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Tag: Budget 2025

  • Oil price decline to $73.5 per barrel threatens budget 2025 revenue target

    Oil price decline to $73.5 per barrel threatens budget 2025 revenue target

    THE price of Nigeria’s Bonny Light crude oil fell by   10.6 per cent   to $73.53   per barrel from $84.02   per barrel on January 15th, fuelling fears over achievement of   Federal Government’s budget 2025 revenue target. .

    The Budget 2025 is based on crude oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day, bpd   and revenue target of N36.35 trillion with 56 per cent coming from oil sales.

    The fall in crude oil price represents a 6.6 per cent potential decline in FG’s oil revenue target, which is worsened by the oil output well below the   budget benchmark of 2.06 million barrels per day.

    According to data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, crude oil output stood at    1.737 million bpd in January 2025, up from 1.667 million bpd recorded in the preceding month of December 2024.

    Reacting to the development, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said,   “If energy prices fall, of course, that has implications for our own revenue. So it’s likely to negatively impact on our oil price, on our oil revenue but it may be positive for businesses because a reduction in crude oil price or commodity or global oil price typically reduces the cost of petroleum products, including the Premium Motor Spirit, PMS, also known as petrol, diesel and jet fuel.

    On his part, the National President of Oil and Gas Services Providers Association of Nigeria, OGSPAN, Mazi Colman Obasi, said: “Besides impacting negatively on the execution of Nigeria’s 2025 budget, it should be noted that low crude oil price would culminated in low petroleum products prices. This would be possible as refiners’ costs of refining are expected to drop.”

  • NMA to Lagos: Allocate 15% of Budget 2025 to healthcare

    NMA to Lagos: Allocate 15% of Budget 2025 to healthcare

    Nigerian Medical Association, NMA, Lagos Chapter, on Tuesday, urged the Lagos State government to allocate 15 per cent of its 2025 Budget to healthcare, and said it is in line with the Abuja Declaration of 2001.

    The association of doctors, which faulted the healthcare system, lamented that it was overstretched, infrastructure was dilapidated and medical practitioners were overworked.

    They spoke at the NMA Lagos State Physicians’ Week 2024, with the theme: ‘Ensuring Applicability on Remuneration: A Panacea to Talent Retention in the Healthcare Industry.’

    Speaking at the event, Chairman of the Occasion, Dr Adebayo Aderiye, in his remarks, also argued that the  Civil Service Commission, CSC, should not determine the salary structure of healthcare workers, saying they were underpaid.

    Aderiye said: “We all know about the Abuja Declaration in 2001. African countries gathered here and made a decision that in order to improve the healthcare in Africa, all countries must make sure that their health budget is no less than 15 per cent of their national budget. But years later, I think it is only Mauritius that has done that.

    “Some countries and states have reduced their health budgets. Some increased theirs, but only a few countries were able to make that much of an increase. Now, in Nigeria, where the declaration was made, nothing much has been done. This year, it was 4.6 or so. Last year, it was 4.7. That is not so much. Until we do that, we will be having problems with health.

    “I want to appeal to the representative of the First Lady, Ibijoke Sanwo-Olu, to help us tell her that in Lagos, we want to achieve 15 per cent health budget. In Abia, it was 15 per cent. In Bauchi, it was over 15 per cent. In Yobe, they allocated more than 15 per cent. It is also the same in Kaduna. I remember that some years back, we went as far as 8 or 9 per cent and even promised to hit the figure, although we know that there are competing priorities, health must be number one.”

    On his part, National President of NMA, Prof Bala Audu, represented by Chairman of NMA Lagos, Dr Babajide Saheed, in his remarks, lamented the rate at which experienced and skilled healthcare professionals, were leaving Nigeria for opportunities abroad.

    Audu said: “This mass exodus, known as brain drain, is merely a symptom of individual decisions. It is a consequence of a system that fails to offer fair compensation for career fulfillment. Fair remuneration is more than just a salary figure, it is a recognition of our value, a moivator for excellence and a safeguard against burnout. In any industry, but particularly in healthcare, adequate compensation reflects the time, emotional energy and personal commitment healthcare professionals invest. When a healthcare worker is remunerated fairly and equitably, they feel valued and respected. This respect, in turn, fuels dedication, strengthens their commitment to patient care and fortifies the larger health ecosystem.”