeyemi had decried the spontaneous increase in price of dollar to naira at the parallel market since the policy was announced by the CBN He expressed concern on the likely consequences of the policy on the nation s economy given the astronomical increase of forex Collaborating Chairman of the Committee Sen Solomon Adeola APC Lagos said with the announcement of the policy dollar had started going up He said the consequences of the policy were that price of dollar to the naira was rising adding that it might rise to N1 000 before December when the policy would take off The minister said she received information on the new policy just as other Nigerians saying that her ministry as a fiscal authority was not part of the process leading to formulation and announcement of the policy We were not consulted it was an announcement that we heard it was said that part of the reason advocated was that it was one of the ways to mope up liquidity to manage inflation But there are consequences that we are also looking at what will the consequences be there will be some benefits but there will be some challenges And I don t know whether the monetary authorities have actually looked very closely as to where the consequences are and how they can be mitigated So I still advise that you have that discussion with the monetary authorities she said She said it was her opinion as a Nigerian not as a fiscal authority reiterating that as finance ministry and fiscal authority they were unaware of the policy On debt profile of the nation she said the size of the nation s debt profile which stood at 23 per cent to the Gross Domestic Product GDP was a healthy debt She revealed that the debt services were sustainable adding that what the nation needed was to increase its revenue generation profile She said the Nigeria Customs Service NCS collections stood at 83 per cent performance of the 2022 budget as at August She said with the activation of the excise duties on carbonated drinks and eventual commencement of the use of heavy duty scanners by customs at the ports revenue profile would increase towards the end of the year NewsSourceCredit NAN
    Naira redesign:Finance Ministry was not consulted-Minister
    General news1 month ago

    Naira redesign:Finance Ministry was not consulted-Minister

    The Federal Ministry of Finance, Budget and National Planning said the ministry was not consulted on the new monetary policy announced by the CBN to redesign N200, N500 and N1000 naira notes with effect from Dec 15. Minister of Finance, Mrs Zainab Ahmed, said this in Abuja on Friday, while responding to questions from Sen. Bamidele Opeyemi (APC-Ekiti) on the impact of the policy at the budget defence session with Senate Committee on Finance.

    Opeyemi had  decried the spontaneous increase in price of dollar to naira at the parallel market since the policy was announced by the CBN.

    He expressed concern on the likely consequences of the policy on the nation’s economy, given the astronomical increase of forex.

    Collaborating, Chairman of the Committee, Sen. Solomon Adeola (APC-Lagos), said with the announcement of the policy, dollar had started going up.

    He said the consequences of the policy were that price of dollar to the naira was rising, adding that it might rise to N1,000 before December, when the policy would take off.

    The minister said she received information on the new policy just as other Nigerians, saying that her ministry, as a fiscal authority, was not part of the process leading to formulation and announcement of the policy.

    “We were not consulted, it was an announcement that we heard, it was said that part of the reason advocated was that it was one of the ways to mope up liquidity to manage inflation.

    “But there are consequences that we are also looking at, what will the consequences be, there will be some benefits, but there will be some challenges.

    “And I don’t know whether the monetary authorities have actually looked very closely as to where the consequences are and how they can be mitigated.

    “So I still advise that you have that discussion with the monetary authorities,” she said.

    She said it was her opinion, as a Nigerian, not as a fiscal authority, reiterating that as finance ministry and fiscal authority, they were unaware of the policy.

    On debt profile of the nation, she said the size of the nation’s debt profile which stood at 23 per cent to the Gross Domestic Product (GDP), was a healthy debt.

    She revealed that the debt services were sustainable, adding that what the nation needed was to increase its revenue generation profile.

    She said the Nigeria Customs Service (NCS) collections stood at 83 per cent performance of the 2022 budget as at August.

    She said with the activation of the excise duties on carbonated drinks and eventual commencement of the use of heavy duty scanners by customs at the ports, revenue profile would increase towards the end of the year.


