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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.”

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Community Violations: TikTok Removes Over 3.6m Videos in Nigeria

Published

1 hour ago

July 15, 2025

Editor

TikTok on Tuesday said that it has removed over 3.6 million videos in Nigeria between January and March 2025 for violating its Community Guidelines.

It represented a 50 per cent increase from the previous quarter, according to TikTok’s Q1 2025 Community Guidelines Enforcement Report.

The report said that TikTok prioritised creating a safe, respectful, and trustworthy digital environment.

The report highlighted TikTok’s proactive approach, with a detection rate of 98.4 per cent for content removed before user reports and 92.1 per cent of videos removed within 24 hours.

“Globally, TikTok removed over 211 million videos in Q1 2025, with more than 184 million removed through automation.

“The platform’s global proactive detection rate reached 99 per cent.

“TikTok has intensified its LIVE Monetisation Guidelines and prioritised LIVE content enforcement.”

According to the report in Nigeria, 42,196 LIVE rooms were banned, and 48,156 streams were interrupted for violating community guidelines.

It said that the platform also removed 129 accounts in West Africa tied to covert operations in partnership with Cece Yara, a child-centred non-profit organisation.

The report said that TikTok is expanding in-app helpline resources to Nigeria.

This initiative provides young users with access to local helplines for expert support on issues like suicide, self-harm, hate, and harassment.

The report also noted that TikTok Digital Well-being ambassador, Dr. Olawale Ogunlana, collaborated with experts to promote digital well-being.

It said that TikTok encouraged community participation through user reporting and education, advocating for a collaborative approach to creating a respectful online environment.

“The Q1 2025 report reflects TikTok’s efforts to safeguard its Nigerian user base, strengthen enforcement systems, and remain transparent about measures taken to uphold platform integrity.”
(NAN)

News

Buhari Buried In Daura Amid Prayers, Tributes

Published

1 hour ago

July 15, 2025

Editor

Former President Muhammadu Buhari was laid to rest on Tuesday evening in his Daura residence in Katsina State, following Islamic funeral rites attended by President Bola Tinubu, President Umaro Sissoco Embaló of Guinea-Bissau, Niger Republic Prime Minister Ali Lamine Zeine, family members, top government officials, and dignitaries.

His body was committed to Mother Earth at about 5:50 p.m.

Buhari had passed away on Sunday, July 13, in London at the age of 82, following a brief illness. His remains were received in Nigeria by President Bola Tinubu.

The body arrived in Daura at approximately 4:33 p.m. in a military ambulance. It was accompanied by President Tinubu, Vice President Kashim Shettima, Katsina State Governor Dikko Radda, National Security Adviser Nuhu Ribadu, businessman Aliko Dangote, former Vice President Yemi Osinbajo, and other dignitaries.

Here are things to know about late Buhari.

Muhammadu Buhari was born on December 17, 1942, to Adamu and Zulaiha Buhari in Daura, Katsina State. He belonged to the Fulani ethnic group and was a devout Muslim.

He joined the Nigerian Army and rose to the rank of Major General. Buhari became Nigeria’s military Head of State following a coup on December 31, 1983, and led the country until August 27, 1985.

In 1994, Buhari was appointed Executive Chairman of the Petroleum Trust Fund (PTF) by the Sani Abacha administration, overseeing infrastructure projects funded by oil revenues.

After three failed attempts at the presidency, Buhari won the 2015 presidential election under the All Progressives Congress (APC), defeating incumbent President Goodluck Jonathan. He was re-elected in 2019.

He was married to Aisha Buhari and had several children. Known for his austere lifestyle, Buhari maintained a reserved and disciplined public persona throughout his life.

News

Guinea-Bissau President, Niger Republic PM, Others Attend Buhari’s Burial In Daura

Published

1 hour ago

July 15, 2025

Editor

President Bola Tinubu, President Umaro Sissoco Embaló of Guinea-Bissau, and Niger Republic Prime Minister Ali Lamine Zeine were among thousands of people who attended the funeral rites of the late former President Muhammadu Buhari on Tuesday in Daura, Katsina State.

The News Agency of Nigeria (NAN) reports that the remains of Buhari were conveyed to Nigeria by the Vice President, Kashim Shettima, and the Chief of Staff to the President, Femi Gbajabiamila.

NAN also reports that the remains were brought aboard a Nigerian Air Force flight -FGT 001, which touched ground at the Umaru Musa Yar’adua International Airport, around 2 p.m., on Tuesday.

The body was received by Tinubu, Gov. Dikko Radda of Katsina State, National Security Adviser Nuhu Ribadu, the Governors, and other dignitaries.

After a farewell parade in honour of the late former Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, his remains were conveyed to Daura by road.

Imam Hassan Yusuf led the funeral prayer at 4 p.m. at the Daura Helipad.

Many dignitaries performed the prayer, notable among them were the former Nigerien President Mahamadou Issoufou and former Vice-President Atiku Abubakar.

Others were members of the National Assembly, including the Emir of Daura, Alhaji Umar Faruk-Umar, and the Emir of Katsina, Alhaji Abdulmumini Kabir-Usman, as well as the Emirs of Zazzau, Dutse, and Kazaure, among others.

Captains of industries, such as Alhaji Aliko Dangote and Alhaji Dahiru Barau Mangal, also attended the burial.

After the funeral prayer, the corpse was taken to his residence, where he was buried.

The funeral rites were attended by thousands of people who were earlier denied access to the venue but later allowed to enter.

Some of the people interviewed praised the virtues of the late former President, who was distinguished for his integrity, honesty, and discipline.

Salisu Lawal stated that Buhari was a great man who loved being among his people and offering a helping hand to them.

Aliyu Nasiru, another resident, described the death of Buhari as a great loss not only to his immediate family but to the state and the country.

“The death has created a vacuum that is difficult to fill, he will continue to be remembered for his good virtues,” he said.

He prayed to the Almighty Allah to forgive his shortcomings, grant him Al-Jannah Firdaus.