Connect with us

NEWS

2024 Budget: N800 to Dollar Benchmark is Strategic – Bagudu

Published

on

Share

Alhaji Atiku Bagudu, Minister of Budget and Economic Planning, says the decision to base the 2024 budget on foreign exchange benchmark of N800 to a dollar was a strategic and conscious effort by the federal government.

In an interview with newsmen on Thursday in Abuja, Bagudu said budgets could not be based on a spot rate in order to avoid eventualities in the world market due to global dynamics.

He said before arriving at the projected exchange rate of N750 to the dollar in the 2024 budget, the government considered and viewed critically the average performance of the Naira.

The News Agency of Nigeria (NAN) reports that the National Assembly eventually raised the foreign exchange benchmark to N800 to the dollar.

“For budgeting purposes, you don’t use the spot rate of anything. Oil price can go to 120 today, maybe there is a shortage, maybe there is a collision between two ships that will block a channel. It would be foolish to use that as a reference price.

“I should take a period of maybe six months to one year and say let me observe this average behaviour, so you don’t use spot prices. So, even the exchange rate is like that.

“Much as we are hoping that it would soon come below, but at the time you are doing the budget you will take a view on average performance. And that’s what we took,” Bagudu said.

The minister said the Federal Government was confident that the measures taken so far would substantially increase the supply of foreign exchange into the economy.

The budget minister, who also spoke on the level of borrowing to fund the deficit in the 2024 budget, said the difference between this year’s borrowing compared to 2023 remained significant.

“In 2023, the budget anticipated a borrowing of close to N14 trillion. This year’s budget is N9.1trillion. So, we think that is significant.

“2023 took us to about 6.11 per cent of our GDP as borrowing. This one is  3.8 per cent. So, the quantum had decreased,” he said.

Bagudu said the Federal Government in the 2024 fiscal year intended to operate strictly within the dictates of fiscal responsibility law.

The law provides that the Central Bank of Nigeria can lend to the government through its Ways and Means window only 5 per cent of total budget.

“We will not go outside the law and borrow from ways and means, what is outside the law.

“So, the fiscal responsibility law says, in every one year, the Central Bank can lend the government up to 5 per cent of its budget for the year.

“So, if you go out of that, you’re going outside the lawful limit, and that’s what the minister of Finance and Coordinating Minister of the Economy was very clear we are not going to do. We are not going to resort to borrowing outside the law,” he said.

Bagudu said 2024 revenue projections were designed to build on the various initiatives of the government to create an enabling environment for investment from both the local and foreign businesses.

He said the core priority of the budget was placed on areas such as security, education, works and housing in order to develop the economy and create jobs for Nigerians.

“We have seen the reforms so far have brought in more revenue but we are not stopping there. We believe that our objective to achieve at least 1.8 million production per day is something that has been done before. “And with security gains that are increasing with mobilising of all stakeholders.

“For example, just yesterday, maybe you will have seen even the governors re-energise the National Economic Council Committee on crude oil theft and prevention.

“So that governors will say to the extent that is happening in their state, they will take personal responsibility and lead.

“So, because of that we are confident that the revenue projections are achievable and with budget efficiency and discipline we are putting in, we believe that we won’t have to resort to additional borrowing. Maybe we will even borrow less,” Bagudu said. (NAN)

NEWS

Group Backs Students With Disabilities, Distributes Learning Materials in Nasarawa

Published

on

Share

From Abel Zwanke, Lafia

The Maikaya Development Foundation (MDF) has distributed thousands of exercise books to indigent students in Nasarawa State and renewed its advocacy for inclusive education, urging stakeholders to prioritize access for students living with disabilities in higher institutions.

