FEATURES
- FEC approves N47.96tr estimated expenditure
- President takes Bill to lawmakers tomorrow
The proposed Federal Government expenditure for 2025 will balance revenue, expenditure and borrowing, Coordinating Minister of the Economy Olawale Edun assured yesterday.
“Like governments around the world, we are concerned about achieving fiscal sustainability. It is about creating a balance between revenue, expenditure, and borrowing to foster an economy that can grow sustainably,” he said.
Edun spoke to State House reporters after the Federal Executive Council (FEC) approved the N47.96tr projected expenditure for next year.
President Bola Ahmed Tinubu presided over the meeting.
According to Edun, the estimates target a revenue of N24.82 trillion, leaving a deficit of N13 trillion.
The minister said the deficit will be financed through borrowing.
According to him, the N47.96tr projected expenditure represents a 36.8 per cent increase from this year’s budget.
He added that the N13.14 trillion deficit is equivalent to 3.89 per cent of the country’s Gross Domestic Product (GDP).
Edun stated that the 2025 budget reflects the administration’s progress over the past 18 months, focusing on fiscal sustainability and economic growth.
He emphasized the importance of balancing revenue, expenditure, and borrowing to create a conducive environment for economic expansion.
The minister highlighted the role of private-sector investment in driving growth, creating jobs, and alleviating poverty, noting that private-sector-led economies, such as Nigeria’s, rely on investors to fund projects that enhance productivity and economic expansion.
“Investors play a critical role in boosting productivity, creating jobs, and bringing people out of poverty. Our reforms are aimed at creating an environment where private sector investment can thrive,” Edun explained.
He cited recent reforms under President Tinubu’s administration, including the removal of petroleum subsidy, market-driven foreign exchange policies, and electricity tariff adjustments, as key factors driving economic improvement.
Edun also pointed to growing investor confidence in the Nigerian economy, referencing announcements by Shell and Total of multi-billion-dollar investments in the country.
“These investments signal renewed confidence in our economy and are testament to the government’s ongoing reform agenda,” he noted.
The minister underscored that the 2025 budget prioritises essential government spending while fostering private-sector-led investments.
He also highlighted a significant milestone in the energy sector, with Nigeria resuming domestic refining of petroleum products for the first time in 25 years.
“For the first time in about 25 years, we are refining petrol domestically, not just for fuel, but also as raw materials for industries like pharmaceuticals, construction, and textiles,” he added.
The proposed 2025 budget, according to Edun, is designed to ensure critical government spending while paving the way for robust private-sector participation to drive long-term economic growth.
What estimates intend to achieve
Minister of Budget and Economic Planning Atiku Bagudu said FEC debated the proposals as presented by Director-General of Budget Office Tanimu Yakubu, which accommodates the adjustments directed by the President.
Bagudu, a former governor of Kabbi State and one-time senator, said: “Today, the Federal Executive Council approved the budget proposals for 2025 with amendments which Mr president directed, following a presentation to the Federal Executive Council, led by the Director General of the Budget Office, Tanimu Yakubu.
“The 2025 framework is based on oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day and exchange rate of one 1400 naira (to the dollar).
“All these are already included in the medium term expenditure framework which we have presented here, which have also been approved by the National Assembly.”
He explained that the 2025 fiscal plan aims to reinforce macroeconomic stability and foster growth across various sectors, including security gains and building on efforts to improve national stability.
The budget also hopes to enhance critical infrastructure to boost productivity, invest in education, health, and skill-building initiatives.
Similarly, it hopes to expand industrial activity to create jobs and diversify the economy; strengthen the National Agricultural Development Fund to support food security, and advance the gas and compressed natural gas (CNG) initiatives to reduce reliance on petrol.
Another area it focuses on is promoting affordable housing schemes to address the housing deficit.
Bagudu highlighted that these initiatives are designed to expand economic activity, create consumer credit opportunities, and ensure inclusive growth.
Following a presentation by the Director of the Budget Office, President Tinubu directed amendments to the proposal, incorporating comments from FEC members.
These adjustments aim to ensure fiscal prudence and alignment with national priorities, Bagudu stated.
Reflecting on the administration’s economic performance in 2024, Bagudu pointed to successes in reducing the deficit and achieving significant milestones in infrastructure, security, and economic stability.
