NEC begins consideration of 2018-2020 MTEF: In line with the FG and National Assembly’s recent resolution to return to the January-December budget cycle, the National Executive Council (NEC) on Thursday began consideration of the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). MTEF and FSP provide the medium-term framework for the FG’s financial projections for the next three fiscal years.
Osinbajo seeks N’Assembly’s approval for N135.6bn virement for priority projects: The Acting President, Yemi Osinbajo, on Thursdayrequested the approval of the National Assembly for virement of funds totalling about N135.6bn (US$429.9m) to finance the FG’s priority projects and programmes as contained in the 2017 Appropriation Act.
Refineries realise N62bn from refined products: Nigeria’s refineries – the Port Harcourt Refining Company Limited Port Harcourt Refineries Corporation (PHRC), Kaduna Refining and Petrochemicals Company Ltd. (KRPC), and Warri Refining and Petrochemicals Company Ltd. (WRPC) – realised N62bn from refined products in May 2017. The Nigerian National Petroleum Corporation (NNPC), which made this known in its monthly report, said that the associated crude plus freight costs and operational expenses were N50.01bn and N9.31bn respectively.