Connect with us

News

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

Published

5 seconds ago

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.
Related Topics:
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.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

News

A Bill To Create Jobs, Process Raw Materials To Finish Goods Pass Second Reading

Published

12 minutes ago

on

November 27, 2024

By

By Gloria Ikibah
The House of Representatives has passed for second reading “A Bill to establish the National Commission for Technology Transfer, Acquisition and Promotion” to continuously monitor the inflow of foreign products and technology to Nigeria  on Wednesday at plenary.
The Bill which was sponsored by Rep. Clement Jimbo, lawmaker representing Abak/Etim Ekpo/Ika Federal Constituency of Akwa Ibom State, seeks to leverages on the huge and active Nigerian population to create jobs for youths, process raw materials into finished goods/products, as well as increase the Gross Domestic product (GDP) and Transfer Technology to Nigeria.
Leading the debate on the general principles of the Bill, Rep. Jimbo explained that the overriding principle behind the introduction of this Bill is to ensure regular value addition to the country’s solid mineral’s exploration.
According to him, this was triggered by the need to create sustainable jobs for our teeming youths.
The piece of legislation also seeks to jack up our Gross Domestic Products GDP and increase our revenue base through foreign exchange.
Jimbo noted that the National Bureau of Statistics, NBS disclosed that over 200 million cell phones, over 500,000 solar systems, over 12 million cars, millions of cameras, microphones, laptops and remote controls are currently in used in Nigeria.
He said all the above listed products have one thing in common which is batteries. He added that the major ingredient in the production of battery is a solid mineral lithium.
He further noted that a German foreign broadcasting company, Deutsche Welle DW said lithium has been discovered in large quantities in Abuja, Nasarawa, Kogi, Ekiti, Kwara, and Cross River.
“The Minister of Solid Mineral, Mr Dele Alake said ‘we will do everything possible to discourage the carting away of our solid minerals without value addition’ this statement is in sync with the intendment of this Bill Mr. Speaker,” he said.
Addressing reporters after the plenary on Wednesday, Jimbo stressed the need for speedy passage of the Bill, which he said would lead to better life for Nigerians.
He said in compliance with relevant sections of the Standing Orders of the House as amended, the proposed Bill has no financial Implication when passed into law.
Continue Reading

News

Kano Reps Seek Legal Expertise from Women Lawyers to Improve Lawmaking

Published

25 minutes ago

on

November 27, 2024

By

By Gloria Ikibah

Members of the Kano State Caucus in the House of Representatives have emphasized the critical role of legal professionals in enhancing their legislative duties. The caucus made this call during a meeting with the International Federation of Women Lawyers (FIDA), Kano State Chapter, held in Abuja on Tuesday

Speaking on behalf of the caucus, the leader of the Kano and Northern Caucus, Hon. Alhassan Ado Doguwa, acknowledged that while lawmakers bear the primary responsibility for crafting legislation, their work can be significantly enriched through collaboration with legal experts.

“Those of us here are called lawmakers, but while making laws, we need fine and brilliant minds like yours to assist us,” Doguwa said. He pointed out the importance of avenues like public hearings and constituency offices where legal professionals can provide valuable input.

“When we have professionals like you collaborating with us, it ensures that our critical duty of lawmaking is executed with precision. Despite my 34 years in the House, having been elected six times, I acknowledge that I am not perfect. I am not a lawyer, and there are gaps only your expertise can fill,” he admitted.

Doguwa also highlighted the ongoing constitutional review process as an opportune moment for legal professionals to contribute meaningfully. “Virtually all the laws in the Federation can be reviewed. They are not cast in stone. Your insights will help us address gaps in legislation, such as with the Petroleum Industry Act, which continues to generate debate,” he said.

In her remarks, the Chairperson of FIDA Kano State Chapter, Barrister Bilkisu Suleman, outlined the organization’s mission to provide free legal services to underprivileged individuals, particularly women and children.

“FIDA is an international body of legal professionals dedicated to promoting the rights of women and children. Our services are offered pro bono, and we allocate time to advocacy, legal representation, and mediation,” Suleman said.

She elaborated on the organization’s efforts to ensure access to justice, including handling sensitive cases in courts, mediating disputes, and conducting community sensitization programs.

“Our work often involves resolving family disputes outside the courtroom to foster peace and stability. We mediate cases, even if they are already in court, because ensuring harmony within families is crucial,” she explained.

Suleman also highlighted the challenges of addressing legal issues in impoverished communities and stressed the importance of collaboration with lawmakers to improve societal welfare.

“We deeply appreciate the efforts of representatives in promoting the welfare of society and encourage continued cooperation to make meaningful impacts,” she concluded.

