Connect with us

NEWS

Government Pin 2017 Budget At N6.866trillion

Published

on

The federal government has proposed a budget of N6,866,335,052,740 for 2017. The presidency also disclosed to the National Assembly that it would set up a $25 billion Infrastructural Development Fund as a means of attracting non-budgetary resources to fund its development projects.

This information was contained in the 2017 to 2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sent to the National Assembly for approval yesterday.

According to the document, the country’s debt stock was N16.3 trillion ($61.45 billion) as at June 30, 2016.

The document also showed that in adherence to the three per cent threshold set out in the Fiscal Responsibility Act 2007, the 2017 fiscal deficit was projected at N2.7 trillion in nominal terms.

The government projected $42.5 per barrel and 2.2 million barrel per day for crude oil production, despite the volatility in global oil prices, as well as $45bpb and $50bpb for 2018 and 2019 with oil production benchmark of 2.3 million and 2.4 million barrels per day for the same period.

The country’s “Oil and gas sector is expected to rebound with an average growth rate of 9.69 per cent during the period. The year-on-year inflation rate is projected at 12.92percent for 2017 and 12.57 per cent for 2019.

“The nominal GDP is expected to increase from N108, 735 billion for 2017 to N129,773 billion for 2019. Similarly, private consumption expenditure is projected to grow from N80,048 billion for 2017 to N91,955 billion for 2019.

“These are important revenue projections, in addition to enhancing the capacity of the government to increase spending on core social and economic programmes during the MTEF period,” the documents read in part.

The aggregate revenue to fund the 2017 budget, according to the budget framework, is expected to increase over the 2016 estimate of N3.855 trillion by about eight per cent or about N313billion. Thirty-three percent of the amount is expected from oil sources while the balance is derivable from non-oil sources in consonance with the government’s renewed focus on diversification of its revenue base.

The recurrent (non-debt expenditure) and capital payments are being projected to increase in nominal terms by N217.42 billion and N177.6 billion in 2017 over the 2016 estimate.

On the risks to the Medium-Term Outlook, the document states: “The Nigerian economy has remained susceptible to a number of recurring risks and persistent shocks. These risks have posed setbacks to government finances, constrained economic growth and consequently, slowed the pace of achieving development objectives. These shortcomings have been carefully considered in designing the Medium Term Strategy.”

The Federal Government proposed a total sum of N1.3 trillion as oil revenue to fund the 2017 budget. This includes N14 billion from NLNG dividend, N1billion from share of minerals and mining, while non-oil revenue is projected at N1.5 trillion.

Other sources of revenue, according to the MTEF, are: Independent revenue, N1.2 trillion; Federal Government’s share of actual balance in special accounts, N6.5 billion; government’s balances in special levies accounts, N9 billion; and government’s unspent balance of previous fiscal years, N50 billion.

The document also revealed that vote for the amnesty programme was increased from N20 billion in 2016 to N65 billion in 2017, debt servicing increased from N1.326 trillion in 2016 to N1.639 trillion in 2017, while the special intervention programme (recurrent) was raised from N300 billion to N350 billion.

The government noted that the forex policy was revised in its bid to accommodate the pressures on the reserves which is about $26.36 billion and allow effectiveness of fiscal adjustment.

Source: guardian.ng

Continue Reading

MUSIC

Tems Debut Album Ranks #2 On Billboard’s R&B List Of 2024

Published

on

Tems debut album hits #2 on Billboard's R&B list of 2024 | fab.ng

Tems’ Global Impact: A Billboard Recognition

Tems, a global music sensation, has solidified her position as one of Africa’s most successful artists, with her album captivating millions of fans worldwide and garnering numerous prestigious awards.

In a recent testament to her talent, her debut album secured the second spot on Billboard’s list of the best R&B albums of 2025.

This remarkable achievement places Tems alongside renowned artists such as Chris Brown, PartyNextDoor, Muni Long, and Bryson Tiller.

Furthermore, Billboard has praised Tems’ music for transcending the boundaries of Afrobeats, resonating with audiences across the globe.

“The Nigerian star finds her footing in the global spotlight and stands firmly in her purpose on her dazzling debut album Born in the Wild.

“She opens up about surviving her mental wilderness and learning to thrive in it on the opening acoustic ballad that shares the album’s title.

