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Senate Approves 2019 Expenditure Framework, Fiscal Strategy
The Senate on Tuesday, passed the 2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The MTEF and FSP are documents that provide the framework of designing a budget as enshrined in section 11 (3)of the Fiscal Responsibility Act, 2007.
President Muhammadu Buhari had on November 6, 2018, sent a letter to the National Assembly detailing the provisions of the two documents.
In it, he made proposals for budget deficit, crude oil benchmark price, exchange rate, among others.
The Chairman Senate committee on Finance, John Enoh who presented said the committee maintained the daily production output of crude oil at 2.3 million barrel per day, USD $60.0/6 as crude oil benchmark price, N305/1US$ as the exchange rate and N500 billion as special intervention fund – as proposed by the president.
On crude oil production, the committee advised that target be achievable due to the “continuous effort of all stakeholders in checkmating the issues of oil facilities vandalism and other vices associated with such regard.”
The committee, however, reduced the proposal for the budget deficit largely financed by borrowing from N1.86 trillion to N1.64 trillion.
It was recommended that the Central Bank of Nigeria continue to adopt strategies on exchange rate that will aid in the “strengthening of the Naira and bridging the gap between the official and parallel market rate of the foreign exchange.”
The committee also urged relevant agencies to continue exploring way of generating additional revenues to bring down the fiscal deficit.
Other suggestions from the committees asked that “the Federal Government should harness the full optimal potential of the Federal Ministry of Mines and Steel Development in terms of Revenue Generation to minimise the level of borrowing.
“The Federal Government should consider reducing the granting waivers and exemptions while ensuring that the Nigerian Customs Service personnel are at all oil terminals for accountability and the Federal Inland Revenue Service (FIRS) should consider increasing Tax on luxury goods and services.
“Twenty per cent operating surplus to be remitted by Government owned Enterprises should be deducted at source.”
The Senate’s approval comes weeks after Minister of Budget and National Planning, Udoma Udoma, appeared before the Senate to explain why the federal government made slight adjustments on the 2019 MTEF/FSP approved by the Executive Council of the Federation.
He said the adjustment was to accommodate some ‘unanticipated expenditure items’ in the 2019 budget proposals and the adjustments only affected the projected expenditure.
Premium Times
FIFA on Thursday unveiled its list of match officials for the June 11-July 19 World Cup, including 52 referees, six of whom are women.
Football’s governing body will also take 88 assistant referees and 30 video match officials, who hail from all six confederations and 50 member associations.
“The selected match officials are the very best in the world,” said Pierluigi Collina, FIFA’s chief refereeing officer.
“They were part of a wider pool of officials that was identified and monitored over the past three years. They have attended seminars and officiated at FIFA tournaments.
There are 41 more match officials than at Qatar four years ago, where 32 teams played 64 matches.
“The fact that six women match officials have been selected continues a trend that was started four years ago in Qatar as we aim to further develop women’s refereeing,” Collina said, with six women having already refereed in 2022.
AFP
Iran, on Wednesday, shut the Strait of Hormuz following fresh Israeli strikes on Hezbollah targets in Lebanon, raising fears that a fragile ceasefire with the United States could collapse less than a day after it was reached.
The closure comes amid renewed hostilities that have cast doubt over efforts to halt more than a month of fighting. While both Iran and the United States had earlier declared victory after brokering the truce, fresh missile and drone attacks were reported across Iran and parts of the Gulf, alongside intensified Israeli bombardments in Lebanon.
In Beirut, Israeli strikes hit residential and commercial areas without prior warning, leaving at least multiple people dead and many others injured in what has been described as one of the deadliest days of the conflict.
Iranian state media confirmed the closure, with IRNA reporting that the move was taken “in the wake of Israel’s attacks on Lebanon.” The development has heightened concerns over the stability of the ceasefire agreement mediated by the United States.
Authorities in Iran also imposed strict controls on maritime movement in the strategic waterway. Ships near the strait were instructed to seek permission from Sepah, a special operations unit under the Iranian Revolutionary Guard Corps, before passage. A radio message cited by The Wall Street Journal warned that any vessel attempting to cross without approval “will be destroyed.”
Earlier in the day, Iran had indicated a willingness to reopen the strait during the proposed two-week ceasefire, noting this would be done with “coordination with Iran’s Armed Forces and with due consideration of technical limitations.” U.S. officials, meanwhile, said American forces could assist in managing ship traffic, although details remain unclear.
U.S. President Donald Trump also told ABC News he was open to a “joint venture” arrangement with Iran that would involve charging tolls for vessels passing through the strait.
However, reports of ceasefire breaches soon emerged. Pakistani Prime Minister Shehbaz Sharif, who played a role in negotiating the agreement, said on X that violations had already been recorded, further deepening uncertainty over whether the truce will hold.
The Presidency has come up with reasons behind President Bola Tinubu’s absent at the commissioning of Governor Babajide Sanwo-Olu’s projects in Lagos, on Wednesday.
Tinubu was noticeably absent at the scheduled project commissioning in Lagos, sparking public curiosity.
However, Sunday Dare, his Special Adviser on Public Communications and Orientation, has clarified the reason behind the last-minute development.
Speaking during an interview on Channels Television, Dare revealed that the President had to prioritise urgent national security matters over the event.
According to him, although Tinubu is currently in Lagos, he has been deeply engaged in high-level State duties, particularly ongoing security briefings tied to recent developments across the country.
“The president has been busy taking constant briefs and has to prioritise when it comes to state matters, especially security,” Dare stated.
He referenced rising security concerns, including recent unrest linked to incidents in Jos, noting that the President has been closely monitoring the situation and working directly with intelligence agencies.
Dare emphasised that Tinubu remains fully engaged behind the scenes, actively coordinating with security operatives and receiving continuous updates to address emerging threats.
The absence, he stressed, should not be seen as neglect of official duties but rather a reflection of the President’s focus on safeguarding national stability at a critical time.
Tinubu skipped the Lagos commissioning not out of disregard, but to handle pressing security issues demanding immediate presidential attention.
