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

ENTERTAINMENT

Whitemoney Says He Pays His 150 Employees Five Years In Advance

Published

on

Whitemoney pays his 150 employees 5 years in advance | Fab.ng

Reality TV star Whitemoney, whose real name is Hazel Oyeze Onou, recently surprised fans with a revelation about his business practices. In an interview with Echoo Room, Whitemoney claimed to have a whopping 150 employees on his payroll! That’s a significant number of people who rely on him for their income.

But here’s the even more surprising part: Whitemoney says he doesn’t believe in the traditional monthly pay cycle. According to him, he actually pays his staff members their salaries up to five years in advance! This might sound unbelievable, but Whitemoney explained his reasoning behind this unconventional approach.

He says that by pre-paying his employees, he avoids the hassle and stress of managing monthly payroll. Imagine the administrative burden of processing payroll for 150 people every month. Whitemoney seems to believe that pre-paying eliminates that headache entirely.

The host asked, “I’ve heard that you pay staff members a couple of years in advance; five years, three years in advance. Is this true?”

Whitemoney replied, “To be honest, it is. I operate on that system because it helps me take my mind off things. The way I set up my system is because I’m versatile; I do a lot of things, and I can easily get carried away. Currently, I have 150 staff members.”

Of course, some questions naturally arise from this revelation. For instance, how does Whitemoney manage his cash flow if he’s essentially giving out large sums of money upfront? Is there any kind of contract or agreement in place to ensure his employees fulfil their job duties for the entire five-year period after receiving their salaries? These are details Whitemoney hasn’t publicly addressed yet.

One thing’s for sure, Whitemoney’s approach to payroll is certainly unconventional. While it might work for him and his specific business model, it’s not likely a strategy that could be easily replicated by everyone.

Watch the video clip below.

Check out more entertainment news here.

 

Continue Reading

ENTERTAINMENT

Kendrick Lamar Asks Drake To Return 2Pac’s Ring If He Wants Some Respect

Published

on

Kendrick Lamar asks Drake to return 2 Pac's ring | Fab.ng

The war of words between rap titans Kendrick Lamar and Drake shows no signs of abating.

At a recent concert in Los Angeles, Kendrick Lamar threw down the gauntlet at Drake. This reignited the feud with a fiery performance of his diss tracks “Not Like Us” and “Euphoria.”

The electrifying atmosphere at the Forum on June 19th, 2024 was a testament to the impact of “Not Like Us.” The crowd, a sea of Kendrick supporters, roared their approval. They sang along to every word of the track that shattered streaming records on Spotify in the US. This wasn’t just a performance; it was a full-blown battle cry.

But Kendrick wasn’t content with just one diss track. During his performance of “Euphoria,” he took things a step further. With a few pointed lyric tweaks, he aimed a direct message at Drake with, “Give me Tupac’s ring back and I might give you a little respect” instead of “Matter of fact, I ain’t even bleed him yet, can I bleed him.”

This back-and-forth between the rappers has become a media spectacle. Fans eagerly await Drake’s next move and wonder how he’ll respond to Kendrick’s fiery performance.

According to Billboard, Drake bought the ring for $1 million and the Canadian rapper has constantly boasted about his purchase. He even flaunted it in the music video for his Kendrick Lamar diss track “Family Matters.”

Kendrick Lamar asks Drake to return 2 Pac's ring | Fab.ng

Drake bought 2pac’s ring for $1 million.

Continue Reading

MUSIC

Canadian Rapper Drake Sets New Global Streaming Record On Spotify

Published

on

Drake sets new global streaming record on Spotify | fab.ng

Music streaming giant Spotify has a new king of the charts, and his name is Drake! The Canadian rapper and singer has achieved a monumental feat. He became the first artist in history to surpass a staggering 100 billion streams on the platform. This record-breaking accomplishment solidifies Drake’s position as a global music powerhouse and a true icon of the digital age.

Drake’s path to becoming Spotify’s most-streamed artist has been nothing short of dominant. For the past decade, he’s consistently churned out chart-topping hits. He amassed a loyal fan base and left an undeniable mark on the music industry. His influence transcends genres.

Drake’s music seamlessly blends rapping and singing, with catchy pop hooks that burrow into your ears and infectious beats that make you want to move. He’s not afraid to experiment, incorporating diverse musical styles into his sound. This keeps his music fresh and appealing to a wide audience. His versatility and ability to adapt are key factors behind his enduring success.

Drake’s record-breaking journey isn’t just about individual hits.

He’s also a master collaborator, racking up an impressive number of streams on songs where he’s featured alongside other artists. Recently, he surpassed another milestone by becoming one of only two artists to have 15 songs with over a billion streams each on Spotify. Drake shared the record with fellow Canadian superstar Justin Bieber.

