Nigeria’s 2018 Budget, CBN Relieve, Release of Dapchi Girls and Others

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Nigeria’s 2018 Budget, CBN Relieve, Release of Dapchi Girls and Others

Newsquake

So, the beginning of a new week came and the news of the 2018 budget of the Federal Republic of Nigeria became the biggest story of the day as the Senate and the House of Representatives asked ministers and heads of agencies to heed President Muhammadu Buhari’s sack warning by appearing for the defence of the 2018 budget.

If you are an ardent follower of trends in the Nigerian polity, you would be aware that the 8.612 Trillion Naira budget has been held up at the National Assembly since November 7, 2017, when the President presented it to the lawmakers.

At least, with this new development, we can start expecting some projects to be at least started by this administration, considering that the third month of the year is gradually grinding to and end and we are still grappling with the passage of the budget for the year.

It’s just a pity that the President had to threaten with sacks before the people at the appropriate quarters knew that they had jobs to do.

While still basking in the positive light of the previous day, come Tuesday morning, reports that the Central Bank of Nigeria injected the sum of 210 million dollars into the inter-bank foreign exchange market rent the news.

Breaking this down to the layman’s knowledge, the consequence of this development is that the apex bank made available a certain amount of U.S Dollars, so that businesses and individual would have enough foreign exchange to conduct their businesses. Remember that between 2015 and 2017, the unavailability of this foreign exchange was one of the reasons the prices of things sky rocketed. This was because businesses and individuals had to pay more in Naira to purchase the very little Dollars available.

However, with the recent policy of the country’s Central Bank to frequently inject million of Dollars into the economy, the scarcity of the foreign exchange currency has reduced, thereby making the Naira appreciate while prices are gradually coming down too. What better news can Nigerians expect: financially speaking though.

Another good news came to us as a nation on Wednesday morning when global oil benchmark, brent crude, rose to its highest level so far this month.

Brent, against which Nigeria’s crude oil is priced, increased to 67.80 Dollars per barrel.

The rise in oil prices means more cash in Dollars to the excess crude account, into which the country saves the difference between the market price of oil and the budget benchmark to provide a cushion when oil prices fall or extra cash is needed for spending on infrastructure.

They biggest story of the week came around noon of Wednesday when the presidency confirmed the release of students of Government Girls’ Science and Technical College, Dapchi, Yobe state who were abducted by the Boko Haram sect on February 19.

The girls’ release came exactly one week after President Muhammadu Buhari visited the school where they were kidnapped.

President Buhari had during the visit last Wednesday reassured parents of the abducted schoolgirls that the federal government would not rest on its oars, until their wards were safely brought back home.

Although one of the girls is currently still being held, it’s better to know that most of them have been rescued while all hand are on deck to rescue the remaining girl.

The next day, Thursday, the National Assembly again was in the news, but this time, giving specific dates regarding the proposed budget of the federation. The National Assembly stated that they would pass the 2018 appropriation bill into law on April 24.

And on Friday, two major stories carried the day in Nigeria. Miss Iwuji-eme was appointed British High Commissioner to the Republic of Mozambique.

She becomes the first British Black female career diplomat to be appointed High Commissioner and will take up her new role in July 2018. At least, Nigerians and Nigeria can’t be bad in all cases. We always make our marks especially where the conditions are conducive.

And finally, the Super Eagles began their Russia 2018 World cup preparations on a bright note with a 1-0 win over Poland on Friday night at the Municipal Stadium in Wroclaw.

Chelsea winger Victor Moses converted from the spot to give Gernot Rohr’s side the win under wintery conditions in the largest city in western Poland.

The Eagles will play Serbia, who lost 2-1 to Morocco, in their next match on Tuesday, next week.

And that will be it on NEWSQUAKE for this week. Till another installment, remain in peace and in one piece. PEACE!!!

Innocent Odikpo
Innocent Odikpo
DJ XL whose real name is Ebuka Innocent Odikpo is a young chap with different sides to his personality. Switching from deejaying to writing, which are his undying passions. He is a graduate of the University of Ibadan and currently a practising deejay and writer.

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