Respite came as the prolonged negotiations between the Federal Government and the Labour have reached an agreement on.the new minimum wage. The agreement, which was sealed by the the Minister of Laboyr, Chief Chris Ngige, and NLC President, came out with a deal on the percentage increase on the consequential adjustment in workers’ salaries for…
FINANCE
FAAC: FG, states, LGs share N693.529bn
The Federation Account Allocation Committee (FAAC) on Thursday in Abuja, shared a total of N693.529 billion to the three tiers of government for the month of September, 2019. The N693.529 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue in the month. A communiqué read by the Accountant General of…
Nigerians back Buhari’s cost-cutting measures, demand more
Nigerians are reacting to the Federal Government’s fresh cost cutting measures, which they believed is in right direction. Some Nigerians suggest that Nigeria would do with a bicameral legislature rather than the current bicameral National Assembly of the Senate and House if Representatives. Also, other Nigerians believed the cost saving measure should go down to…
Border close in Nigeria takes toll on commodities’ prices
The closure of Nigeria’s borders by the Federal Government continues ti take its toll on prices of basic commodities. The National Bureau of Statistics (NBS), said in its report that headline inflation rose for the first time in three months in September, advancing by 22bps to 11.24% YoY to beat Bloomberg consensus estimate of 11.00%…
We will not be frustrated to miss Dec target for 2020 Budget – Lawan
President of the Senate, Ahmad Lawan, said on Friday that the National Assembly will not allow Ministers or Heads of Ministries, Departments and Agencies (MDAs) of government to frustrate it from passing the 2020 Budget proposals by December. “The National Assembly will do the right thing; which is to work on the budget and pass…
Key takeaways from Buhari’s budget estimates
President Muhammadu Buhari has recently presented the 2020 Budget estimates to the joint session of the National Assembly. A report sourced from Proshare by United Capital, a Nogerian financial institution, presents the few takeaways from the budget. According to the report, Nigeria plans to spend N10.3tn in 2020 while revenue is expected to come in…
Senate revisits bill to establish N’Assembly budget office
The Senate on Thursday reintroduced a bill seeking to establish the National Assembly Budget and Research Office (NABRO). The bill, which was passed by the 8th Senate on May 3, 2019, however, failed to receive assent by President Muhammadu Buhari. The move seeking to establish the National Assembly Budget office was first conceived in 2005…
2020 Budget: Senators commend Buhari for adherence to Fiscal Responsibility Act
…Senate adjourns debate on 2020 Budget till next week Tuesday Senators belonging to the All Progressive Congress (APC) and Peoples’ Democratic Party (PDP) on Thursday commended President Muhammadu Buhari for adhering strictly to the provisions of the Fiscal Responsibility Act by ensuring the timely submission of the 2020 Appropriation Bill to the National Assembly. The…
Nigeria: Inflation rises in September
Inflation in Nigeria in September is likely to spike to 11.22%, says the National Bureau of Statistics. This is coming after three months of consecutive decline. This spike in the general price level would be driven partly by the closure of the Seme border which has resulted in shortages of smuggled commodities especially rice, turkey,…
Senate begins debate on 2020 Appropriation Bill
The Senate on Wednesday commenced debate on the 2020 Appropriation Bill presented to the National Assembly by President Muhammadu Buhari. Buhari on Tuesday presented a budget estimate of N10.33 trillion for the year 2020 at a joint sitting of the National Assembly. The debate on the appropriation bill, which continues on Thursday, had senators making…