Connect with us

News

Reps Okay $75 Oil Benchmark Price, 2.06mbpd, NGN1400/USD Exchange Rate

Published

on

By Gloria Ikibah
The House of Representatives has adopted the projected oil benchmark prices at $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.
This according to Chairman House committees on Finance and National Planning, and Economic Development, Rep. James Faleke, is aimed at providing a stable foundation for the country’s budget and economic planning.
The report also projects a significant increase in domestic crude oil production.
The projected production levels are 2.06, 2.10, and 2.35 million barrels per day for 2025, 2026, and 2027, respectively.
Other key projections include a GDP growth rate of 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027, respectively. The projected exchange rate is NGN1400/USD for the same period. Inflation rates are projected at 15.75%, 14.21%, and 10.04% for 2025, 2026, and 2027, respectively.
The 2025 Budget proposes spending of NGN47.9 trillion, with NGN34.82 trillion retained and new borrowings of NGN9.22 trillion.
Debt service is valued at NGN15.38 trillion, while pensions, gratuities, and retirees’ benefits stand at NGN1.443 trillion.
The report also highlights concerns over the non-remittance of operating surpluses into the Federation Account by the NNPC, as well as the failure of some revenue-generating agencies to comply with the Fiscal Responsibility Act.
“The three-year projections for domestic crude oil production had a significant increase from 1.78mbpd in the preceding year to 2.06, 2.10 and 2.35 for the subsequent years of 2025, 2026 and 2027.
“Some critical Agencies such as NNPC, NLNG, Immigration Services and others that are relevant to the attainment of set revenue targets engage in Public Private Partnership and Joint Venture
Arrangements that are inimical to the revenue growth of the Country.
“Historical non-remittance of operating surpluses into the Federation Account by the NNPCL due to what it called under recovery with the claim that the federating units owed it the sum of Ten Trillion Naira.
“The GDP growth rate is projected at 4.6%, 4.4% and 5.5% for years 2025, 2026 and 2027 respectively. The projected exchange rate which stands at NGN1400/USD for years 2025, 2026 and 2027.
“Inflation rates projections are 15.75%, 14.21% and 10.04% for 2025, 2026 and 2027; following the criteria in the overview of the framework for revenues and expenses, the 2025 FGN Budget proposed spending stands at NGN47.9 trillion, of which NGN34.82 trillion was retained. New borrowings stood at NGN9.22 trillion which constitutes both domestic and foreign borrowings.
“Debt service was valued at NGN15.38 trillion; pensions, gratuities and retirees’ benefits stood at NGN1.443 trillion and fiscal deficit at NGN13.08 trillion.
“Capital expenditure is projected at NGN16.48 trillion which is exclusive of transfers; statutory transfers stand at NGN4.26 trillion; Sinking Fund is projected at NGN430.27 billion.
‘Total recurrent (non-debt) is projected at NGN14.21 trillion; special intervention for recurrent and capital is pegged at NGN200 billion and NGN7 billion respectively.
“That the existing liabilities and debt obligations are largely responsible for increasing debt profile of the Country.
“Most revenue generating agencies violate the Fiscal Responsibility Act due to the lack of punitive provisions in the Act. Noncompliance with the Nigerian Export Supervision Scheme (NESS) Act by relevant government agencies, specifically focusing on the inspection and monitoring of oil and gas exports as well as non-oil exports.
The committees findings also Identified systemic gaps and irregularities in the operations of the Import Duty Exemption Certificate (IDEC); and that the Federal Government Ministries Departments and Agencies (MDAs) as well as the Government Owned Enterprises (GOEs) are not complying with the financial reporting standards.
Among other recommendations, the House noted: That the National Assembly, through its Committees on Finance, National Planning and other relevant Committees should carry out in-depth investigation of such agreements by the NNPC, NLNG and Immigration Services with a view to reconcile remittances to the Federation Account.
It added that the Committees on Finance,Petroleum Upstream, and Petroleum Downstream are tasked to
investigate reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission alleging that the NNPC withheld ₦8.48 trillion as claimed subsidies for petrol.
Additionally, the investigation will address the NEITI report stating that NNPC failed to remit $2 billion (₦3.6 trillion) in taxes to the Federal Government.
The committees are further directed to
verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPC between 2020 and 2023.
That the GDP growth rate which is projected at 4.6%, 4.4% and 5.5% for years 2025, 2026 and 2027 respectively be approved ; and that the projected exchange rate which stands at NGN1400/USD for years 2025, 2026 and 2027 be approved subject however to review in early 2025 according to monetary and fiscal policies.
The House further noted that the Inflation rates projections which are 15.75%, 14.21% and 10.04% for 2025, 2026 and 2027, be approved.
That the following the criteria in the overview of the framework for revenues and expenses, the 2025 Federal Government of NigeriaBudget proposed spending stands at NGN47.9 trillion, of which NGN34.82 trillion was retained; new borrowings stood at NGN9.22 trillion which constitutes both domestic and foreign borrowings; debt service was valued at NGN15.38 trillion; pensions, gratuities and retirees’ benefits stood at NGN1.443 trillion and fiscal deficit at NGN13.08 trillion.
That the Capital expenditure is projected at NGN16.48 trillion which is exclusive of transfers statutory transfers stand at NGN4.26 trillion; Sinking Fund is projected at NGN430.27 billion; That the Committee approves the respective figures for total recurrent (non-debt) at NGN14.21 trillion; special intervention for recurrent and capital is at NGN200 billion and NGN7 billion; and that the National Assembly do approves the Promissory Note Programme and Bond Issuance to  settle outstanding claims and liabilities of Federal Government owed to States, high priority judgments as well as liabilities incurred by Federal Ministries, Department and Agencies on behalf of Government.
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

HAJJ! Saudi Arabia releases fresh 2025 rules, bars kids, updated visa policies

Published

on

By Kayode Sanni-Arewa

Saudi Arabia has announced fresh changes to the 2025 Hajj pilgrimage, including a new restriction barring children from participating.

