Business
2018 Budget Passage, A Relief To The Nation – FRC
Acting Chairman, Fiscal Responsibility Commission (FRC), Mr Victor Muruako, says the passage of the 2018 Appropriation Bill by the National Assembly is a relief to the nation.
Muruako said this while speaking to newsmen yesterday in Abuja, in reaction to the recent passage of the budget.
He said it would also bring hope to the populace and boost the economy.
He also said the crude oil benchmark which was increased from 45 dollars per barrel to 51 dollars per barrel was the right thing to do, considering the current price of crude oil globally.
“The crude oil price benchmark is very realistic because if you look at the current crude oil price you will see that 51 dollars is fair enough, because the essence of these things is not to have an unrealistic estimate.
“Presently, crude is going for 78 to 80 dollars per barrel and I think 51 dollars is even conservative but it is better to be on the safe side, so for me it is a commendable effort,” Muruako said.
He also said the increase in the budget estimate by the National Assembly by N508 billion was in the interest of the country.
Muruako added that the legislative arm had been working very closely with the executive to ensure that things are done properly.
The National Assembly on Wednesday passed the 2018 Appropriation Bill of N9.12 trillion from the N8.61 trillion proposed by President Muhammadu Buhari in November, 2017.
The budget expenditure was premised on oil price benchmark of 51 dollars per barrel as against 45 dollars proposed by the President.
Crude oil production was bench-marked at 2.3 million barrels per day and exchange rate of N305 to one dollar.
Our source reports that economic analysts have, over the months, expected the budget to be passed by the National Assembly, citing grave consequences the delay could cause for the economy and the nation at large.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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