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BUT the truth is that we are generally having the wrong discussion. I personally don’t think we have a debt problem, but we have a serious revenue problem, which, if we do not address, will snowball into a debt problem.” Ben Akabueze, Director of Budget in the Ministry of Budget and National Planning. October 24. 2018.
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The Edo State Governor, Mr. Godwin Obaseki has proposed a N16.2 billion Supplementary Budget for 2018 fiscal year, a 10.79 percent increase to the N150.093bn budget for the year.
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There are indications that 2018 budget funding is still under pressure as the Federal Government records huge shortfall in revenue collection against budget estimates.
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The Debt Management Office (DMO) has raised N410 billion from the domestic capital market as public borrowings to fund the 2018 budget. The federal government had indicated that N1.6 trillion would be borrowed to finance about N1.95 trillion deficit contained in the budget.
Read More The Deputy Speaker of the House of Representatives, Yusuff Lasun disclosed, last week, that the National Assembly, would interrupt its annual recess and reconvene, sometime, this week, to consider an expenditure proposal for N242bn for conducting 2019 General Elections. It is unclear, why President Mohammed Buhari omitted this item in the appropriation bill, presented to the National Assembly in November 2017.
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ABUJA—The Minister of Budget and National Planning, Udo Udoma, has asked for 30 days extension from the Human and Environmental Development Agenda, to furnish it with details of the projects allegedly inserted into the 2018 budget by the National Assembly. HEDA, a non-governmental organisation, had in a Freedom of Information request sent to the Ministry
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Parliament may reduce but cannot increase the overall budget sum. Because parliament is not privy to the ways and means of the executive
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HUNDREDS of protesters, under the aegis of National Convener of Citizens’ Action to Take Back Nigeria, CATBAN, yesterday, stormed the National Assembly, protesting alleged padding of the 2018 budget by the National Assembly.
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Two members of the Executive and Legislative arms of government clashed yesterday over the 2018 budget, with the Director of Budget, Mr. Ben Akabueze, accusing the National Assembly of feeding Nigerians with stories in bid to justify the unilateral distortion of the budget by the legislature.
Read More The National Assembly has said that the 2018 budget was adjustments and reduced so as to address geo-political imbalances and that the figures given by the presidency as the amounts of reductions made by the National Assembly were unduly exaggerated.
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