Category: Economy - Page 16 - African News Today

Atiku Abubakar Berates Buhari Over 2021 Proposed Budget

10Oct

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria

Atiku Abubakar Berates Buhari Over 2021 Proposed Budget

Former Vice president Atiku Abubakar has taken a jibe 2021 budget proposal submitted to the National Assembly by President Muhammadu Buhari on Thursday. He said the N13.08 trillion 2021 budget proposal contravened the Fiscal Responsibility Act. The flagbearer of the Peoples Democratic Party (PDP), in the 2019 presidential election faulted the budget proposal in a statement released on Friday, titled “The 2021 Budget Proposal Contravenes the Fiscal Responsibility Act”. He said the N5.21 trillion budget deficit amounted to over 3,5 per cent of Nigeria’s 2019 Gross Domestic Product, GDP. The statement part read, “I call on the President, to recall this budget, and recalibrate it to reflect the provisions of the Fiscal Responsibility Act of 2007, and the current economic realities ...

BREAKING: Buhari to Present 2021 Budget on Thursday

6Oct

By Chinedu IbeakanmaNo Comments

Economy, Finance, Legislature, News, Nigeria

BREAKING: Buhari to Present 2021 Budget on Thursday

President Muhammadu Buhari will present the 2021 Appropriations Bill to a Joint session of the National Assembly on Thursday. Buhari’s letter of request was read during plenary by Senate President, Ahmad Lawan, in Abuja. The letter reads: “May I crave the kind indulgence of the Distinguished Senate to grant me the slot of 11:00hrs on Thursday, 8th October, 2020, to formally present the 2021 Appropriation bill to the Joint Session of the National Assembly. “While I look forward to addressing the Joint session, please, accept Mr. Senate President, the assurances of my highest regard.”

Breaking: Nigerian FEC Approves N13.08tn Budget for 2021

30Sep

By Chinedu IbeakanmaNo Comments

Breaking News, Economy, Finance, News, Nigeria

Breaking: Nigerian FEC Approves N13.08tn Budget for 2021

The Nigerian Federal Executive Council (FEC) has projected a N13.08 trillion budget for the 2021 fiscal year. Speaking to State House Correspondents after the weekly virtual FEC meeting presided over by President Muhammadu Buhari, the Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, also said the oil benchmark has been pegged at $40 per barrel. The Minister, who was flanked by Minister of State for Budget and National Planning, Clement Agba; the Minister for Information and Culture Alhaji Lai Mohammed and the Director-General of the Budget Office, Mr Ben Akabueze, also said the projected Capital Expenditure for the year is projected at N2.083 trillion. Other components projected to tune the 2021 Budget include oil production at 1.86 million barrels ...

BREAKING: Buhari to Present 2021 Budget Next Week

29Sep

By Chinedu IbeakanmaNo Comments

Economy, Finance, News, Nigeria

BREAKING: Buhari to Present 2021 Budget Next Week

President Muhammadu Buhari will present the 2021 Appropriations Bill to a joint session of the National Assembly next week. Senate President, Ahmad Lawan, made the disclosure in his opening remarks to welcome Senators back from their eight- week annual vacation in Abuja. Details shortly...

We will Implement Agreement Diligently – NNPC Assures Labour After Strike Suspension

28Sep

By Obiajulu Joel NwoluNo Comments

Cost of Living, Economy, Labour, News, Nigeria, Petroleum

We will Implement Agreement Diligently – NNPC Assures Labour After Strike Suspension

Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has pledged commitment to implement agreements reached with organised labour which led to the suspension of planned strike and protest over the increase of electricity tariff and petrol pump price. Kyari said NNPC would diligently implement the agreement reached on Sunday between labour leaders and Federal Government. Recall that the Nigeria Labour Congress (NLC) and the Trade Union Government (TUC) had planned to commence strike action today over the Federal Government’s refusal to reverse the hike in electricity and fuel pump price. Government had removed subsidy of electricity and petrol leading to an increase in electricity tariff from about N30.23 to about N62.33 per kwh, while the pric...

