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Buhari to Sign 2023 Budget Next Week

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2023 budget

By Aduragbemi Omiyale

The appropriation bill passed into law on Wednesday should be signed into law next week by President Muhammadu Buhari, the Senate President, Mr Ahmad Lawan, has disclosed.

He made this disclosure after he had a closed-door meeting with Mr Buhari at the Presidential Villa in Abuja on Friday.

While addressing reporters after the private meeting, the number three citizen of the country said he discussed the 2023 budget and other issues, including the general elections taking place next year.

The Senate President specifically said the 2023 fiscal year budget, which is the highest in the history of the country at N21.83 trillion, would be signed on Tuesday, December 3, 2023, all things being equal.

“We are looking forward to Mr President signing the Appropriation Bill 2023, by the grace of God, on Tuesday.

“This is because we signed the document on Thursday, having lost some time because of some anomalous figures we had in the bill presented to the National Assembly.

“But thank God, the National Assembly in both chambers passed the Appropriation Bill 2023 on Wednesday, and I’m sure that Mr President and his team on the executive side will work on what we have done.

“And the first thing on Tuesday, the first official working day of the year, I believe that Mr President will be signing the Appropriation Bill 2023,” Mr Lawan stated.

He described his discussions with Mr Buhari as fruitful, noting that the executive and the legislative arms of government have been working cordially for the growth of Nigeria, saying this has made it possible to have a January to December budget cycle.

However, he lamented the delay in passing the 2023 budget earlier than expected, attributing this to the irregularities discovered the in the 2023 appropriation bill, which was later cleaned up.

“We are very pleased that we have been able to, in the last four years, ensure the passage of the appropriation bills in record time before every Christmas, and Mr President had always signed before the end of the year.

“This year, particularly, is because of the anomalous, very undesirable and unfortunate situation that we had to delay a little bit.

“You will recall that the National Assembly had to cut down its Christmas recess to come back on Wednesday for the sole purpose of passing the appropriation bill, which we could have passed a week before. So all the same, there’s nothing that we missed,” the Senate President said.

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Economy

OPEC+ Delays Oil Output Hke Until April, Extends Cuts Till 2026

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Nigeria OPEC

By Adedapo Adesanya

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) has postponed plans to unwind several formal and voluntary crude production cuts into 2026.

The alliance agreed to extend the 2 million barrels per day and the 1.65 million barrels per day of cuts until the end of 2026 from the end of 2025, respectively, according to statements issued by the group on Thursday.

The gradual unwinding of 2.2 million barrels per day of cuts will start from April 2025 with monthly increases of 138,000 barrels per day and will last 18 months until September 2026.

The group had previously planned to unwind the 2.2 million cut over 12 months through monthly output increases of 180,000 barrels per day.

Under its formal output strategy, the broader OPEC+ coalition is now restricting its combined production to 39.725 million barrels per day until December 31, 2026, after previously only applying this quota throughout 2025.

Eight OPEC+ members, excluding Nigeria, will now extend their 2.2 million barrels per day voluntary production decline into the first quarter, and will begin hiking production incrementally between April and September 2026.

Several OPEC+ members will also be postponing the unwinding of the second 1.65 million barrels per day cut until the end of next year. This latter production decline was previously only set to last through 2025.

Despite these sets of production trims and ongoing conflict threatening the hydrocarbon-rich Middle Eastern region, global oil prices have remained subdued for the better part of this year, under pressure from a lukewarm demand outlook.

Market analysts also warned that the oil market will now shift focus to the actions of US President-elect Donald Trump, who when he takes office in January, could impose new sanctions on Iran, tariffs on China and has pledged an end to the Russia-Ukraine war.

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Economy

Bitcoin Could Hit $200,000 Next Year, Ethereum $8,000—Analyst

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The Economics of Bitcoin

By Aduragbemi Omiyale

The Head of Research at Derive.xyz, Mr Sean Dawson, has disclosed that the price of Bitcoin could potentially reach $200,000 next year.

On Wednesday, the token cross the elusive $100,000 threshold buoyed by renewed interest in the crypto market after Mr Donald Trump won the presidential election of the United States held on November 5, 2024.

Mr Trump, who is returning to the White House for the second term after he occupied it from 2017 to 2021, is a fan of the crypto landscape and it is believed that his return would favour the market.

In the analysis done by the world-leading onchain options DeFi protocol, it was stated BTC has the 18 per cent chance of shattering that ceiling.

“While Bitcoin hits a major milestone of reaching above $100,000 for the first time today (yesterday), optimism has surged on Derive.xyz, with an 18.7 per cent chance of BTC reaching $200,000 by September 26, 2025 – four-times higher since the US election,” Mr Dawson said in a note to Business Post.

“Ethereum is not far behind with an all-time high prediction of 23.6 per cent chance of reaching $8,000 by the same date.

“Current market dynamics also show a 10.5 per cent probability of Ethereum hitting $6,000 and a 6 per cent chance for Bitcoin to reach $150,000, both by January 31.

“The sharp increase in the 25 delta skews for Bitcoin to 8.8 per cent and 10.3 per cent for 7 and 30 days, respectively, compared to 24 hours ago, shows that traders are heavily favouring calls over puts to maximise on potential upward movements.

“Additionally, Bitcoin’s ATM implied volatility has reflected these expectations with a significant increase, peaking at 72 per cent recently, before adjusting to 61 per cent. This indicates anticipation of substantial price movements in the coming week.

“The heightened market activity and trader confidence are mirrored in Derive.xyz‘s performance, with our total value locked (TVL) reaching a new peak of $94.8 million. This milestone solidifies Derive.xyz’s position as a dominant player in the DeFi space, poised to leverage these optimistic market trends, as we move toward a TGE on January 15,” he added.

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Economy

Senate Passes Investments, Securities Bill for Investor Protection

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Investor Protection

By Aduragbemi Omiyale

The Investments and Securities Bill 2024 has been passed by the Senate after it scaled the third reading at the upper chamber of the National Assembly.

The bill aims to protect investors at the Nigerian capital market as it blocks different forms of abuse, insider dealings, preventing unauthorised, illegal , unlawful, fraudulent and unfair trade practices relating to securities and investments.

The chairman of the Senate Committee on Capital Market, Mr Osita Izunaso, while presenting the bill to the parliament, disclosed that the repeal and enactment bill, when signed into law by the President, would further strengthen the Securities and Exchange Commission (SEC) carry sanitise the market.

According to him, the bill will “undoubtedly provide a significant opportunity to drive the growth of the capital market and diversification, thereby creating a conducive atmosphere for investors in the Nigerian capital market.

In addition, it will “address modern forms of financial malpractices and reinforce investors’ protection by engendering robust regulations around market abuses, insider trading and governance standards for publicly traded companies.”

He said, The bill envisages regulatory framework for digital currencies and fintech activities, including the supervision of blockchain and cryptocurrency transactions to support the integration of innovative technologies within the scope of the capital market.”

“The bill seeks to set a clear-cut delineation of roles amongst regulatory bodies in order foster transparency and reduce regulatory overlap, thereby enhancing the operational efficiency of Nigeria’s Securities and Exchange Commission;

“It seeks to support the introduction and regulation of diversified financial instruments, including derivatives, Exchange Traded Funds (ETFs) and other sophisticated products, which are essential for meeting the needs of a broad investor base and increasing market depth,” he added.

Business Post reports that when signed into law, the new bill will repeal the existing Investments and Securities Act 2007.

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