- Reappoints Kyari NNPC boss, names Akinyelure non-executive chairman
BY FESTUS OKOROMADU, ABUJA
President Bola Tinubu will on Wednesday present the N27.5 trillion 2024 budget to a joint session of the National Assembly.
This was made known by the Secretary of Research and Information at the National Assembly, Ali Barde Umoru, in the National Assembly on Monday.
He stated this while confirming the budget presentation to journalists and requesting a list of those to be allowed into the chamber.
Ahead of the budget presentation, Tinubu had three weeks ago, forwarded to both chambers of the National Assembly, the 20224 – 2026 Medium Term Expenditure Framework and Fiscal Strategy Paper where the sum of N26.1 trillion was proposed as the total expenditure profile for the 2024 fiscal year.
The Senate through its committee on Finance after two weeks of interactive sessions with heads of Ministries, Departments and Agencies on revenue and expenditure projections made for them approved the MTEF.
It specifically approved the N26.1trillion proposed 2024 budget and other parameters as proposed by the President.
It also approved the new borrowings of N7.8 trillion, pegs benchmark oil price for 2024 at $73.96 and oil production volume per day at 1.78m barrels.
Also, the Federal Executive Council on Monday approved the 2024 appropriation bill of N27.5 trillion, to be presented by President Tinubu.
This is an increase from the N26.01 trillion earlier considered by the council.
The Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed this to State House Correspondents after the close of this week’s Council meeting.
According to Bagudu, further details of the budget will be released when the President presents the budget to the National Assembly on Wednesday.
He said the MTEF which has been passed by the National Assembly was further reviewed.
Bagudu revealed that the targeted revenue for next year is N18 trillion.
He said, “The Federal Executive Council considered the 2024 Appropriation bill. The MTEF was earlier approved by the National Assembly. It has an exchange rate of N700 to a dollar and a crude oil benchmark of $73.
“To improve revenue, the council further reviewed the MTEF, with an exchange rate of N750 to a dollar, and a crude oil benchmark of $77. This will significantly improve revenue.”
Tinubu appoints NNPC boss, names Akinyelure non-executive chairman
In another development, President Tinubu has reappointed Mele Kyari as the group chief executive officer of the Nigerian National Petroleum Company NNPC Limited.
This was contained in a statement issued on Monday by Presidential spokesman, Ajuri Ngelale.
The statement said Kyari retained his position as NNPC chief, while Pius Akinyeleru was appointed as non-executive chairman.
According to the statement, “President Bola Tinubu has approved the appointment of a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL) with effect from December 1, 2023.
(1) Chief Pius Akinyelure — Non-Executive Board Chairman
(2) Mallam Mele Kolo Kyari — Group Chief Executive Officer
(3) Alhaji Umar Isa Ajiya — Chief Financial Officer
(4) Mr. Ledum Mitee — Non-Executive Director
(5) Mr. Musa Tumsa — Non-Executive Director
(6) Mr. Ghali Muhammad — Non-Executive Director
(7) Prof. Mustapha Aliyu — Non-Executive Director
(8) Mr. David Ogbodo — Non-Executive Director
(9) Ms. Eunice Thomas — Non-Executive Director
“Furthermore, President Tinubu approved the appointment of two Permanent Secretaries:
(10) Mr. Okokon Ekanem Udo — Permanent Secretary, Federal Ministry of Finance
(11) Amb. Gabriel Aduda — Permanent Secretary, Federal Ministry of Petroleum Resources.”
