Newspaper review for May 7: Execution of N8.916tr budget threatened
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Newspaper review for May 7: Execution of N8.916tr budget threatened

The major headlines of mainstream Nigerian newspapers of Tuesday, May 7, revolve around the threat to the implementation of the national budget passed by the National Assembly following the destruction of oil pipelines.

The Guardian reports that the vandalisation of pipelines in oil-producing state across the country is posing serious threat to the implementation of the N8.916 trillion budget passed by the National Assembly (NASS).

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The newspaper on its front page reveals that this is coming barely two weeks after the budget was passed. This has led to the delay of deliveries over uncertain circumstances by the International Oil Companies (IOCs).

Newspaper review for May 7: Execution of N8.916tr budget threatened

Nigerian newspaper review for Tuesday, May 7: The Guardian
Source: UGC

Still on economic issues, Punch reports the Nigeria Financial Intelligence Unit (NFIU) has vowed to punish any commercial bank which carries transactions with local governments without the funds first getting to the LG account.

Added to this, NFIU said that no local government will be allowed to make cash withdrawal more than N500,000 in one day beginning from June, 2019.

The agency pointed out that other transactions must be carried out through cheques or electronic medium.

Newspaper review for May 7: Execution of N8.916tr budget threatened

Nigerian newspaper review for Tuesday, May 7: Punch
Source: UGC

Added to this, Vanguard reports that the federal government on Monday, May 6, spoke on the financial autonomy for councils in state governments.

The move by the federal government is aimed to stop governors from seizing local government allocations.

Newspaper review for May 7: Execution of N8.916tr budget threatened

Nigerian newspaper review for Tuesday, May 7: Vanguard
Source: UGC

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Moving over to politics, This Day reports that 75 political parties, excluding the Peoples Democratic Party (PDP) on Monday, May 6, passed a vote of confidence on the national chairman of the Independent National Electoral Commission (INEC) Professor Yakubu Mahmood.

This came after the conduct of the general elections which the parties jointly referred to as satisfactory.

Newspaper review for May 7: Execution of N8.916tr budget threatened

Nigerian newspaper review for Tuesday, May 7: This Day
Source: UGC

The Nation also reports that some of the sanctions to be faced by financial institutions that disobey NFIU's rules include shutdown, being blacklisted and other punishments by international bodies.

Newspaper review for May 7: Execution of N8.916tr budget threatened

Nigerian newspaper review for Tuesday, May 7: The Nation
Source: UGC

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