Tag: Minister of Finance

Obaseki fires back at Finance Minister, insists N60bn was printed to bridge FAAC allocation

Aminu Imam

Asks FG to end Monetary Rascality The disagreement between Edo State governor, Godwin Obaseki and the Minister of Finance, Budget, and National Planning, Zainab Ahmed, has intensified, with the governor backing his claim concerning the countrys rising debt profile. Obaseki, yesterday, advised the Minister of Finance, Budget and National Planning, Zainab Ahmed, to rally Nigerians to stem the obvious fiscal slide facing the country. The Edo State governor had last week averred that the Federal Government printed about N50-N60 billion to make up for state allocations. While speaking on the…

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‘DespiteN32.9tr debt, Nigeria wont stop borrowing’ – Finance Minister

Aminu Imam

Notwithstanding Nigeria owing $86.39 billion (N32.9 trillion) to external creditors, the nation will continue to borrow to finance infrastructural development, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday. She also stated that a supplementary budget for 2021 was being prepared for submission to the National Assembly for approval in March. In addition, the federal government may soon compel Ministries, Departments and Agencies (MDAs) to patronise locally-made vehicles. Ahmed told reporters in Abuja that although the country has expanded its borrowing portfolio, it is still below…

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FG disburses ?123.348bn grants to States

Aminu Imam

Bayelsa, Imo, Rivers and Zamfara get zero allocation The Federal Government has disbursed ?123.348billion (USD324.6million) to states under its States Fiscal Transparency Accountability and Sustainability (SFTAS) Programme for Results. Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed disclosed this in a statement issued by the Ministrys Director of Press and Public Relations,Hassan Dodo, yesterday, in Abuja. The minister explained that the disbursement followed the achievement of results by the States in the just-concluded 2019 Annual Performance Assessment (APA). Mrs. Ahmed said the disbursement included N91.048 billion (USD239.6…

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2021 Budget: FG to borrow N5 trillion

Aminu Imam

The Federal Government yesterday disclosed its plans to borrow at least N4. 987 trillion to finance its N13.58 trillion 2021 Budget. The amount, according to Minister of Finance, Budget and National Planning, Zainab Ahmed, at the 2021 Budget breakdown webinar, is part of the N5.196 trillion budget deficit built into the Budget. This, however, is aside the planned supplementary budget to finance purchase of Covid-19 vaccines. Ahmed disclosed that the dormant accounts and unclaimed dividend to be borrowed by the government during the year would be repaid from the Special…

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China approves loan for FG’s $2.6bn AKK gas pipeline project

Aminu Imam

China has approved and will disburse its 85 percent loan required to fund the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project, the Federal Government announced on Tuesday. Minister of Finance, Budget and National Planning, Zainab Ahmed, and Group Managing Director, Nigerian National Petroleum Corporation, (NNPC), Mele Kyari, announced this during the inspection of the project in Ajaokuta, Kogi State. The AKK pipeline project, flagged off in July this year, is 85 per cent funded by the Bank of China and a Chinese export and credit insurance corporation, Sinosure, while the Federal Government,…

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Nigerias land borders to be re-opened soon, says Fin. Minister

Aminu Imam

The nations land borders that have been closed since August 2019 may be reopened soon. The Minister of Finance, Budget and National Planning, Zainab Ahmed, gave this indication during an interview with State House correspondents yesterday.  Ahmed said the presidential committee set up on the matter has completed its job and has recommended the reopening of the borders. She said the committee would soon submit its report to the President Muhammadu Buhari, following which a formal pronouncement would be made on the matter. The minister however, did not disclose when the…

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There will be no increase in taxes Finance minister

Aminu Imam

  As FEC approves Finance Bill 2020 The Minister of Finance, Zainab Ahmed, has assured Nigerians that the incremental changes to Nigerias tax laws do not mean that there will be an increase in taxes.  Addressing State House correspondents yesterday, after the Council approved the Finance Bill 2020, the minister explained that the Bill will ensure improvements in tax laws while reducing some taxes for small and medium enterprises.  She further explained that the 2019 Finance bill actually reduced taxes from 30% to 20% for businesses with a turnover of between…

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Nigerias debts will hit N38.68trn in 2021 Finance Minister

Aminu Imam

Clarifies why Mambilla Power Project wasnt captured in 2021 Budget The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the total public debts of Nigeria would hit N38trn by December 2021. The Minister stated this yesterday, during her presentation to the Senate Committee on Local and Foreign Debts. According to Mrs. Ahmed, The total public debt stock comprising the External and Homes debts of the Federal and state governments and the Federal Capital Territory stood at N31.01trn (USD85.90 billion) as at June 30, 2020. It is projected,…

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Weve failed our children cries out Finance Minister

Aminu Imam

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has urged parents to instill family values in their children as a way to save the country from degeneration. The minister made the call at the weekend in Kaduna, during a stakeholders engagement with 77 district heads, religious and community leaders from the 23 LGAs of Kaduna State. We are calling the attention of parents that we have failed our children, in the sense that the kind of values we used to have is no more. We need to remind…

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