    NewsSourceCredit: NAN

  •  The Minister of Finance Budget and National Planning Mrs Zainab Ahmed says the Federal Government is working on strategic plans to address inflation and ensure decongestion of ports in the country Ahmed said this when she fielded questions from lawmakers at the presentation of the 2022 budget performance before the House of Representatives Committee on Finance on Wednesday in Abuja The minister said that inflation which has risen to 23 per cent was worrisome saying that the inflation in Nigeria has a number of components Ahmed said that one of the components was imported inflation which means that occurrences in developed countries also affected Nigeria According to her the Russia Ukraine war has an impact on Nigeria in the instance that some of the inputs for our food production are affected Ahmed also said that the decision of the U S Central Banks and Europe Central Bank also effected Nigeria because the country depended on imported goods from the countries The minister attributed the rise in food price to the high cost of diesel in the country saying that transporting farm produce to market also affected the final price of food in the market From the monetary side what the CBN is doing to manage inflation is monetary tightening by mopping up liquidity On the side of the government President Muhammadu Buhari has authorised the National Food Security Council we held a meeting yesterday evening on how some support will be provided One of the means is releasing stocks from the strategic reserves we are also looking at how to support inputs like fertilizer production as well as inputs such as feeds The committee will be meeting in the next couple of days to provide recommendations to the President that will be announced for implementation she said Responding to a question on why Nigerian businesses were using Ghanaian ports for their imports the minister said that local ports were congested The unfortunate reality is that a lot of importers prefer to go to our neighbours to clear their goods as a result of that she said Ahmed said that the Ministry of Finance had bought very large scanners that have been put in place in three locations to help fasten the clearing process and contribute in decongesting the ports The minister also said that the Ports Authority was also trying to reorganise the ports to attain better efficiency by controlling entry and exit According to her the rail line from Lagos to Abuja is also being extended to Apapa so that containers even before inspection can be taken out of the Apapa ports to other locations for inspection to be done We believe that the combination of these efforts will improve the efficiency of our ports and result in Nigeria being able to attract its own business and businesses of our neighbours into Nigeria she said On the 2022 budget performance Ahmed said that the budget envisaged that 1 6 million barrels of crude oil would be produced per day but only 1 26 million was produced blaming the shortfall on oil theft She said that the price of a barrel of crude oil was fixed at 73 dollars but was sold at 110 dollars saying Nigeria did not benefit much from the hike as a result of crude theft Ahmed said that the exchange rate was fixed at N410 to dollar but it went for N424 to the dollar in the cause of the year She said inflation was estimated at 16 1 per cent but went up to 23 per cent while GDP growth which was estimated at 3 55 per cent stood at 3 54 per cent NewsSourceCredit NAN
    FG working on strategic plans to address inflation: Minister
     The Minister of Finance Budget and National Planning Mrs Zainab Ahmed says the Federal Government is working on strategic plans to address inflation and ensure decongestion of ports in the country Ahmed said this when she fielded questions from lawmakers at the presentation of the 2022 budget performance before the House of Representatives Committee on Finance on Wednesday in Abuja The minister said that inflation which has risen to 23 per cent was worrisome saying that the inflation in Nigeria has a number of components Ahmed said that one of the components was imported inflation which means that occurrences in developed countries also affected Nigeria According to her the Russia Ukraine war has an impact on Nigeria in the instance that some of the inputs for our food production are affected Ahmed also said that the decision of the U S Central Banks and Europe Central Bank also effected Nigeria because the country depended on imported goods from the countries The minister attributed the rise in food price to the high cost of diesel in the country saying that transporting farm produce to market also affected the final price of food in the market From the monetary side what the CBN is doing to manage inflation is monetary tightening by mopping up liquidity On the side of the government President Muhammadu Buhari has authorised the National Food Security Council we held a meeting yesterday evening on how some support will be provided One of the means is releasing stocks from the strategic reserves we are also looking at how to support inputs like fertilizer production as well as inputs such as feeds The committee will be meeting in the next couple of days to provide recommendations to the President that will be announced for implementation she said Responding to a question on why Nigerian businesses were using Ghanaian ports for their imports the minister said that local ports were congested The unfortunate reality is that a lot of importers prefer to go to our neighbours to clear their goods as a result of that she said Ahmed said that the Ministry of Finance had bought very large scanners that have been put in place in three locations to help fasten the clearing process and contribute in decongesting the ports The minister also said that the Ports Authority was also trying to reorganise the ports to attain better efficiency by controlling entry and exit According to her the rail line from Lagos to Abuja is also being extended to Apapa so that containers even before inspection can be taken out of the Apapa ports to other locations for inspection to be done We believe that the combination of these efforts will improve the efficiency of our ports and result in Nigeria being able to attract its own business and businesses of our neighbours into Nigeria she said On the 2022 budget performance Ahmed said that the budget envisaged that 1 6 million barrels of crude oil would be produced per day but only 1 26 million was produced blaming the shortfall on oil theft She said that the price of a barrel of crude oil was fixed at 73 dollars but was sold at 110 dollars saying Nigeria did not benefit much from the hike as a result of crude theft Ahmed said that the exchange rate was fixed at N410 to dollar but it went for N424 to the dollar in the cause of the year She said inflation was estimated at 16 1 per cent but went up to 23 per cent while GDP growth which was estimated at 3 55 per cent stood at 3 54 per cent NewsSourceCredit NAN
    FG working on strategic plans to address inflation: Minister
    General news1 month ago

    FG working on strategic plans to address inflation: Minister

    The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed says the Federal Government is working on strategic plans to address inflation and ensure decongestion of ports in the country.

    Ahmed said this when she fielded questions from lawmakers at the presentation of the 2022 budget performance before the House of Representatives Committee on Finance on Wednesday in Abuja.

    The minister said that inflation which has risen to 23 per cent, was worrisome, saying that the inflation in Nigeria has a number of components.

    Ahmed said that one of the components was imported inflation, which means that occurrences in developed countries also affected Nigeria.

    According to her, the Russia-Ukraine war has an impact on Nigeria in the instance that some of the inputs for our food production are affected.

    Ahmed also said that the decision of the U.

    S Central Banks and Europe Central Bank also effected Nigeria because the country depended on imported goods from the countries.

    The minister attributed the rise in food price to the high cost of diesel in the country saying that transporting farm produce to market also affected the final price of food in the market.

    “From the monetary side, what the CBN is doing to manage inflation is monetary tightening by mopping up liquidity.

    “On the side of the government, President Muhammadu Buhari has authorised the National Food Security Council, we held a meeting yesterday evening on how some support will be provided.

    “One of the means is releasing stocks from the strategic reserves; we are also looking at how to support inputs like fertilizer production as well as inputs such as feeds.

    “The committee will be meeting in the next couple of days to provide recommendations to the President that will be announced for implementation,’’ she said.

    Responding to a question on why Nigerian businesses were using Ghanaian ports for their imports ,the minister said that local ports were congested.

    “The unfortunate reality is that a lot of importers prefer to go to our neighbours to clear their goods as a result of that,” she said.

    Ahmed said that the Ministry of Finance had bought very large scanners that have been put in place in three locations to help fasten the clearing process and contribute in decongesting the ports.

    The minister also said that the Ports Authority was also trying to reorganise the ports to attain better efficiency by controlling entry and exit.  

    According to her, the rail line from Lagos to Abuja is also being extended to Apapa so that containers, even before inspection can be taken out of the Apapa ports to other locations for inspection to be done.

    “We believe that the combination of these efforts will improve the efficiency of our ports and result in Nigeria being able to attract its own business and businesses of our neighbours into Nigeria,’’ she said.

    On the 2022 budget performance, Ahmed said that the budget envisaged that 1.6 million barrels of crude oil would be produced per day but only 1.26 million was produced, blaming the shortfall on oil theft.

    She said that the price of a barrel of crude oil was fixed at 73 dollars but was sold at 110 dollars saying Nigeria did not benefit much from the hike as a result of crude theft.

    Ahmed said that the exchange rate was fixed at N410 to dollar but it went for N424 to the dollar in the cause of the year.

    She said inflation was estimated at 16.1 per cent but went up to 23 per cent, while GDP growth which was estimated at 3.55 per cent, stood at 3.54 per cent.


