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Saudi Arabia Records $27bn Budget Surplus As High Oil Prices Boost Revenue

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The kingdom of Saudi Arabia says it recorded a budget surplus of $27.13 billion in 2022 due to high oil prices — its first surplus in nearly a decade.

Since the onset of the Russian-Ukraine war, the Arab country has benefited from the increase in oil prices.

TheCable had reported that subsidy burden and pipeline shutdowns are among the reasons Nigeria is not benefitting from high crude oil prices.

According to Saudi Arabia’s finance ministry, the surplus for 2022 amounted to 2.6 percent of its gross domestic product (GDP).

The surplus is said to be $3.2 billion higher than the country expected.

On Wednesday, Mohammed bin Salman, Saudi Arabia’s crown prince, said that the success of the kingdom’s reforms in the operating model of the public sector and the economy contributed to the achievement of a budget surplus.

Saudi Press Agency (SPA) quoted the crown prince as saying the budget surplus would boost government reserves, support state funds, and strengthen the kingdom’s financial position.

The crown prince said it is expected that, by the end of this year, the GDP growth will reach 8.5 percent — higher than the 7.6 percent predicted by the International Monetary Fund (IMF).

“His Royal Highness further said that it is expected that by the end of this year, the GDP growth will reach 8.5%., as this growth was also reflected in the creation of more job opportunities, which contributed to the decline in unemployment rates among citizens to 9.7% during the second quarter of 2022, the lowest during the past 20 years, indicating that more than 2.2 million citizens work in the private sector, the highest in the Kingdom’s
history,” SPA said.

“He also praised the increase in women’s economic participation from 17.7% to 35.6%.

“His Highness also indicated that the state’s budget for 2023 comes as a continuation of achieving the goals of the Kingdom’s Vision 2030, as it focuses on accelerating the achievement of results, as the government has succeeded in implementing many supportive initiatives and structural reforms to enable economic transformation and involve the private sector in the transformation journey.

“HRH Crown Prince also explained that strategies, programs, initiatives, and procedures are being carried out periodically to ensure their effectiveness, and correct their course whenever the need arises.

“His Royal Highness stated that the government, in addition to spending in general, carries out a number of major initiatives that will contribute to strengthening the role of the private sector and attracting foreign investments that will help achieve the aspirations and ambitions of the Kingdom’s Vision 2030, based on the strengths that Allah the Almighty has bestowed upon this country ranging from a distinguished strategic location to a pioneering investment power, and an Arab and Islamic depth.”

Saudi Arabia also approved a 1.114 trillion riyals ($296 billion) budget for 2023, while forecasting a surplus of 16 billion riyals ($4.3 billion) in 2023.

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JUST IN: Education Minister Reverses 18-Year Age Limit For Admission

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The newly appointed Minister of Education, Dr. Tunji Alausa, has announced the removal of the 18-year age limit for admission into tertiary institutions in Nigeria.

He also indicated the possibility of a comprehensive review of the nation’s education policy.

However, Alausa made it clear that there would be no reversal of the Federal Government’s decision to invalidate over 22,700 degree certificates acquired by Nigerians from unrecognized universities in neighboring Togo and the Benin Republic.

Speaking at his inaugural ministerial press conference in Abuja on Wednesday, Alausa emphasized that practical education is key to tackling Nigeria’s unemployment crisis. He stated that tertiary institutions must stop producing graduates without ensuring job opportunities for them.

The minister also revealed plans for the federal government to partner with private sector players to provide training opportunities for students and help them realize their full potential.

Additionally, Alausa announced that universities focused on agriculture would be empowered to implement commercial farming practices as part of efforts to address the country’s food security challenges.

 

More to come…

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JUST IN: 114 Released #EndBadGovernance Protesters Arrive Presidential Villa

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One hundred and fourteen #EndBadGovernance protesters, including minors and adults acquitted by the Federal High Court in Abuja, have arrived at the Presidential Villa.

The protesters, initially arraigned by the Police Force, were released following a court ruling by Justice Obiora Egwatu.

The case was dismissed at the request of the Attorney General of the Federation (“AGF”), Lateef Fagbemi.

Vice President Kashim Shettima, representing President Bola Ahmed Tinubu, is set to officially receive the released protesters.

They are then handed over to their respective Governors, specifically Uba Sani of Kaduna and Abba Yusuf of Kano.

Ministers present at the State House Auditorium in Abuja for the reception include: Tunji Alausa (“Minister of Education”); Nentawe Yilwatda (“Minister of Humanitarian Affairs and Poverty Reduction”); Balarabe Lawal (“Minister of Environment”) and Tanko Sununu (“Minister of State for Humanitarian Affairs and Poverty Reduction”).

Also, Senior Special Assistant on Community Engagement for the Northwest, Abdullahi Yakasai, is in attendance.

Other dignitaries present are Deputy Senate President Jubrin Barau and Chairman, House of Representatives Committee on Appropriation, Abubakar Bichi.

 

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BREAKING: Nigeria’s National Grid Collapses Again, 10th Time In 2024

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Nigeria’s national grid has collapsed again for the 10th time in 2024.

This was revealed by the National grid’s X handle.

This revelation was made after several Nigerians complained of a sudden disappearance of power supply in their houses.

 

More to come…

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