Tag Archives: Higher

Oil Edges Higher Ahead Of OPEC Meeting

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Oil prices rose modestly in Asia on Monday ahead of a producers’ meeting this week that might agree to cap supplies.

But analysts warned that optimism should be tempered by experience of two years of gluts and disagreement among members of the Organization of Petroleum Exporting Countries (OPEC).

OPEC and Russia are slated to begin meeting later Monday on the sidelines of the International Energy Forum in Algiers, looking for ways to stabilise prices that have been depressed since 2014.Pre-forum talks last week between OPEC kingpin Saudi Arabia and member Iran were bleak, with neither willing to commit to freezing production, sending prices plunging more than 3.0 percent on Friday.

However, both major contracts rebounded on Monday after Algeria’s energy minister said all options were still on the table, said OANDA market analyst Jeffrey Halley.

“With OPEC meeting on the sidelines of International Energy Forum for the next three days, and with the first (US) presidential debate happening tomorrow morning Asia time, expect oil to move on comments that range from hope to reality,” he said.

At about 0740 GMT US benchmark West Texas Intermediate for November delivery was up 29 cents at $44.77 while Brent crude gained 23 cents to $46.12.

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http://guardian.ng/news/oil-edges-higher-ahead-of-opec-meeting/

Senators Earn Allowances Nine Times Higher Than Basic Salary, Find Out Total Sum

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Nigerians that have expressed surprise that each senator receives N506,600 per annum as wardrobe allowance may be in for a shocker as the lawmakers receive far more allowances under different other categories.

Investigation showed that senators’ allowances totalled N18,642,880 on annual basis. In all, the allowance each senator receives is nine times more than his annual salary. A senator’s salary is pegged at N2,026,400 per annum.

Each senator or a member of the House of Representatives is entitled to 19 different allowances. These allowances are for vehicle maintenance and fuelling; domestic staff, entertainment, utilities, personal assistant, constituency, wardrobe, house maintenance, newspapers, recess, accommodation, furniture, severance, tour duty, estacode, special assistant, security, legislative aide and medical.

These allowances are specified in the Remuneration Package for Political, Public and Judicial Office Holders prepared by the Revenue Mobilisation Allocation and Fiscal Commission.

On an annual basis, the 107 senators receive   N1,994,788,160 as allowances. Only 107 senators are eligible for these allowances. The President of the Senate and Deputy President of the Senate receive fewer allowances because most of their needs are fully provided for by the state.

Read More: punchng

National Assembly Allocation Higher Than States’ Budgets- Report

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After months of public outcry over its lavish annual budget, Nigeria’s National Assembly has finally accepted a N20 billion cut to its budget, the first time it would do so since 2011.

This year, the National Assembly will spend N130 billion, and no longer N150 billion, according to the 2015 Appropriation Act signed this month by President Goodluck Jonathan.

Since 2011, the legislature had maintained a super annual budget package of N150 billion, with details of the spending kept top secret for four years.

Even as Nigeria faced a devastating revenue shortage due to sliding oil price in 2014, the Nigerian government proposed another N150 billion for the lawmakers for the 2015 fiscal year.

But while the lawmakers have now agreed a N20 billion cut following months of criticism, its new N130 billion allocation still outweighs the individual budgets of 19 states in Nigeria, PREMIUM TIMES analysis has shown.

Only 17 states of the federation and the Federal Capital Territory Administration have budgets that are equal to, or above that of the National Assembly.

The federal legislature consisting of the Senate, the House of Representatives, the National Assembly Service Commission and the Legislative Institute of Nigeria; has just over 2,000 persons.

The National Assembly has 469 members in addition to legislative aides and other support staff which are less than 1, 600 persons.

On the contrary, every state of the Federation have the full complements of the legislature, the executive, the judiciary, a robust civil service, and of course millions of citizens to care for.

Some of the states with smaller budgets include Ebonyi (N80 billion), Yobe (N80.6 billion) Niger (80.8 billion), Ekiti (N80.9 billion), Gombe (N86. 8 billion), Zamfara (N92.8 billion), and Enugu (N96.7 billion).
Others are Taraba, Benue, Jigawa and Adamawa. (See full list below).

Currently, the national lawmakers have been found to be paying themselves salaries and allowances outside the recommendations of the Revenue Mobilization, Allocation and Fiscal Commission, RMAFC.

A former RMAFC’s Chairman, Hamman Tukur, had publicly accused the legislators of paying themselves illegal salaries and allowances.

In a year, the senators pocket over N19.6 billion while members of the House of Representatives earn N38.8 billion in allowances apart from other official perks.

Read More: premiumtimesng