    NewsSourceCredit: NAN

  •  The Debt Management Office DMO says it will add the Central Bank of Nigeria CBN s N20 trillion Ways and Means loans to the Federal Government s total debt stock The Director General of the DMO Patience Oniha however told the News Agency of Nigeria that it could only be done after necessary approvals by relevant authorities Oniha was responding to enquiries following statement by the Minister of Finance Budget and National Planning Mrs Zainab Ahmed that the Ways and Means advances would be securitised Broad terms have been agreed with the CBN Consequently the Federal Executive Council FEC approval and subsequently that of the National Assembly is being processed After these approvals the amount will be included in the published public debt data she said NAN reports that the Federal Government had been borrowing from the CBN through Ways and Means a loan facility through which the CBN finances government s budget shortfalls Meanwhile Ahmed announced that government would repay the N20 trillion indebtedness to the CBN with securities such as treasury bills and bonds issuance She said this while giving a breakdown of the 2023 Appropriation Bill adding that President Muhammadu Buhari had approved the securitisation of the N20 trillion debt The total Ways and Means are N20 trillion and Buhari has approved its securitisation The securitisation will be over 40 years with an interest rate of nine per cent Over the years we have been paying the interest component at the current rate that is charged on the Ways and Means she said Some stakeholders complained that the Federal Government s borrowing from the CBN had exceeded five per cent threshold of the prior year s revenue as stipulated by the CBN Act 2007 They however agreed that plans to repay Ways and Means loans through treasury bills do not contravene the CBN Act NAN recalls that the country s total public debt stock which the DMO recently announced as N42 84 trillion will witness a sharp increase to N62 84 trillion when the Ways and Means advances are included NewsSourceCredit NAN
    DMO to add N20trn “Ways and Means” loans to public debt stock
     The Debt Management Office DMO says it will add the Central Bank of Nigeria CBN s N20 trillion Ways and Means loans to the Federal Government s total debt stock The Director General of the DMO Patience Oniha however told the News Agency of Nigeria that it could only be done after necessary approvals by relevant authorities Oniha was responding to enquiries following statement by the Minister of Finance Budget and National Planning Mrs Zainab Ahmed that the Ways and Means advances would be securitised Broad terms have been agreed with the CBN Consequently the Federal Executive Council FEC approval and subsequently that of the National Assembly is being processed After these approvals the amount will be included in the published public debt data she said NAN reports that the Federal Government had been borrowing from the CBN through Ways and Means a loan facility through which the CBN finances government s budget shortfalls Meanwhile Ahmed announced that government would repay the N20 trillion indebtedness to the CBN with securities such as treasury bills and bonds issuance She said this while giving a breakdown of the 2023 Appropriation Bill adding that President Muhammadu Buhari had approved the securitisation of the N20 trillion debt The total Ways and Means are N20 trillion and Buhari has approved its securitisation The securitisation will be over 40 years with an interest rate of nine per cent Over the years we have been paying the interest component at the current rate that is charged on the Ways and Means she said Some stakeholders complained that the Federal Government s borrowing from the CBN had exceeded five per cent threshold of the prior year s revenue as stipulated by the CBN Act 2007 They however agreed that plans to repay Ways and Means loans through treasury bills do not contravene the CBN Act NAN recalls that the country s total public debt stock which the DMO recently announced as N42 84 trillion will witness a sharp increase to N62 84 trillion when the Ways and Means advances are included NewsSourceCredit NAN
    DMO to add N20trn “Ways and Means” loans to public debt stock
    Economy2 months ago

    DMO to add N20trn “Ways and Means” loans to public debt stock

    The Debt Management Office (DMO), says it will add the Central Bank of Nigeria (CBN)’s N20 trillion “Ways and Means’’ loans to the Federal Government’s total debt stock.

    The Director-General of the DMO, Patience Oniha, however told the News Agency of Nigeria that it could only be done after necessary approvals by relevant authorities.

    Oniha was responding to enquiries following statement by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, that the “Ways and Means’’ advances would be securitised.

    “Broad terms have been agreed with the CBN.

    Consequently, the Federal Executive Council (FEC) approval, and subsequently that of the National Assembly is being processed.

    “After these approvals, the amount will be included in the published public debt data,’’ she said.

    NAN reports that the Federal Government had been borrowing from the CBN through “Ways and Means’’, a loan facility through which the CBN finances government’s budget shortfalls.

    Meanwhile, Ahmed announced that government would repay the N20 trillion indebtedness to the CBN with securities such as treasury bills and bonds issuance.

    She said this while giving a breakdown of the 2023 Appropriation Bill, adding that President Muhammadu Buhari had approved the securitisation of the N20 trillion debt.

    “The total Ways and Means are N20 trillion, and Buhari has approved its securitisation.

    The securitisation will be over 40 years with an interest rate of nine per cent.

    “Over the years, we have been paying the interest component at the current rate that is charged on the Ways and Means,” she said.

    Some stakeholders complained that the Federal Government’s borrowing from the CBN had exceeded five per cent threshold of the prior year’s revenue, as stipulated by the CBN Act, 2007. They, however, agreed that plans to repay Ways and Means loans through treasury bills do not contravene the CBN Act. NAN recalls that the country’s total public debt stock, which the DMO recently announced as N42.84 trillion will witness a sharp increase to N62.84 trillion when the Ways and Means advances are included.


