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FG benefiting from Dollar-to-Naira hike – Ndume

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FG benefiting from Dollar-to-Naira hike – Ndume

Senator Ali Ndume has said the federal government is not losing out from the naira depreciation against the dollar, but rather gaining more revenue to fund its 2024 budget.

While speaking on Channels TV, Ndume opined that the 2024 budget, which was presented by President Bola Ahmed Tinubu last November, is a ‘dollarised’ budget in terms of income, as most of the government’s revenue comes from crude oil exports, which are priced in dollars. He added that as the value of the dollar increases, the government would have more naira to spend on its expenditure, which is denominated in naira.

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He stated that Nigeria’s major product, crude oil is still in high demand in the global market and that the country will benefit from the current dollar-to-naira exchange rate.

“Don’t forget that this budget is a ‘dollarised’ budget, especially in terms of income. And when it comes to the terms of the expenditure, it’s in naira. So if we are getting our money in dollars and the value of the dollar is up, that means we will have more naira in terms of what we spend, because we are not spending in dollars, we are spending in naira, while we are getting our revenue in dollars.

Truly, the value of naira against the dollar has fallen but we are selling our major product that we generate income in dollars. And that means any dollar we get now will also be valued at the current dollar-to-naira exchange rate.

So if you do the analysis critically, it may mean if you balance it up, we may have more money to fund our budget. So technically, Nigeria is even benefiting from the dollar-to-naira hike.” he said.

FG benefiting from Dollar-to-Naira hike – Ndume

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Education

Students loan application portal opens May 24 – NELFUND

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Students loan application portal opens May 24 - NELFUND

Students loan application portal opens May 24 – NELFUND

By Funmilayo Adeyemi

The Nigerian Education Loan Fund (NELFUND), has announced May 24 as official date for the opening of portal for student loan applications.

The Managing Director of NELFUND, Mr Akintunde Sawyerr, disclosed this on Thursday in a statement made available to newsmen in Abuja by the Fund’s Media and Public Relations Lead, Nasir Ayitogo.

Sawyerr said the opening of the portal marked a significant milestone in the commitment of President Bola Tinubu to foster accessible and inclusive education for all Nigerian students.

According to him, through the portal, students could now access loans to pursue their academic aspirations without financial constraints.

He added that the portal provides a user-friendly interface for students to submit their loan applications conveniently.

“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation,” he said.

Sawyerr urged students to access the portal on www.nelf.gov.ng to begin application.

Students loan application portal opens May 24 – NELFUND

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NiMet predicts 3-day sunshine, thunderstorms from Sunday

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NiMet predicts 3-day sunshine, thunderstorms from Sunday

NiMet predicts 3-day sunshine, thunderstorms from Sunday

The Nigerian Meteorological Agency (NiMet) has predicted sunshine and thunderstorms from Sunday to Tuesday across the country.

NiMet`s weather outlook released on Saturday predicted sunny skies on Sunday with patches of cloud over the northern region.

It forecast isolated thunderstorms are expected over parts of Katsina, Borno, Yobe, Adamawa, Kaduna, Kebbi, Jigawa and Taraba States during the morning periods.

According to it, isolated thunderstorms are anticipated over parts of Adamawa, Zamfara, Sokoto, Kebbi, Bauchi, Gombe, Kaduna and Taraba States later in the day.

“Cloudy skies with intervals of sunshine are expected over the North Central region with prospects of thunderstorms over Kwara, Niger, Benue and Kogi States during the morning hours.

“ Widespread thunderstorms are expected over parts of the Federal Capital Territory, Benue, Niger, Nasarawa, Plateau and Kogi States later in the day.

“Cloudy skies with intervals of sunshine are anticipated over the southern states with chances of thunderstorms over parts of Rivers, Akwa Ibom, Bayelsa, Cross River and Delta States during the morning periods, “ it said.

According to him, thunderstorms are anticipated over parts of Ebonyi, Enugu, Imo, Abia, Cross River, Akwa Ibom, Rivers and Delta States later in the day.

NiMet envisages sunny skies on Monday with patches of cloud over the northern region during the morning periods.

“ Later in the day, isolated thunderstorms are anticipated over parts of Kaduna, Adamawa and Taraba States.

