09 Nov

Daily Watch – FG to propose N8 trillion budget, Taraba verdict causes mayhem

  • The Federal Government is proposing a budget of up to N8 trillion for 2016, up from N4.4 trillion this year, according to the Reuters news agency. Citing a document from the office of Vice President, proposed budget will have capital expenditure of N2 trillion, up from N1.3 trillion in 2015. The document however, did not say how the budget would be funded.
  • The elections petitions tribunal sitting in Abuja has declared APC’s Aisha Jummai Al-Hassan as the duly elected governor of Taraba state. Danladi Abubakar, chairman of the tribunal, declared Al-Hassan winner of the April 11 governorship election on the grounds that Ishaku did not emerge candidate of the PDP in a proper primary election. Ishaku is the second PDP governor whose election has been annulled by a tribunal. On October 24, the election of Nyesom Wike as Rivers state governor was ‎annulled by a tribunal sitting in Abuja. The tribunal had held that Wike was‎ not duly elected, therefore it ruled that a fresh election be held in Rivers state within 90 days. Wike has appealed the judgement. Meanwhile up to eight people were killed Sunday, in clashes that erupted in Wukari, Taraba state, following the verdict of the tribunal. Up to 30 people were injured.
  • Ibe Kachikwu, the group managing director of the NNPC has said that Nigeria may be on the verge of a significant oil find in the Lake Chad area in the north-east based on analysis of recent seismic 3D data generated from the basin. Preliminary surveys had indicated that there are hydrocarbon deposits in an area covering 3,350 square metres in the Chad Basin. The Federal Government has spent close to N30 billion over the last three years in feasibility studies of the oil potential in that region.
  • The naira depreciated further at the parallel market on Friday as buyers of forex shunned the bureau de change markets. The naira lost N4 to the dollar as it exchanged for N231 as against its previous N227. Meanwhile, it exchanged for N197 to the dollar at the official interbank window. Traders at the market said that the parallel market witnessed an upsurge in demand for forex. The buyers bypassed the BDC operators due to tight regulation by the Central Bank of Nigeria. The CBN had on Thursday issued a statement mandating banks and licensed BDCs to demand the bank verification number (BVN) before selling forex to their customers.