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Nigeria: Cabinet approves $2.8bn supplementary budget

Published

1 year ago

October 31, 2023

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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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”