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President Tinubu Seeks Legislative Approval for $8.6bn External Borrowing Plan

Published

1 month ago

November 19, 2024

By Gloria Ikibah

President Bola Tinubu has written to the National Assembly, seeking the approval for N1.767 trillion ($2.209 billion) new external borrowing plan in the 2024 Appropriation Act.

This request from President Tinubu was contained in a letter addressed to the Speaker, House of Representatives, Rep. Abbas Tajudeen titled: “Request for a Resolution of the National Assembly for the Implementation of the New External Borrowing of N1.767 trillion (About $2.209 billion) in the 2024 Appropriation Act”.

In the letter read by Speaker Abbas at the resumed plenary on Tuesday, the President said the borrowing was to part-finance the 2024 budget deficit of N9.179 trillion.

According to President Tinubu, the 2024 Appropriation Act approved the sum of N7.828 trillion as New Borrowings out of which Domestic Borrowing stood at N6.061 trillion and New External Borrowing pegged at N1.767 trillion to part-finance the N9.179 trillion budget deficit.

The letter reads in part: “In accordance with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) (Establishment, Etc.) Act, 2003, and the approval of the Federal Executive Council, I write to request for a Resolution of the National Assembly to raise the sum of N1,767,610,321,779.00 (equivalent of USD2,209,512,902.22 at the Budget Exchange Rate of USD1.00/N800) provided as New External Borrowing in the 2024 Appropriation Act to part finance the budget deficit of N9.179 trillion.

“The Right Honourable Speaker may wish to recall that the 2024 Appropriation Act approved the sum of N7,828,529,477,860.00 as New Borrowings to part-finance the 2024 budget deficit of N9.179 trillion. The total New Borrowings of N7.828 trillion was further subdivided into New Domestic Borrowing of N6.061 trillion and New External Borrowing of N1.767 trillion”.

The President also explained that external borrowing funds were needed to give more momentum to the ongoing implementation of the projects and programmes in the 2024 Appropriation Act, which were designed to stabilise the economy and put it on the path of sustainable growth and development.

According to him, the key projects to which the proceeds will be deployed include the priority sectors of the economy, such as power, transport, agriculture, defence and security, while increasing accretions to the external reserves.

Likewise, President Tinubu in aletter transmitted to the House requested that it approve the 2025-2027 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF/FSP).

Naijablitznews.com reports that the Federal Executive Council last week, approved the MTEF/FSP which pegged the 2025 budget at N47.9 trillion, oil price benchmark at $75 per barrel, oil production of 2.06 million barrels per day, an exchange rate of N1,400/$1, and GDP growth of 4.6 per cent.

The president asked the House to expeditiously consider the

MTEF/FSP as the 2025 budget was prepared based on the document.

“It is with pleasure that I forward herewith, the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) for the kind consideration and approval by the House of Representatives. The 2025- 2027 (MTEF&FSP) was approved during the Federal Executive Council (FEC) meeting of 10th November, 2024.

“The House is invited to note that, as the 2025 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2025-2027 (MTEF&FSP), it is imperative to seek National Assembly’s expeditious legislative action on this submission,” the letter stated.

In another letter to the House, President Tinubu transmitted to the House, the National Social Investment Programme Agency Establishment Amendment Bill, 2024, and requested expeditious consideration and passage.

He said the purpose of the bill was to make National Social Register a primary targeting tool for the implementation of social investment programmes of government.

According to the President, this will ensure social welfare programmes are data driven and implementation processes are transparent, targeted, dynamic and effective in delivering social protection benefits to vulnerable Nigerians.

“Pursuant to Section 58(2) of the Constitution of The Federal Republic of Nigeria 1999 (as amended), I forward, herewith, for the kind consideration and passage by the House of Representatives, the National Social Investment Programme Agency (Establishment) (Amendment) Bill, 2024, for the amendment of the National Social Investment Programme Agency Act, 2023.

“The purpose of the bill is to make the National Social Register the primary targeting tool for the implementation of social investment programmes of Government. This will ensure our social welfare programmes are data driven and implementation processes are transparent, targeted, dynamic and effective in delivering social protection benefits to vulnerable Nigerians,” the letter read.

