Business

‘We found problems in the figures’ — senate postpones passage of 2023 budget

Published

2 years ago

December 23, 2022 8:30 am

BodexNG

Senate President Ahmad Lawan says the national assembly is unable to pass the 2023 appropriation bill because of some “obvious problems” in the document.

Lawan said this on the floor of the senate on Thursday.

In October, President Muhammadu Buhari presented a sum of N20.5 trillion as the budget estimate for the 2023 fiscal year to a joint session of the national assembly.

In the same month, both chambers of the assembly passed the proposal for a second reading.

Lawan said the senate and house of representatives committees on appropriations have since begun cleaning up the document.

“We are not able to receive the report of the committee (appropriations),” he said.

“The main reason for this is that the appropriations bill came to the national assembly with some problems and when our committees on appropriations of the senate and the house started to reconcile the figures and what was presented, the problems became very obvious.

“Therefore, our committees had to start the process of cleaning up the bill first. That process, of course, also engaged the executive arm – because the bill came from there – and that was concluded yesterday.

“Our secretariat of our committees is not able to process the budget for us either today or tomorrow, not Saturday nor Sunday.”

The senate president said the national assembly would likely consider and pass the budget after the Christmas holidays next week.

BUDGET BREAKDOWN

In the 2023 budget proposed by the executive, N744,109, 468,797 was earmarked for statutory transfers while N6,557,597,611,797 was fixed for debt service.

The sum of N8,271,882,354,405 was put aside for recurrent (non-debt) expenditure while N4,934,352,745,705 was fixed for capital expenditure.

Business

Port Harcourt Refinery begins crude oil processing

Published

5 mins ago

November 26, 2024 12:52 pm

BodexNG

The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.

The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.

Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.

https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F

“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.

“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”

Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

23 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

1 day ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others