Wed. Aug 31st, 2022

DR. ZAINAB AHMED SAYS FEDERAL GOVERNMENT PLANNED FOR SIXTY PERCENT OF REVENUE TO BE SPENT ON DEBT SERVICING THIS YEAR.

The Minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed says Federal Government planned for sixty percent of revenue to be spent on debt servicing this year but regretted that the ratio went up to ninety percent.

Dr. Ahmed who stated this while addressing the House of Representatives Committee on Finance on the 2023-2025 Medium Term Expenditure Framework in Abuja said the 2023 budget had a proposed deficit of eleven point three trillion Naira  .

The Chief of Naval Staff, Vice Admiral Awwal Gambo has disputed the recent figures, of missing/stolen crude oil put at two hundred barrels daily by the NNPC Limited.

Speaking in an interview,  Vice Admiral  Gambo disclosed that the figure may not have emanated from oil theft alone, noting that losses due to force majeure, and shut-ins were mistakenly attributed as part of oil being stolen.

Reports reaching BCA Business News Desk reveal that the Central Bank’s release of forty-three percent of the total trapped funds belonging to foreign airlines has placed Nigeria in a positive light across the global community.

The International Air Transportation Association’s Regional Vice President, Africa & Middle East, Kamil Alawahdi who released a statement, stated that the international body would continue to engage the Nigerian government on the need to release the remaining trapped funds.

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