The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, revealed that the company has generated N4.5 trillion in revenue for the federation as of October 2023. Kyari shared this update during an interactive session with the Senate Committee on Finance in Abuja. He expressed optimism about the future, citing…
In 2022, Nigeria emerged as the principal beneficiary of World Bank loans, securing approximately $2.9 billion, according to the International Debt Report for 2023 released by the World Bank. Following closely, Tanzania secured $2.7 billion in loans during the same period. The report underscores Nigeria’s substantial reliance on international financial support, revealing that the country…
The National Assembly Joint Committee on Oil and Gas has taken a stern stance against the Minister of State (Petroleum Resources), Heineken Lokpobiri, and the Minister of State (Gas) Ekperikpe Ekpo for their absence during the budget defense session on Thursday. The committee, comprising the Senate House of Representatives Committees on Gas and all Committees…
The signing of the Rivers State 2024 appropriation bill by Governor Gov. Siminalayi Fubara has sparked controversy, with the All Progressives Congress (APC) deeming it unconstitutional. Fubara presented the ambitious N800 billion budget to a four-member faction of the Rivers House of Assembly, led by Edison Ehie, who swiftly passed the budget after declaring the…
Celebrating the 61st birthday of Senate President Godswill Akpabio at a colloquium in Abuja, President Bola Tinubu expressed optimism about the transformative strides in Nigeria’s economy under his administration. Acknowledging the vital role played by the National Assembly, specifically Senate President Akpabio and House Speaker Rt. Hon. Tajudeen Abbas, President Tinubu emphasized the collaborative approach…
Ambassador Yusuf Tuggar, the Minister of Foreign Affairs, has called on the National Assembly to expedite the consideration of a bill aiming to place the ministry’s budget on the first line charge. The appeal was made during Tuggar’s appearance before a joint committee of the National Assembly on Foreign Affairs to defend the ministry’s 2024…
A joint committee comprising members from the Senate and House of Representatives in the National Assembly (NASS) has raised objections to the proposed budget for the Nigerian judiciary. In a move expressing their dissatisfaction, the committee deemed the allocation “grossly inadequate,” asserting that it could impede the judiciary’s capacity to function optimally. Lawmakers, perturbed by…
Governor Babajide Sanwo-Olu of Lagos State has presented an ambitious “Budget of Renewal” amounting to N2.246 trillion to the Lagos State House of Assembly. The budget, comprising recurrent expenditure of N1.02 trillion (45 per cent) and capital expenditure of N1.2 trillion (55 per cent), reflects the governor’s vision for revitalizing and advancing the state. In…
In a significant development, former Nigerian President Olusegun Obasanjo has declared his preparedness to provide testimony on behalf of Nigeria in the ongoing $2.3 billion disputed Mambilla power contract case involving former Minister of Power and Steel, Olu Agunloye. The dispute has landed at the International Chamber of Commerce (ICC) in Paris, where Sunrise Power…
In a significant development, the Nigerian government has made a groundbreaking decision to exclude tertiary institutions, including universities, polytechnics, colleges of education, and monotechnics, from the use of the Integrated Personnel Payment System (IPPIS) for staff salary and allowance payments. The announcement was made by the Minister of Education, Tahir Mamman, who addressed State House…