DEVELOPING: 2021 Budget: Senate Gives Deadline to Buhari

EconomyNewsPoliticsDEVELOPING: 2021 Budget: Senate Gives Deadline to Buhari

Bada Yusuf Amoo (Correspondent)July 22, 2020

The President of the Senate, Ahmad Lawan, has asked President Muhammadu Buhari to ensure the submission of the 2021 national budget before the end of September this year. The Senate President states this while referring to the 2021-2023 Median Term Expenditure Framework and Fiscal Strategy Paper, which were submitted to the Federal Parliament by Buhari on Tuesday to the relevant committees of the Senate for necessary legislative steps. He noted that the presentation of the...

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Osun Suspends Salaries of Athletes and Contract Coaches of State-owned Clubs as COVID-19 Bites Hard

CoronavirusEconomyNewsOsun Suspends Salaries of Athletes and Contract Coaches of State-owned Clubs as COVID-19 Bites Hard

Adeola Oladipupo (Correspondent)July 15, 2020

The Osun State government has notified the State’s sports council of its decision to stop the payment of salaries of athletes and coaches of state-owned clubs — Osun United and Osun Babes. The letter which was addressed to the acting General Manager of the State Sports Council, Rotimi Dunmoy, was also sent to the Secretary of Osun United, the Media Officer of Osun United, Tajudeen Amodu, confirmed, according to the Nation. “Payments to staffers on...

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FG Projects N11.86trn Expenditure for 2021

EconomyNewsNigeriaFG Projects N11.86trn Expenditure for 2021

PilotnewsJuly 11, 2020

The Federal Government has projected an aggregate expenditure of N11.86 trillion for 2021. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this while virtually presenting 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) held on Friday. Ahmed said the aggregate projected revenue from available sources for 2021 would be N6.98 trillion while the fiscal deficit was expected to be N5.16 trillion. “The 2021-2023 MTEF&FSP is the pre budget statement...

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FG, States Debt Portfolio Hits N28.63trn – NBS

EconomyNewsNigeriaFG, States Debt Portfolio Hits N28.63trn – NBS

PilotnewsJuly 11, 2020

The National Bureau of Statistics (NBS) said on Friday that the total public debt portfolio of the Federal and State Governments as of March 31 stood at N28.63 trillion. The NBS made this known in its Nigerian domestic and foreign debt report released in Abuja. The bureau said that further disaggregation of Nigeria’s total public debt showed that N9.99 trillion which represented 34.89 per cent was external. It stated that the domestic debt was N18.64...

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Governors to Meet Osinbajo on Economic Sustainability Plan Implementation

EconomyNewsNigeriaGovernors to Meet Osinbajo on Economic Sustainability Plan Implementation

PilotnewsJuly 10, 2020

The Nigeria Governors’ Forum (NGF) says it will engage Vice President and Chairman, National Economic Council, Prof. Yemi Osinbajo, to facilitate states’ representation in the implementation committee of Nigeria Economic Sustainability Plan (ESP). The 36 state governors disclosed this in a communiqué issued on Thursday in Abuja by the NGF Chairman and Governor of Ekiti State, Dr Kayode Fayemi, after its 12th COVID-19 teleconference meeting. The governors also advocated for the need to revitalise Nigeria’s...

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Buhari Signs Revised 2020 Budget Friday – Presidential Aide

EconomyNewsNigeriaBuhari Signs Revised 2020 Budget Friday – Presidential Aide

PilotnewsJuly 10, 2020

President Muhammadu Buhari will on Friday sign into law the revised 2020 budget passed by the National Assembly in June. The Personal Assistant on New Media to the President, Bashr Ahmad, confirmed this on his twitter handle in Abuja on Thursday. The News Agency of Nigeria (NAN) reports that the two chambers of the National Assembly, Senate and House of Representatives, had on June 10 and June 11 respectively passed the revised 2020 budget of N10,805,544,664,642....

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Health Sector Gets Attention, as Ogun State Revises Budget

EconomyHealthNewsHealth Sector Gets Attention, as Ogun State Revises Budget

Adeola Oladipupo (Correspondent)July 10, 2020

The Government of Ogun State, in a bid to fight coronavirus, has said that twenty per cent of the revised 2020 budget has been allocated to the health sector. At a virtual Consultative Meeting on the Year 2020 Revised Budget, held at the Ministry of Budget and Planning, the Governor said that pandemic had brought implications that prompted the government to draw up a realistic budget that would serve the interest of the people. Other...

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FG Set to Develop Agenda 2050, Inaugurates Central Working Group

EconomyNewsFG Set to Develop Agenda 2050, Inaugurates Central Working Group

PilotnewsJuly 8, 2020

The Federal Government is set to develop the country’s” Agenda 2050 and a Medium-Term National Development Plan (MTNDP) 2021-2025 to coordinate sectoral approaches. The Minister of State, Federal Ministry of Finance, Budget and National Planning, Mr. Clement Agba made this known while inaugurating a Central Working Group (CWG) for the programme on Wednesday in Abuja. This is contained in a statement issued by the ministry’s Director of Information, Mrs Imaobong Udoh. The News Agency of...

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How to Think About Africa’s “Rising Middle Class” Amid COVID-19

AfricaEconomyLifestyleHow to Think About Africa’s “Rising Middle Class” Amid COVID-19

PilotnewsJuly 7, 2020

Conventional wisdom is that Africa’s rising middle class is the engine for economic and social development, that its trajectory has been positive, and that the COVID-19 pandemic has seriously compromised the success of the middle class. However, on a continent of 1.3 billion people resident in more than fifty countries, this trope, much of it based on feel-good anecdotes, may obscure more than it illuminates. What is Africa’s middle class, how large was it before COVID-19, and was...

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Why Nigeria Can’t Stop Borrowing – Finance Minister

EconomyNewsNigeriaWhy Nigeria Can’t Stop Borrowing – Finance Minister

Bada Yusuf Amoo (Correspondent)July 5, 2020

The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed, has said the challenges posed by the COVID-19 pandemic and the drop in the oil price at the international market has made it inevitable for Nigeria to keep borrowing from external bodies. The minister adds that Nigeria has been grappling with low revenue before the global health and economic challenges, saying that the challenges has put the country in a difficult situation. She says it...

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