“And on the mid-tempo standout “Burning,” Tems confronts the trappings of her newfound stardom but finds comfort in the collective struggle. As someone who’s studied Céline Dion, Destiny’s Child, and Mariah Carey and dreamt of making soul-stirring songs that send people into their feelings, Tems succeeded with aplomb.

“Born in the Wild became her highest-charting project on Top R&B Albums (reaching No. 5) and marked her career-first entry on the Billboard 200, peaking at No. 56.

“And while Born in the Wild and “Love Me JeJe” earned Tems 2025 Grammy nominations for Best Global Music Album and Best African Music Performance, respectively, her best R&B song nod for “Burning” further reinforced the rich diversity of her music–  and the notion that African artists like Tems cannot be bound to the catchall “Afrobeats” term, as their music has traveled well past the borders of the continent. – H.M.”

Tems’ debut album, “Born In The Wild,” received critical acclaim in the United States.

Indeed, the album earned a Grammy nomination for Best Global Album.

Additionally, her single “Burning” broke records by securing a nomination for Best R&B Song. Meanwhile, “Love Me Jeje” received a nomination for Best African Music Performance.

Check out more music updates here.

Continue Reading

MUSIC

Adekunle Gold Reveals The Role Pheelz Played In Getting Him Signed To YBNL

Published

on

Adekunle Gold credits Pheelz for his YBNL signing | fab.ng

Adekunle Gold marks a significant milestone this December 2024 as he celebrates 10 years since releasing his breakthrough single ‘Sade.’

This debut track, which creatively reimagined One Direction’s ‘Story Of My Life,’ catapulted him into Nigeria’s mainstream music consciousness in December 2014.

The artist recently shared compelling details about his journey to stardom in an industry interview, particularly highlighting his unique path to signing with YBNL.

Before his musical breakthrough, Adekunle Gold cultivated a professional relationship with Olamide through his work as YBNL’s graphic designer, creating cover art for the label’s artists, including Lil Kesh and Viktor.

The pivotal moment in his career arrived when producer Pheelz discovered ‘Sade’ and advocated for Gold’s signing to Olamide, leading to a transformative partnership with YBNL.

Under the label’s guidance, Gold released his debut album, ‘Gold,’ which produced standout hits like ‘Orente’ and ‘Pick Up,’ earning both critical acclaim and commercial success.

AG Baby, as fans affectionately call him, has demonstrated remarkable artistic versatility throughout his decade-long career.

He began his journey by crafting a distinctive urban interpretation of folk and traditional Yoruba music, later evolving into a dynamic pop star with the release of ‘Afro-pop Vol 1.’ His musical portfolio now spans five albums, each showcasing his growth and artistic range.

The singer-songwriter has established himself as one of Nigeria’s most accomplished artists, earning recognition for his exceptional songwriting abilities and commanding stage presence.

His performances continue to captivate audiences across Africa, solidifying his position as a leading figure in the continent’s music scene.

Gold’s journey from a graphic designer to a celebrated musician exemplifies his artistic versatility and dedication to his craft, marking him as one of Africa’s most sought-after performers.

Check out more updates here.

Continue Reading

FOREIGN

Beyoncé Achieves Historic Milestone As Most Certified Female Artist

Published

on

Beyoncé is most RIAA certified female artist of all time | fab.ng

Renowned singer Beyoncé has solidified her position as the most certified female artist of all time, a distinction bestowed upon her by the Recording Industry Association of America (RIAA).

Her recent surge in song certifications has propelled her to an impressive total of 103 RIAA-certified titles, surpassing all other female artists in this category.

The RIAA celebrated this monumental achievement in a post on X on Tuesday.

“Crowning achievement! Congratulations to @Beyonce, who now holds the record for the most certified titles for a female artist in RIAA history, including her first two Diamond singles! @parkwood @columbiarecords,” RIAA announced in a post on X on Tuesday.

Among her numerous accolades are Diamond certifications for two iconic singles: “Halo” and “Single Ladies (Put a Ring on It).” These certifications signify extraordinary sales and streaming figures.

Additionally, Beyoncé boasts a string of impressive certifications for her albums. “Renaissance” has achieved 2x Platinum status, “Lemonade” has attained 4x Platinum, and both “Sasha Fierce” and “Dangerously In Love” have earned 7x Platinum certifications.

