News

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

Published

4 months ago

November 27, 2024

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.

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News

Ekiti State PDP concludes ward congress

Published

26 minutes ago

March 16, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The chairman of the Ekiti state congress committee, Chief Afolabi Adekanbi has hailed members of the People’s Democratic Party in Ekiti state for conducting themselves peacefully at the just concluded ward congresses across the 177 wards in the state.

The chairman who spoke with journalists at the PDP state Secretariat in Ado Ekiti on Saturday, said that the peaceful conduct of the congress has signified that the future of PDP in Ekiti state is very bright and promising.

He applauded the leaders of the party for their discipline, temerity and maturity in handling the affairs of the party especially the way the congress was done without rancor.

The chairman noted that the state PDP has set a very good example for others across Nigeria, saying that what happened in Ekiti state is a threat to the ruling party as it’s now clear that PDP is more organized than any other party in Nigeria.

He however urged all members of the party in the state to maintain the same tempo in the subsequent congresses, adding that it’s not over until it’s over.

In his remarks, the chairman of the caretaker committee in the state, Chief Dare Adeleke applauded the the chairman and members of the congress committee, saying their conduct played a significant role in the success of the congress.

He as well commended members of the party in the state for making sure that the congress was conducted under a peaceful atmosphere.

News

Banditry! Abductors Of Katsina Qur’anic Recitation Winner Wants N30m Ransom

Published

56 minutes ago

March 16, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Armed unidentified men who recently kidnapped Abdulsalam Rabi’u, the winner of the National Qur’anic Recitation Competition, are demanding a ransom of ₦30 million for his release.

The young scholar, alongside his father and brothers, were abducted on Tuesday near Labin Bangori in Katsina State while returning home from a state recognition ceremony.

Details of the Abduction
Rabi’u, a medical student at Ahmadu Bello University (ABU), Zaria, hails from Katsina State and was recently honored for his exceptional performance in the Hizb 60 with Tajweed category of the National Qur’anic Recitation Competition held in Kebbi State.

Following his victory, Governor Dikko Umar Radda invited him and his father to the Katsina Government House for a special recognition event.

Unfortunately, after the ceremony, they were ambushed and taken captive by gunmen along with other family members.

Government’s Response
Katsina State’s Commissioner for Information and Culture, Bala Salisu-Zango, confirmed the ransom demand during an interview on Saturday. He assured the public that Governor Radda is deeply concerned about the situation and is taking all necessary steps to secure the victims’ safe release.

Rising Insecurity in Katsina
This incident highlights the ongoing security challenges in Katsina and other northern states, where kidnappings for ransom have become a frequent occurrence. The abduction of a national competition winner has sparked widespread concern, with many calling on authorities to intensify efforts to combat banditry and protect citizens.

As negotiations continue, residents and well-wishers remain hopeful for the safe return of Rabi’u and his family

News

SEE Today’s Parallel Market Dollar To Naira Exchange Rate (March 16, 2025)

Published

58 minutes ago

March 16, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

What is the Black Market (Parallel Market) Exchange Rate for Dollar to Naira?

Check out the black market exchange rate for the U.S. dollar to the Nigerian naira as of March 15, 2025. Below are the latest rates for currency exchange in the parallel market.

How Much is a Dollar to Naira Today in the Black Market?
As of Saturday,

March 15, 2025, the exchange rate at the Lagos Parallel Market (Black Market) sees traders buying a dollar for

₦1590 and selling at
₦1610, according to sources at the Bureau De Change (BDC).

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market and advises individuals looking to trade foreign exchange (Forex) to use their respective banks.

Dollar to Naira Black Market Rate Today
USD to NGN Black Market Exchange Rate Today

Buying Rate ₦1590

Selling Rate ₦1610

Dollar to Naira CBN Official Rate Today
USD to NGN CBN Exchange Rate Today

Highest Rate ₦1548

Lowest Rate ₦1480

Please note that exchange rates may vary based on location, trader, and transaction type, so the rates at which you buy or sell forex may differ slightly from what is stated here.