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Fresh Crisis Looms Over 2018 Budget

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Fresh Crisis Looms Over 2018 Budget

There are indications fresh crisis looms between the Presidency and National Assembly over the estimate of this year’s nine trillion Naira budget.

The National Assembly overruled on Thursday, President Muhammadu Buhari’s recommended virement of a hundred and forty-three billion Naira for next year’s elections from the nine hundred and forty-four billion Naira service wide votes provisions in the budget. The lawmakers approved from five hundred and seventy-eight billion Naira special votes in the general budget,  reducing next year’s INEC budget by N200 million.

Chairman of Joint Committee on Independent National Electoral Commission INEC, Suleiman Nazif, asked the president to source the fund from the service wide votes, to avoid increase in the size of this year’s expenditure frame work.

Service wide vote is a special intervention fund for the presidency to use in special projects at its discretion.

Nigerian News

IATA Inaugurates Turbulence Aware Data Resource To Forecast Turbulence

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IATA Inaugurates Turbulence Aware Data Resource To Forecast Turbulence

The ability of airlines to forecast and avoid turbulence would now be greatly enhanced as the International Air Transport Association, IATA, has inaugurated a turbulence aware data resource.

IATA said the system would pool and share turbulence date generated by participating airlines. The global body for airlines said before now, airlines had to depend on reports and weather advisories from pilots to offset the impact of turbulence.

IATA says the result would be the first global, real-time, detailed and objective information for pilots and operation’ professionals to manage turbulence.

It is expected that airlines operating in Nigeria would participate and benefit from this new system.

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Nigerian News

Oil Price Stability Buoys Nigeria’s Budget Benchmark

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Oil Price Stability Buoys Nigeria's Budget Benchmark

Nigerian budget benchmark appears buoyed by oil price stability as a result of cuts in production levels to which OPEC members have agreed.

The benchmark of sixty dollars was eroded by sustained drops in price. The high for the year was eighty-six dollars which dropped to about fifty-eight dollars last week.

It rebounded to sixty-two dollars per barrel last week, just as the federal executive council was to hold an emergency meeting on how the price drops would affect the Nigerian budget.

Opec countries had agreed to reduce daily production by eight hundred thousand barrels, while non-OPEC members decided to reduce production by four hundred thousand barrels per day.

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Business News

CBN And MTN Plan To Settle $8b Rift Out Of Court

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CBN And MTN Plan To Settle $8b Rift Out Of Court

It seems as though the Central Bank of Nigeria and telco giant, MTN, are trying to find ways of resolving the $8 billion rift between them. One of MTN’s lawyers is quoted as saying they are making moves toward an out-of-court settlement.

Meanwhile, counsels for both parties have secured another adjournment until late January.

Another $2 billion case involving MTN and the Nigerian attorney general’s office was adjourned as well last week until early January.  This case is related to alleged back taxes owed by MTN.  The telco giant has denied it owed the taxes.

The $8 billion case was a result of a charge against MTN for allegedly violating Nigeria’s extant laws.  In August, Central Bank of Nigeria sanctioned MTN Nigeria for allegedly using irregular certificates of capital importation to transfer $8.1 billion to South Africa on behalf of its offshore investors.

MTN is being asked to return the $8.1 billion to Nigeria.

Mtn group’s Nigerian operations account for one-third of its entire African market share.

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