BUA GIVES UPDATE ON COMPLETION OF $3.8BN REFINERY.(PHOTO)

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 BUA gives update on completion of $3.8bn refinery. BUA Refinery and Petrochemical has announced that it is on track to complete its $3.8 billion plant in Akwa Ibom. In a statement on Saturday, the firm dismissed reports that the refinery is 90 percent complete. The clarification comes amid reports that the 200,000-barrel-per-day refinery is 90 percent completed. However, the company described the report as misleading. “Contrary to a misleading report stating that our 200,000 barrels/day refinery is at 90% completion, BUA wishes to advise the public to disregard such misleading reports that did not emanate from us. “As we make remarkable strides on our Akwa lbom refinery project, we are proud to Share that construction is progressing steadily. Whilst the refinery is not at 90 percent completion, we are, however, on track to meet our delivery timelines in collaboration with our partners.”
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NATIONAL ASSEMBLY SET TO PASS N49. 7TRN 2025 BUDGET IN FEBRUARY. (PHOTO).

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 National Assembly set to pass N49.7trn 2025 budget in February 


Details about how the National Assembly plans to pass the proposed N49.7 trillion 2025 Appropriation Bill have emerged. 

According to the legislative timeline, the joint National Assembly Committee on Appropriations will lay its report on the budget on Friday, 31 January 2025, setting the stage for its anticipated passage in early February. 

The National Assembly’s timetable noted that Ministries, Departments, and Agencies (MDAs) are expected to defend their allocations before the relevant committees starting Monday, 7 January 2025. 

A memo obtained by our correspondent in Abuja revealed that the Senate Committees on Appropriations and Finance will meet with key government officials on Friday, 7 January, at 2 p.m. 

These officials include Wale Edun, the Minister of Finance and Coordinating Minister of the Economy; Atiku Bagudu, the Minister of Budget and Economic Planning; and the Director-General of the Budget Office of the Federation. 

Joint budget defence sessions between the Senate and House of Representatives’ appropriations subcommittees, alongside relevant MDAs, will begin on Wednesday, 8 January, and continue until Wednesday, 15 January 2025. 

The timetable indicates that the Appropriations Committee will present its final report on the budget on Friday, 31 January 2025. 

Senator Adeyemi Adaramodu (APC – Ekiti South), Chairman of the Senate Committee on Media and Publicity, confirmed the timeline in Abuja. 

President Bola Ahmed Tinubu presented the N49.7 trillion budget proposal, titled “The 2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity,” during a joint session of the Senate and the House of Representatives on 18 December 2024. 

The President highlighted the budget’s focus on securing peace, fostering prosperity, and ensuring hope for a greater future for Nigeria. 

The Senate passed the 2025 Appropriation Bill for a second reading on 19 December, following a debate on its objectives and principles. 

It was then referred to the Senate Committee on Appropriations, chaired by Senator Solomon Adeola (APC – Ogun West), for further scrutiny. 

The House of Representatives also advanced the Bill to its Committee on Appropriations for additional legislative work. 

With the legislative process underway, all indications point to the budget’s passage in early February 2025.

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