— The Federal Government begins the implementation of the 2016 budget Friday as it releases funds to Ministries, Departments and Agencies (MDAs) for the execution of their projects. To ensure that funds are duly utilized, the government has ordered the MDAs to produce their projects’ execution reports monthly. (The Guardian)

— The naira fell to 341 against the United States dollar at the parallel market on Thursday from 321 following Wednesday’s removal of subsidy on petrol and the announcement of 145 naira per liter as the maximum pump price.

The local currency was trading at 199.40 to the greenback on the official interbank market, around the 197 official peg rate. (The Punch)

— The Minister of Finance Kemi Adeosun has directed an investigation into the payrolls of the Army, Air Force and Navy by the Continuous Audit Team in order to avoid diversion of monthly salaries of the personnel. (Daily Trust) Enditem

Source: Xinhua


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