Tag Archives: Revises

Presidency Revises 2016 Budget, Reduces Allocation For…

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The Presidency has drastically cut its N8.09 billion provision in the 2016 budget for the purchase of various brands of vehicles for State House operations during the year.

A review of the fresh copy of the budget uploaded to the website of the Budget Office of the Federation on Friday showed a massive cut by about 83.5 per cent in the total allocation for the vehicles.

The government will now spend only N1.34 billion to buy only five BMW saloon cars and jeeps as well as buses for use by the Presidency during the year.

Apart from the reduction in the provision for vehicles, there were other adjustments in the previous allocations to various departments and units in the Presidency contained in the original budget.

A total of N7.52 billion was provided previously for the purchase of various exotic vehicles, including BMW saloon cars, in addition to another N566 million for the procurement of vehicles, including 16-seater Toyota Hiace coaster buses for the State House.

Credit: PremiumTimes

World Bank Revises Oil Price Forecast To $52

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The World Bank has said it is lowering its 2015 forecast for crude oil prices from 57 dollars per barrel in its July report to 52 dollars per barrel.

This is according to the bank’s new Commodity Markets Outlook, a quarterly update on the state of the international commodity markets.

The update was derived from the World Bank’s website.

It stated that the revised forecast reflected a further slowing in global economic performance, high current oil inventories and expectations that Iranian oil exports would rise after the lifting of international sanctions.

It said the Bank’s Energy Price Index tumbled 17 per cent in the third quarter of 2015 from the previous three-month period.

“This was led by a renewed plunge in oil prices prompted by expectations of slower global growth, particularly in China and other emerging markets, abundant supplies and prospects of higher Iranian exports next year.’’

Credit: ThisDay