play_arrow

keyboard_arrow_right

Listeners:

Top listeners:

skip_previous skip_next
00:00 00:00
playlist_play chevron_left
volume_up
  • cover play_arrow

    Kapital FM 92.9 The Station that Rocks!

Featured

FG’s Envelope Budgeting Lacks Legal Basis- Reps

todayJanuary 15, 2025

Background

 

The House of Representatives Committee on Foreign Affairs has dismissed the Federal Government’s envelope budgeting system, asserting that it lacks legal basis in Nigeria.

Speaking during an interactive session with the Ministry and Budget Office of the Federation, Chairman of the Committee, Wole Oke expressed concerns that the allocation of N286 million is insufficient for Nigeria’s 109 diplomatic missions abroad.

According to him, Documents submitted by the Federal Ministry of Foreign Affairs showed that the Ministry had recommended about N1.5 Trillion budget, based on its NEEDS assessment.

In his presentation,
Director General of the Budget Office of the Federation, Tanimu Yakubu, explained that funding for the missions has increased by 25% in the 2025 budget, urging the National Assembly to pass the tax reform bills to boost revenue generation.

He suggested reducing the number of foreign missions until revenue improves.

Yakubu acknowledged widespread challenges facing the missions, citing significant improvements under the current administration.

He attributed last year’s relief to reforms such as liberalizing the foreign exchange rate and removing fuel subsidies, estimating N11 trillion in savings.

Oduyemi Odumade, Edited By Grace Namiji

Written by: Kevin Nwabueze

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *