₦airaland Forum

homerac7:
" DeOGDization"

Donlittle:
Me too face the same problem now, i[b] wear rice n beans slippers go class
i use rope tie my sokoto[/b]with my sokoto wey don tear, i wear am go clas like that even tho, i no get Pata

uh huh lol, na there i bin take grow now, i no sure say u knw Esure?street

you need wife?

Donlittle:
hmmm oh well sentiment??
i will just tell them my dad na yoruba, my mama na igbo
my grandpa na hausa
kan use goodluck top am
kan use goodluck thief money o loool joke

Donlittle:
but on a serious note, nigerians deserve the leaders they get
off topic, were u they live for gbagada??

enyojo:
[size=25pt]All i know be say make them pay her the N500 Million before they begin open the 'fake' PhD stuff[/size]

biachwest:
Inmaturity and selfishness.we,nigerians should band cpc party by not giving them a single vote in any election in the country.Born to rule.
Buhari will never rule this country.never.

[size=15pt]National Assembly raises its budget again [/size]

By Ini Ekott and Emmanuel Ogala


May 26, 2011 01:25AM
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The National Assembly yesterday approved a federal budget cut requested by President Goodluck Jonathan, but laced the expected passage with a fresh N30 billion raise to its allocation, bringing the national budget to a new total of N4.485 trillion.


At separate meetings on Wednesday, the Senate and the House of Representatives passed the 2011 first budget amendment, aligning with Mr Jonathan's position that previously appropriated N4.97 trillion was unwieldy, and at the same time tucking new figures that may again turn out controversial after all.

The lawmakers adopted a new budget figure, N77.684 billion higher than that asked for by the executive, spreading the differential across specific subheads with the National Assembly taking the biggest share of N30 billion.

The defence ministry, is to draw the second highest amended figure with N18 billion between what the lawmakers approved yesterday and what Mr Jonathan proposed.

The National Assembly allocation, now part of statutory transfers, will be N150 billion and not N120 billion proposed by the executive, according to the new amendment.

The lawmakers also increased the presidency's allocation by N700 million more than what Mr Jonathan requested for.

A contentious oil benchmark of $75, which the executive has repeatedly complained against as being too high, is also to be maintained, according to the new budgetary terms.

Against caution

It is not yet clear how the presidency will respond to the new figures particularly the oil benchmark, which is critical to building the severely depleted Excess Crude Account - a loose but robust facility which the government freely deploys.

At various fora, after the first budget was passed, Olusegun Aganga, the Minister of Finance, warned that increasing the benchmark from $65 could hurt the economy should the oil price drop in the year.

After months of wrangling, Mr Jonathan's plan for a reduced budget, communicated to the legislators on Tuesday, was expected to help deal with an overhanging deficit by trimming a perennially over-bloated overhead and running cost.

He requested that the total figure be brought down from N4.97 trillion to N4.41 trillion; a cut that massively affected previously self-awarded National Assembly allocation by more than 50 percent.

But while acceding to a reduction, both arms of the assembly passed a harmonised version of the budget amendment raising funds still for the legislature, presidency, defence, police formation and command and the office of the Secretary to the Government of the Federation.

Before the amendment, both arms of the legislatures were assigned N232.74 billion - more than 100 percent rise from the N112.24 billion originally proposed by the executive.

The sharp increment drew criticisms and the executive warned that the total budget, with about N1.9 trillion deficit, was not sustainable and needed a review.

The amendment now comes as the legislature winds down its session, amid unresolved financial crisis rocking the House of Representatives over unpaid allowances and corruption charges against its leadership.

denzel2009:
What are you saying exactly?

Johndoe100:
'Cos it's got vampires like you who are more interested in drinking human blood than making progress. - are you not a CPC supporter?

dustydee:
NTA has gone international nah!

[b]We’ve not set limit on lodgment, withdrawal –CBN
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Written by Gbola Subair and Adekunle Tayo
Wednesday, 25 May 2011

THE governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has clarified the controversy over the recent policy on lodgment and withdrawal expected to commence in June 2012.

Mallam Sanusi disclosed this on Tuesday shortly after the Monetary Policy Committee (MPC) meeting held in Abuja.

The CBN governor, speaking on the bank’s recent policy on cash lodgement and withdrawal, disclosed that the policy, which is expected to commence in June 2012, had come to stay.

Stating that the CBN had not put a limit on the amount of money a customer can withdraw or lodge in a bank, Mallam Sanusi said what the policy said was that there would be a cost to the customer who lodges or withdraw more than the specified limit in a day.

Besides this, Mallam Sanusi said the N150,000 withdrawal or saving limit was just a working document, saying that Nigerians had up to 12 months to discuss it and arrive at a reasonable cash limit.

Sanusi, disclosing that only eight per cent of bank customers withdraw more than N150,000 daily, said he could not understand the furore generated by the policy when such people made use of credit card, internet and telephone banking when they were abroad.

The apex bank governor, who said the CBN spent N200 billion to print and burn old naira notes, as the case may be on annual basis, said the new cash withdrawal policy would make the Nigerian economy a cashless one and eliminate money laundering, as much as possible.

On inflation, the governor noted that the year-on-year inflation rate declined to 11.3 per cent in April 2011 while food inflation also declined to 10.7 per cent in April from 12.2 per cent in March and February 2011 respectively.

However, Mallam Sanusi disclosed that core inflation of 12.9 per cent in April was slightly higher than the 12.8 per cent in March 2011.

Following the enhanced liquidity in the banking system occasioned by the use of the AMCON bonds to secure funds and the impact of the new reserve averaging policy, the CBN boss said interbank rate and OBB rates softened with the OBB recording a low 6.90 per cent on May 9, 2011.

Mallam Sanusi also noted that retail lending remained relatively high with the spread between the maximum lending rate and the consolidated deposit rate widening slightly to 19.64 per cent in April 2011 from 19.57 per cent points in March.

He said the foreign exchange market remained relatively stable owing to a deliberate policy on the part of the CBN to increase supply to the market to maintain the exchange rate within a band of plus or minus three percentage points, complemented by funding from autonomous sources.

At the wholesale Dutch Auction System (wDAS), Mallam Sanusi said the naira/dollar exchange rate opened at N152.63/US$ and closed at N154.63/US$ on May 18, 2011, representing a slight depreciation of 1.38 per cent or N2.11K.

Mallam Sanusi disclosed that in the light of the state of the economy, it would be prudent to adopt a monetary policy that was consistent with the need to address inflationary expectations associated with excessive liquidity and pressure on foreign exchange market.

To actualise these objectives, the CBN boss said the members of the committee (9:1) voted in favour of further tightening of the monetary policy by increasing the Cash Reserve Requirement (CRR), from two per cent to four per cent with effect from June 8, 2011 to align with the next reserve averaging maintenance period.

The CRR is the proportion of bank deposits which must be kept in cash with the apex bank. The CRR is currently two per cent and is usually determined on a simple average of banks’ daily deposit base, according to a new framework issued recently.

The governor also disclosed that six members voted in favour of 50 basis point increase in the Monetary Policy Rate (MPR) from 7.5 per cent to eight per cent, three voted for 25 basis-point increase while one voted for no change.[/b]