The official distribution ceremony, which took place at the Faculty of Education, Nasarawa State University, Keffi, brought together student union leaders, academic representatives, and other stakeholders from the education sector.
Speaking at the event yesterday, the CEO of of the foundation Dr. Muhammed Maikaya represented by the Operation Manager, Hon. Shuaibu Sani said the gesture was aimed at easing the financial burden on students and encouraging them to remain focused on their academic goals.
“This distribution is not just about writing materials, it is a reaffirmation of our belief that every student, regardless of status, deserves the tools and support needed to succeed,” the spokesperson said. “We are committed to ensuring no student is left behind.”Student leaders who spoke during the event expressed deep appreciation to the foundation for its consistent support and investment in the academic wellbeing of students.Comrade Ovey Abimiku, President of the Nasarawa State Students Association (NASSA), “Maikaya Development Foundation continues to show us what it means to be a true partner in education. This is a welcome intervention that will help many students who can’t afford basic learning materials.”Also speaking, Comrade Tabitha Jatau, State Coordinator of the Association of Nigerian Female Students (ANFS), praised the foundation’s longstanding dedication to youth empowerment.“MDF has not only provided these writing materials but has also supported students with scholarship and tuition funds for many years. We are grateful for this rare consistency,” she noted.Recall that weeks earlier, the foundation had supported over 500 students across the state with Education Support Funds to assist with the payment of tuition fees and levies—an annual intervention that has benefitted thousands over the past decade.In addition to its material support, the foundation has continued to advocate for inclusive education policies in the state. During a recent stakeholders’ engagement themed “Breaking Barriers and Promoting People with Special Needs’ Inclusion in Higher Institutions”,Maikaya had called on government and educational institutions to prioritize the rights and needs of students living with disabilities.“The truth is, barriers—both seen and unseen—still prevent many of our brothers and sisters with special needs from accessing quality education,” Maikaya said at the event. “These are not just inconveniences. They are injustices. And they must be corrected.”He recommended several critical steps to advance inclusive education, including accessible infrastructure, adapted learning materials, disability awareness training for academic staff, and policy implementation at all levels.“Inclusive education is not optional, it is essential for real development,” He added. “We have seen the power of what can happen when potential meets opportunity. Now we must ensure that people with disabilities have equal access to those opportunities.”He urged stakeholders, government agencies, private sector actors, NGOs, and civil society groups, to collaborate in making inclusive education a reality in Nasarawa and beyond.“This is not a matter of charity. It is about equity, dignity, and human rights,” the speaker emphasized. Items that were distributed including learning materials, 20, 50kg bags of rice, 20 cartons of Noddles and cash support of 200,000 thousand Naira to students living with disabilities while advocating for inclusion gain tract, educational reform and youth empowerment in Nasarawa State.End

Continue Reading

NEWS

Minister Describes Death of Leon Usigbe as Monumental Loss

Published

on

Share

By Johnson Eyiangho, Abuja

Minister of Information and National Orientation, Mohammed Idris has described the death of Dr Leon Usigbe, the Abuja Bureau Chief of the Tribune Newspaper, as a monumental loss to the Newspaper, journalism profession and to the entire nation.The Minister said with the death of Usigbe, Nigeria has lost one of its finest media minds — a man whose intellect, courage, and clarity of purpose earned him the respect of colleagues, government officials, and the public alike.

In condolence message on Saturday, Idris said he received news of the death of Tribune Newspaper Bureau Chief with profound shock and deep sadness.”Dr. Usigbe was an outstanding journalist, a highly cerebral professional, and a shining light within the Nigerian media landscape.
His work was defined by integrity, depth, and an unflinching determination to the public good. As a pen-wielding advocate for democracy and national development, he brought intellectual rigour, insight, and balance to his reporting. In him, the Fourth Estate had a true patriot who used his craft to foster accountability and nation-building.”I recall with particular sorrow his eloquent and thought-provoking contributions during the regular Ministerial Press Briefing Sessions convened by the Federal Ministry of Information and National Orientation in Abuja, as well as at the Press Briefings in the Presidential Villa. His interventions consistently elevated the quality of discourse and helped bridge the gap between government and the media — all in service of a more informed and engaged society,” Idris said.On behalf of the Federal Ministry of Information and National Orientation, and himself , the Minister extended his heartfelt condolences to the management and staff of Tribune Newspaper, the government and people of Edo State, where he hailed from, as well as to his family, friends, and professional associates. He prayed the God Almighty to comfort those the late Bureau Chief left behind and to grant them the fortitude to bear the irreplaceable loss, saying “May his soul rest in perfect peace.”

Continue Reading

NEWS

Unique Secondary School Expands Outreach, Honors Ogbodo, Launches Scholarships

Published

on

Share

By David Torough, Abuja

Unique Secondary School Makurdi (USSM), a leading private educational institution in Benue State, continues to make significant strides in academic excellence and community impact.

In a bold move to increase accessibility and reward excellence, the school has unveiled a new examination centre in Oju Local Government Area, launched a scholarship scheme for families with multiple children in the school, and honoured a distinguished alumnus, Dr.

Mark Ogbodo, by naming a recreational facility after him.

The newly inaugurated Dr. Mark Ogbodo Park was officially commissioned on July 24, during a colourful ceremony held at the school’s New GRA campus in Makurdi.

The event drew an impressive turnout of students, staff, parents, alumni, and dignitaries.

Chairman of Unique Schools and co-founder of USSM, Engr. Felix Atume led the commissioning, describing it as a tribute to dedication and impact.

Dr. Ogbodo, an author and founder of Lydia Memorial Hospital, Ugbokolo, was visibly moved by the honour.

