The Nigerian National Petroleum Company (NNPC) says it deducted N245.77 billion for petrol under-recovery costs in March. The value shortfall comprises the previous months’ outstanding and part of the February 2022 value shortfall. NNPC said this in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting on Wednesday, April...
  The House of Representatives has approved the sum of N4 trillion for subsidy on Premium Motor Spirit(PMS). The approval came following President Muhammadu Buhari’s requeat for revision of the 2021 fiscal framework. Forwarding the Medium Term Expenditure Framework, the President asked the lawmakers to approve an additional N3.557 trillion in addition...
  The Senate, on Tuesday, received a request from the President, Major General Muhammadu Buhari (retd.), to approve adjustments to the 2022 fiscal framework. The request was contained in a letter dated 5th April 2022. The letter was read during plenary by the Senate President, Ahmad Lawan. Buhari, in the letter, explained...
  Nigeria and 72 other countries are at high risk of debt distress, the International Monetary Fund has said in a new report. The report titled ‘Restructuring Debt of Poorer Nations Requires More Efficient Coordination’ was published on Thursday. “Low-income countries face fewer debt challenges today than they did 25 years ago,...
  Food and Agriculture Organisation (FAO) of the United Nations says global food prices surged by 13 per cent in March, making a giant leap to the highest level ever. In its monthly Food Price Index released on Friday, FAO said food prices averaged 159.3 points in March, up 12.6 per...
  President Muhammadu Buhari has requested the approval of N4 trillion as payments for petrol subsidy payments in 2022. The president said this in a letter addressed to the house of representatives, titled “Submission of the Revised 2022 Fiscal Framework”. Femi Gbajamila, speaker of the house of representatives, read the letter during...
  President Muhammadu Buhari has said that the increase in the 2022 budget deficit will be financed through borrowing from the domestic market. President Buhari made this known in a letter written to the House of Representatives and was read by the speaker of the house, Femi Gbajabiamila, on thursday. According to...
  In continuation of efforts to fund the N6.4 trillion deficit spending in budget 2022, the Federal Government borrowed N2.2 trillion from local investors in the first quarter of the year, Q1’22, through FGN Bonds, treasury bills and the FGN Savings Bonds. The amount borrowed however represents an 8.6 per cent...
  The federal government says President Muhammadu Buhari’s administration will no longer complete the Ajaokuta steel plant in 2022, as earlier promised. The COVID-19 pandemic and the Russia-Ukraine war were blamed for frustrating the project on several fronts. Olamilekan Adegbite, minister of mines and steel development, disclosed this on Thursday while addressing...
  Facts have emerged on how Nigeria paid $137 million in two years for gas and electricity that were never used in the “take or pay deal” the country entered into with some investors in the power sector. The whooping sum covers payments for 2018 and 2019 under the gas supply...