“The 2025 budget builds on these gains to ensure sustained growth and development,” he stated.
According to the minister, the approved budget proposal will be presented to the National Assembly for legislative approval in the next 48 hours, following consultations with the lawmakers.
However, the presentation of the 2025 Appropriation Bill to the National Assembly by President Tinubu might not hold tomorrow (today).
Minister of Information and National Orientation, Mohammed Idris, said discussions were ongoing that might lead to the postponement of the budget presentation to Wednesday.
The minister, who noted that the discussions were yet to be concluded, said the possibility is there that the budget will be presented to the National Assembly on Wednesday instead of the Tuesday earlier announced by the President of the Senate, Godswill Akpabio.
Akpabio, during plenary last week, announced that President Tinubu would present the 2025 budget on Tuesday.
[TheNation]
The Federal Government on Monday approved the 2025 budget proposal.
This follows the Senate’s endorsement of the Medium-Term Expenditure Framework 2025 – 2027 on November 22.
President Bola Tinubu will present the proposed N47.96tn budget to the joint session of the National Assembly on Wednesday. The exercise, earlier slated for Tuesday (today), was postponed to allow the executive arm to make final adjustments to the budget.
A top management official of the National Assembly confirmed the postponement on Monday, which was further corroborated by the Minister of State for Agriculture, Sabi Abdullahi.
Speaking to Senate Press Corps journalists on Monday, Abdullahi said, “The budget presentation has been postponed from Tuesday to Wednesday. The executive just needs to make one or two adjustments to the budget.”
Previously, Senate President, Godswill Akpabio, had announced during a plenary session that the President would present the budget on Tuesday at the House of Representatives chamber.
Akpabio added that plenary would begin at 10:30am to allow senators convene in the Red Chamber before proceeding in a procession to the House chamber for the presentation.
The forthcoming budget presentation is expected to align with the fiscal strategies outlined in these documents.
The revised schedule underscores the importance of ensuring all necessary refinements are made to the budget before it is formally presented to the legislature.
The budget size remains N47.96tn as the MTEF proposed, with new borrowings of N9.22tn, the Minister of the Budget and Economic Planning, Abubakar Bagudu, told journalists after the Federal Executive Council meeting at the Aso Rock Villa, Abuja.
The council approved the MTEF and Fiscal Strategy Paper on November 14, 2024. The MTEF, a critical tool the FG uses to outline its fiscal strategy over three years, establishes macroeconomic assumptions and targets that guide national budgeting. It also includes projections of key economic variables such as oil prices, exchange rates, inflation and growth rates.
For the 2025-2027 period, the MTEF sets out parameters, including an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, an exchange rate of N1,400 to the US dollar, and a GDP growth rate of 4.6 per cent. Its projected aggregate expenditure for 2025 is N47.96tn, with planned borrowing of N13.8tn, equating to 3.87 per cent of GDP.
On Monday, Bagudu announced, “Today, the Federal Executive Council approved the budget proposals 2025 with amendments which Mr President directed following a presentation to the Federal Executive Council led by the Director-General of the Budget Office, Tanimu Yakubu.
“The 2025 framework is based on an oil price benchmark of $75 per barrel. Oil production of 2.06 million barrels per day; exchange rate of N1,400 (to the dollar). All these are already included in the medium-term expenditure framework we have presented here, which has also been approved by the National Assembly.
“So, the total projected revenue for 2025 stands at N34.82tn, out of which the expenditure is projected at N47.96tn, an increase of 36.8 per cent from the 2024 estimate. The deficit for 2025 is projected at N13.13tn, representing 3.89 per cent of GDP.”
He explained that comments were taken from council members and the President directed “some consequential adjustments while approving the figures.”
The disclosure comes after weeks of delay, even as President Bola Tinubu is yet to present the 2025 Appropriation Bill to the National Assembly. The President presented the 2024 budget on December 1, 2023.
Although Tinubu had, last week, informed the National Assembly of his intent to present the 2025 budget proposal on Tuesday, the council hinted at plans to shift the presentation to Wednesday, December 18.
The Minister of Information and National Orientation, Mohammed Idris, told State House Correspondents that the National Assembly and the Executive are currently engaged in discussions and may postpone the budget presentation.
