Business

Obaseki Presents N214.2bn 2022 Budget Of ‘Renewal’ To Edo Assembly

Published

4 years ago

December 1, 2021

Edo State governor, Godwin Obaseki on Wednesday presented a budget proposal of N214.2 billion for the 2022 fiscal year to the state House of Assembly for consideration and approval.

The budget christened ‘Budget of Renewal, Hope and Growth’ showed an increase of 32.9 percent over the 2021 approved budget of N161 billion.

Presenting the budget, Obaseki said that it was made up of N95.9 billion recurrent expenditure and N118 billion capital expenditure.

“Mr Speaker, the increase in capital expenditure over the previous year’s approved budget underscores my administration’s commitment to enhancing and stimulating the ease of doing business.

“Recurrent estimates of the budget are based on $57 per barrel bench mark for crude oil and an average daily production of 1.88 million barrels per day as well as increase of our IGR to N50.2 billion

“The proposed capital and recurrent expenditures ratios is put at 55 percent to 45 percent respectively.

“The total projected IGR for 2022 is N186 billion consisting of N65 billion statutory allocation.

“Value added tax of N23 billion, IGR of N50.3 billion and N11.6 billion from grants,” he said.

During the presentation, the Governor proposed N24.6 billion for Education, Health N14.1 billion, Government buildings N21 billion, Road/Bridges N30 billion, Youth/Social Development N5 billion and Environment N8 billion.

Others are Agriculture, N4.6 billion; water, N1.2 billion; Electricity, N2.7 billion and public safety and security N9.2 billion.

The budget proposal also included Technology enhancement, N7.6 billion, enhancing working environment, N15 billion, Tourism and development of Benin cultural districts N2 billion and administration of justice N5 billion among others.

Business

NNPCL Increases Fuel Price

Published

2 days ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

2 days ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

6 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.