Headline

FG To Return N27.5trn 2024 Appropriation Bill To NASS For Increase

Published

2 years ago

December 12, 2023

Editor

The Federal Government has told the Senate that it was considering returning to the National Assembly, the N27.5 trillion 2024 Appropriation Bill in order to increase the size if the revenue increases.

Speaking yesterday in Abuja, when he appeared before the Senator Sani Musa (APC, Niger East) led Committee on Finance for budget defence, the Minister of Finance and Coordinating MInister of Economy, Mr. Wale Edun said that because of the tremendous improvement in the economy, and if the revenue increases, the Federal Government would have no other option than to return to the National Assembly to appropriate the additional revenue.

The Minister said: “The revenue performance was encouraging, it is expected to continue to be encouraging. There is fiscal policy and tax reform committee which is already at work. It is meant to provide fundamental change together with digitalization, greater efficiency in collection because it revenue to debt that can give us the opportunity to even increase this budget.

“If we have a solid revenue performance, we will come back and am sure Mr President will authorise the process is return to the National Assembly to appropriate extra revenue. That is a situation we are all looking forward.”

Recall that President Tinubu had penultimate Wednesday presented before the National Assembly a expenditure proposal of N27.5 trillion 2024 Appropriation Bill, just as he announced his administration’s resolve to adopt the “revised 2024-2026 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP,” as the parameters for the 2024 budget, just as he also announced the administration’s plan to grow the economy by a minimum of 3.76 percent, above the forecasted world average.

Speaking further, Edun noted that the Federal Government was looking at how to speed up the procurement process in order to increase capital spending in the 2024 budget.

He said: “When we look at actual budget performance , expenditure as at 3rd quaters of the year which is September, was 32 percent below the budget estimate, revenue was five percent up, the revenue performance is quite encouraging, debt service, because of change in exchange rate, a depreciation of the currency and the fact we have foreign debt of about $46billion outstanding, means that debt service was up by 18 percent.

“Capital expenditure performed below budget quite significantly. We are looking at issue of procurement process and ways to speed up capital spending, in term of overall balance of the budget.

“Fiscal deficit is expected to come down from N13.7 trillion to N9.2 trillion and importantly, the deficit, the amount of the budget to be funded by borrowing is down from 6.1 percent to 3.9 percent that is percent of GDP and Capital expenditure remains at 32 percent, so that is the while structure of the budget.”

Headline

Saudi Arabia’s Grand Mufti Is Dead

Published

11 hours ago

September 23, 2025

Editor

The Grand Mufti of Saudi Arabia, Sheikh Abdulaziz, has died at the age of 82.

According to a statement from the Royal Court, the revered cleric passed away on Tuesday morning.

Born in Mecca in November 1943, Sheikh Abdulaziz rose to become one of the most influential religious authorities in the Kingdom.

He served as head of the General Presidency of Scholarly Research and Ifta, as well as the Supreme Council of the Muslim World League.

Headline

Antitrust Trial: US Asks Court To Break Up Google’s Ad Business

Published

2 days ago

September 22, 2025

Editor

Google faces a fresh federal court test on Monday as US government lawyers ask a judge to order the breakup of the search engine giant’s ad technology business.

The lawsuit is Google’s second such test this year, following a similar government demand to split up its empire that was shot down by a judge earlier this month.

Monday’s case focuses specifically on Google’s ad tech “stack” — the tools that website publishers use to sell ads and that advertisers use to buy them.

In a landmark decision earlier this year, Federal Judge Leonie Brinkema agreed with the US Department of Justice (DOJ) that Google maintained an illegal grip on this market.

Monday’s trial is set to determine what penalties and changes Google must implement to undo its monopoly.

According to filings, the US government will argue that Google should spin off its ad publisher and exchange operations. The DOJ will also ask that after the divestitures are complete, Google be banned from operating an ad exchange for 10 years.

Google will argue that the divestiture demands go far beyond the court’s findings, are technically unfeasible, and would be harmful to the market and smaller businesses.

“We’ve said from the start that DOJ’s case misunderstands how digital advertising works and ignores how the landscape has dramatically evolved, with increasing competition and new entrants,” said Lee-Anne Mulholland, Google’s Vice President of Regulatory Affairs.

In a similar case in Europe, the European Commission, the EU’s antitrust enforcer, earlier this month fined Google 2.95 billion euros ($3.47 billion) over its control of the ad tech market.

Brussels ordered behavioral changes, drawing criticism that it was going easy on Google as it had previously indicated that a divestiture may be necessary.

This remedy phase of the US trial follows a first trial that found Google operated an illegal monopoly. It is expected to last about a week, with the court set to meet again for closing arguments a few weeks later.

The trial begins in the same month that a separate judge rejected a government demand that Google divest its Chrome browser, in an opinion that was largely seen as a victory for the tech giant.

That was part of a different case, also brought by the US Department of Justice, in which the tech giant was found responsible for operating an illegal monopoly, this time in the online search space.

Instead of a major breakup of its business, Google was required to share data with rivals as part of its remedies.

The US government had pushed for Chrome’s divestment, arguing the browser serves as a crucial gateway to the internet that brings in a third of all Google web searches.

Shares in Google-parent Alphabet have skyrocketed by more than 20 percent since that decision.

Judge Brinkema has said in pre-trial hearings that she will closely examine the outcome of the search trial when assessing her path forward in her own case.

These cases are part of a broader bipartisan government campaign against the world’s largest technology companies. The US currently has five pending antitrust cases against such companies.

AFP

Headline

Google Faces Court Battle Over Breakup Of Ad Tech Business

Published

2 days ago

September 22, 2025

Editor

Google faces a fresh federal court test on Monday as US government lawyers ask a judge to order the breakup of the search engine giant’s ad technology business.

The lawsuit is Google’s second such test this year after the California-based tech juggernaut saw a similar government demand to split up its empire shot down by a judge earlier this month.

Monday’s case focuses specifically on Google’s ad tech “stack” — the tools that website publishers use to sell ads and that advertisers use to buy them.

In a landmark decision earlier this year, Federal Judge Leonie Brinkema agreed with the US Department of Justice (DOJ) that Google maintained an illegal grip on this market.
Monday’s trial is set to determine what penalties and changes Google must implement to undo its monopoly.

Google will argue that the divestiture demands go far beyond the court’s findings, are technically unfeasible, and would be harmful to the market and smaller businesses.

In a similar case in Europe, the European Commission, the EU’s antitrust enforcer, earlier this month fined Google 2.95 billion euros ($3.47 billion) over its control of the ad tech market.
Brussels ordered behavioral changes, drawing criticism that it was going easy on Google as it had previously indicated that a divestiture may be necessary.

The trial begins in the same month that a separate judge rejected a government demand that Google divest its Chrome browser, in an opinion that was largely seen as a victory for the tech giant.

That was part of a different case, also brought by the US Department of Justice, in which the tech giant was found responsible for operating an illegal monopoly, this time in the online search space.
Instead of a major breakup of its business, Google was required to share data with rivals as part of its remedies.

The US government had pushed for Chrome’s divestment, arguing the browser serves as a crucial gateway to the internet that brings in a third of all Google web searches.
Shares in Google-parent Alphabet have skyrocketed by more than 20 percent since that decision.

Judge Brinkema has said in pre-trial hearings that she will closely examine the outcome of the search trial when assessing her path forward in her own case.

These cases are part of a broader bipartisan government campaign against the world’s largest technology companies. The US currently has five pending antitrust cases against such companies.