Continue Reading

News

Acting COAS Oluyede Commits To Achieving Lasting Peace In Nigerian

Published

1 hour ago

on

November 27, 2024

By

By Gloria Ikibah
The Acting Chief of Army Staff, Major General Olufemi Oluyede, has assured Nigerians of his commitment to achieving lasting peace across the nation if confirmed in a substantive capacity.
Oluyede stated this when he appeared before the House of Representatives Joint Committee on Defence and Army at the National Assembly Complex in Abuja on Wednesday.
Addressing the committee, Oluyede emphasized the importance of collective efforts in tackling the country’s security challenges, and noted that every Nigerian has a role to play in ensuring peace. He also highlighted the necessity for robust alliances with neighboring countries and strengthened collaboration among security agencies.
He said: “I am honored this evening to be considered worthy to play a part in these efforts, and I look forward to contributing my utmost best by working with the National Assembly and other stakeholders in bringing lasting peace to the length and breadth of our dear country, Nigeria.
“I humbly appear before you today to be confirmed as the 24th Chief of Army Staff of the Nigerian Army. This opportunity has arisen due to the tragic passing of the 23rd Chief of Army Staff, Lieutenant General Taoreed Lagbaja, after a brief illness.”
Oluyede recounted his recent appointment as Acting Chief of Army Staff, explaining that it was initially intended to be temporary.
“Before his passing, I had been appointed by Mr. President, His Excellency Bola Ahmed Tinubu, to act in his place, pending his expected full recovery and resumption of duty. Following Lieutenant General Lagbaja’s demise and state funeral on 15 November 2024, Mr. President, in his wisdom, deemed me worthy to fully continue the excellent work being done by the Army, subject to confirmation by the National Assembly,” he said.
With over 30 years of service in the Nigerian Army, Oluyede assured the committee of his preparedness for the role.
“My exposure to national security issues at the junior, middle, and senior cadres of the military profession has prepared me adequately for this assignment. In the past five years, I have operated at senior operational and management levels of the Nigerian Army, gaining insight into its overall functioning,” he stated.
Acknowledging both the achievements and setbacks of the Army in recent years, the Acting COAS pledged to lead with a vision for positive change if confirmed; this is as he underscored the need for unity in addressing Nigeria’s security issues.
“I see my nomination as a privileged opportunity to bring about more positive changes to the Nigerian Army, enabling it to fulfill its constitutional responsibilities. If confirmed, I promise to justify the confidence reposed in me by Mr. President, the National Assembly, and the Nigerian people.
“The security environment in which we find ourselves as a nation requires a united effort from every Nigerian. We also need strong bilateral and multilateral alliances with our neighbors and enhanced collaboration among security agencies,” he said.
He commended President Tinubu’s administration for its efforts in creating a secure environment conducive to socioeconomic development, and stressed the importance of tactical air support for the Army.
“Aircrafts have different strata of employment. The air support we require as an army is at the tactical level, where aircraft are readily available during combat operations. The Air Force, being the main player in this sphere, provides strategic cover. We need tactical aircraft and an air wing to support our operations effectively,” he explained.
Oluyede reaffirmed his commitment to fostering cooperation among the Armed Forces, noting that such synergy is essential for improving security and promoting socioeconomic development.
“There is already robust cooperation between the Armed Forces, and I intend to enhance this to ensure better outcomes for Nigeria,” he added.
During the screening, Chairman of the House Committee on Defence, Rep. Babajimi Benson, addressed the evolving security challenges facing Nigeria.
He said: “Our country continues to grapple with an evolving spectrum of security threats, ranging from insurgency and banditry to communal clashes and cyber threats. For over a decade, the Armed Forces of Nigeria have been at the forefront of addressing these challenges, launching numerous operations and providing vital support to internal security efforts,” Benson said.
He commended the Armed Forces for their recent successes, and acknowledged the need for sustained efforts to achieve peace.
“It is clear that more work remains to be done to achieve sustainable peace across all regions of the country,” he said.
The Chairman emphasized the importance of adopting innovative strategies to address modern security threats.
“The current dynamics of global security demand innovative and adaptive strategies. Threats are no longer confined to traditional battlefields; they now extend to cyberspace, economic domains, and even the socio-political fabric of nations. We must prioritize a forward-looking approach to national defense, ensuring that our military is well-equipped and adequately trained to address both conventional and emerging threats,” he stated.
The chairman further highlighted the role of the National Assembly in supporting the Armed Forces.
“Our task today is not only to assess the qualifications and vision of the nominee for Chief of Army Staff but also to establish a collaborative roadmap for tackling Nigeria’s security challenges. As partners in the pursuit of a secure and prosperous Nigeria, we remain steadfast in our commitment to legislative oversight and support for the Armed Forces,” he said.
Benson also assured the committee’s dedication to ensuring accountability and transparency in military operations.
“We will continue to provide the necessary legal frameworks, advocate for adequate funding, and monitor the implementation of appropriations. The position of Chief of Army Staff carries immense responsibility, and the individual in this role must lead with integrity, professionalism, and a deep commitment to the protection of lives and property,” he noted.
He therefore urged Oluyede to foster synergy among security agencies and prioritize the welfare of troops.
“If confirmed, you will be expected to foster synergy among security agencies, prioritize the welfare of troops, and uphold the trust of Nigerians. This committee will ask questions that reflect the concerns of our constituents and the nation. We urge you to provide comprehensive and candid responses to guide our deliberations,” Benson said.
Rep. Benson expressed optimism about Oluyede’s potential contributions to national security.
“Your role is pivotal in Nigeria’s journey toward lasting peace and stability. We look forward to working with you to achieve this goal,” he said.
The outcome of the screening exercise will be reviewed and presented to the House during plenary on Thursday.
Continue Reading

Trending

Copyright © 2024 Naija Blitz News