Business

Senate Passes 2022-2224 Medium Term Expenditure, Fiscal Strategy

Published

2 years ago

September 22, 2021

NewTimes

Senate Passes Bill Granting Full Autonomy To Local Government Areas

President Muhammadu Buhari’s 2022-2024 Medium Term Expenditure and Fiscal Strategy Paper has been passed by the Senate.

The red chamber retained the exchange rate of N410.15 per dollar proposed by the Executive and also approved the projected Gross Domestic Product growth rate of 4.20 per cent.

The Senate retained the projected Inflation rate of 13 per cent Fiscal deficit estimate of N5.62 trillion.

Buhari’s projected new borrowings of N4.89 trillion, including foreign and domestic borrowing, were also retained and approved.

Also, the $3.5 bn International Monetary Fund loan at the rate of 0.01 per cent to 0.02 per cent proposed by the president was also approved to shore up the internal borrowing and to reduce external borrowing because of the exchange rate risks.

The Senate retained the Federal Government’s 2022 revenue projection of N8.36 trillion; and expenditure of N13.98 trillion.

Others parameters contained in the MTEF/FSP submitted by the president and retained by the red chamber are Statutory transfers (N613.4 billion; Debt Service (N3.12 trillion); Sinking Fund (N292); Pension, Gratuities & Retirees Benefits of N567 billion; and Aggregate Expenditure of N13.98 trillion.

The aggregate expenditure is made up of total recurrent (non-debt) of N6.21 trillion; and Personnel Costs (MDAs) of N3.47 trillion.

Others are, Capital expenditure (exclusive of Transfers) N3.26 trillion; Special Intervention (Recurrent) amounting to N350 billion; and Special intervention (Capital) of N10billion.

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Business

BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1

Published

3 days ago

June 1, 2023

NewTimes

BREAKING: Old Naira Notes Deadline Stays - Emefiele

CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

Arts & Culture

BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500

Published

3 days ago

May 31, 2023

NewTimes

Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate

President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.