News

President Muhammadu Buhari on Thursday submitted a revised 2020 budget of ₦10.51 trillion ($29.19 billion) to the National Assembly for approval. The coronavirus pandemic and an oil price plunge have magnified headwinds in Africa’s biggest economy, which relies heavily on crude sales for government revenues. The problems triggered a decline in growth and large financing needs as well as weakening the naira currency. The government has said since March that the budget passed in December would be revised down. It must be approved by lawmakers, who can make changes, before being sent back to the president to pass into law after he has agreed to any revisions. Amid the steep fall in global oil prices, the government previously said this year’s budget would shrink by about 15%. The proposal sent to both chambers on Thursday is only marginally lower than the record ₦10.59 trillion budget approved in December by Buhari. It follows the inclusion of new items, much of which is related to healthcare as part of the country’s response to the coronavirus pandemic. The revised budget includes local and foreign borrowing, including $5.51 billion from multilateral lenders. The National Assembly had recently approved a loan of ₦850 billion while ...
Read More

President Muhammadu Buhari on Thursday submitted a revised 2020 budget ...
Read More

Amnesty International has accused the Nigerian military of unlawfully detaining ...
Read More

The Lagos State Internal Revenue Service (LIRS) has extended the ...
Read More

Annual inflation in Nigeria rose for the eighth straight month ...
Read More

The CBN will not support the importation of items that ...
Read More

The Senate has asked the FG to cancel the entire ...
Read More

Nigeria's government says it will impose “precision” lockdown measures in ...
Read More

The federal, states and local governments have received a total ...
Read More

There is growing concern that the lockdown measures to fight ...
Read More

The International Monetary Fund has projected that Nigeria and other ...
Read More

Users of the Rivers and Onne Ports have complained about ...
Read More

Nigeria has put in place policies to ensure foreign investors ...
Read More

The latest Energy Information Administration data shows that the United ...
Read More

The International Maritime Bureau said Nigeria loses an average of ...
Read More

Nigeria will extend a ban on all flights by four ...
Read More

The Nigerian government has promised the International Monetary Fund that ...
Read More

Data from the National Bureau of Statistics show that 82.9 ...
Read More

The Nigerian government has assured the International Monetary Fund that ...
Read More

The CBN has announced the resumption of dollar sales to ...
Read More

The executive board of the International Monetary Fund has approved ...
Read More

President Muhammadu Buhari has extended the lockdown in Lagos, Ogun ...
Read More

Nigerian state governors have asked President Muhammadu Buhari to approve ...
Read More

The number of deaths caused by malaria in Sub-Saharan Africa ...
Read More

The governors of Nigeria's northern states have agreed to close ...
Read More