“The Executive and the National Assembly are currently engaged in discussions which may culminate in the shifting of the budget presentation to the federal lawmakers to Wednesday,” he said.
While Bagudu earlier argued that the FG would maintain the January-December budget implementation cycle, he later explained that the late signing of the budget would not disrupt the cycle.
He said the process would be seamless given that the Senate has approved the MTEF, which clarifies the budget size and its underlying assumptions.
He further noted that during the presentation of the 2024 budget, the President urged the National Assembly to carry out their oversight responsibilities diligently and scrutinise all executive proposals. In his 2024 budget speech, the President also directed ministries, departments, agencies, and particularly ministers to respect the role of the National Assembly.
The former Kebbi State Governor said this dynamic has helped bridge gaps between the executive and legislative branches as continuous engagement builds confidence and ensures transparency in the budget’s implementation.
“That, I believe, has helped improve confidence between the executive and the legislature to the extent that Mister President is determined to present the budget within 48 hours.
“It may be tough, but given all those confidence-building measures, we can’t pre-judge the National Assembly. But we believe that the National Assembly will expeditiously consider, given the track record, confidence and appreciation of the relationship with the executive, particularly with Mr President.
“However, I need to say here that our constitution has always anticipated that even if a budget is not passed by December 31, the executive can continue to incur expenditure, operate and spend money. It’s one of the ingenuities of Nigeria’s Constitution. So, while we hope that the budget will be signed, spending will be impaired because the Constitution anticipates that it could be the case that the budget may not be passed before the end of the year,” Bagudu explained.
He insisted that the country can meet and surpass the 2.06 million barrels-per-day crude oil production target in the MTEF.
“Is it achievable? I think that’s very achievable because we have done it before. Our national planning considerations were that by this time, we should have more than 3 million (barrels per day). And if you recall, NNPC has reported significant findings even outside the traditional areas of production, such as Kolmani and Nasarawa state, among others.
“So this is not too ambitious, but Mr President accepted it and is going to hold people accountable for these numbers,” Bagudu clarified.
On the 2024 budget performance, he said, “The 2024 budget has a revenue estimate of N25.8tn as of September 30, 2024 revenue inflows amount to N14.55tn, 75 per cent of the pro-rated amount. I’m sure it’s higher now because, given that this is as of September 30, driven by a robust performance in the non-oil revenue stream and the courageous deregulation of the petroleum sector, so the nation is no longer bleeding.
“On the expenditure side, the 2024 budget forecasted an expenditure of N21tn, with N8.9tn allotted to debt service, N4.2tn on personnel and N5.86tn was released for capital expenditure, of which MDAs utilised 51 per cent for projects.”
Bagudu said budget performance on debt service is 100 per cent.
“We are not defaulting. Part of what Mr President, led by the coordinating minister of the economy, convinced the investing public and the creditors that we would never default on our obligations, including the challenging non-recourse to Ways and Means beyond the legal limits.
“Equally, the performance on personnel and pension is about 100 per cent and the capital performance is about 51 per cent,” the minister said.
[Punch]
The United Bank for Africa (UBA) Plc will utilise the net proceeds of its ongoing N239.4 billion Rights Issue to invest in additional digital technologies and business expansions that will strengthen the bank’s seven and half decades of impressive performance.
UBA is offering 6.84 billion ordinary shares of 50 kobo each to existing shareholders at N35 per share. The rights issue is pre-allotted on the basis of one new ordinary share of 50 kobo each to every five ordinary shares held as at November 05, 2024. The rights issue is scheduled to close on December 24, 2024.
Group Chairman of UBA, Mr. Tony Elumelu, said the primary objective of the ongoing Rights Issue is to strengthen the bank’s position as a pan-African banking industry leader and a highly rewarding institution for all stakeholders.
He said the group decided on the rights issue to ensure that shareholders continue to derive undiluted benefits from a stronger, more innovative and resilient pan-African banking group.
UBA had delivered 375 per cent capital gains to investors in nearly five years, outperforming the average returns at the Nigerian stock market and the entire financial services sector. The bank also holds the distinction of highest dividend payout by any bank and one of the three highest yields in the entire stock market with its interim dividend payout of N2 per share.
