President Muhammadu Buhari has written to the house of representatives seeking an increase in the 2022 budget deficit to be financed through borrowing from the domestic market. Buhari said this in a letter read by Femi Gbajabiamila, speaker of the house of representatives, on Thursday. The president said the total budget deficit is projected to increase by N965.42 billion to N7.35 trillion, representing 3.99% of GDP. He said the incremental deficit will be financed by new borrowings from the domestic market. The President also requested review of the 2022 Medium-Term Expenditure Framework (MTEF), upon which the budget was hinged. “As…

The Biden administration on Thursday announced it is levying sanctions against Russia’s largest military shipbuilding and diamond mining companies. The move blocks their access to the U.S. financial system as the United States looks to exact more economic pain on President Vladimir Putin for the invasion of Ukraine. Alrosa is the world’s largest diamond mining company and accounts for about 90% of Russia’s diamond mining capacity, according to the U.S. Treasury Department. Alrosa generated over $4.2 billion in revenue in 2021. Diamonds are one of Russia’s top 10 non-energy exports by value. The State Department also said it was blacklisting…

A federal high court in Abuja has ordered the federal government to implement its 35 percent affirmative action policy on public service positions. Donatus Okorowo, the presiding judge, said this while delivering judgment on Wednesday in a suit filed by some women groups challenging the “marginalisation” of women by the federal government. The plaintiffs in the suit include the Incorporated Trustees of Nigerian Women Trust Fund, Women Empowerment and Legal Aid and Centre for Democracy and Development (West Africa.) Others are Women Advocates Research and Documentation Centre, Vision Spring Initiative and Women in Politics Forum. The president and Abubakar Malami,…

President Muhammadu Buhari, yesterday, assented to Executive Order 11 (EO11) on national public buildings maintenance. The signing of the document preceded the weekly Federal Executive Council (FEC) meeting at the Council Chambers of the State House, Abuja. Speaking before appending his signature, the president directed all Ministries, Departments and Agencies of government (MDAs) to set up maintenance departments in line with the provisions of the new Executive Order. Buhari said the order now gives legal backing to the country’s national maintenance policy, following its earlier approval by FEC. He added that government had already started utilising the policy to give…