Petrol price may hit N340 in 2022, to replace fuel subsidy with N5,000 transport grant for poor citizens — Zainab Ahmed

…Without subsidy removal, 35 States may be unable to pay salaries next year – el-Rufa’i  …Buhari suspends inauguration of NNPC Board  Finance Minister, Zainab Ahmed, has said that the Federal Government will remove fuel subsidy as from 2022. Speaking yesterday, during the launch of the World Bank’s Nigeria Development Update, she said it would instead pay N5,000 monthly to some 40 million poor Nigerians. The minister added that the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy. The Group Managing Director…

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2022 Budget: ‘We’ll borrow more to finance N6.258tr deficit’ – Finance Minister 

The Federal Government has disclosed that the N6.258 trillion budget deficit in the proposed 2022 Appropriation Bill will be financed through local and external loans. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who made this known yesterday, at the end of the weekly virtual Federal Executive Council (FEC) meeting, presided over by President Muhammadu Buhari at the State House, Abuja, also disclosed that FEC approved the proposed 2022 Budget of N16.39 trillion. The Minister, was in the company of the Minister of Justice and Attorney-General of…

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2023: APC has zero chance of winning with ‘featherweight’ finance minister – Analysts 

Minister of Finance, Budget and National Planning, Zainab Ahmed manages the nation’s portfolio, which makes her one of the country’s most influential ministers.  Based on her performance as finance minister since her appointment as finance minister, many analysts are predicting that the next presidential election in Nigeria will be won by the ruling All Progressives Congress, (APC), based on the state of the nation’s economy. According to many observers, the 2023 elections will not be won on how well the APC has done in attracting high-profile political defections, restructuring, domestic…

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Nigeria’s GDP growth stunted by insecurity — Finance Minister 

Finance Minister, Zainab Ahmed, has said that Nigeria’s impressive economic growth would have been better if the country had been more secure. Mrs. Ahmed said save for the country’s spate of insecurity that has affected growth in agriculture, the gross domestic product was bound to grow higher than 5.01% recorded in the second quarter, as announced last week by the National Bureau of Statistics, (NBS).  The quarterly economic growth was the strongest in years. The minister explained that insecurity and other factors slowed growth in the agriculture sector, thereby denying…

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‘FG spent N2trillion on debt servicing in 6 months’ – Zainab Ahmed

The Federal Government has revealed that it spent N2.02 trillion on debt servicing within the first six months of 2021. This was stated yesterday in Abuja, by the minister of finance, budget and planning, Zainab Ahmed during the 2022- 2024 2022-2024 Medium-Term Expenditure Framework/ Fiscal strategy paper (MTEF/FSP) Committee interactive session. Ahmed said the Federal Government’s retained revenue amounted to 67.3 percent of the target. Recall that last year, out of total revenue of N3.42 trillion, the federal government spent N3.34 trillion on debt servicing – implying that for every…

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Senate demands explanation on N7.5bn withdrawals from NSA, Zainab Ahmed

The Chairman, Senate Public Accounts Committee, on Wednesday gave the Ministry of Finance, Office of the Accountant-General of the Federation and the Office of the National Security Adviser till Tuesday next week to explain an alleged ‘secret withdrawal of N7.5bn from the 2% National Automotive Council Design, (NADDC) and Development Council Levy Account. The account is domiciled with the Central Bank of Nigeria, (CBN). The Committee had two weeks ago, while scrutinising the 2015 Auditor-General for the Federation’s report summoned the affected agencies to appear before it. The representatives of…

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‘DespiteN32.9tr debt, Nigeria won’t stop borrowing’ – Finance Minister

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

…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 Ministry’s 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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FG concedes N1.02tr import duty waiver, grants in 3 years – Minister

The Federal Government says it has conceded about N1.024 trillion import duty waivers, concessions and grants to drive economic growth in the country in the past three years. The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed, made this known at a one-day sensitisation on Digitisation of Import Duty Exemptions Certificate (IDEC) on Monday in Kano. The minister, represented by the Kano State Commissioner of Finance, Shehu Na-Allah Kura, said the waivers were granted to businesses and corporate organisations between 2011 and 2015, adding that the government also granted…

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