News

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 Sports Commission Boss Celebrates Okpehbolo On Birthday

Published

59 minutes ago

August 29, 2025

Editor

The Executive Chairman of the Edo State Sports Commission, Hon. Amadin Desmond Enabulele, has felicated with Governor Monday Okpebholo, on the occasion of his birthday.

In a statement issued on Friday by his Media Officer, Edoko Wilson Edoko, Enabulele Okpebholo as a visionary leader whose dedication to the growth and development of the state has continued to inspire confidence and admiration across all sectors, especially sports.

Enabulele, who highlighted the governor’s unwavering commitment to youth empowerment through sports development, noted that under his leadership, Edo State has witnessed significant strides in grassroots sporting initiatives and infrastructure.

“His Excellency, Senator Monday Okpebholo, is not just a political leader but a beacon of hope for the younger generation.

“His passion for excellence and inclusive governance is evident in the way he has continued to support policies that uplift our youths and promote sporting excellence,” the statement read.

The Executive Chairman prayed for long life, good health, and continued wisdom for the governor as he steers the affairs of the state towards greater prosperity.

“On behalf of the entire Edo State Sports Commission, I extend our warmest birthday wishes to His Excellency at 55. May this new chapter of his life be filled with more accomplishments and divine grace,” he added.

News

Oba Of Benin Suspends Palace Chiefs

Published

11 hours ago

August 28, 2025

Editor

The Oba of Benin, Ewuare II, has suspended two of his chiefs for falling for dereliction of duties.

This was contained in a statement signed by the Secretary to the Benin Traditional Council (BTC), Frank Irabor and made available to journalists in Benin City.

He said their suspension was as a result of their long absence from the palace, resulting in their failure to carry out their palace responsibilities.

The suspended persons are: Chief John Igiehon, the Izuwako of Benin and chief Aimiukpomonyako Oghogho (Ebengho), the Oyenmwensoba of Benin.

“The under-mentioned two (2) chiefs have been suspended from the Palace of the Oba of Benin.

“This is as a result of their long absence from the Palace, resulting in their failure to carry out their Palace responsibilities.

“The public is advised to be wary of unscrupulous chiefs that are no longer functioning in the Palace. His Royal Majesty has approved their _ Suspension and directed the public be duly informed.

“The names of the chiefs are: – ; 1. CHIEF JOHN IGIEHON, THE IZUWAKO OF BENIN and, _ 2 CHIEF AIMIUKPOMONYAKO OGHOGHO (EBENGHO), THE OYENMWENSOBA OF BENIN”, the statement said.

News

Lawyers Fault EFCC Statement, Say It’s Misleading

Published

12 hours ago

August 28, 2025

Editor

Some legal practitioners in Bauchi state have faulted the Economic and Financial Crimes Commission (EFCC) official statement about their client on Wednesday, adding that it was erroneous, false and misleading.

It could be recalled that EFCC posted on its official Facebook handle that a Bauchi State High Court has cleared the commission to proceed with its investigation of a former Chairman of the Peoples Democratic Party in Bauchi State, Hamza Koshe, and his company, Pentech Engineering Nigeria Ltd.

According to the EFCC statement, the commission said Justice Aliyu Baba, in a judgment delivered on July 30, 2025, dismissed an application by Koshe seeking to restrain the EFCC and the Independent Corrupt Practices and Other Related Offences Commission from probing him.

However, in a statement jointly signed and made available to newsmen in Bauchi on Thursday by Jibrin S. Jibrin Esq, M.M. Usman Esq, H.B. Pali Esq, Abbas Ibrahim Esq, I.G. Agwam Esq and Salome Audu Esq all counsel to Pentech Engineering Nigeria Ltd & Anor as well as Koshe insisted that the statement was misleading.

According to them, the EFCC owed the public the duty of relating only the truth of what the courts decided as regards the contract financing agreement in the issues their clients were parties.

“Our attention as the legal representatives of Pentech Engineering Nigeria Ltd & Alhaji Hamza Koshe in respect of suit No. BA/271/2024 has been drawn to the statement posted on the official page of the EFCC on Wednesday, where the Commission supposedly rendered an analysis of the judgement delivered by the High Court of Justice No. 4 Bauchi Presided by Justice Aliyu Usman on the 30th July 2025.

“Now against the background of the erroneous, false and misleading publication by the EFCC on the matter, we deem it necessary to set the records straight by stating what actually is the truth of the matter in terms of the enrolled judgment Order of the Court to which this press release is attached.

“It is proper to state as a fact that in an earlier judgement relating to the subject of this release, the verdict of the High Court of Justice No. 10 Bauchi presided by Justice M. M. Abubakar delivered on the 19th December, 2024 is to the effect that the Contract Financing Agreement the subject matter of the suit having been found to be valid and not contravening any law remains enforceable hence, Pentech Engineering Nigeria Ltd is accorded the applicable injunctive reliefs as regards the activities of the Commission.

“We state as a fact that the main question of law determined in Justice Aliyu Baba Usman’s judgment is to the effect that the Contract Financing Agreement the subject of the suit is valid.

“The EFCC failed to state in its statement in reference the fact that many parties and contractors concerned or involved in the Contract Financing Agreement in the issue have been invited by the Commission with virtually all of them responding, honoring its invitation on the matter and thereby discharging their legal obligation speak volumes of ‘the bidding of some’ which the publication seeks to achieve ab initio,” said the lawyers.

The counsel added that the mischief and deliberate misrepresentation in EFCC’s statement could be seen when not only did it make no mention of this fact but also created the impression that their clients went to Court to evade investigation on the matter.

They said that Koshe was a guest of the Commission having honored its invitation in September 2024 which he was released on administrative bail, the terms and conditions applicable to which he has been observing.

“It is also important to clarify as a fact that there is no truth at all in the Commission’s statement to the effect that our client sought a perpetual injunction of general nature against the Commission’s activities.

“The truth about the reliefs sought by our clients is as contained in the Court’s processes filed in the suit in reference.

“We challenge the Commission to provide evidence of where our client ever sought a perpetual injunction at large or of general nature against it or any other body duly established by law.

“We urge members of the public to disregard in its entirety EFCC’s statement on the subject and be guided in its stead by the facts as contained in the relevant court processes to which this release is attached,” he said.