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Nigeria’s Bola Tinubu presents N27.5 trillion 2024 budget of ‘Renewed Hope’

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Exactly six months after his inauguration, Nigeria’s President, Bola Tinubu, presented the N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly in Abuja.

The president said, “The 2024 Appropriation has been themed the Budget of Renewed Hope” with intentions to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.

“Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property, and investments across the country,” he said in his presentation on Wednesday.

The budget also prioritizes human development, with particular attention to children, whom he called “the foundation of our nation”.

The Nigerian government under Tinubu has sought to stabilize the country’s economy with two major policy actions: the removal of petrol subsidies to address fiscal wastage, and the unification of the exchange rate. Although the policies have yet to positively impact standard of living, Tinubu insisted that the Nigerian economy had performed well in 2023 despite the challenges, and the government continued to meet its obligations.

According to him, “an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1% of GDP. However, as of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96% of the targeted 8.28 trillion naira”.

Tinubu commended the legislature for its swift consideration and passage of the 2023 Supplementary Appropriation Bill and the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper last week. He noted that their “prompt action underscores your devotion to economic development and to the greater welfare of our people.”

Nigeria’s main revenue source is oil, but earnings have been affected by its industrial-scale theft, and dwindling global oil prices. However, it produced 1.49 million barrels of oil per day last month, the most in nearly two years, after increasing its output by 60,000 barrels per day.

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Nigerian centra bank’s N1trn OMO bills oversubscribed

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The Central Bank of Nigeria (CBN) has issued N1.053 trillion (680 million dollars) in short-term instruments in the recently concluded sale of government securities.

The sale is a component of CBN’s liquidity management exercise, according to a statement released on Sunday night by Mrs. Hakama Sidi, Acting Director of the Corporate Communications Department.

The apex bank’s N500 billion offer at the Open Market Operations (OMO) auction was oversubscribed, according to Sidi. Foreign investors accounted for 79% of all bids, or 530 million dollars. The auction was the first since last week’s Monetary Policy Committee (MPC) meeting, which was followed by a virtual meeting with international portfolio investors.

Sidi claims that Olayemi Cardoso, the governor of the CBN, utilised the two sessions to establish a comprehensive plan aimed at reducing inflation, stabilising the currency rate, and boosting trust in the banking sector and the overall economy.

The apex bank now enjoys a high degree of confidence from investors, she added, and the management of the CBN was hopeful that its monetary policy initiatives were starting to have a good impact.

Cardoso, in the meantime, emphasised in the investor meeting the prospects for a steady rise in the CBN’s foreign exchange reserves. He gave them assurances about increased market liquidity and the quick resolution of the outstanding backlog of legitimate FX transactions.

“The CBN is committed to supporting price stability by taking the necessary measures to increase liquidity in the foreign exchange markets sustainably.

“Our focus is on building a fully functioning market that allows smooth entry and exit for investors,” he said.

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Partners ‘willing to walk away,’ US warns Tanzania over gas project delays

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Tanzania’s much-awaited, multimillion-dollar liquefied natural gas project is facing impending investor withdrawals from the United States, if delays caused by negotiating technicalities persist, the country has warned.

 

Companies like Exxon Mobil, who have been pushing the deal with Tanzanian authorities, have reached a point where they are now “willing to walk away,” US Deputy Assistant Secretary of State Joy Basu told journalists.

 

Basu, whose portfolio in the Joe Biden administration includes overseeing economic and regional affairs in Sub-Saharan Africa cautioned that “there is LNG in lots of places around the world now, and for Tanzania the window for this particular investment is closing fast. Such windows do not remain open forever.”

 

In meetings with Tanzanian government officials during the week to monitor the development of a US-Tanzania commercial dialogue that was initiated in October of last year, she stated that the project’s status was a top priority.

 

One of many international companies involved in the LNG project in southern Tanzania is Exxon Mobil, headquartered in Houston, Texas. The project’s estimated cost increased from $30 billion in 2014 to $42 billion by the previous year.

 

The project’s other partners include the state-owned Tanzania Petroleum Development Corporation, Exxon Mobil, Pavilion Energy (Singapore), Medco Energi (Indonesia), and Britain’s Shell and Norway’s Equinor, which have been designated as joint main operators.

 

She said that the project’s status was a major priority during meetings with Tanzanian government representatives this week to track the progress of a US-Tanzania commercial dialogue that was started in October of last year.

 

In order to expedite the development of its natural resources, the government intends to work with China’s Cnooc Ltd. to jointly explore for oil and gas in two offshore blocks that are owned by Tanzania Petroleum Development Corp., a state-owned company.

 

Since a downturn in 2020 when it 57.1 billion cubic feet of natural gas, a decline from 63.8 billion cubic feet the year before, the continent’s search for hydrocarbons has increased gradually as European countries look to diversify their energy sources and reduce their reliance on Russian gas.

 

Apart from the established main gas producing countries like Nigeria, Algeria, and Egypt, other African nations like Tanzania have been rising as potential players in the natural gas industry.

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