This latest milestone further solidifies Beyoncé’s legacy as one of the most influential and successful artists of all time.

Her ability to consistently deliver groundbreaking music that resonates with audiences worldwide has undoubtedly contributed to her unparalleled success.

Check out more music updates here.

Continue Reading

Latest

OdumoduBlvck on how Don Jazzy gifted him $10,000 | fab.ng OdumoduBlvck on how Don Jazzy gifted him $10,000 | fab.ng
ENTERTAINMENT4 hours ago

OdumoduBlvck Recounts How Don Jazzy Gifted Him $10,000

OdumoduBlvck recently praised Mavin Records founder Don Jazzy in an interview with Beats FM. The rapper discussed his latest project,...

Eucharia Anunobi preaches against seeking validation | fab.ng Eucharia Anunobi preaches against seeking validation | fab.ng
ENTERTAINMENT6 hours ago

Actress Eucharia Anunobi Preaches Against Seeking Validation From Others

Nigerian actress and evangelist Eucharia Anunobi shared a compelling message about self-empowerment through her Instagram platform on December 19, 2024....

Forward Isaac Okoro out with shoulder injury | fab.ng Forward Isaac Okoro out with shoulder injury | fab.ng
SPORTS6 hours ago

Cleveland Cavaliers’ Forward Isaac Okoro Out For Two Weeks With Shoulder Injury

The Cleveland Cavaliers will be without forward Isaac Okoro for at least two weeks after he sustained a shoulder injury...

Tems debut album hits #2 on Billboard's R&B list of 2024 | fab.ng Tems debut album hits #2 on Billboard's R&B list of 2024 | fab.ng
MUSIC7 hours ago

Tems Debut Album Ranks #2 On Billboard’s R&B List Of 2024

Tems’ Global Impact: A Billboard Recognition Tems, a global music sensation, has solidified her position as one of Africa’s most...

Adekunle Gold credits Pheelz for his YBNL signing | fab.ng Adekunle Gold credits Pheelz for his YBNL signing | fab.ng
MUSIC9 hours ago

Adekunle Gold Reveals The Role Pheelz Played In Getting Him Signed To YBNL

Adekunle Gold marks a significant milestone this December 2024 as he celebrates 10 years since releasing his breakthrough single ‘Sade.’...

Lookman credits Atalanta for his football development | fab.ng Lookman credits Atalanta for his football development | fab.ng
SPORTS1 day ago

Africa’s Best Player Ademola Lookman Credits Atalanta for His Rise to African Football’s Pinnacle

Ademola Lookman, the reigning African Player of the Year, has acknowledged the significant role that Serie A club Atalanta has...

Beyoncé is most RIAA certified female artist of all time | fab.ng Beyoncé is most RIAA certified female artist of all time | fab.ng
FOREIGN1 day ago

Beyoncé Achieves Historic Milestone As Most Certified Female Artist

Renowned singer Beyoncé has solidified her position as the most certified female artist of all time, a distinction bestowed upon...

Everton confirm majority takeover by Friedkin Group | fab.ng Everton confirm majority takeover by Friedkin Group | fab.ng
SPORTS1 day ago

Everton Confirm Majority Takeover By Friedkin Group To End Moshiri Tenure

The Friedkin Group has acquired a 94.1% stake in Everton, becoming the Premier League club’s new majority owner. The American...

Elozonam on how ‘japa’ makes it hard for him to make friends | fab.ng Elozonam on how ‘japa’ makes it hard for him to make friends | fab.ng
ENTERTAINMENT1 day ago

Elozonam Reflects On How “Japa” Makes It Hard For Him To Make Friends

Former BBNaija star and content creator Elozonam revealed how Nigeria’s “japa” syndrome—where individuals emigrate in search of better opportunities abroad—has...

AY says Netflix struggles in Nigeria with 300k subscribers | fab.ng AY says Netflix struggles in Nigeria with 300k subscribers | fab.ng
MOVIES1 day ago

Netflix Struggles In Nigeria With Only About 300k Subscribers – Comedian AY

Comedian and filmmaker AY Makun has weighed in on the controversy surrounding the alleged decision by Netflix to pause funding...

-Ad-

under40ceos-starting-a-business
under40ceos-starting-a-business

Trending