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Why FG Chose N800/Dollar Exchange Rate For 2024 Budget – Minister

Published

2 years ago

January 11, 2024

The Federal Government, on Thursday, said it settled for N800 to dollar exchange rate in the 2024 Appropriation Act after considering the average performance of the naira.

It said it avoided basing the foreign exchange benchmark in the 2024 budget on a spot rate, to avoid eventualities and uncertainties.

The Minister of Budget and National Planning, Atiku Bagudu, who spoke with State House correspondents explained that the FG had earlier chosen the projected exchange rate of N750 to the dollar in the 2024 budget which the National Assembly raised to N800 to the dollar,

Bagudu said, “For budgeting purposes, you don’t use the spot rate of anything. Oil prices can go to 120 today, maybe there is a shortage, or maybe there is a collision between two ships that will block a channel.

“It would be foolish to use that as a reference price, I should take a period maybe six months to one year and say let me observe this average behaviour, so you don’t use spot prices. So even with the exchange rate, it is like that.”

He explained further, “Much as we are hoping that it would soon come below, but at the time you are doing the budget, you will take a view on average performance. And that’s what we took.

“We took an average performance of N750 on the executive side and we proposed it to the National Assembly.”

The minister also said that Tinubu regarded the National Assembly’s decision to raise the rate further considering his respect for institutions and democracy.

“So, he respected democracy that even though it was higher than what he submitted, but the institution that says so has the authority to say so and even at the time they say 100 because it’s not an official rate it’s tidal because, with the deregulated market, you no longer have an official rate, it is much lower than even the way the markets are bidding,” the minister said.

The minister noted that the FG is positive that its current measures would soon yield a significant increase in the supply of foreign exchange in the economy.

Bagudu also spoke on the level of borrowing to fund the deficit in the 2024 budget, saying there is a significant difference between 2024 borrowing compared to last year’s.

“In 2023, the budget anticipated a borrowing of close to N14tn. This year’s budget is N9.1 trillion. So we think that is significant.

“Because it’s 2023 took us to about 6.11 per cent of our GDP as borrowing. This one is 3.8 per cent. So the quantum had decreased,” Bagudu added.

The former Kebbi State Governor said the FG will operate strictly within the dictates of fiscal responsibility law in the new year, which provides for the Central Bank of Nigeria to lend to the government through its Ways and Means window, only 5 per cent of the total budget.

He explained, “We will not go outside the law and borrow from ways and means, what is outside the law. So the fiscal responsibility law says, that every year, the central bank can lend the government up to 5 per cent of its budget for the year.

“So if you go out of that, you’re going outside the lawful limit, and that’s what the minister of Finance and Coordinating Minister of the Economy was very clear we are not going to do. We are not going to resort to borrowing outside the law.

“And secondly, as much as possible, we will even borrow away from the central bank because sometimes it’s even cheaper to borrow. So, those are the two elements. So the quantum has decreased, then we will go by the book.”

News

Edo Dep. Gov. Idahosa Inducted, Bestowed With Rotary Premium Award

Published

4 hours ago

November 15, 2025

Editor

The Edo State deputy governor, Hon. Dennis Idahosa, has been bestowed with the Rotary Premium Award by the Benin Metropolitan Rotary Club, District 9141 in recognition of his humanitarian disposition.

In a statement by his Chief Press Secretary, Mr Friday Aghedo, the deputy governor was accorded this recognition when the humanitarian organization visited his office to induct him into the club

Idahosa expressed appreciation for the recognition and promised to continue to contribute his best for the betterment of the society and humanity.

“When I was growing up, my prayer to God, was Bless me so that I will be a blessing to the world,” he stated.

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He noted that the recognition was in no doubt, a call for higher responsibilities.

Rotary President, Hon. Elizabeth Ativie who gave reasons for the award and investiture, maintained that the induction was based on Idahosa’s humanitarian disposition which is in line with Rotary Club’s doctrine of service above self, humanitarian and community.

“This is a reflection of where your heart is,” she told Idahosa.

