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Nigeria: Cabinet approves $2.8bn supplementary budget

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Nigeria’s budget minister, Atiku Bagudu has confirmed that the cabinet has approved a supplementary budget of 2.176 trillion naira ($2.8 billion) to fund “urgent issues,” including defence and security.

Bagudu told journalists after a cabinet meeting in Abuja, “This supplementary budget is to fund urgent issues, including 605 billion naira for national defence and security.

“This is to sustain the gains made in security and to accelerate and reserve funds that are needed by the security agencies. (A) sum of 300 billion naira was provided to repair bridges, including coal and midland bridges.”

When President Bola Tinubu took office in May, he inherited record levels of debt and weak economic growth. Since he implemented reforms that some claim made the situation worse, he has faced pressure to alleviate the country’s economic suffering in order to win over the populace.

In light of the World Bank’s $800 million loan secured in April to help mitigate the effects of reforms on vulnerable households, Bagudu announced that the government would distribute 25,000 naira to 15 million households between October and December.

He continued by saying that the additional budget would be used to pay for federal employees’ overtime from September to December, as well as the purchase of agricultural inputs for farmers and the nation’s roads.

Two weeks ago, the Nigerian cabinet approved a 26.01 trillion naira ($34 billion) spending plan for the country’s 2024 budget.

Earlier this month, the Nigerian Senate advised President Bola Tinubu to send a supplementary budget for the country’s Compressed Natural Gas initiative and cautioned him against engaging in illegal spending. Through its Gas Committee, chaired by Senator Jarigbe Jarigbe, the Senate urged Tinubu to swiftly submit a 2023 Supplementary Budget to the National Assembly in order to launch the compressed natural gas project.

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Zambian govt spends K16.6 billion in October on debt servicing, gulping K4.7 billion

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Zambian Ministry of Finance and National Planning released K16.6 billion in October to assist Zambian development and public service delivery, according to the ministry’s budget release issued by the Treasury.

The government allotted K4.5 billion to pay public service personnel salaries and allowances. Health and teaching staff and Zambian ambassadors abroad received allowances.

The government set aside K4.7 billion for debt service and arrears to reduce national debt. K2.2 billion went to domestic debt service, K256.9 million to overseas debt, and K2.1 billion to legacy fuel arrears.

The ministry’s budget, which stated, “Notable expenditures included K3.5 billion for transfers, subsidies and social benefits, K4.2 billion for various development programs, general operations and capital expenditure, and K700 million for drugs and medical supplies.”

Situmbeko Musokotwane, Minister of Finance and National Planning, took advantage of the statement to urge foreign investors to think about Zambia as a potential place to invest.

Musokotwane emphasised Zambia’s favourable investment climate while speaking at a recent World Bank meeting in Washington. He also urged collaborations in the fields of manufacturing, mining exploration, renewable energy, and agriculture.

“Zambia is endowed with critical natural resources, and we invite you to collaborate with local business players in mobilizing the resources required for green energy projects, mining explorations and development, and agriculture value chain ventures that support out-grower schemes through farm blocks,” Musokotwane stated.

He called for investors to collaborate with Zambian companies, highlighting the advantages of doing so in important economic sectors like mining, agriculture, and energy.

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South Africa: Petrol, diesel prices to rise on Wednesday. Here’s why

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Following an increase in the price of oil due to the crisis between Iran and Israel, petrol and diesel prices will be raised in South Africa on Wednesday.

The cost of unleaded petrol will go up by 25 cents per gallon for both 93 and 95. Depending on the sulphur concentration, diesel’s wholesale price will increase by either 20 or 21 cents per litre.

Illuminating paraffin’s wholesale price will increase by 21 cents per litre, and the maximum retail price of LP gas will rise by 36 cents per kilogramme.

Fuel prices dropped to their lowest points since February 2022, when Russia’s invasion of Ukraine disrupted supply chains and limited the import of Russian crude oil, sending oil prices to multi-year highs. This was at the beginning of October.

The Department of Mineral and Petroleum Resources stated on Monday that the average price of Brent Crude oil rose from $72.82 per barrel to $75.07 over the last month, following several months of pressure on the price of oil.

“The main contributing factor is the continued conflict in the Middle East and the stand-off between Iran and Israel,” the department said in a statement.

Investors are worried that an Israeli strike on Iran’s oil infrastructure will not only remove Iranian crude from the market but also incite a larger confrontation including other oil exporters in the region.

Since oil is priced in dollars, the rand exchange rate also affects fuel prices in South Africa.

According to the department, the rand averaged R17.53/$ over the previous month, down from R17.68 in September. However, this was insufficient to offset the rising price of oil.

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