Even when he’s not breaking records, Drake manages to stay relevant through captivating headlines. His recent feud with fellow rapper Kendrick Lamar, complete with diss tracks traded back and forth, sent shockwaves through the music world. It seems like Drake thrives on pushing boundaries and keeping his name in the spotlight.

Despite the occasional controversy, Drake’s collaborative spirit hasn’t diminished. He recently joined forces with rapper Sexy Redd on the single “U My Everything.” Interestingly, Drake’s verse even included a reference to producer Metrobooming’s “BBL Drizzy” diss track, a subtle nod to the ongoing rap battle.

This ability to navigate collaborations and rivalries while churning out hit music is a testament to Drake’s star power and his unwavering dedication to his craft. With his innovative approach to music, his ability to connect with audiences worldwide, and his knack for staying relevant, Drake has cemented his place as a streaming giant and a true legend in the music industry.

Check out more updates here.

Continue Reading

Latest

Whitemoney pays his 150 employees 5 years in advance | Fab.ng Whitemoney pays his 150 employees 5 years in advance | Fab.ng
ENTERTAINMENT17 hours ago

Whitemoney Says He Pays His 150 Employees Five Years In Advance

Reality TV star Whitemoney, whose real name is Hazel Oyeze Onou, recently surprised fans with a revelation about his business...

Africa's cheapest cities to live in, in 2024 | Fab.ng Africa's cheapest cities to live in, in 2024 | Fab.ng
TRAVEL20 hours ago

Lagos Is Africa’s Second Cheapest City You Can Live In

A new report says Abuja, Nigeria’s capital, and Lagos, the country’s commercial centre, are Africa’s cheapest cities for international workers...

Kendrick Lamar asks Drake to return 2 Pac's ring | Fab.ng Kendrick Lamar asks Drake to return 2 Pac's ring | Fab.ng
ENTERTAINMENT21 hours ago

Kendrick Lamar Asks Drake To Return 2Pac’s Ring If He Wants Some Respect

The war of words between rap titans Kendrick Lamar and Drake shows no signs of abating. At a recent concert...

Adekunle Gold song played at Louis Vuitton fashion show | Fab.ng Adekunle Gold song played at Louis Vuitton fashion show | Fab.ng
FASHION23 hours ago

Moment Adekunle Gold’s ‘Falling Up’ Was Played At Louis Vuitton’s Fashion Show In Paris

Paris Fashion Week got a sizzling Afrobeats injection thanks to Adekunle Gold! “Falling Up,” by Adekunle Gold was selected to...

Burna Boy Shares His Favourite Food, Movie And Song | Fab.ng Burna Boy Shares His Favourite Food, Movie And Song | Fab.ng
ENTERTAINMENT1 day ago

Burna Boy Hints At A New Song; Shares His Favourite Food And Movie In Interview

Nigerian music star Burna Boy spilled the tea on his favourite food, movie during a recent interview. The conversation, posted...

Drake sets new global streaming record on Spotify | fab.ng Drake sets new global streaming record on Spotify | fab.ng
MUSIC2 days ago

Canadian Rapper Drake Sets New Global Streaming Record On Spotify

Music streaming giant Spotify has a new king of the charts, and his name is Drake! The Canadian rapper and...

FG to list Ojude Oba as UNESCO approved festival | Fab.ng FG to list Ojude Oba as UNESCO approved festival | Fab.ng
ARTS & CULTURE2 days ago

FG To List Ojude Oba As UNESCO Approved Festival

On Tuesday, the Minister of Culture, Art, and Creative Economy, Barrister Hannatu Musa-Musawa, shared exciting news. He said the Federal...

Lost and Found: Simi announces 5th studio album | Fab.ng Lost and Found: Simi announces 5th studio album | Fab.ng
FAB FRESH2 days ago

Simi Announces 5th Studio Album ‘Lost and Found’

Simi has finally dropped the release date for her highly anticipated album, “Lost and Found.” The announcement, accompanied by a...

Genevieve Nnaji: Hollywood made me feel like commodity | Fab.ng Genevieve Nnaji: Hollywood made me feel like commodity | Fab.ng
ENTERTAINMENT2 days ago

Hollywood Made Me Realise I Was A Commodity – Genevieve Nnaji

Genevieve Nnaji, a Nigerian actress, talked about her experiences trying to work with people in Hollywood. This was after her...

Watch WhiteMoney perform at Funny bone’s concert | Fab.ng Watch WhiteMoney perform at Funny bone’s concert | Fab.ng
MUSIC3 days ago

WhiteMoney Sets The Stage On Fire With His Performance At Funnybone’s Event

Big Brother Naija’s “Shine ya Eyes” winner, Hazel Onuo, better known by his stage name Whitemoney, is facing a wave...

-Ad-

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

Trending