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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.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
