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Oil price crash: N’Assembly, Executive to cut down N10.59trn budget for 2020

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Senate passes CAMA amendment bill

The Senate, on Tuesday, has said that a cut to the N10.594 trillion budget for 2020 passed by the National Assembly on December 5, 2019, is “inevitable” in view of the crash in crude oil price internationally.

The resolution was reached sequel to the adoption of the recommendations of the report of the Joint Committee on Finance; Appropriations; National Planning and Economic Affairs; and Petroleum Resources (Upstream).

Accordingly, the Upper chamber, while adopting the recommendations of the Joint Committee during plenary, resolved that the National Assembly, upon agreement with the Executive arm of Government, would review downward the Appropriation Act 2020.

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The Senate, while urging Revenue generating agencies to live up to their responsibility in line with the Fiscal Responsibility Act passed by the National Assembly, said that both chambers will continue to engage the executive on a regular basis in line with their mandate.

Chairman of the Joint Committee, Senator Olamilekan Adeola (APC – Lagos West), while presenting the report, disclosed that the panel in reaching the proposed recommendations took into consideration the Cost of production of a barrel of crude oil compared with the other counterparts in the Petroleum Producing Countries; the need to prioritise both the Social and the Real Sector of the economy looking at their importance to the overall benefit of Nigeria; Loss of revenue as a result of Gas flaring which runs into several billions of dollars; Devaluation of Naira; and Removal of oil subsidy.

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According to the lawmaker:

“The short term solution is to address the sharp drop in the crude oil price which is creating difficulties in funding the 2020 Appropriation Act as passed by the National Assembly.

“The long term solution discussed is the need to consider and pass the Petroleum Industry Bill (PIB), which is yet to laid before the National Assembly.

“This will address the issue of cost of production and Gas flaring where the country’s resources is going down the drain and other issues that might affect the petroleum sector.”

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Tenants get four-month free rent

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Novare

A South African real estate investment firm, Novare, said on Wednesday that tenants at its three shopping malls in the Federal Capital Territory (FCT), Abuja and one in Lagos would not pay rent for four months.

The firm also donated food items worth millions of Naira to the FCT to help residents cope with the hardship caused by the Coronavirus pandemic.

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It said in a statement that this was a phased palliative intervention as part of its support for Nigeria in its anti-COVID-19 fight.

Novare has three retail malls in the FCT and one in Lagos State.

Each Mall, it said, accommodates over 60 tenants – including Shoprite and Game – over 600 direct employees and over 2,000 indirect employees (including suppliers of the goods and products sold therein).

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JUST IN: Reps reject castration as punishment for rapists

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Bar northern governors from deporting Almajirai, Reps tell FG

The House of Representatives has voted against a prayer seeking to recommend castration for rapists.

The House, at the plenary on Thursday, considered and adopted a motion on the rising cases of sexual violence in Nigeria.

A member, Mr James Faleke, had recommended that persons found guilty of rape should be castrated.

Just before the prayer was subjected to a voice vote, the Speaker, Femi Gbajabiamila, however, asked what would happen to an older female who rapes a younger male.

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The comment generated noise in the chamber, reports say.

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After 14-years in coma, ‘sleeping’ Saudi Prince moves his head for the first time (Video)

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Joy unfolds as Saudi Arabia prince, Khalid Bin Talal moves his head for the first time and gives hope of living after being in coma for fourteen years.

All over the world, many are saying a word of prayer for the ‘Sleeping Prince’ as he still lays on his bed for more than a decade.

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During one of the sessions where he was receiving treatment whilst in a coma, Khalid miraculously moved his head from side to side.

The action was captured on tape and from the video, we could a reaction from Khalid’s caretakers as they could not believe what had just happened.

The doctors and some family members could not hide their excitement and the video has since garnered tons of joyful remarks from social media.

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Watch the video below:

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