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Buhari to sign revised 2020 budget into law today

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President Muhammadu Buhari will on Friday sign into law the revised 2020 budget passed by the National Assembly in June.

The Personal Assistant on New Media to the President, Bashir Ahmad, confirmed this on his tweeter handle in Abuja on Thursday.

The two chambers of the National Assembly, Senate and House of Representatives, had on June 10 and June 11 respectively passed the revised 2020 budget of N10,805,544,664,642.

The Federal Executive Council (FEC) had on May 13 approved a revised budget of 10.523trillion.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed this, said the Council approved the reduction of oil benchmark price from the initial 57 to 25 dollars per barrel, crude oil production from 2.18million to 1.94million per day.

She said: “The council has approved our recommendations and the approval has these key parameters.

“The crude oil price is approved at $25 per barrel, crude oil production is at 1.94 million barrels per day and then an exchange rate of N360 to $1.

“The revised budget is now in the total sum of N10.523 trillion, a difference of just about N71.5 billion when compared to the approved budget.

“This is because, as we cut down the size of the budget, we also have to bring in new expenditure previously not budgeted, to enable us adequately respond to the COVID-19 pandemic.

“The federal government in this budget will have direct revenue of funding the budget of N5.158 billion. The deficit to this budget, N5.365 trillion and this will be financed by both domestic as well as foreign borrowing.

“The foreign borrowing we are doing for 2020 are all concessionary loans from the IMF, which has already been approved and has crystallized, from the World Bank, Islamic Development Bank as well as Afro EXZIM bank.

“There will also be some drawdown of previously committed loans for major ongoing projects that we will be drawing from both existing facilities as well as some special accounts with the approval of Mr. President and the National Assembly,’’ she said.

However, the legislators increased the budget from the initial N10.5trillion submitted by President Buhari to N10.8trillion.

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

Others are N2.6 trillion for debt service and N2.9 trillion for sinking funds.

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BREAKING: Gas explosion rocks in Ipaja, Lagos

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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…

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

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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 …

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Business

Arik Air’s operation shut by Aviation unions

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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 …

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