    NewsSourceCredit: NAN

  •  Some financial experts have supported the decision of the Federal Government to seek extension of debt payment from global financial institutions due to tight fiscal conditions They said this in separate interviews with the News Agency of Nigeria in Lagos on Friday A former lecturer of Economics at the Pan Atlantic University Mr Austine Nwaeze said the federal government s decision to demand debt extension payment was welcome The idea of seeking debt extension from our international lenders is crucial due to declining governmental revenues The extension will create opportunity for fiscal relief and reposition the economy for uninterrupted debt payment Nwaeze said He noted that the proposed extension of the country s debt payment to global financial institutions was in order so as not to default Especially for lower middle income country such as ours which have been contending with structural challenges in the economy and worsen by crude oil theft and the current Russia Ukrane crisis Nwaeze said Also President Progressive Shareholders Association of Nigeria PSAN Mr Boniface Okezie said the federal government s choice to seek debt extension at the period of downturn in the economy was a usual practice He also said that the debt payment would pose serious challenges because of the petrol subsidy payment The funds expended on petrol subsidy payment is on the increase amid meeting other competing needs of the society The money expended on subsidy for petrol is not geared at the productive sectors of the economy but on consumables Okezie said He noted that the federal government could cut down the high cost of government to have some fiscal respite in the economy We expect the government to commence the implementation of the merging of the civil service according to the Steve Oronsaye report Reforming the civil service is imperative to reduce the cost of governance and use more of technology to ensure they become more efficient he said NAN reports that the Minister of Finance and National Planning Mrs Zainab Ahmed said that the Federal Government was not seeking debt restructuring from global financial institutions but extension of repayment period and possible bond buy back Ahmed stated this during the debate on the Global Economy held on the sidelines of the ongoing annual meetings of the World Bank and IMF She said on Wednesday that the government had been engaging financial institutions to look at the opportunity to restructure the nation s debt According to her this will help to further stretch the debt service period to give Nigeria more fiscal relief The minister while speaking at the debate on Global Economy said We are actually filling the pressures the market costs is too high for us to come out NewsSourceCredit NAN
    Experts back FG on extension of debt payment
     Some financial experts have supported the decision of the Federal Government to seek extension of debt payment from global financial institutions due to tight fiscal conditions They said this in separate interviews with the News Agency of Nigeria in Lagos on Friday A former lecturer of Economics at the Pan Atlantic University Mr Austine Nwaeze said the federal government s decision to demand debt extension payment was welcome The idea of seeking debt extension from our international lenders is crucial due to declining governmental revenues The extension will create opportunity for fiscal relief and reposition the economy for uninterrupted debt payment Nwaeze said He noted that the proposed extension of the country s debt payment to global financial institutions was in order so as not to default Especially for lower middle income country such as ours which have been contending with structural challenges in the economy and worsen by crude oil theft and the current Russia Ukrane crisis Nwaeze said Also President Progressive Shareholders Association of Nigeria PSAN Mr Boniface Okezie said the federal government s choice to seek debt extension at the period of downturn in the economy was a usual practice He also said that the debt payment would pose serious challenges because of the petrol subsidy payment The funds expended on petrol subsidy payment is on the increase amid meeting other competing needs of the society The money expended on subsidy for petrol is not geared at the productive sectors of the economy but on consumables Okezie said He noted that the federal government could cut down the high cost of government to have some fiscal respite in the economy We expect the government to commence the implementation of the merging of the civil service according to the Steve Oronsaye report Reforming the civil service is imperative to reduce the cost of governance and use more of technology to ensure they become more efficient he said NAN reports that the Minister of Finance and National Planning Mrs Zainab Ahmed said that the Federal Government was not seeking debt restructuring from global financial institutions but extension of repayment period and possible bond buy back Ahmed stated this during the debate on the Global Economy held on the sidelines of the ongoing annual meetings of the World Bank and IMF She said on Wednesday that the government had been engaging financial institutions to look at the opportunity to restructure the nation s debt According to her this will help to further stretch the debt service period to give Nigeria more fiscal relief The minister while speaking at the debate on Global Economy said We are actually filling the pressures the market costs is too high for us to come out NewsSourceCredit NAN
    Experts back FG on extension of debt payment
    General news2 months ago

    Experts back FG on extension of debt payment

    Some financial experts have supported the decision of the Federal Government to seek extension of debt payment from global financial institutions due to tight fiscal conditions.

    They said this in separate interviews with the News Agency of Nigeria in Lagos on Friday.

    A former lecturer of Economics at the Pan Atlantic University, Mr Austine Nwaeze, said the federal government’s decision to demand debt extension payment was welcome.

    “The idea of seeking debt extension from our international lenders is crucial due to declining governmental revenues.

    “The extension will create opportunity for fiscal relief and reposition the economy for uninterrupted debt payment,” Nwaeze said.

    He noted that the proposed extension of the country’s debt payment to global financial institutions was in order so as not to default.

    “Especially for lower middle income country such as ours which have been contending with structural challenges in the economy and worsen by crude oil theft and the current Russia-Ukrane crisis,” Nwaeze said.

    Also, President, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, said the federal government’s choice to seek debt extension at the period of downturn in the economy was a usual practice.

    He also said that the debt payment would pose serious challenges because of the petrol subsidy payment.

    “The funds expended on petrol subsidy payment is on the increase amid meeting other competing needs of the society.

    “The money expended on subsidy for petrol is not geared at the productive sectors of the economy, but on consumables,” Okezie said.

    He noted that the federal government could cut down the high cost of government to have some fiscal respite in the economy.

    “We expect the government to commence the implementation of the merging of the civil service according to the Steve Oronsaye report.

    “Reforming the civil service is imperative to reduce the cost of governance and use more of technology to ensure they become more efficient,” he said.

    NAN reports that the Minister of Finance and National Planning, Mrs Zainab Ahmed, said that the Federal Government was not seeking debt restructuring from global financial institutions but extension of repayment period and possible bond buy back.

    Ahmed stated this during the debate on the Global Economy held on the sidelines of the ongoing annual meetings of the World Bank and IMF.

    She said on Wednesday that the government had been engaging financial institutions to look at the opportunity to restructure the nation’s debt.

    According to her, this will help to further stretch the debt service period to give Nigeria more fiscal relief.

    The minister, while speaking at the debate on Global Economy, said, “We are actually filling the pressures, the market costs is too high for us to come out.