Retail shareholders have already expressed supports for the ongoing rights issue, citing the bank’s historical financial performance and investors’ friendly disposition.
Elumelu said the Rights Issue would enable the bank to drive organic expansion and business growth within and outside Nigeria, while strengthening its international operations. UBA recently signed agreement to commence full banking operations in France.
[Vanguard]
Ademola Lookman, Super Eagles winger, says his success as the 2024 CAF men’s player of the year came after he “failed in front of the world” four years prior.
Lookman spoke after receiving the award as the best African male footballer of 2024 in Marrakech, Morocco, on Monday.
The 27-year-old finished ahead of Achraf Hakimi, Simon Adingra, Ronwen Williams and Serhou Guirassy to win the coveted individual prize for male African footballers.
He followed in the footsteps of Victor Osimhen, who won the award in 2023.
Speaking at the ceremony, Lookman referenced his failure to convert a penalty for Everton in November 2020.
Lookman had the opportunity to earn a point for Fulham in their English Premier League (EPL) match against West Ham United. Instead, he failed to execute a Panenka penalty kick easily saved by Lukasz Fabianski as West Ham won 1-0.
The penalty attempt earned him mockery on social media, and Scott Parker, Fulham’s manager, ripped into the player in public.
“Just over four years ago I failed in front of the world. Fast forward four years, I’m the best player in Africa,” Lookman said after receiving the award.
“I want to say to the young children and people watching this: don’t let your failures weigh you down that they break your wings. Matter of fact, turn your pain into your power and continue to fight.
“Firstly. I want to thank the Almighty God for everything he has been doing in my life, and everything he has been blessing me with.
“I want to thank the president, I want to thank all my teammates- club and country. I want to thank them for all their support and love that they gave me.”
“This award today is a blessing to me, to my family, to my nation, and to be recognized as the best player in Africa. It’s something incredible and I’m extremely proud of.”
Lookman left Fulham after that season for RB Salzburg in Germany, where he continued to flap his wings before taking flight following his move to Atalanta in the summer of 2022.
[TheCable]
Tobi Adegboyega, the founder of the SPAC Nation church in the United Kingdom (UK), says his current travails are politically motivated.
The Nigerian pastor, who is at the centre of a UK deportation saga, said the persecution started after a member of parliament (MP) from his district alleged that he was advocating against the gay community.
In an interview on Channels Television’s Politics Today on Monday, Adegboyega said the MP reported the church’s activities to the police.
He said the police could not investigate the allegations against him and the church because they were “all nonsensical”.
“You can’t claim that our proof is inflated without telling us why. The UK Metropolitan Police gathered charities in the UK and asked them to go to SPAC Nation. I wrote solutions for the home office,” he said.
“Truths must be backed with facts. For 10 years, we have been persecuted without one single move.
“Allegations without indictment, so why shouldn’t we suspect biases?
“We have a situation where people believed I was supporting certain political parties because one person believed that my agenda was to go against the gay community, and from that day, we have been to reconciliation meetings.
“The person wrote that my evangelical zeal was to make sure that the gay community in that area does not survive.
“He took dossiers of evidence against the church to the sacred ground of the parliament and submitted it to the internal affairs minister, who submitted it to the police, and the police came back to say that they couldn’t even investigate one thing because it was all nonsensical.
“The person is an MP, and the same person is sitting behind these things, making sure that he is not defeated.
“If there is any honour left in his system, what such men should do is apologise unless you’re saying the police authority of Great Britain is inept, which would be quite unfortunate.”
Adegboyega dismissed the deportation case against him, stressing that the focus should be on the contribution of his church to the safety and businesses of people in the UK.
“The country cannot deny it. There is no prime minister who can deny the result of the work we have done. When the metropolitan police came to the church, that was about three years ago; they sat down, and they came to learn,” he said.
“It is our result of how many lives have been saved, how many knives we have taken off the street, and how many businesses we created for this economy.
“We had a few hours of the tribunal, and in the tribunal, I was given a few hours to talk about the SPAC Nation, and we defended the honour of the SPAC Nation.”
The federal executive council (FEC) has approved the N47.96 trillion 2025 budget.
