Connect with us

News

N’Assembly plans N28.77tn budget review over naira fall

Published

on

ADVERTISEMENT
Zoom Ad

The National Assembly would need to revisit the N28.77tn 2024 budget, the Senate has said.

The Red Chamber explained that there was a need to revisit the budget following the incessant fall of the naira against the United States dollar.

The National Assembly has passed a harmonised 2024 budget Appropriation Bill totalling N28.77tn which was eventually passed on January 1, by President Bola Tinubu.

The National Assembly increased the bill by a total of N1.2tn, moving the budget from N27.5tn to N28.7tn.

Advertisement

The Senate also benchmarked the exchange rate at N800 per dollar, moving it from the initial N750 per dollar initially pegged by the Federal Government.

Proffering reasons for the increment, in December, the Chairman of the Senate Committee on Appropriation, Solomon Adeola, explained, “The current price of the dollar at the black market is between N1200 and 1300, and in the Central Bank of Nigeria, it is between N950 and N1000 and we have a budget which was pegged at N750, if you look at the gap, you’d realise that has covered a lot of gaps already.

“Again, we did some external consultations, most especially in the area of oil benchmark and petroleum resources, if we had gone in that line, we’d have pegged it at N850/N900 to a dollar and we agree that we want to be conservative in our approach, so that nobody will think that we want to increase the budget for any ulterior motive, that was why we left it at N490bn out of which N44bn is for statutory transfer, so effectively, the increment is about N446bn that is going into the Federal Government pocket as consolidated revenue.”

In an exclusive interview with Sunday PUNCH, Senator Adeola said certain actions need to be taken concerning the 2024 budget as the variables upon which the budget was built could no longer stand.

Advertisement

He said, “Yes, it is true that the budget was passed at N800 to a dollar but as we speak, it’s no longer visible as the dollar currently stood at N1450 to a naira.

“And I can tell you that there is a need for us to revisit the budget as the variables upon which the budget is predicated are no longer there. So all we need to do is just take our time and do some internal workings within the landing cost of petroleum product per litre of fuel.

“After this, we can now collaborate with the current budget that we have so that we can give NNPC what the actual figure for this landing cost will be, and then any savings arising from that can be planned upon for a supplementary budget or reallocation of some project within the budget,” he added.

Advertisement
Continue Reading
Advertisement

News

SAD! Bandits kill two, injure many in Katsina community despite peace deal

Published

on

By

ADVERTISEMENT
Zoom Ad

Two people were killed and several others injured in a violent bandit attack on Tuge town, Musawa Local Government Area of Katsina State, on Friday morning.

According to residents, the assailants stormed the community around 7:00 am, firing sporadically and forcing locals to flee for safety.

The victims sustained gunshot wounds and are currently receiving medical treatment.

The attack comes despite multiple peace deals brokered between Musawa local authorities and bandit groups operating in the area.

Advertisement

Community leaders had hoped these agreements would reduce violence and allow displaced residents to return to normal life.

Security forces were reportedly alerted as the attackers withdrew, but many residents questioned the value of the peace arrangements, pointing out that rural communities in Katsina remain highly vulnerable.

Continue Reading

News

ADC not venue for Atiku’s presidential ambition – Bolaji Abdullahi

Published

on

By

ADVERTISEMENT
Zoom Ad

The African Democratic Congress, ADC, has restated that it is a self-governing political party, insisting it is not controlled by any single person.

The party’s spokesperson, Bolaji Abdullahi, said the ADC remains accessible to all Nigerians, including prominent political figures such as former presidential candidate Peter Obi and former Minister of Transportation, Rotimi Amaechi.

He maintained that no individual can claim ownership of the party.

Abdullahi made the clarification during an appearance on Politics Today on Channels Television, Friday, where he dismissed claims that the ADC is being groomed to advance the presidential ambition of former Vice President Atiku Abubakar.

Advertisement

According to him, such claims are unfounded and largely driven by individuals who lack a proper understanding of the party’s internal structure.

He explained that ADC members are fully aware that the party operates on collective ownership, a principle that allows it to welcome influential politicians from different backgrounds.

“Those of us within the ADC know that the party does not belong to any one person. That is why someone like Peter Obi can join, and why Rotimi Amaechi is already a member,” he said.

He further alleged that the ruling All Progressives Congress, APC, is behind the growing speculation, accusing it of attempting to interfere in the ADC’s internal affairs.

Advertisement

The ADC spokesperson also assured that the party’s presidential candidate would be chosen through due process, stressing that the outcome is not prearranged.

“Whoever eventually becomes our presidential candidate, whether Atiku or any other aspirant, will emerge through a transparent and credible process,” Abdullahi stated, reaffirming that the ADC is not the personal platform of any individual.

Continue Reading

News

Court to deliver judgment in suit challenging Tinubu’s emergency rule declaration

Published

on

By

ADVERTISEMENT
Zoom Ad

The Federal High Court in Abuja on Friday scheduled a date for judgment in a case brought by the Civil Society Observatory for Constitutional and Legal Compliance, CSOCLC, challenging President Bola Tinubu’s declaration of a state of emergency in Rivers State last year.

Justice James Omotosho set Friday, March 9, 2026 for judgment after both the plaintiff’s counsel, Nnamdi Nwokocha-Ahaaiwe, and the defence lawyers adopted their processes and presented arguments supporting and opposing the suit.

In the fresh lawsuit, CSOCLC questioned the President’s authority to remove elected state officials during a state of emergency.

The NGO argued that while the President may declare an emergency under Section 305 of the Constitution, he does not have the power to suspend or remove elected executive or legislative officers and appoint an interim administrator.

Advertisement

Justice Omotosho, however, highlighted the similarity of the case to previous ones he had dismissed, citing jurisdictional issues under the old Emergency Powers (Jurisdiction) Act of 1962.

He also referenced a Supreme Court decision from December 15, 2025, which dismissed a related case on procedural grounds.

Acknowledging these earlier rulings, Ahaaiwe insisted they were mistaken.

The lawyer argued that the 1962 Act is a “spent” law, deliberately omitted from statute books before the 1999 Constitution came into effect.

Advertisement

He further contended that a 2025 presidential order modifying the alleged non-existent law is “unconstitutional, null, and void”.

“The constitution has fully covered the field on emergency powers. No executive proclamation can alter the express provisions of Section 305,” he added.

Lawyers representing the 1st to 5th defendants, including the President and the Attorney-General of the Federation, relied on the same 1962 Act and the modification order.

They argued that only the Supreme Court has original jurisdiction over such disputes and urged the court to strike out the case.

Advertisement

The plaintiffs had requested 26 reliefs, including a declaration that Rivers State cannot be governed by an appointed administrator, retired Vice Admiral Ibok-Ete Ekwe Ibas, outside the constitutional provisions.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News