    NewsSourceCredit: NAN

  •  NAN Dr Abiola Oshodi a leading chieftain of All Progressives Congress APC says Nigeria needs as its next president a financial expert such as Sen Bola Tinubu the party s presidential candidate Oshodi the Media Director of APC Presidential Council Canada Chapter said that Tinubu as Lagos governor between 1999 and 2007 significantly increased the state s revenue and laid the foundation for its current financial stability Oshodi in a statement issued by Mr Adebola Olowo his Media Assistant on Tuesday in Akure said that voting Tinubu as the president in 2023 would address the financial challenges that Nigeria was currently facing He explained that the country s increasing debt profile occasioned by low collection of revenue was worrisome and must be tamed by the country s next president hence the need for the electorate to vote for Tinubu This is the same revenue problem that Sen Tinubu met in Lagos when he assumed office as the governor of the state a challenge that he promptly dealt with and if elected and sworn in by May 29 2023 he would also meet a revenue problem and he would be expected to deal with it he said The APC chieftain noted that government at various levels including the Federal Government had repeatedly pointed out the revenue challenges that the country was going through He said that President Muhammadu Buhari during the presentation of the 2023 budget affirmed that Nigeria s debt service to revenue ratio needed close attention According to Oshodi the Nigeria s total debt profile as at September 2022 is N41 60 trillion quoting the Debt Management Office DMO He said that the DMO Director General Mrs Patience Oniha attributed it to a shortfall in revenue Oshodi said that although the Minister of Finance Mrs Zainab Ahmed had clarified that Nigeria did not have a debt problem as it had yet to exceed its self imposed ceiling debt of GDP to debt of 40 per cent she had repeatedly said that Nigeria had indeed a revenue problem The Media Director of the APC Presidential Council in Canada stated that Tinubu was outstanding among his co contestants Of all the 18 illustrious Nigerians vying to be Nigeria s next president Sen Tinubu stands out due to his hands on experience and his impressive stewardship successfully piloting the affairs of the smallest but the most commercialised among Nigeria s 36 states When Sen Tinubu assumed office in 1999 the Lagos State Internally Generated Revenue IGR was said to be a paltry N600 million per month Today because of the restructuring innovativeness and the necessary policies and strategies that he took which successive governors his mentees built on the Lagos State annual IGR is now N753 billion according to the latest figures by the Nigerian Bureau of Statistics NBS he stated Due to the structures laid in the eight years of Sen Tinubu governorship Lagos has become among other things Nigeria s financial hub hosting more than 50 per cent of Nigeria s financial institutions and even with its Gross Domestic Product GDP accounting for 26 7 per cent of the Nigeria s GDP and more than 50 of non oil GDP he stated NewsSourceCredit NAN
    Tinubu, a financial expert, needed for Nigeria’s revenue reform – APC Chieftain
     NAN Dr Abiola Oshodi a leading chieftain of All Progressives Congress APC says Nigeria needs as its next president a financial expert such as Sen Bola Tinubu the party s presidential candidate Oshodi the Media Director of APC Presidential Council Canada Chapter said that Tinubu as Lagos governor between 1999 and 2007 significantly increased the state s revenue and laid the foundation for its current financial stability Oshodi in a statement issued by Mr Adebola Olowo his Media Assistant on Tuesday in Akure said that voting Tinubu as the president in 2023 would address the financial challenges that Nigeria was currently facing He explained that the country s increasing debt profile occasioned by low collection of revenue was worrisome and must be tamed by the country s next president hence the need for the electorate to vote for Tinubu This is the same revenue problem that Sen Tinubu met in Lagos when he assumed office as the governor of the state a challenge that he promptly dealt with and if elected and sworn in by May 29 2023 he would also meet a revenue problem and he would be expected to deal with it he said The APC chieftain noted that government at various levels including the Federal Government had repeatedly pointed out the revenue challenges that the country was going through He said that President Muhammadu Buhari during the presentation of the 2023 budget affirmed that Nigeria s debt service to revenue ratio needed close attention According to Oshodi the Nigeria s total debt profile as at September 2022 is N41 60 trillion quoting the Debt Management Office DMO He said that the DMO Director General Mrs Patience Oniha attributed it to a shortfall in revenue Oshodi said that although the Minister of Finance Mrs Zainab Ahmed had clarified that Nigeria did not have a debt problem as it had yet to exceed its self imposed ceiling debt of GDP to debt of 40 per cent she had repeatedly said that Nigeria had indeed a revenue problem The Media Director of the APC Presidential Council in Canada stated that Tinubu was outstanding among his co contestants Of all the 18 illustrious Nigerians vying to be Nigeria s next president Sen Tinubu stands out due to his hands on experience and his impressive stewardship successfully piloting the affairs of the smallest but the most commercialised among Nigeria s 36 states When Sen Tinubu assumed office in 1999 the Lagos State Internally Generated Revenue IGR was said to be a paltry N600 million per month Today because of the restructuring innovativeness and the necessary policies and strategies that he took which successive governors his mentees built on the Lagos State annual IGR is now N753 billion according to the latest figures by the Nigerian Bureau of Statistics NBS he stated Due to the structures laid in the eight years of Sen Tinubu governorship Lagos has become among other things Nigeria s financial hub hosting more than 50 per cent of Nigeria s financial institutions and even with its Gross Domestic Product GDP accounting for 26 7 per cent of the Nigeria s GDP and more than 50 of non oil GDP he stated NewsSourceCredit NAN
    Tinubu, a financial expert, needed for Nigeria’s revenue reform – APC Chieftain
    General news2 months ago

    Tinubu, a financial expert, needed for Nigeria’s revenue reform – APC Chieftain

    NAN)  Dr Abiola Oshodi, a  leading chieftain of All Progressives Congress (APC), says Nigeria needs as its next president, a financial expert such as Sen. Bola Tinubu, the party’s presidential candidate.

    Oshodi, the Media Director of APC Presidential Council, Canada Chapter, said that Tinubu, as Lagos governor between 1999 and 2007, significantly increased the state’s revenue and laid the foundation for its current financial stability.

    Oshodi, in a statement issued by Mr Adebola Olowo, his Media Assistant, on Tuesday in Akure, said that voting Tinubu as the president in 2023 would address the financial challenges that Nigeria was currently facing.

    He explained that the country’s increasing debt profile, occasioned by low collection of revenue, was worrisome and must be tamed by the country’s next president, hence the need for the electorate to vote for Tinubu.

    “This is the same revenue problem that Sen. Tinubu met in Lagos when he assumed office as the governor of the state, a challenge that he promptly dealt with and if elected and  sworn-in by May 29, 2023, he would also meet a revenue problem and he would be expected to deal with it,” he said.

    The APC chieftain noted that government at various levels, including the Federal Government, had repeatedly pointed out the revenue challenges that the country was going through.

    He said that President Muhammadu Buhari during the presentation of the 2023 budget affirmed that Nigeria’s debt service to revenue ratio needed close attention.

    According to Oshodi, the Nigeria’s total debt profile as at September 2022 is N41.60 trillion, quoting the Debt Management Office (DMO).

    He said that the DMO Director-General, Mrs Patience Oniha, attributed it to a shortfall in revenue.

    Oshodi said that although the Minister of Finance, Mrs Zainab Ahmed, had clarified that Nigeria did not have a debt problem as it had yet to exceed its self-imposed ceiling debt of GDP to debt of 40 per cent, she had repeatedly said that Nigeria had indeed a revenue problem.

    The Media Director of the APC Presidential Council in Canada stated that Tinubu was outstanding among his co-contestants.

    “Of all the 18 illustrious Nigerians vying to be Nigeria’s next president, Sen. Tinubu stands out due to his hands-on experience and his impressive stewardship, successfully piloting the affairs of the smallest but the most commercialised among Nigeria’s 36 states.

    “When Sen. Tinubu assumed office in 1999, the Lagos State Internally Generated Revenue (IGR) was said to be a paltry N600 million per month.

    “Today, because of the restructuring, innovativeness and the necessary policies and strategies that he took which successive governors, his mentees, built on, the Lagos State annual IGR is now N753 billion according  to the latest figures by the Nigerian Bureau of Statistics (NBS),” he stated.

    “Due to the structures laid in the eight years of Sen. Tinubu governorship, Lagos  has become among other things Nigeria’s financial hub, hosting more than 50 per cent of Nigeria’s financial institutions and even with its Gross  Domestic Product(  GDP) accounting for 26.7 per cent  of the Nigeria’s GDP and more than 50 of non-oil GDP,” he  stated.  


