Business
Federal Budget Reduces By N156bn

Governor Isa Yuguda of Bauchi State (left), congratulating the new State Chief Judge, Justice Talatu Umarm, during her swearing-in in Bauchi recently. Photo: NAN
The revised version of
the 2015 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sent to the senate by President Goodluck Jonathan reduced by N156 billion.
President Jonathan last week sent for adjustment a budget proposal of N4.661 trillion on as against the budget estimate of N4.817 trillion presented to the senate on October 1 for consideration and approval.
The reduction in the amount of the federal government budget proposal according to the president was due to the sudden crash in crude oil price in the international market.
The president said the reduction of the proposed benchmark has become necessary in order to pilot the nation’s economy in conjunction with the dictates of the global economy.
The federal government also reduced the earlier N250 billion estimated for kerosene subsidy to N156 billion, as petrol subsidy depreciated from N971.1billion to N458.6billion.
The N4.661trillion budget estimate was predicted on $73 per barrel oil benchmark and a foreign exchange rate of N162 to a dollar as against the earlier proposal of $78 per barrel benchmark and an exchange rate of N160 to one dollar.
The new Medium Term Expenditure Framework and Fiscal Strategy Paper also showed a reduction in capital expenditure from the earlier proposed N1.436 trillion to N1.208 trillion.
The federal government however retained the recurrent expenditure of N2.622 trillion proposal in the first MTEF/FSP.
The capital expenditure also includes N184.8 billion sSubsidy Reinvestment and Empowerment Project Fund as against the N259 billion estimated in the first proposal.
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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