Atiku Bagudu, minister of budget and economic planning, spoke to journalists after the council’s last meeting in 2024 about its decisions.
Bagudu said the 2025 budget represents a 36.8 percent increase from the N27.9 trillion 2024 estimate.
The minister said the 2025 framework is based on key economic projections, including an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels per day (bpd), and an exchange rate of N1,400/$.
“Today, the federal executive council approved the budget proposals for 2025 with amendments which Mr president directed following a presentation to the federal executive council led by the director general of the budget office, Tanimu Yakubu,” the minister said.
“The 2025 framework is based on the oil price benchmark of $75 per barrel. Oil production of 2.06 million barrels per day. Exchange rate of one 1400 naira (to the dollar).
“All these are already included in the medium-term expenditure framework which we have presented here, which have also been approved by the national assembly.
“So the total projected revenue for 2025 stands at N34.82 trillion out of which the expenditure is projected at N47.96 trillion which is an increase of 36.8% from the 2024 estimate.”
Bagudu said the deficit for 2025 is projected at N13.13 trillion representing 3.89 percent of the country’s gross domestic product (GDP).
On December 12, Senate President Godswill Akpabio announced that Tinubu would present the 2025 budget on Tuesday.
nformation obtained from the World Bank’s website, has indicated that the apex bank is set to decide on three major loan projects for Nigeria in 2025, totalling $1.65bn.
This is part of the bank’s effort to address critical challenges in the country.
According to Punch, the loans currently in the pipeline, will focus on internally displaced persons, education, and nutrition enhancement.
The loans are designed to support Nigeria’s social and economic recovery, particularly in vulnerable sectors requiring urgent intervention.
The first project, titled Solutions for the Internally Displaced and Host Communities Project, has a commitment amount of $300m and is scheduled for approval on April 8, 2025.
The project, which remains at the concept review stage, seeks to provide sustainable solutions for internally displaced persons and their host communities, addressing their social and economic challenges.
The second project, HOPE for Quality Basic Education for All, is expected to receive $553.8m in financing.
Its approval is slated for March 20, 2025, and it also remains in the concept review phase.
The third project, Accelerating Nutrition Results in Nigeria 2.0, involves the largest share of the proposed loans, with a commitment of $800m.
The World Bank is expected to hold a decision meeting on the project by February 20, 2025.
The $1.65bn financing package reflects the World Bank’s continued commitment to supporting Nigeria’s ongoing reforms.
The World Bank’s schedule indicates that decisions on these loans will be made in early 2025, with Nigeria’s ability to meet project prerequisites and demonstrate accountability in implementation likely to play a key role in getting the funds.
The Women in Rotary, Enugu State, recently organized a life-changing empowerment programme for widows, reinforcing their commitment to uplifting vulnerable women in the community. The initiative, part of the broader Rotary Club District 9142 Widows Empowerment Initiative, was championed by Rotarian Trish Ezeh, the Enugu Representative of Women in Rotary, alongside other distinguished women in Rotary.
Held in Enugu, the programme aimed to provide widows with financial grants to start petty trading, equipping them with the resources needed to regain economic stability and confidence. Speaking during the event, Trish Ezeh emphasized the importance of the initiative, describing it as a means to address the struggles faced by widows and create a sustainable path for their empowerment.
“We specifically targeted the poorest of the poor in our communities. Our goal is to not only empower these women but also create a ripple effect that benefits their families and communities,” Ezeh explained. She added that the beneficiaries’ progress would be closely monitored, with plans for further assistance if necessary.
Ezeh lauded the collective efforts of Rotarians, families, and friends who contributed to the initiative. “Everything we’ve provided today is a result of Rotarians and generous supporters who believe in the transformative power of giving,” she said.
The event also featured an inspiring address by Rotarian Ijeoma Akuegbu-Sunday, the District Chair of Women in Rotary. She shared her personal motivation for starting the project, drawing from her mother’s experiences as a widow. “I understand the struggles widows face, and I believe no widow should ever lack as long as we are here to help,” she said.
Beneficiaries of the programme expressed deep gratitude for the initiative, which provided them with cash grants. Speaking on behalf of the group, Mrs. Modesta Ogbodo said, “This support has given us hope and inspired us to work harder. It’s more than just financial aid; it’s a testament to the kindness and empathy of Rotary members.”