    NewsSourceCredit: NAN

  •  The Debt Management Office DMO says contrary to reports by U S based financial software data and media company Bloomberg Nigeria has no plans to restructure its debt The DMO said this in a statement on Thursday against the backdrop of recent reports by Bloomberg that Nigeria was considering restructuring its debt and extending the repayment period of its credit obligations The report had quoted Nigeria s Finance Minister Mrs Zainab Ahmed as saying that Nigeria had appointed consultants to advise the government as it faced a rising debt service burden The DMO said that the minister s statement was taken out of context Over the years Nigeria s Debt Management Strategy has always highlighted the need to utilise appropriate debt management tools to streamline the cost and risk profile in the debt portfolio Toward implementation of these strategies Nigeria has typically availed itself of concessional loans the spreading out of debt maturities to avoid bounching and re profiling of debt maturities by refinancing short term debt using long term debt instruments All these non of which constitute debt restructuring are already being implemented the DMO said It said that the Nigerian government was also looking forward to exploring other appropriate debt liability management options such as bond buy back and bond exchanges We want to assure local and international investors and creditors that Nigeria remains committed and will meet all its debt obligations the DMO said NewsSourceCredit NAN
    DMO counters bloomberg, says Nigeria not planning to restructure debt
     The Debt Management Office DMO says contrary to reports by U S based financial software data and media company Bloomberg Nigeria has no plans to restructure its debt The DMO said this in a statement on Thursday against the backdrop of recent reports by Bloomberg that Nigeria was considering restructuring its debt and extending the repayment period of its credit obligations The report had quoted Nigeria s Finance Minister Mrs Zainab Ahmed as saying that Nigeria had appointed consultants to advise the government as it faced a rising debt service burden The DMO said that the minister s statement was taken out of context Over the years Nigeria s Debt Management Strategy has always highlighted the need to utilise appropriate debt management tools to streamline the cost and risk profile in the debt portfolio Toward implementation of these strategies Nigeria has typically availed itself of concessional loans the spreading out of debt maturities to avoid bounching and re profiling of debt maturities by refinancing short term debt using long term debt instruments All these non of which constitute debt restructuring are already being implemented the DMO said It said that the Nigerian government was also looking forward to exploring other appropriate debt liability management options such as bond buy back and bond exchanges We want to assure local and international investors and creditors that Nigeria remains committed and will meet all its debt obligations the DMO said NewsSourceCredit NAN
    DMO counters bloomberg, says Nigeria not planning to restructure debt
    Economy2 months ago

    DMO counters bloomberg, says Nigeria not planning to restructure debt

    The Debt Management Office (DMO), says contrary to reports by U.

    S. based financial, software, data and media company, Bloomberg, Nigeria has no plans to restructure its debt.

    The DMO said this in a statement on Thursday, against the backdrop of recent reports by Bloomberg that Nigeria was considering restructuring its debt and extending the repayment period of its credit obligations.

    The report had quoted Nigeria’s Finance Minister, Mrs Zainab Ahmed, as saying that Nigeria had appointed consultants to advise the government as it faced a rising debt-service burden.

    The DMO said that the minister’s statement was taken out of context.

    “Over the years, Nigeria’s Debt Management Strategy has always highlighted the need to utilise appropriate debt management tools to streamline the cost and risk profile in the debt portfolio.

    “Toward implementation of these strategies, Nigeria has typically availed itself of concessional loans, the spreading out of debt maturities to avoid bounching, and re-profiling of debt maturities by refinancing short-term debt using long-term debt instruments.

    “All these, non of which constitute debt restructuring, are already being implemented ” the DMO said.

    It said that the Nigerian government was also looking forward to exploring other appropriate debt liability management options such as “bond- buy back” and “bond exchanges”.

    “We want to assure local and international investors and creditors that Nigeria remains committed and will meet all its debt obligations, ” the DMO said.


    NewsSourceCredit: NAN

  •  Minister of Finance Budget and National Planning Mrs Zainab Ahmed says N348 1 trillion investment commitment is required for the successful implementation of the 2021 2025 National Development Plan NDP She made the declaration on Thursday in Abuja at the inauguration of the Board of Directors of the Nigeria Small and Medium Enterprises SMEs Forum The Ministry of Finance Budget and National Planning Commission has developed a National Development Plan 2021 to 2025 This plan cannot be achieved by government alone the private sector and SMEs have a huge role in the implementation of the plan To effectively implement the plan by 2025 it is expected to achieve an economic growth rate of 4 6 per cent It is also expected to lift 35 million people out of poverty and create 29 million jobs To attain this objective a total of N348 1 trillion investment commitments are required and this commitment is not coming from government alone In fact 80 per cent of these resources are coming from the private sector The sum of N298 trillion will be funded by the private sector We are expecting SMEs to fund part of this as part of private sector s contribution while N49 7 trillion is expected from government the minister said Represented by an official of the ministry Mr Auwal Mohammed the minister reminded the SMEs that they have a critical role to play in the effective implementation of the plan According to her the SME sector has been the backbone of major development as well as important contributor to employment and economic growth Earlier Chairman of the Forum Dr Albert Akinyemi expressed worries at the rejection of some Nigerian products abroad because of their low quality According to him there is a lot of rejection of Nigerian products abroad because of quality and the Federal Government is aware of it and working assiduously to address it Akinyemi identified funding as the major challenge confronting the growth of SMEs in Nigeria According to him the Federal Government has so many interventions but because of what I will call the Nigerian factor the story has not been good Some people will be blaming the Federal Government but it is not true the problem emanated from the SMEs themselves and the officials For instance some banks will say we don t have the experience or collateral security he said He said that the time was ripe for SMEs to work together in presenting their challenges to government with a view to addressing them The News Agency of Nigeria reports that Nigeria s NDP 2021 2025 is a medium term blue print to unlock Nigeria s potential in all sectors of the economy for a sustainable holistic and inclusive national development The plan is a successor to the Economic Recovery and Growth Plan ERGP 2017 2020 which lapsed in December 2020 NewsSourceCredit NAN
    Nigeria requires N3.5trn investment commitments for 2021-2025 development plan – Minister
     Minister of Finance Budget and National Planning Mrs Zainab Ahmed says N348 1 trillion investment commitment is required for the successful implementation of the 2021 2025 National Development Plan NDP She made the declaration on Thursday in Abuja at the inauguration of the Board of Directors of the Nigeria Small and Medium Enterprises SMEs Forum The Ministry of Finance Budget and National Planning Commission has developed a National Development Plan 2021 to 2025 This plan cannot be achieved by government alone the private sector and SMEs have a huge role in the implementation of the plan To effectively implement the plan by 2025 it is expected to achieve an economic growth rate of 4 6 per cent It is also expected to lift 35 million people out of poverty and create 29 million jobs To attain this objective a total of N348 1 trillion investment commitments are required and this commitment is not coming from government alone In fact 80 per cent of these resources are coming from the private sector The sum of N298 trillion will be funded by the private sector We are expecting SMEs to fund part of this as part of private sector s contribution while N49 7 trillion is expected from government the minister said Represented by an official of the ministry Mr Auwal Mohammed the minister reminded the SMEs that they have a critical role to play in the effective implementation of the plan According to her the SME sector has been the backbone of major development as well as important contributor to employment and economic growth Earlier Chairman of the Forum Dr Albert Akinyemi expressed worries at the rejection of some Nigerian products abroad because of their low quality According to him there is a lot of rejection of Nigerian products abroad because of quality and the Federal Government is aware of it and working assiduously to address it Akinyemi identified funding as the major challenge confronting the growth of SMEs in Nigeria According to him the Federal Government has so many interventions but because of what I will call the Nigerian factor the story has not been good Some people will be blaming the Federal Government but it is not true the problem emanated from the SMEs themselves and the officials For instance some banks will say we don t have the experience or collateral security he said He said that the time was ripe for SMEs to work together in presenting their challenges to government with a view to addressing them The News Agency of Nigeria reports that Nigeria s NDP 2021 2025 is a medium term blue print to unlock Nigeria s potential in all sectors of the economy for a sustainable holistic and inclusive national development The plan is a successor to the Economic Recovery and Growth Plan ERGP 2017 2020 which lapsed in December 2020 NewsSourceCredit NAN
    Nigeria requires N3.5trn investment commitments for 2021-2025 development plan – Minister
    Economy2 months ago

