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Senate moves to endorse Tinubu’s N1.77tn loan request within 24hrs

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President Bola Tinubu has requested the National Assembly for approval of N1.767tn loan already captured in the external borrowing plan for implementation of the N28.7trillion 2024 budget.

President Tinubu who made the request in separate letters read in Senate and House of Representatives during plenary on Tuesday, said if approved, the loan will be used to part-finance the budget deficit of N9.7tn for the 2024 budget.

The Senate President , Godswill Akpabio after reading the letter , mandated the Senate Committee on Local and Foreign to work on the request and report back within 24 hours .

“The Presidential request for $2.2billion , equivalent of N1.767trillion loan is already enshrined in the external borrowing plan for the 2024 fiscal year .

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” The Senate Committee on Local and foreign debts , should therefore , give the request expeditious consideration and report back within 24 hours .

The president has also forwarded the Medium Term Expenditure Frame work (MTEF) and Fiscal Strategy Paper (FSP) for 2025- 2027 to both the Senate and the House of Representatives .

In giving the request expeditious consideration , Senator Godswill Akpabio after reading the letter containing it , mandated the Senate Committee on Finance , National Planning and Economic Affairs to consider it at committee level and report back in one week.

Key parameters in the 2025 – 2027 MTEF/FSP documents needed for consideration and approval of the proposed N47.9trillion 2025 budget are ÷ $75 oil price benchmark per barrel, Daily Oil Production of 2.06 million barrels , Exchange Rate of N1,400 to $1 and targeted GDP Growth rate of 6.4%..

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President Tinubu in another letter to both chambers of the National Assembly , sought approval for Social Investment Programme Amendment Bill

The proposed amendment aims to strengthen the framework for implementing the government’s social welfare programmes, ensuring greater transparency and efficiency.

He explained further that the amendment seeks to designate the National Investment Register as the primary tool for targeting beneficiaries of social investment initiatives. This measure, he said, would ensure that welfare programmes are data-driven and deliver effective social protection to Nigeria’s most vulnerable citizens.

“The amendment will make our social and welfare programmes more transparent, efficient, and impactful in addressing the needs of vulnerable Nigerians,” he said

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He further noted that the request was made in accordance with Section 58(2) of the 1999 Constitution (as amended) and urged the Senate to give the bill urgent consideration.

The proposed amendment, if passed, will improve the management and delivery of social investment programmes, enhancing their capacity to combat poverty and inequality across the country. The Senate has referred the bill to relevant committees for review and is expected to deliberate on the proposal in subsequent sessions.

This development indicates that the Tinubu’s administration is committed to leveraging technology and data to optimize the impact of its social welfare initiatives.

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

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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.

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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).

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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.

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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)

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

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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.

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Passengers Stranded As Warri-Itakpe Train Derails In Delta Community

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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.

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“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.

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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.”

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