“The North Central region should be cloudy with chances of isolated thunderstorms over parts of Kogi, Benue, Niger the Federal Capital Territory and Kwara States during the morning hours.

“In the afternoon/evening hours, isolated thunderstorms are expected over parts of the Federal Capital Territory, Niger, Plateau, Benue and Nasarawa States,“ it said.

According to it, the southern region should be cloudy with thunderstorms over parts of Edo, Ondo, Enugu, Imo, Anambra, Bayelsa, Rivers, Akwa Ibom, Cross River, and Delta States during the morning hours.

It anticipated thunderstorms over parts of Oyo, Ebonyi, Imo, Abia, Ekiti, Edo, Ogun, Ondo, Bayelsa, Rivers, Akwa Ibom, Cross River, and Delta States later in the day.

It predicted sunny atmosphere on Tuesday with patches of cloud over the northern region with prospect of thunderstorms over parts of Taraba during the morning hours.

It predicted isolated thunderstorms over parts of Kano, Katsina, Kaduna, Adamawa and Taraba States as the day progresses.

“ The North Central region should be cloudy with sunshine intervals with prospects of isolated thunderstorm over parts of Niger State during the morning hours.

“Later in the day, isolated thunderstorms are expected over parts of the Federal Capital Territory, Kogi, Kwara and Benue States.

“Cloudy atmosphere with intervals of sunshine is expected over the southern region during the morning hours,“ it said.

The agency predicted thunderstorms over parts of Lagos, Cross River, Akwa Ibom, Rivers, Delta and Bayelsa States later in the day.

NiMet urged the public to take adequate precaution as strong winds might precede the rains in areas where thunderstorms were likely to occur.

The agency also advised Airline operators to get updated weather reports and forecasts from NiMet for effective planning of their operations.

NiMet predicts 3-day sunshine, thunderstorms from Sunday

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Fuel scarcity will soon be over, Senate leader assures Nigerians

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Fuel scarcity will soon be over, Senate leader assures Nigerians

Fuel scarcity will soon be over, Senate leader assures Nigerians

The Senate Leader, Opeyemi Bamidele, has assured Nigerians that the fuel crisis experienced in the country will soon be a thing of the past.

Bamidele gave this assurance in an interview with newsmen on the sidelines of the Oil Technology Conference (OTC) in Houston, Texas, on Friday.

According to him, the legislature is working tirelessly to ensure that fuel scarcity and frequent queues at filling stations are resolved.

He said that there were plans to involve more private-sector players in the construction of new refineries.

“The Senate is working to ensure that more private-sector players are licensed to own and operate refineries.

“This is to support other smaller ones that are springing up in several parts of the country.

“In addition to licensing new refinery operators, the Federal Government and Senate are working to ensure that the existing refineries are turned around with repairs and replacement of parts carried out where necessary.

Bamidele said the Senate had gotten assurance from the Nigerian National Petroleum Company Ltd., (NNPC Ltd.) that two of its refineries in Warri and Port Harcourt would come on stream before the end of the year.

He also noted that the commitment to licensing new refinery operators and revitalising existing refineries remained vital for increasing domestic oil production.

Opeyemi maintained that the focus was to ensure that Nugeria meets its OPEC production quota.

He explained that achieving such milestones would provide more revenue for the government and halt lack and borrowings.

By enhancing local refinery capacity, the Senator said that the country could reduce its dependence on fuel imports, leading to a potential decrease in petrol prices.

He explained that what drives pricing is the ability to meet demand in the face of every product, finding its level and place in a free market.

Also speaking, the Chairman,
Senate Committee of Downstream, Sen. Ifeanyi Ubah, said the last Turn Around Maintenance (TAM) that happened at the refineries was about 15 years ago, which led to the comatose state of the facility.

Ubah said that the non-deregulation of the downstream sector had put undue pressure on NNPC Ltd., as the entire industry depends on company for its petroleum needs.

He pointed out that no country could meet its energy needs by having a single entity; importing its petroleum product needs.

However, to be self-sufficient, Ubah urged the government to create a cluster of five to eight modular refineries within the riverine communities.

Fuel scarcity will soon be over, Senate leader assures Nigerians

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