    Nigeria requires N3.5trn investment commitments for 2021-2025 development plan – Minister

    Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed says N348.1 trillion investment commitment is required for the successful implementation of the 2021-2025 National Development Plan (NDP).

    She made the declaration on Thursday in Abuja at the inauguration of the Board of Directors of the Nigeria Small and Medium Enterprises (SMEs) Forum.

    “The Ministry of Finance Budget and National Planning Commission has developed a National Development Plan 2021 to 2025. “This plan cannot be achieved by government alone; the private sector and SMEs have a huge role in the implementation of the plan.

    “To effectively implement the plan by 2025, it is expected to achieve an economic growth rate of 4.6 per cent.

    “It is also expected to lift 35 million people out of poverty and create 29 million jobs.

    “To attain this objective, a total of N348.1 trillion investment commitments are required and this commitment is not coming from government alone.

    “In fact, 80 per cent of these resources are coming from the private sector.

    “The sum of N298 trillion will be funded by the private sector.

    “We are expecting SMEs to fund part of this as part of private sector’s contribution, while N49.7 trillion is expected from government,’’ the minister said.

    Represented by an official of the ministry, Mr Auwal Mohammed, the minister reminded the SMEs that they have a critical role to play in the effective implementation of the plan.

    According to her, the SME sector has been the backbone of major development as well as important contributor to employment and economic growth.

    Earlier, Chairman of the Forum, Dr Albert Akinyemi, expressed worries at the rejection of some Nigerian products abroad because of their low quality.

    According to him, there is a lot of rejection of Nigerian products abroad because of quality and the Federal Government is aware of it and working assiduously to address it.

    Akinyemi identified funding as the major challenge confronting the growth of SMEs in Nigeria.

    According to him “the Federal Government has so many interventions but because of what I will call the Nigerian factor, the story has not been good.

    “Some people will be blaming the Federal Government but it is not true; the problem emanated from the SMEs themselves and the officials.

    “For instance some banks will say we don’t have the experience or collateral security.

    ’’ he said.

    He said that the time was ripe for SMEs to work together in presenting their challenges to government with a view to addressing them.

    The News Agency of Nigeria reports that Nigeria’s NDP 2021-2025 is a medium term blue print to unlock Nigeria’s potential in all sectors of the economy for a sustainable holistic and inclusive national development.

    The plan is a successor to the Economic Recovery and Growth Plan (ERGP) 2017 -2020 which lapsed in December 2020.
    NewsSourceCredit: NAN

  •  President Muhammadu Buhari will on Friday present the 2023 budget estimates to the joint session of the National Assembly by 10 am This is contained in a letter Buhari write to the President of Senate Dr Ahmad Lawan and read at plenary on Tuesday Lawan said the venue for presentation of the 2023 budget estimates by Buhari would be at the temporary chamber of the House of Representatives According to him arrangements would be made to accommodate all the senators adding that senators would proceed to the venue in procession The News Agency of Nigeria reports that Minister of Finance Budget and National Planning Mrs Zainab Ahmed said the federal government was proposing an aggregate expenditure of N19 76 trillion for the 2023 fiscal year The minister who made this known at the 2023 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper interaction with the House of Representatives Committee on Finance however said she may not be able to make provision for treasury funded capital projects in the 2023 fiscal year NAN reports that Ahmed also said the budget deficit for the 2023 fiscal year may be between N11 30 trillion and N12 41 trillion depending on the choice that would be made by the federal government on the issue of fuel subsidy payment She stated that the federal government was projecting total revenue of N8 46 trillion out of which N1 9 trillion was expected to come from oil related sources while the balance would come from non oil sources Ahmed explained that the benchmark crude oil price was pegged at 70 dollars per barrel and at an exchange rate of N435 57 to a dollar oil production was put at 1 69 million barrel per day real Gross Domestic Product GDP growth was projected at 3 7 per cent while inflation was put at 17 16 per cent in the MTEF She said petrol subsidy would remain up to mid 2023 based on the 18 month extension announced early 2021 in which case only N3 36 trillion would be provided for it in next financial year The minister also pointed out that Nigeria has been able to consistently without defaulting service her debt adding that the country does not have any projections even in the near future to fail in its debt obligation Speaking further Ahmed said although the amount currently used to service the country s debt had overshot what was appropriated for in the budget measures have been put in place to manage the situation www NewsSourceCredit NAN
    Buhari to present 2023  budget estimates to National Assembly joint session on Friday Bill
     President Muhammadu Buhari will on Friday present the 2023 budget estimates to the joint session of the National Assembly by 10 am This is contained in a letter Buhari write to the President of Senate Dr Ahmad Lawan and read at plenary on Tuesday Lawan said the venue for presentation of the 2023 budget estimates by Buhari would be at the temporary chamber of the House of Representatives According to him arrangements would be made to accommodate all the senators adding that senators would proceed to the venue in procession The News Agency of Nigeria reports that Minister of Finance Budget and National Planning Mrs Zainab Ahmed said the federal government was proposing an aggregate expenditure of N19 76 trillion for the 2023 fiscal year The minister who made this known at the 2023 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper interaction with the House of Representatives Committee on Finance however said she may not be able to make provision for treasury funded capital projects in the 2023 fiscal year NAN reports that Ahmed also said the budget deficit for the 2023 fiscal year may be between N11 30 trillion and N12 41 trillion depending on the choice that would be made by the federal government on the issue of fuel subsidy payment She stated that the federal government was projecting total revenue of N8 46 trillion out of which N1 9 trillion was expected to come from oil related sources while the balance would come from non oil sources Ahmed explained that the benchmark crude oil price was pegged at 70 dollars per barrel and at an exchange rate of N435 57 to a dollar oil production was put at 1 69 million barrel per day real Gross Domestic Product GDP growth was projected at 3 7 per cent while inflation was put at 17 16 per cent in the MTEF She said petrol subsidy would remain up to mid 2023 based on the 18 month extension announced early 2021 in which case only N3 36 trillion would be provided for it in next financial year The minister also pointed out that Nigeria has been able to consistently without defaulting service her debt adding that the country does not have any projections even in the near future to fail in its debt obligation Speaking further Ahmed said although the amount currently used to service the country s debt had overshot what was appropriated for in the budget measures have been put in place to manage the situation www NewsSourceCredit NAN
    Buhari to present 2023  budget estimates to National Assembly joint session on Friday Bill
    General news2 months ago

