ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Cover

President Won’t Sign Budget Unless National Assembly Provides Details

29th March 2016
in Cover, National
0
President Won’t Sign Budget Unless National Assembly Provides Details
383
SHARES
76
VIEWS
Share on FacebookShare on Twitter

President Muhammadu Buhari will not sign the 2016 budget bill passed by the National Assembly last week unless lawmakers provide more details of the legislation, a government official said on Tuesday.

The move spells further delay of the record $30 billion budget aimed at reviving Africa’s biggest economy, hit by a slump in oil prices. Buhari had presented the bill in December before withdrawing it due to an unrealistic oil price assumption and flaws in the draft.

The National Assembly had earlier sent on Tuesday the bill, which calls for record spending, to Buhari’s office but it had contained only highlights of the budget, no details, the official told Reuters, asking not to be named.

“As a result, the president has been unable to sign the bill because he does not know what is contained in the details and what adjustments the National Assembly must have made to the proposal sent to them,” the official said.

Buhari will travel to Washington on Wednesday returning on Sunday, his office said, which makes it unlikely the bill will get signed this week.

The budget debated by a joint session of both chambers had left open how it would be financed.

Officials previously suggested up to half of the estimated deficit of 3 trillion naira would be funded though the sale of Eurobonds or loans from China and international agencies. But no such deal has publicly emerged.

The new budget, which is based on an oil price of $38 a barrel, aims to recharge the economy by trebling capital spending compared with 2015’s plan.

A deepening crisis slowed gross domestic product growth to 2.8 percent in 2015, Nigeria’s weakest in decades.

The overall budget is 6.06 trillion naira ($30.47 billion).

Oil revenues, which make up about 70 percent of Nigeria’s income, have slumped, hammering the currency, halting development projects and leaving budget funding uncertain.

In January, Finance Minister Kemi Adeosun Nigeria said Nigeria planned to borrow up to $5 billion from multiple sources, including the Eurobond market, but officials have not provided an update since then.

Nigeria has in recent months held exploratory talks with the World Bank and tried to secure funding from the African Development Bank and China’s export bank, but no deal is known to have resulted.

 

(Source:  SABC)

Philip Nwosu

Philip Nwosu

Related Posts

NDLEA intercepts brewery truck with drugs, nabs man with cocaine in Ondo
National

NDLEA intercepts brewery truck with drugs, nabs man with cocaine in Ondo

27th February 2021
Southeast bipartisan meeting of APC, PDP, APGA, others holds on March 7
Cover

Southeast bipartisan meeting of APC, PDP, APGA, others holds on March 7

27th February 2021
UPDATED: Okorocha, Uzodimma fight over new varsity
National

Uzodimma, Okorocha faceoff: Elder statesmen sue for peace, fault Okorocha’s action

27th February 2021
Next Post
BREAKING: Top Nigerian Army officer dies in ghastly motor accident

Kidnapped Army Colonel found dead

Auto policy: IPI hails FG, begins assembly of Tata trucks in Lagos

Auto policy: IPI hails FG, begins assembly of Tata trucks in Lagos

IPOB Says It Has Uncovered Plot to Kill Nnamdi Kanu

Biafra: Kanu petitions British Govt over injustice, incarceration 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

AFCON 2021 Qualifier: CAF names match officials for Super Eagles

Shoretire makes Man Utd Euro history

Funding key to glorious Olympics outing –Amukamara

Woods moved to new hospital to continue recovery

Man U partners StarTimes to offer MUTV in Africa

Hennessy becomes NBA’s first global spirits partner

Trending

Osun Osogbo: Oyetola promises to transform festival to foreign exchange earner
News

Oyetola emerges BusinessDay Newspaper Gov of Year

27th February 2021
0

Governor Adegboyega Oyetola of Osun State was on Thursday conferred with the “BusinessDay Newspaper Best Governor of...

NDLEA intercepts brewery truck with drugs, nabs man with cocaine in Ondo

NDLEA intercepts brewery truck with drugs, nabs man with cocaine in Ondo

27th February 2021
Southeast bipartisan meeting of APC, PDP, APGA, others holds on March 7

Southeast bipartisan meeting of APC, PDP, APGA, others holds on March 7

27th February 2021
AFCON 2021 Qualifier:  CAF names match officials for Super Eagles

AFCON 2021 Qualifier: CAF names match officials for Super Eagles

27th February 2021
Shoretire makes Man Utd Euro history

Shoretire makes Man Utd Euro history

27th February 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist