ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Sunday, February 28, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
President Goodluck Jonathan

President Goodluck Jonathan

Hope dims on Jonathan’s assent to 2013 budget

byBassey Udo
February 12, 2013
2 min read
ADVERTISEMENT

The stalemate between the Nigerian executive and legislature over the 2013 budget deepens

Expectations that President Goodluck Jonathan will sign the 2013 budget as approved by lawmakers before last Christmas may not materialize after all.

The Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, described speculations of the President signing the budget this week as premature.

“Whereas discussions between the Executive and the National Assembly are ongoing in a cordial atmosphere, it is not yet clear when they will be concluded, as much work remains to be done,” the Minister said through her Special Adviser on Media, Paul Nwabuikwu.

“Against this background, reports stating that the President will sign the budget this week are therefore not realistic,” she added.

Lawmakers had recorded a commendable achievement in Nigeria’s history of legislative processes since 1999 when they approved the appropriation bill on the eve of a new fiscal calendar, weeks before the expiration of 2012.

President Jonathan had addressed a joint session of the National Assembly on October 10, 2012 where he presented the initial proposal of N4.25 trillion in the “Budget of Consolidation and Inclusive Growth.”

Though the approval by the lawmakers on October 20 adopted the proposed crude oil production capacity of 2.53 million barrels per day and an exchange rate of N160 to the dollar, they raised the benchmark oil price from $75 per barrel to $79, with an additional N63 billion to the budget.

Other key assumptions and parameters in the 2013 appropriation accepted by the lawmakers included gross domestic products growth rate of 6.5 per cent, and inflation rate of 9.5 per cent.

RelatedNews

VIDEO: Nigeria to receive COVID-19 vaccines Tuesday – Official

Amidst COVID-19, Lassa fever death toll rises in Nigeria

COVID-19: One year after, Nigeria records 155,000 cases; 1,900 deaths

Osinbajo opposes cryptocurrency ban

The executive, which had last year expressed the desire to see the 2013 budget passed before the end of the year, has rejected the decision by the National Assembly to jack up the final appropriation figure to about N4.924 trillion.

An ensuing stalemate has seen President Jonathan stick to his guns not to append his signature to the budget till the lawmakers rescind their actions on the oil benchmark; zero allocation to the Securities and Exchange Commission, SEC; and removal of additional items not included in the original proposal.

There were indications that the leadership of the ruling Peoples Democratic Party, PDP, was determined to wade in and resolve the stalemate, as the issue is already degenerating into a national crisis. It is, however, not clear which of the two groups would agree to yield their positions.

Dangote adbanner 728x90_2 (1)

Both the Governor of the Central Bank of Nigeria, CBN, Lamido Sanusi, and Ms. Okonjo-Iweala believe the lawmakers did not have the people’s interest at heart when taking their decision to raise the benchmark price above.

For Mr. Sanusi, oil benchmark price above $75 per barrel would render the budget unrealistic in the face of the instability of crude oil prices at the international oil market and the continued dwindling capacity of the Nigerian National Petroleum Corporation, NNPC to meet its production projections.

Ms. Okonjo-Iweala believes indiscriminate padding of the budget would negatively impact its macroeconomic components, while a higher oil benchmark would make borrowing more expensive.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

EXCLUSIVE: Hardship hits Nigerian troops in Mali as officers solicit food from locals

Next Post

Auto crash claims four lives in Enugu

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Members of the board of NASCON.

Salt maker NASCON posts biggest profit jump in three years as cost falls

February 27, 2021
Orosanye Report: Nigeria scraps NAPEP, FRC, merges aviation agencies

Nigerian stocks shed N1.36trn in February on worsening investor sentiment

February 27, 2021
Floor of Stock Exchange

NSE: Heavy sell-offs in Wema, Zenith, MTNN shares spur N155bn loss

February 27, 2021
Naira notes used to illustrate market trading

Naira crosses three-month mark in parallel market fall

February 26, 2021
Vice President Yemi Osinbajo speaking at the ministerial retreat[PHOTO CREDIT: @ProfOsinbajo]

Osinbajo opposes cryptocurrency ban

February 26, 2021
Central Bank of Nigeria (CBN)

FG seeks asset manager for N1 trn infrastructure company

February 26, 2021
Next Post
Breaking News: Accident claims 10 lives on Yobe highway

Auto crash claims four lives in Enugu

Non-oil exports value declines by N399billion in third quarter

Okonjo- Iweala says Finance Ministry not in-charge of SURE -P funds

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,625,869 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.