    Buhari to present 2023  budget estimates to National Assembly joint session on Friday Bill

    President Muhammadu Buhari will on Friday present the 2023  budget estimates  to  the joint session of the National Assembly by 10 am.

    This is contained in a letter Buhari write to the President of Senate, Dr Ahmad Lawan and read at plenary on Tuesday.

    Lawan said the venue for presentation of the 2023 budget estimates by Buhari would be at the temporary chamber of the House of Representatives.

    According to him, arrangements would be made to accommodate all the senators, adding that senators would proceed to the venue in procession .

    The News Agency of Nigeria reports that Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed said the federal government was proposing an aggregate expenditure of N19.76 trillion for the 2023 fiscal year.

    The minister who made this known at the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper interaction with the House of Representatives Committee on Finance, however said she may not be able to make provision for treasury funded capital projects in the 2023 fiscal year.

    NAN reports that Ahmed also said the budget deficit for the 2023 fiscal year may be between N11.30 trillion and N12.41 trillion, depending on the choice that would be made by the federal government on the issue of fuel subsidy payment.

    She stated that the federal government was projecting total revenue of N8.46 trillion, out of which N1.9 trillion was expected to come from oil-related sources while the balance would  come from non-oil sources.

    Ahmed explained that the benchmark crude oil price was pegged at 70 dollars per barrel and at an exchange rate of N435.57 to a dollar, oil production was put at 1.69 million barrel per day, real Gross Domestic Product (GDP) growth was projected at 3.7 per cent while inflation was put at 17.16 per cent in the MTEF.

    She said petrol subsidy would remain up to mid-2023, based on the 18-month extension announced early 2021, in which case only N3.36 trillion would be provided for it in next financial year.

    The minister also pointed out that Nigeria has been able to consistently without defaulting, service her debt, adding that the country does not have any projections even in the near future, to fail in its debt obligation.

    Speaking further, Ahmed said although the amount currently used to service the country’s debt had overshot what was appropriated for in the budget, measures have been put in place to manage the situation. 

    (www,
    NewsSourceCredit: NAN

  •  The National Assembly leadership onThursday met the Minister of Finance and top officials of the Ministry in preparations for the 2023 budget presentation by President Muhammadu Buhari Mr Ola Awoniyi the Special Advised to President of Senate said this in a statement in Abuja that the National Assembly team was led by President of the Senate Ahmad Lawan and Speaker of the House of Representatives Femi Gbajabiamila The Minister of Finance Budget and National Planning Mrs Zainab Ahmed and Minister of State for Budget and National Planning Mr Clement Agba led their team of officials of Finance Ministry to the meeting The meeting which held at the Senate wing of the National Assembly was behind closed doors Awoniyi said He said that the meeting was a follow up to the previous ones held to fine tune the preparation of the budget ahead of its presentation to a special joint session of the National Assembly by the President in October ABI NewsSourceCredit NAN
    NASS leadership meets with Finance Minister, officials over 2023 budget
     The National Assembly leadership onThursday met the Minister of Finance and top officials of the Ministry in preparations for the 2023 budget presentation by President Muhammadu Buhari Mr Ola Awoniyi the Special Advised to President of Senate said this in a statement in Abuja that the National Assembly team was led by President of the Senate Ahmad Lawan and Speaker of the House of Representatives Femi Gbajabiamila The Minister of Finance Budget and National Planning Mrs Zainab Ahmed and Minister of State for Budget and National Planning Mr Clement Agba led their team of officials of Finance Ministry to the meeting The meeting which held at the Senate wing of the National Assembly was behind closed doors Awoniyi said He said that the meeting was a follow up to the previous ones held to fine tune the preparation of the budget ahead of its presentation to a special joint session of the National Assembly by the President in October ABI NewsSourceCredit NAN
    NASS leadership meets with Finance Minister, officials over 2023 budget
    General news2 months ago

    NASS leadership meets with Finance Minister, officials over 2023 budget

    The National Assembly leadership onThursday met the Minister of Finance and top officials of the Ministry in preparations for the 2023 budget presentation by President Muhammadu Buhari.

    Mr Ola Awoniyi, the Special Advised to President of Senate, said this in a statement in Abuja that the National Assembly team was led by President of the Senate, Ahmad Lawan and Speaker of the House of Representatives, Femi Gbajabiamila.

    “The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed and Minister of State for Budget and National Planning, Mr Clement Agba led their team of officials of Finance Ministry to the meeting.

    The meeting which held at the Senate wing of the National Assembly was behind closed doors,” Awoniyi said.

    He said that the meeting was a follow-up to the previous ones held to fine tune the preparation of the budget, ahead of its presentation to a special joint session of the National Assembly by the President in October.

    ABI
    NewsSourceCredit: NAN

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