GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...
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LAWMAKERS SLAM FG'S ENVELOPE BUDGETING SYSTEM FOR 2025.(PHOTO).

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Lawmakers have condemned the envelope system of funding the annual budget, describing it as anti-democratic and calling for its discontinuation by the federal government.


This criticism was voiced by the Senate as the Appropriations Committee began receiving reports from various Senate committees on Thursday.


The committee emphasised that the envelope system undermined effective budget planning and development, urging the government to adopt a more efficient and needs-based approach.


Similarly, the Senate Committee on Capital Market rejected the 2025 budget proposal of the Investments and Securities Tribunal (IST) owing to discrepancies and errors in the figures and items presented.


The decision was made on Thursday during the tribunal’s budget defense session, chaired by Senator Osita Izunaso. Following a motion by Senator Seriake Dickson (PDP-Bayelsa), seconded by Senator Aliyu Wadada (SDP-Nasarawa), the committee directed IST Chairman Amos Azi to return on Friday at noon to re-present the corrected budget.


The IST Chairman, Amos Azi, apologised for the discrepancies, assuring the committee of efforts to correct the errors.

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