The Ministry of Hajj and Umrah stated that the move aimed to protect children from potential dangers posed by heavy crowds during the pilgrimage.

The decision is part of broader efforts to ensure a safer and more seamless Hajj experience.

Advertisement

According to the ministry, the large crowds during Hajj pose serious risks to children, making this precautionary measure necessary.

Additionally, priority for the 2025 Hajj will be given to first-time pilgrims to allow more Muslims the opportunity to undertake this religious obligation at least once in their lives.

● Changes in visa regulations

Starting February 1, 2025, Saudi Arabia will issue only single-entry visas for pilgrims from 14 countries, including India, to prevent unauthorized Hajj participation.

Advertisement

Authorities noted that unauthorized pilgrimages had contributed to overcrowding at key sites, making crowd management and safety more challenging.

The updated visa policy aims to improve the overall Hajj experience by controlling the number of attendees.

Saudi authorities continue to refine Hajj regulations to make the pilgrimage safer and more organized.

Pilgrims are encouraged to register through official channels and follow the new guidelines to avoid complications.

Advertisement

Meanwhile, Saudi Arabia had also introduced significant changes to its visa policy, effective February 1, 2025, limiting travellers from 14 countries to single-entry visas.

This move aims to address concerns over unauthorized Hajj pilgrims entering the country on long-term visit visas.

● Affected Countries

The new regulations target travellers from the following nations: Algeria, Bangladesh, Egypt, Ethiopia, India, Indonesia, Iraq, Jordan, Morocco, Nigeria, Pakistan, Sudan, Tunisia, and Yemen. As part of the policy shift, the Saudi government has indefinitely suspended the one-year multiple-entry visas for tourism, business, and family visits from these countries.

Advertisement

●¡Hajj registration and new payment options

Saudi citizens and residents can register for the 2025 Hajj season via the Nusuk app or the official website. Applicants are required to verify their personal details and register their travel companions.

A new instalment-based payment plan has also been introduced for domestic pilgrims. Payments can be made in three stages: a 20% deposit within 72 hours of booking, followed by two 40% instalments due by Ramadan 20 and Shawwal 20. The ministry clarified that reservations will only be confirmed once the final payment is received.

Advertisement
Continue Reading

News

EFCC drags man to court for refusing to accept naira as legal tender

Published

on

By Kayode Sanni-Arewa

The Economic and Financial Crimes Commission (EFCC) on Wednesday, February 5, 2025, arraigned Precious Uzondu on a two-count charge bordering on alleged refusal to accept naira as a legal tender before Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos.

One of the counts read: “That you, Precious Chimaobi Uzondu, on the 10th of December 2024, in Lagos, within the jurisdiction of this Honourable Court, refused to accept Naira (Nigeria’s legal tender) by accepting the sum of $5700 (Five Thousand Seven Hundred USD) as a means of payment for a purchase of a Carter diamond bracelet with serial number (12345678) and you thereby committed an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.”

The defendant pleaded not guilty to the charges.

Advertisement

Given his pleas, prosecution counsel, Hannatu Naisa, prayed the court for a trial date and for the defendant to be remanded in a correctional centre.

Counsel to the defendant, Jennifer Achinuagole, informed the court of a pending bail application and prayed the court to adopt the same as her oral application.

Responding, Naisa informed the court about a counter-affidavit and a written address to the application. She prayed the court to accept the same and discount the application by the defendant.

After listening to both parties, Justice Owoeye admitted the defendant to bail in the sum of N5 million, with two sureties in like sum. The sureties must own landed property in Lagos which must be verified by the court and also swear to an affidavit of means.

Advertisement

The judge also ordered the defendant’s remand in the Ikoyi Correctional Centre and adjourned till April 8, 2025, for the commencement of trial.

Continue Reading

News

SAD ! NYSC Member Beaten To D3ath In Plateau

Published

on

By Kayode Sanni-Arewa

Police in Plateau State confirmed that a member of the National Youth Service Corps (NYSC), Safwan Fade, has died after being attacked by a group of people.

According to report the ugly incident occurred in Pankshin Local Government Area when a group of men stormed a local stadium.

Fadec was serving with the Federal University of Education in Pankshin.

Advertisement

Plateau State Commissioner of Police, Emmanuel Adesina, said at the Command’s headquarters in Jos on Tuesday that two male suspects –Samuel Dang Kat and Zatshinen Wubwerwe – have been arrested in connection with the attack.

The commissioner said, “On 23/01/25 at about 07:00am, we received a report from one Umbule Boreng Reuben of Pankshin LGA, who reported that on 22/01/25 at about 06:00pm, one Safwan Adamu Fade, an NYSC corps member serving at FCE Pankshin was reportedly beaten and severely injured by unknown hoodlums at the Pankshin township stadium.

“Upon receipt of the report, I immediately directed the DPO of Pankshin division to lead a team of policemen to the scene where the victim was quickly rushed to the hospital for medical attention.

“The victim was treated and declared stable by the Medical Doctor on duty. The victim was later transferred to Jos University Teaching Hospital (JUTH) as a result of some complications. The victim eventually died in the process.

Advertisement

“In the course of our investigation, two suspects, one Samuel Dang Kat and Zatshinen Wubwerwe, both male, have been identified and arrested in connection with the case. Efforts are being intensified with a view to apprehend the fleeing suspects and charge them to Court.”

Continue Reading

Trending

Copyright © 2024 Naija Blitz News