Business

Senate passes the revised N10.8 trillion 2020 budget

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Published

4 months ago

June 12, 2020

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The Senate has passed the revised 2020 budget of N10,805,544,664,642 that was sent by President Muhammadu Buhari. The members of the upper legislative chamber passed the budget during plenary on Thursday, a day after members of the House of Representatives approved the same figure.

A breakdown of the figure shows that the sum of N2,488,789,433,344 is for capital expenditure and recurrent non-debt expenditure has N4,942,269,241,984.

The executive also allocated N422,775,979,362 for statutory transfer, while N2,951,710,000,000 was budgeted for debt service.

In the same vein, N500 billion was earmarked as intervention funds for the fight against COVID-19, while the health sector got N186 billion allocation.

The budget report was presented by the Chairman of the Senate committee on appropriation, Jibrin Barau, during the plenary sessions at the senate.

The review of the budget was necessitated by the impact of the COVID-19 which has adversely affected the oil price and by extension the revenue projections of the government.

The passed 2020 revised budget is N300 billion more than the revised budget plan that was originally submitted by President Buhari. It also increases the projected oil price by $3 per barrel, which is from $25 per barrel to $28 per barrel.

The spending plan must now be sent back to the president for his accent after he might have been satisfied with what was passed by both chambers of the national assembly.

Business

BREAKING: Gas explosion rocks in Ipaja, Lagos

Published

2 weeks ago

October 8, 2020

An explosion has rocked a gas station in the Baruwa area of Ipaja in Lagos State.

It was gathered that the incident occurred around 05:45am.

First responders including men of the Lagos Fire Service and the Lagos State Emergency Management Agency have been drafted to the area.

Details later…

Business

Just-in: Fire guts fuel tankers, vehicles in Lagos

Published

1 month ago

September 18, 2020

There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.

This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.

The agency urged road users to avoid the area and take alternative routes.

Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.

He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.

“This led to an explosion in which two unidentified vehicles were burnt.”

A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.

Details soon …

Business

Arik Air’s operation shut by Aviation unions

Published

1 month ago

September 14, 2020

Arik Air operation has been shut down by Aviation unions over the airline’s alleged failure to pay seven months’ salary arrears of workers.

This was disclosed by a source in the airline, who claimed anonymity because he is not permitted to speak on behalf of Arik Air.

According to him, aggrieved unions, the National Union of Air Transport Employees and the Air Transport Services Senior Staff Association of Nigeria decided to withdraw their services due to an alleged increment of Terminal levy by Bi- Courtney and other anti-labour practice.

Details later …