Connect with us

Politics

“No More N750/$:” FG Explains New Exchange Rate For 2024 Budget, Says It’s Achievable.

Published

on

The Nigerian government disclosed on Thursday, January 11, 2024, that the new exchange rate benchmark in the 2024 budget was based on a spot rate meant to avoid uncertainties.
The Minister of Budget and National Planning, Atiku Bagudu, disclosed this while answering questions from State House journalists after a meeting with President Bola Tinubu.

National Assembly raises benchmark interest rate for 2024

The Minister explained that before arriving at the project FX rate of N750 per dollar in the 2024 budget, the government considered and critically examined the average performance of the naira.

 

The National Assembly later raised the benchmark exchange rate in the budget to N800 to a dollar. Bagudu said: “For budgeting purposes. You don’t use the spot rate of anything.

Oil prices can go to 120 today; there may be a shortage or a collision between two ships that will block a channel. According to the Minister, using a reference price that might fluctuate in the future would be unwise.

BusinessDay reports that Bagudu stated that President Tinubu honored the National Assembly in allowing it to raise the FX benchmark further, considering how much he respects institutions.

 

FG to reduce external borrowing in 2024 Per the Minister, the federal government was sure that with the measures it is currently taking, there will be a significant rise in the supply of FX into the economy.
On external borrowing, the Minister said the difference between the 2024 borrowing amount and 2023 is significant.

He said the federal government intends to operate strictly within the confines of fiscal responsibility of the law, which allows the Central Bank of Nigeria (CBN) to lend it money through its Ways and Means window, which is just 5 percent of the total budget.

“It Is Possible”: FG speaks on naira to US dollar exchange rate, sets new target for 2024 Legit.ng reported that Ben Akabueze, the director-general of the federation’s budget office, has said that the Naira will strengthen in value in the foreign exchange market in 2024.

Speaking in an interview with Channels TV on Tuesday, December 26, 2023, the Budget Office DG said this will be possible as the country expects an increase in dollar supply.
He noted that the Tinubu-led government expects the reforms initiated in 2023 to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.

 

Stay tuned for more updates

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Politics

Importance of Conducting Elections

Published

on

IMPORTANCE OF CONDUCTING ELECTIONS

Importance of conducting elections. Elections are a voting process in which the public chooses who should lead the country in representative institutions such as the Parliament and Legislative bodies. All citizens of the nation are eligible to vote once they turn 18.

IMPORTANCE OF CONDUCTING ELECTIONS

IMPORTANCE OF CONDUCTING ELECTIONS

1. Leadership choice

Every individual who participates in elections has the ability to select their own leader by voting for the designated politician or political party.

2. Change of leadership

In any democracy, the people have the final say, therefore if they disagree with the policies of the current administration, they can express their views. They can alter the government by carefully selecting their next set of votes. 3. Political participation: One can always take part in the conversation if they believe that a problem is not being addressed by the majority of political parties or that their solution needs to be modified. This is because they are responsible citizens.

3. Self-corrective system

Because of the regularity of the Indian election system, it serves as a sort of check on the political parties’ work, reiterating that they will not form the government if they are not effective enough in their job.

4. Preserve Democracy

The ability to vote is essential to a democracy’s viability. A high turnout of voters demonstrates a healthy, involved public and enhances the legitimacy of the democratic process.

5. Act as a Voice for Your Community

By casting a ballot, you can make sure that the issues and demands of your community are heard. For underrepresented communities in particular, voting is crucial to ensuring that their concerns are heard and taken into consideration.

6. Affect Local Issues

Compared to national elections, local elections frequently have a more direct and immediate effect on your day-to-day. Participating in these elections’ influences community services, schools, and local governance.

7. Encourage Civic Duty

Being a responsible citizen includes voting. It’s a chance to get involved in your nation’s civic life and contribute to the common good.

8. Create a Better Future

Also, voting is ultimately about creating a better future. It is a means of guaranteeing that the world we leave for the following generation is just, equitable, and prosperous.

