The implementation of the 2023 budget, which totals N21.8 trillion, may be threatened following a shortfall 470,000 barrels per day (bpd) in Nigeria’s crude oil output last month. At the current global market price of $92 per barrel, the 470,000 bpd shortfall, which represents 29 per cent drop from the budget benchmark of 1.69 bpd, amounts to a loss of …

The Niger Delta Development Commission (NDDC) has commended the House of Representatives for passing the commission’s N876 billion budget for the 2023 financial year. In an interview at the NDDC headquarters in Port Harcourt, the Managing Director, Dr. Samuel Ogbuku noted that the approval of the House of Representatives on Wednesday followed that of the Senate on Tuesday, 16th May. He …

The Managing Director of the Niger Delta Development Commission (NDDC), Dr. Samuel Ogbuku has expressed his gratitude to the Senate for Tuesday’s passage of the commission’s 2023 budget. The Senate had earlier stood down consideration of the budget and requested further information and clarification on NDDC’s financial activities for the 2021 and 2022 budget estimates. In a statement on Tuesday, …

President Muhammadu Buhari on Tuesday in Abuja signed the 2023 Budget of N21.83 trillion and the 2022 Supplementary Appropriation Bill into law. The News Agency of Nigeria (NAN) reports that the 2023 budget is the last to be prepared by the present administration as it winds up. While signing the budget, the president said the aggregate expenditures of N21.83 trillion …