She pledged that the grants would be used wisely to grow businesses and contribute to their families and communities.
The Women in Rotary, Enugu State, reaffirmed their unwavering commitment to empowering disadvantaged groups, expressing hope that this initiative would leave a lasting legacy and inspire similar efforts in the future.
Media
The Chief of Defence Staff, Gen. Christopher Musa, has ordered an investigation into the death of two Okuama community leaders, Pa James Oghoroko and Dennis Okugbaye while in Army custody.
The Director of Defence Information, Brig. Gen. Tukur, disclosed this while speaking during the Strategic Communications Interagency Policy Committee’s end-of-year briefing.
Tukur revealed that the Defence Chief directed the 6th Division of the Nigerian Army to investigate the allegations and submit a report by Monday.
Oghoroko, the President-General of the Okuama community, and Oghoroko, 81, the community’s treasurer, reportedly died six days apart after being detained by the military.
The duo along with four others — Prof. Arthur Ekpekpo, Chief Belvis Adogbo, Mabel Owhemu, and Mr. Dennis Malaka — were arrested during a military operation conducted between August 18 and 20.
The arrests followed the killing of 17 soldiers on March 14, during a peace mission aimed at resolving a dispute between Okuama and the neighbouring Okoloba community.
Speaking on the matter for the first time, Gusau said, “Regarding allegations of deaths in detention over the weekend, headlines surfaced suggesting that individuals detained in connection with the Okuama incident had died.
“Immediately, the CDS directed an investigation to be conducted by the 6 Division. Any moment from now, we expect the findings on whether the claims are true or not. For now, these remain allegations.
“We are committed to uncovering the truth, and by tomorrow, we will have more details.”
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The Federal Government has announced a free train ride for any Nigerian wishing to travel to celebrate the Christmas festivities.
Minister of Information and National Orientation, Mohammed Idris, made the announcement on Monday while briefing journalists on the outcome of the Federal Executive Council, FEC, meeting.
He noted that the free train ride will commence from 20th December, 2024, and end on 5th January, 2025.
According to Idris, Nigerians can access the train rides on all the routes where train services are currently being rendered.
More details later…
The Nigerian Government has renamed the University of Abuja after former military Head of State, General Yakubu Gowon.
The institution will henceforth be known as Yakubu Gowon University.
Minister of Information and National Orientation, Mohammed Idris announced the name change shortly after the last Federal Executive Council meeting for the year 2024, chaired by President Bola Tinubu.
He explained that the decision was taken in recognition of the enormous contribution of Gowon to nation building.
Details later…
A 12-member delegation from Benin Republic’s Autonomous National Electoral Commission (CENA) has visited the Independent National Electoral Commission (INEC) on a study tour.
The delegation, led by Sacca Lafia, CENA president, included national commissioners, directors, and senior staff.
They were received on Monday by Mahmood Yakubu, INEC chairman, alongside other commission members at INEC headquarters in Abuja.
The visit, according to Lafia, was aimed at learning from Nigeria’s electoral processes and best practices as Benin Republic prepares for its upcoming 2026 elections.
Speaking at the event, Yakubu highlighted the significance of the visit and the unique challenges CENA faces ahead of the polls.
“Early last month, we received a letter from CENA indicating its interest to undertake a study visit to INEC Nigeria as they prepare for what they described as their most complex election in 2026,” he said.
Yakubu explained that CENA will, for the first time, conduct three elections in three months. Legislative and local elections are scheduled for January 2026, with the presidential election to follow in April 2026.
He said INEC had prepared a detailed programme to address the delegation’s interests.
“In particular, CENA is interested in the legal framework for elections in Nigeria, the design and printing of election materials and forms, the recruitment and training of poll officials, election budgeting and mode of payment to different service providers, security during elections, the use of technology, the accreditation of local and international observers, engagement with electoral stakeholders and other aspects of Nigeria’s electoral experience,” Yakubu said.
He said INEC officials from various departments will brief the delegation during their visit, covering all aspects of the electoral process.
Yakubu assured the team of full access to resources and documentation to support their preparation for the 2026 elections.
Below are pictures from the visit.