Continue Reading

Politics

Ways to Cope with Political Stress

Published

on

WAYS TO COPE WITH POLITICAL STRESS

Ways to cope with political stress. In the face of personal and political turmoil, we may improve our coping skills and fortify our resilience. Here are eight methods for navigating the effects of politics on mental health that are effective by therapists and supported by science.

WAYS TO COPE WITH POLITICAL STRESS

WAYS TO COPE WITH POLITICAL STRESS

1. Manage what you can

It can be beneficial to use what little power we do have when we feel out of control. That could entail formulating a list of specific actions to take if you’re an activist.

2. Make the most of your advantages

To manage and reframe stress, make use of your special abilities and traits. In order to move forward, you must look backward by remembering what has previously worked for you in times of extreme stress and applying those techniques.

3. Watch how much media you consume

Staying away from news and social media during political events can be challenging. The likelihood of experiencing negative mental health impacts associated with politics is somewhat lower for those who are better knowledgeable about politics and the workings of the political system.

4. Remain in the present

We have a tendency to predict the worst when our nervous systems are hypervigilant and we are feeling apprehensive. When it comes to overcoming the stress reaction, mindfulness can be an effective solution.

5. Take it as a chance to reconsider

Research indicates that following stressful occurrences, the rates of marriage, births, and divorces all rise. This is because significant disruptions, especially those that endanger our health and welfare, frequently inspire us to reevaluate our priorities.

6. Handle loss and sadness

It’s useful to recognize and express grief to move on from a political event that has had a major impact on your mental health. Connecting with like-minded others, asking a mentor for insight, and/or seeking professional mental health assistance are some examples of how to do this.

8. Put self-care first

Our stress levels rise when we neglect self-care practices, such as spending time in nature, exercising frequently, maintaining a good diet, and getting adequate sleep, during internal or external upheaval. tal health practitioner.

Continue Reading

Politics

Political Apathy and Causes

Published

on

POLITICAL APATHY AND CAUSES

Political apathy and causes. Apathy or lack of interest in politics is known as political apathy. This encompasses apathy against voting, indifference toward information, and apathy toward public gatherings, politics, elections, and voting. Apathy among voters is defined as their lack of interest in representative democracy elections. Low voter participation among eligible voters is frequently attributed to political indifference or disinterest. in places where voting is required, and the donkey votes in places where voting is not. Every nation or entity where voters are allowed experiences this phenomenon to some degree. Because election results may not represent the whole eligible voter population, political disinterest has raised worries about representative democracy.

POLITICAL APATHY

POLITICAL APATHY

Causes;

1. However, a lack of political will. The belief of a person that their actions do not influence those of the government.

2. Meanwhile, political vacuousness is the belief held by an individual that political decisions lack clarity and predictability. The absence of political norms.

3.  Although, Perception is The idea that norms or regulations meant to regulate political relationships are broken and that deviating from the norm is frequent.

4. However, political exclusion means rejecting political standards and objectives that are universally accepted and shared by society’s members.

5. Also, disillusionment with politics. Disinterest in politics or political participation on the side of a person due to the negative actions of the ruling class, such as politicians creating controversies by engaging in dishonorable behavior. • feeling uneasy about the options available and the least of two evils precept in two-party systems • strategically voting, in which the electoral system encourages voting for a less desired alternative to avert an undesirable outcome; • wasted votes, in which a voter does not gain representation in the final election outcome.

Solutions

1. However, an electoral system. that decreases ballot waste, lowers obstacles to new political parties entering the field, boosts proportionality, decreases presidential, and lowers voting age can all help combat political indifference and raise young suffrage and educational attainment.

2. Meanwhile, civic technology Using more contemporary tools like social media, software, and websites, civic technology aims to mitigate the impacts of political indifference. To increase voter engagement and turnout, several civic technology businesses aim to link citizens with elected officials and the political process.

 

Continue Reading

Trending

Copyright © 2024 Simplexplainer.com. Designed by mypworld@gmail.com