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Nigerian govt begins preparation for 2025 budget

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The Nigerian government has begun preparing the 2025 appropriation bill, warning ministries, departments, and organisations to submit only line items within their mandates.

The Budget Office Director-General, Tanimu Yakubu, announced this at a ceremony to begin GIFMIS budget preparation subsystem training for ministries, divisions, and agencies. It advised MDAs to prioritise initiatives that support the administration’s economic goals.

He said the training was part of attempts to sensitise the budgetary process to the national budget’s quality, a longstanding worry.

Stakeholders have long questioned the relevance, execution, and efficacy of our national budget, he said.

“Today’s training offers a critical opportunity for all ministries, departments and agencies to reflect on their roles in the budget process. Together, we can ensure that our budget proposals for 2025 are not only robust and focused but also aligned with our national priorities.”

He also exhorted all MDAs to submit projects that fall within the legal parameters of their responsibilities.

“I urge All MDAs to stay through to their mandates. Our executive budget proposals must be coherent and purpose-driven, embodying the government’s vision for security and development.

“You hold the vital responsibility of transforming government priorities into actionable programs and projects. I encourage you to meticulously review your submissions to ensure they align with the overarching goal to safeguard the essential economic functions of producing, distributing and consuming goods and services.”

This statement is made in light of the criticisms and dissatisfaction expressed by Nigerians regarding the careless addition of projects outside the main purview of government parastatals.

BudgIT’s service delivery promotion platform, Tracka, announced in 2023 that it had found over 687 projects totalling N112 billion that had been given to agencies that were not part of their mission.

Speaking about the terrible status of the nation’s economy, the DG said that the current administration is dealing with serious budgetary difficulties that are made worse by the coexisting problems of resource scarcity and insecurity, which impede our attempts to stop the economy’s downward spiral.

He continued by saying that one of the stages to creating a more effective budgetary system is to adopt the Government Integrated Financial Management Information System Budget Preparation Sub-System technology.

To lower the cost of doing business in Nigeria, he pledged to carry out measures that support effective resource allocation, alleviate multifaceted poverty, and improve our infrastructure.

“The GIFMIS Budget Preparation Subsystem Training Session provides us with an invaluable opportunity to acquire the tools and knowledge necessary to enhance our budgetary processes. This technology-driven system is designed to improve efficiency, eliminate bottlenecks, and promote accountability,” Yakubu concluded.

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Moroccan annual inflation rises to 0.8% in November

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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

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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.”

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