News

Renovation: Tinubu, Shettima’s official quarters to gulp N6.36bn

Published

58 minutes ago

December 23, 2024

Naijablitznews

The Federal Government has allocated a total of N6,364,181,224 billion for the renovation and rehabilitation of the residential quarters of President Bola Tinubu, Vice President Kashim Shettima, and some of their aides in the 2025 budget proposal.

Sunday PUNCH’s analysis of the proposed allocation, contained in the 2025 Appropriation Bill presented to the National Assembly, showed that the annual maintenance of the Presidential Villa would gulp N5.49bn.

According to the proposed budget, N765m will be used for the renovation of the Vice President’s quarters and guest house.

The renovation of the president’s quarters at the State House will cost N6.39m, while the renovation of security quarters, auditorium, gymnasium and presidential aides’ quarters will cost N49m.

In addition, the renovation of Prescott barracks at Maple State House officers’ mess building and signal office in Asokoro, Abuja will cost N51m.

Further analysis of the budget revealed that Tinubu and his vice are also expected to have N87m as honorarium and sitting allowances, while N127m was allocated for the procurement of SUVs.

Also, N3.66bn was budgeted for the purchase of State House operational vehicles and N1,09bn will be spent on replacement of SUV vehicles at the State House.

Under the budget of the State House Lagos Liaison Office, there is an allocation of N14.72m for the routine maintenance of State House Lagos facilities (Dodan Barracks, Vice President guest houses at Ikoyi, among others).

Another N140.10m was allocated for the completion of renovation and furnishing of the State House annex (Dodan Barracks), Lagos.

Meanwhile, the Federal Government is planning to spend N1.83bn on converting forfeited properties from the Economic and Financial Crimes Commission into State House quarters.

The plan to convert forfeited houses from the EFCC comes in the same month that the commission disclosed the recovery of an estate in the Lokogoma District of Abuja, measuring 150,500 square metres and containing 753 units of duplexes and other apartments.

The commission described this as its “single largest asset recovery” since its inception in 2003.

The estate rests on Plot 109 Cadastral Zone C09 of the district, and was forfeited in a ruling on Monday, December 2, 2024, by Justice Jude Onwuegbuzie.

(Punch)

News

SEE NAIRA Rates Against The USD, GBP, EURO Today December 23, 2024

Published

1 hour ago

December 23, 2024

Naijablitznews

WHEN we look at this month, USD was traded at ₦ at the beginning of this December on Monday, December 2, 2024. As at today with USD being traded at ₦1,655 we see a % for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1655 1640
Pounds to Naira 2150 2000
Euro to Naira 1730 1700
Canadian Dollar to Naira 1146 1135
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74
READ ALSO: INSIDE LIFE: 26-Year-Old Lady Died In Bangladesh With No One To Claim Her Body, She Is A Nigerian From Enugu (SEE PHOTO)

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

Nairatoday.com

News

Passengers Stranded As Warri-Itakpe Train Derails In Delta Community

Published

1 hour ago

December 23, 2024

Naijablitznews

Passengers of a train plying the Warri-Itakpe route escaped death on Sunday as the train derailed at Okpara in the Ethiope East Local Government Area of Delta State.

It was gathered that the passengers were stranded following the incident that happened at about 10pm.

According to eyewitness accounts, some of the passengers got to their destinations on Monday morning.

“The incident happened at Okpara Station last night. They stole many people’s phones and other valuables when they slept at night,” a source said.

“It’s this morning that everybody began to find their way to their various destinations.”

The Nigerian Railway Corporation confirmed the incident in a statement by its spokesman, Yakub Mahmood on Monday.

Mahmood said the service will resume shortly, adding that a team of engineers is at the site of the incident to ensure the track is restored soon.

According to him, the train service will resume as scheduled on Monday afternoon.

The statement reads in part, “The management of the Nigerian Railway Corporation (NRC) hereby informs the general public, especially our valued passengers that ply the Warri-Itakpe route, that following the minor derailment yesterday at the Okpara station, the service will resume shortly as our team of engineers are at the site of the accident to ensure the track is restored anytime soon.

“However, Itakpe-Warri (Ujewu) train will resume as scheduled in the afternoon today.

“All inconveniences caused as a result of the minor derailment is highly regretted.”