Tag: 2024 Budget

President Tinubu Signs N28.78 Trillion 2024 Budget into Law, Emphasizing Strategic Priorities

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Abuja, January 2, 2024 — In adherence to his commitment to a timely, predictable, and efficient budget cycle, President Bola Tinubu signed the 2024 Appropriation Bill into law on Monday. The ceremony took place at the Presidential Villa State House in Abuja, shortly after the President’s return from Lagos. President Tinubu, while addressing the audience at the signing, expressed gratitude for the expeditious review and adjustment of the budget by the National Assembly, resulting in an increased budget of N28.7 trillion, up by N1.2 trillion from the initial proposal of…

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National Assembly Passes N28.7 Trillion 2024 Budget with Adjustments

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In a significant development on Saturday, the National Assembly successfully passed the 2024 Appropriation Bill, thereby giving the green light to a budget of N28.7 trillion. This amount reflects an increase from the initial proposal of N27.5 trillion put forth by President Bola Tinubu. The approval came after thorough deliberations and the review of reports presented by the Appropriations Committees of both the Senate and the House of Representatives. Among the notable alterations made to the initial proposal was the adjustment of the exchange rate from N750 to N800 per…

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2024 Budget Defence: National Assembly Summons Petroleum Ministers

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The Joint Committees on Upstream and Gas in the National Assembly have unanimously decided to summon the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo. They are required to appear before the committees on Monday, the 18th of December 2023, under the threat of legal consequences if they fail to comply. The ruling was issued by the Chairmen of both committees, Senator Etang William and Hon. Alhassan Doguwa, during a budget defense session held in Abuja on Thursday. Expressing their…

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2024 Budget Defense Spurs Lawmakers to Advocate for Strategic Solutions in Maritime Industry Crisis

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The National Assembly has assigned the task to Chief Adegboyega Oyetola, the Minister of Blue Economy, emphasizing Nigeria’s imperative to harness the $1.8 trillion potential of the Blue Economy and enhance revenue generation through the Maritime industry. During the budget defense for 2024, convened by the joint Committees on Ports & Harbours and other Standing Committees, members from both the Senate and House chambers expressed concerns over the reported loss of over N1 trillion in revenue due to inadequate infrastructure in the maritime sector. Lawmakers, disapproving of the omission of…

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Senate Grants 24-Hour Deadline for Kyari and NUPRC Head to Attend Budget Defence

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Senator Adeola Olamilekan, Chairman of the Senate Appropriation Committee, issued a directive on Wednesday, giving Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), a 24-hour ultimatum to appear before the committee. The directive also includes the presence of the Executive Secretary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Olamilekan emphasized that the failure to comply with this directive would undermine the legislative process and pose a threat to its integrity. The summoned individuals are required to submit a comprehensive list of all…

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Tinubu Set to Unveil 2024 Budget in Wednesday’s Joint National Assembly Session-N’Assembly Secretary

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President Bola Tinubu is scheduled to present the 2024 budget during a joint session of the National Assembly on Wednesday, as announced by Dr. Ali Barde Umoru, the Secretary of Research and Information at the National Assembly, on Monday. Umoru confirmed the upcoming budget presentation to journalists, emphasizing the need for a list of individuals permitted to enter the chamber during the event. Anticipating this presentation, Tinubu had submitted the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper to both chambers of the National Assembly three weeks ago. In…

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