The Assistant District Governor of the Club, (AG) Samson Olayiwola of Zone 20, D 9141, later decorated Idahosa with the “Rotarian pin,” the recognized logo of the Rotary Club worldwide.

This was in addition to the presentation of a certificate of membership and embroidered with a sash that uniquely identifies Idahosa as a member of the “RC Benin Metropolitan District.”

News

Doctors’ Strike Continues As NARD Demands Fair Deal, Better Pay

Published

6 hours ago

November 15, 2025

Editor

The Nigerian Association of Resident Doctors (NARD) has called on the Federal Government to immediately conclude a long-delayed Collective Bargaining Agreement (CBA), as their indefinite strike entered its 15th day on Saturday.

It also demanded a review of the outdated Consolidated Medical Salary Structure (CONMESS).

In a statement posted on X on Saturday, the union said: “Dear Nigerians, Doctors Deserve a Fair Deal! For long we’ve waited for a Collective Bargaining Agreement (CBA), a simple, written promise that ensures fairness, clear work terms, and proper pay. But the government keeps delaying, while doctors face rising costs and crumbling morale.

“We demand the immediate conclusion of the CBA and review of the outdated CONMESS salary structure.”

The strike, which began earlier this month, has affected 91 hospitals nationwide, including federal teaching hospitals, specialist institutions, and federal medical centres, disrupting medical services across the country.

NARD said the union’s 19-point demand list is reasonable and necessary for the welfare of doctors and patients.

The list includes the payment of arrears under the CONMESS salary structure, disbursement of the 2025 Medical Residency Training Fund, prompt payment of specialist allowances, recognition of postgraduate qualifications, and improved working conditions.

The union stressed that these measures are essential to sustain doctors and maintain a functional healthcare system.

President Bola Tinubu has also directed the Ministry of Health to immediately resolve the strike, noting that the government is addressing the doctors’ demands.

Despite the directive, NARD said delays in finalising the CBA and reviewing salaries have continued to demoralise doctors, many of whom face rising living costs while providing critical medical services.

News

VIDEO: Fayose Speaks About Own Death, Burial

Published

6 hours ago

November 15, 2025

Editor

Former Ekiti State Governor, Ayodele Fayose, has said his body should be buried within four weeks of his death. Fayose also laid out detailed instructions for his burial, including that nobody should visit after he is buried.

He said his body and the burial arrangement should be handled by the Ekiti State Government.

In a six-minute video shared on YouTube by City Edge TV on Saturday, Fayose, who turns 65 today, said: “Remember me for anything. And when I die, let me say this. Death is inevitable. My body belongs to the Ekiti state government… I’m delivering a letter to the governor.”

Fayose added that regardless of when his death occurs, the state government should take charge of his remains.

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“Let us say in another 20, 30 years, 15 years, whatever time, for the glory of God. The Ekiti state government takes over my body, and I must be buried within four weeks. Because the state might not be ready within two, three days, we allow them four weeks.”

Fayose added that his children should wear their own clothes and follow the directives of the government at the time of his death.

About his final resting place, he said: “My grandmother’s home, the mother of my father, I’ve made the garden there. I should be laid to rest there. After my departure, nobody must come there again. Allow me to go. If you want to show me love, if you want to take care of me, do so now.”

The channel also shared a 20-minute video showing popular juju musician King Sunny Ade serenading the former governor on stage while he danced at his birthday thanksgiving reception.

Celebrated by several political figures. Minister of the Federal Capital Territory Nyesom Wike described Fayose as “a valuable friend and brother, who will never pretend about where he stands on issues,” adding: “Ayodele, my younger brother, may you reach the age of your elder brother in good health, and may God continue to make your days on earth fruitful, with immeasurable blessings.”

Ekiti State Governor, Biodun Oyebanji, also congratulated Fayose in a statement issued by his Chief Press Secretary, Yinka Oyebode, praising his “remarkable contributions” to the state and describing him as: “A leader who loves and connects well with the people, a respected grassroots politician and mobiliser, and a statesman who will never shy away from bearing his mind in his determination to see a more prosperous state and country.”

Watch the video here