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Tag: Senate

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Senate approves Tinubu’s borrowing plan to tackle infrastructure, pension gaps

The Senate on Tuesday approved President Bola Tinubu’s borrowing plan for the 2025–2026 fiscal period in an effort to address Nigeria’s infrastructure shortfall and pension backlog The plan features external loans totaling $21.5 billion, €2.2 billion, and 15 billion Japanese Yen, alongside a €65 million grant. Also approved was a N757.98 billion domestic bond issuance […]

US senate approves $9bn cuts to foreign aid
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US senate approves $9bn cuts to foreign aid

The United States Senate has approved a controversial $9 billion spending cut package proposed by President Donald Trump, targeting foreign aid and public media funding. The vote, which passed narrowly at 51-48 early Thursday morning, reflects growing Republican momentum behind deep budget reductions inspired by the now-defunct Department of Government Efficiency, formerly led by Elon […]

NASS inflated 2025 budget with 11,122 'ghost' projects — BudgIT
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NASS inflated 2025 budget with 11,122 ‘ghost’ projects — BudgIT

Civic tech organization BudgIT has accused the National Assembly of inserting 11,122 questionable projects worth N6.93 trillion into the 2025 federal budget, describing the move as part of a “deeply entrenched culture of exploitation and abuse” within Nigeria’s budgeting process. The allegations were made public in a statement posted on BudgIT’s official X (formerly Twitter) […]

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Senate passes remaining tax reform bills

The Senate on Thursday passed the remaining tax reform bills after completing the clause-by-clause review of the Nigeria Tax Administration Bill and the Nigeria Tax Bill. This followed the previous day’s passage of two key tax reform bills: the Nigeria Revenue Service (Establishment) Bill, 2025, and the Nigeria Tax Administration Bill, 2025. Additionally, the Red […]

News

Nigeria needs budget reforms to sustain economic momentum — Musa

Senator Mohammed Sani Musa, Chairman of Nigeria’s Senate Committee on Finance, has urged swift budgetary reforms to tackle Nigeria’s pressing social and economic challenges. Speaking on the sidelines of the Investors’ Forum during the World Bank and IMF Spring Meetings, Musa emphasized the need for a fiscal overhaul to address the nation’s evolving needs. Representing […]

Business

Senate pledges legislative support for $1bn Chinese investment

The Senate Committee on Solid Minerals has pledged to provide legislative support to protect Chinese companies intending to invest $1 billion in Nigeria’s solid minerals sector. The acting Chairman of the Committee, Senator Onawo Mohammed Ogoshi, assured a Chinese delegation during an interactive session that the Senate will provide enabling legislation to protect their investments […]

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Senate urges NCC, telcos to review data price hike

The Senate has urged the Federal Ministry of Communications, Innovation, and Digital Economy to engage telecom operators in reviewing data and internet service costs. This follows a motion by Senator Asuquo Ekpenyong (Cross River South) on the urgent need to address rising data prices. Lawmakers largely supported the motion, highlighting concerns over affordability and digital […]

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Grid collapses: Senate blames failed power sector privatization

The Senate declared on Thursday that the 11-year-old privatisation of the power sector has failed, citing the continued lack of stable electricity supply nationwide. It warned that legislative measures to repeal the policy could be proposed. The Senate’s condemnation of the power sector’s alleged failure emerged during the consideration of a report by its Committee […]

NASS inflated 2025 budget with 11,122 'ghost' projects — BudgIT
News

Senate investigates NNPCL over ₦8.4tn subsidy claims

The Senate has approved the 2025–2027 Medium Term Expenditure Framework and Fiscal Strategy Paper on Tuesday, paving the way for President Bola Tinubu to present the 2025 national budget to the National Assembly. The approval follows the adoption of a report submitted during plenary by the Senate’s joint Committees on Finance and National Planning & […]

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Senate passes bill to raise CBN loans to FG

The national assembly on Wednesday passed a bill to raise the percentage of Ways and Means loans the Central Bank of Nigeria can give to the Federal Government. The senate increased the amount of credit the federal government may get from the apex bank from 5% to 10% of its annual revenue. Senate Leader Opeyemi […]

NASS inflated 2025 budget with 11,122 'ghost' projects — BudgIT
News

Senate passes amended finance act, increases bank windfall levy

The Nigerian Senate has passed amendments to the 2023 Finance Act, notably increasing the windfall levy on banks’ foreign exchange revaluation gains from 50% to 70%. The decision follows deliberations led by Sen. Sani Musa, Chairman of the Senate Committee on Finance, who presented the committee’s findings before the bill was approved. A pivotal amendment […]

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