Nigeria: Exposing Lai Mohammed’s Lies On Electricity Tariff Hike by Reno Omokri

27Sep

By adminNo Comments

Economy, Infrastructure, News, Nigeria, Power

Nigeria: Exposing Lai Mohammed’s Lies On Electricity Tariff Hike by Reno Omokri

My attention has been drawn to comments by General Muhammadu Buhari’s aptly named Minister of Information, Lai Mohammed, to the effect that the recent 300% increase in power tariffs is the fault of the Jonathan administration. Mr Mohammed’s exact words were as follows: “Before we came in, the power sector had been privatised by the previous administration, but the people they sold to them are incompetent. When we assumed power, we met the mess. Apart from the fact that the Distribution Companies (Discos), could not meter the people, they also could not pay for the electricity generated by the Generation Companies (Gencos), from the Nigerian Bulk Electricity Trading Companies.” Not only are these statements false, they also expose Lai Mohammed’s, and the Buhari administration’s, sh...

Nigeria: NLC Insists on Strike Commencing 28th Sept. 2020

27Sep

By adminNo Comments

Breaking News, Cost of Living, Economy, Employment, Labour, News, Nigeria

Nigeria: NLC Insists on Strike Commencing 28th Sept. 2020

The Nigerian Labour Congress has doubled down on its position that there will be a Nation-wide strike from the 28th of September 2020 unless their demands are met. In a post shared on their Facebook Page, the union said "STRIKE BEGINS TOMMOROW MONDAY 28TH SEPTEMBER, UNLESS OUR DEMANDS ARE MET." STRIKE BEGINS TOMMOROW MONDAY 28TH SEPTEMBER, UNLESS OUR DEMANDS ARE MET. Posted by Nigeria Labour Congress HQ on Sunday, September 27, 2020 It will be recalled that a court ordered the strike to be put on hold, an order which the union does not appear to be willing to obey. The Federal Government has invited the union's leaders for a meeting so it is yet to be seen if the strike will be called off before tomorrow the 28th of September. We will keep you posted.

Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo

27Sep

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Petroleum

Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo

Vice President Yemi Osinbajo has said federal government can no longer afford to sustain fuel subsidy with 60 percent reduction in revenue generation. Osinbajo made the remark at a virtual interactive forum in Abuja. According to a statement by the Vice President’s Media aide, Laolu Akande, Osinbajo said the federal government would focus on developing Compressed Natural Gas, popularly known as auto gas, which costs cheaper as an alternative to petrol. Responding to a question on the removal of petrol subsidy, Osinbajo said, “We have experienced a severe downturn in our finances over the years, so at 60 per cent less revenue, we are in a position where sustaining fuel subsidies is practically impossible simply, because we do not have the resources.” The Vice President while spe...

FG Gets New Order to Stop Planned NLC, TUC Strike

26Sep

By Chinedu IbeakanmaNo Comments

Economy, Human Rights, Judiciary, News, Nigeria

FG Gets New Order to Stop Planned NLC, TUC Strike

The Federal Government has obtained a new order against the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) from going on with their plan to commence a nationwide strike on Monday. Justice Ibrahim Galadima of the National Industrial Court issued the order in Abuja in an ex parte application made by the Office of the Attorney-General of the Federation. The NLC and TUC had earlier declared a nationwide strike starting from Monday, 28th September to protest the recent hike in petrol pump price and electricity tariff.

FG, Labour to Meet Thursday Over Strike Action to Protest Electricity Tariff, Fuel Price Hike

24Sep

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Petroleum

FG, Labour to Meet Thursday Over Strike Action to Protest Electricity Tariff, Fuel Price Hike

The Federal Government is set to meet with the Nigeria Labour Congress (NLC), and Trade Union Congress (TUC), on Thursday in an attempt to avert the planned indefinite strike by the organised labour to protest the spike in electricity tariff and fuel pump price. This was disclosed on Wednesday by Charles Akpan, Deputy Director, Press and Public Relations, Federal Ministry of Labour and Employment in an email. He said the meeting will serve as an avenue for FG to roll out its palliative plans. The mail read, “The Honourable Minister of Labour and Employment, Dr Chris Ngige will be hosting a meeting with the Organised Labour. The meeting is scheduled for Thursday, September 24, 2020 and the venue is the Banquet hall, Presidential Villa, by 3pm.” Previous talks ended in deadlock d...