IMF: Iran would need oil at $195 a barrel next year to balance budget

Iran would need oil priced at $194.6 a barrel to balance its budget next year, the International Monetary Fund (IMF) said. Hurt by tighter U.S. sanctions, Iran – a key member of the Organization of the Petroleum Exporting Countries (OPEC) – is expected to have a fiscal deficit of 4.5% this year and 5.1% next year, the fund said in a report on Monday. On Friday, international benchmark Brent crude closed trading at just above $62 a barrel, reports Reuters. Iran saw its oil revenues surge after a 2015 nuclear…

Read More

2020 budget: BPE to sell redundant assets to meet N447bn target

The Bureau of Public Enterprises (BPE) may throw more redundant public assets for sale next year to meet its 2020 fiscal budget funding pegged at about N447 billion, its Director-General, Mr. Alex Okoh, has hinted. Redundant assets are national monuments located in various corners of the country that have been abandoned over the years. In 2019 budget, the bureau had budgetary funding target of N220 billion. It has so far realised N135 billion, leaving balance of N85 billion deficit. Okoh, who confirmed the plan to New Telegraph in Abuja at…

Read More

2020 budget: The imperative of sustaining tax reforms

With the volatility of the oil price in the international market in recent times, it is high time we realised the future lies not in crude but a sustainable tax system based on production. With a single attack on Saudi’s oil installations in the Middle East by suspected terrorists last month, oil price shot to $75 within few days from an average of $60 throughout the year. But just when oil-dependent countries like Nigeria started salivating that another boom might be here again after the meltdown of 2016/2017 that saw…

Read More

Govt budgets N155bn interventions in Niger Delta

Senate rejects N23bn ministry budget  Several ongoing projects missing     In a bid to upscale infrastructure development and promote peace in the Niger Delta, the Federal Government has made a provision of N155 billion for some special interventions in the oil-rich region. The projects are contained in the 2020 Appropriation Bill currently under consideration at the National Assembly. They include the N80.88 billion proposed for the Niger Delta Development Commission (NDDC) and the N65 billion for reintegration of transformed ex-militants under the Presidential Amnesty Programme. In addition, N500 million…

Read More

Budget 2020: FG proposes N49.9bn on key power, housing projects

The Federal Government has proposed to spend the sum of N49.9billion on some key infrastructure projects in the power and housing sectors next year. In the 2020 Appropriation Bill now under consideration at the National Assembly, the sum of N2 billion has been set aside as funds for the Mambilla Hydro Power project, N200 million for construction of 215MW LPFO/ Gas Power station in Kaduna while N150 million will be dedicated to Afam Fast Power Programme Accelerated Gas and Solar Power Generation. In the Housing Sector, the sum of N17.5…

Read More

2020 Budget: Govt earmarks N450bn to fund fuel subsidy

…targets N237bn looted funds, N252bn privatisation proceeds   Oil subsidy regime, also known as under recovery for local consumption of Premium Motor Spirit (PMS), is to be sustained in 2020 fiscal year with government earmarking N450 billion for it in the 2020 budget. Minister of Finance, Budget and National planning, Mrs. Zainab Ahmed, confirmed yesterday, stating that the ‘under-recovery’ was the cost of operation of the Nigerian National Petroleum Corporation (NNPC). “We have a provision for under-recovery of PMS in the sum of N450 billion. If you look at the…

Read More

‘2020 budget a scam, brace up’

Former Deputy National Publicity Secretary of the All Progressives Congress (APC), Timi Frank, yesterday called on Nigerians to prepare for tough times ahead of 2020 budget circle. He said the budget document presented to the National Assembly by President Muhammadu Buhari was a ‘scam.’ According to him, after a careful study of the content of the fiscal document, what the President submitted to the National Assembly showed that not only will Nigerians be heavily taxed, fuel subsidy removed and social investment programme would cease to exist. In a statement made…

Read More

Senators knock, applaud Buhari’s N10.33trn 2020 budget

President Buhari

The Senate, yesterday, sharply divided over implementability or otherwise of various projections made in the N10.33 trillion 2020 budget. Senators expressed divergent views during the debate on the general principles of the bill, with many of them saying that the various indices used in articulating the document were not realistic. President Muhammadu Buhari had presented the N10.33 trillion budget proposals, which he tagged “Budget of Sustaining Growth and Job Creation” on Tuesday. While leading the debate on the general principles of the money bill, the Senate Leader, Yahaya Abdullahi (APC,…

Read More

NASS will conclude work on Budget before end of October, Lawan assures Buhari

Senate President, Senator Ahmed has assured that committees of both chambers of the National Assembly will conclude work on the 2020 budget estimate before the end of October. Senator Lawan, therefore, directed all Ministers and Heads of MDAs to appear before National Assembly committees to defend their budget promptly before the end of the month. He said the lawmakers will bring to bear the same commitment with which it passed the Medium Term Expenditure Framework which is a prelude to the budget

Read More

FOI: BudgIT flays lawmakers’ 552% budget increase

Nigerian lawmakers’ flair for budgeting enormous funds for themselves without consideration for decaying infrastructure and ordinary Nigerians going through difficulties has again been highlighted as it moved from N23.3 billion in 2003 to N150 billion in 2014. The increase, according to details released by transparency monitor outfit, BudgIT, represents a whopping 552 per cent within the period in view. Meanwhile, Nigerian lawmakers are among the highest paid in the world. Last year, a Nigerian senator revealed that the legislators receive N14.25 million (over $40,000) monthly. Further details, however, shows that…

Read More