In a social media post after the event, he wrote: “Who am I to deserve this great honour? What impact have I made on USSM? These thoughts flooded my mind as I stood speechless in awe.”

He praised the school leadership, particularly Principal Mr. Samuel Ortsega, and the Parent-Teacher Association (PTA) for the recognition.

Also unveiled at the event was a scholarship programme aimed at easing the financial burden on families with more than one child enrolled at USSM.

The initiative was met with excitement and gratitude from parents in attendance. Furthermore, the newly established Oju exam centre was widely applauded for eliminating the long travel often required for external examinations, especially for students living in remote areas.

Founded on September 1, 1998, by Engr. Atume and Mrs. Juliana Atume, a noted philanthropist, USSM has built a strong reputation for nurturing students through academic rigor and character development.

Originally a day school, it added a boarding facility in 2007 to cater to growing demand. Situated in a serene environment, the school provides a secure and conducive atmosphere for learning.

USSM is part of the larger Unique Schools family, which began with Unique Nursery and Primary School in 1995.

The secondary arm offers a comprehensive curriculum infused with entrepreneurial and vocational training in areas such as catering, fashion, cosmetology, and design—preparing students with practical skills for life beyond the classroom.

The school boasts modern infrastructure, including science laboratories, an ICT centre, a digital library, spacious classrooms, quality boarding facilities, a healthcare unit, and the expansive Engr. Felix Atume Hall. Recreational amenities include courts for basketball, volleyball, tennis, a football pitch, and indoor games like chess and scrabble.

In keeping with global trends, USSM has embraced digital innovations such as an online result-checking system and is planning an enhanced presence on social media.

The school runs a three-term calendar and prepares students for key national examinations including BECE, WAEC, and NECO.

Ambitious plans are underway to launch Unique Technical College, which will focus on technical and vocational education.

As the evening of July 24 transitioned into a celebratory dinner in honour of the 2025 graduating class, guests—including PTA members, parents, alumni, and staff—shared heartfelt goodwill messages. The PTA Chairman described the event as “unparalleled in the school’s history.”

Through initiatives like the Oju centre, new scholarships, and the celebration of alumni impact, Unique Secondary School Makurdi continues to set the benchmark for holistic and community-rooted education in Benue State.

Continue Reading

Advertisement

Read Our ePaper

Top Stories

NEWS3 hours ago

Group Backs Students With Disabilities, Distributes Learning Materials in Nasarawa

ShareFrom Abel Zwanke, Lafia The Maikaya Development Foundation (MDF) has distributed thousands of exercise books to indigent students in Nasarawa...

SPORTS16 hours ago

Tinubu Hails Super Falcons for Winning 10th WAFCON Title

SharePresident Bola Tinubu has congratulated the Super Falcons on their triumph at the 2024 Women’s Africa Cup of Nations, where...

NEWS23 hours ago

Minister Describes Death of Leon Usigbe as Monumental Loss

ShareBy Johnson Eyiangho, Abuja Minister of Information and National Orientation, Mohammed Idris has described the death of Dr Leon Usigbe,...

NEWS2 days ago

Unique Secondary School Expands Outreach, Honors Ogbodo, Launches Scholarships

ShareBy David Torough, Abuja Unique Secondary School Makurdi (USSM), a leading private educational institution in Benue State, continues to make...

Foreign News2 days ago

Zelensky Announces New Draft Law on Anti-corruption Bodies after Protests

ShareUkrainian President Volodymyr Zelensky said he has approved the text of a draft law guaranteeing the freedom of two anti-corruption...

Entertainment/Arts/Culture2 days ago

Spotify Spotlights Fola, Thakzin as Africa’s Next Music Icons

ShareSpotify has announced Nigerian Afrobeats talent, Fola and South African Afro House DJ and producer, Thakzin, as part of its...

NEWS2 days ago

Why I Quit Banking for Music – CDQ

ShareNigerian rapper CDQ has revealed that he left a stable banking job to pursue his true passion, music. In an...

Entertainment/Arts/Culture2 days ago

Popular Chinese Singer Executed by Firing Squad over Murder of Girlfriend

SharePopular Chinese actor and singer, Zhang Yiyang has been executed for the murder of his underage girlfriend. Zhang Yiyang became...

NEWS2 days ago

Aba state: Stop Attacking Ikonne’s Patriotic Call, Analyst Warns Gov Otti

Share… Says EX-NALDA Boss Means Well, Patriotic By Mike Odiakose, Abuja A researcher and political analyst based in Abia state,...

Entertainment/Arts/Culture2 days ago

Why Igbo Men Struggle in Politics – Pete Edochie

ShareVeteran Nollywood actor, Pete Edochie, has stirred controversy with a bold statement about Igbo politicians, claiming they are not adept...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc