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Nigeria lawmakers pass 2024-2026 budget framework with naira at 700 to dollar next year

Nigeria lawmakers pass 2024-2026 budget framework with naira at 700 to dollar next year

NIGERIA'S lower house of parliament passed the medium-term expenditure framework for 2024-2026, a set of assumptions that will be used to prepare the country's budget over the next three years. The document, which was agreed by President Bola Tinubu's cabinet before going to the House of Representatives for approval, expects the naira currency to be around 700 naira per dollar next year before firming slightly in 2025 and 2026. The naira last week briefly slumped to a record low of 1,105 against the dollar on the official market, bringing the official exchange rate within touching distance of the parallel market rate. The…
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Nigeria’s president signs budget including funds for yacht, bulletproof cars

Nigeria’s president signs budget including funds for yacht, bulletproof cars

NIGERIAN President Bola Tinubu has signed into law a $2.8 billion supplementary budget that includes funding for new bulletproof cars for himself and his wife, despite widespread criticism from citizens facing a cost-of-living crisis. The budget, which was approved by lawmakers on November 2, also includes allocations for a presidential yacht, official vehicles for the first lady's office, and renovations to the president's residential quarters. The spending plan was initially proposed by Tinubu as a means to address "urgent issues" such as defence and security. The presidency defended the provision for the yacht, describing it as an operational naval boat with specialised security…
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Five tips for developing and managing your budget – even in tough economic times

Five tips for developing and managing your budget – even in tough economic times

THERE'S nothing quite like a new year to prompt us to take stock of our lives, our health, our goals – and our finances. Many people will start 2023 by contemplating how best to budget, plan and save. This is always a good set of aims, but it’s especially important in the inflation-prone and unpredictable economies we’re seeing all over Africa and the world. Author OLUWABUNMI ADEJUMO, Lecturer/Researcher, Obafemi Awolowo University Budgeting is especially key. It is the most effective method to monitor income and expenditure. Personal budgets can help you to monitor your resources in pursuit of larger financial…
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