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Edo guber election: Ighodalo, PDP tender more documentary evidence as hearing continues tomorrow
AFOLABI
The Peoples Democratic Party (PDP) and its candidate for the September 21st Edo State governorship election, Dr. Asue Ighodalo, yesterday, tendered more documentary evidence to support their petition in continuation of their case at the State Governorship Election Petition Tribunal.
All the documents were provisionally admitted in evidence and marked as exhibits by the Tribunal in spite of objections from Counsel to the respondents (INEC, Governor Monday Okpebholo and All Progressives Congress).
Additional documents tendered yesterday from the Bar by Counsel to the petitioners, Ken. Mozia, SAN, were 55 Certified True Copies (CTC) of polling Units Voters register used in the election, CTC of 56 accreditation figures of extracts from INEC’s Bimodal Voters Accreditation Systems Machines (BVAS), 72 Certified True Copies of extracts of accreditation figures from the BVAS device.
Others were Certified True Copies of INEC’s Results Viewing (IREV) Containing Form EC8A and 70 CTCs’ of INEC’s Polling Units Booklets, containing Form EC25B, 66 copies of polling Units Voters Register and 125 copies of Form EC8A from IREV (all Certified True Copies), 125 copies of Form EC8A from IREV, directly certified by INEC, 101 copies of Form EC8A, CTC of Edo State BIVAS of Polling Unit by Polling Unit’s (PUs) Report as well as certificate of compliance by INEC.
Besides, the petitioners’ Counsel also tendered in court CTC of Certificate of compliance with BIVAS machines’ Report in respect of the 133 Polling Units earlier tendered as exhibit in the petition.
Counsel to the respondents, Abdullahi Aliyu SAN, Offiong Offiong, SAN, and Chief Ferdinand Orbih, SAN, after raising objections to the admissibility of the documents, reserved their reasons for their objections to the petitioners’ documents to address stage.
At the hearing yesterday, Counsel to INEC, Abdullahi Aliyu, SAN did not object to admission of certificate of compliance with BIVAS machines used in 133 polling unites, but Counsel to the 2nd and 3rd respondents, Offiong and Orbih, objected and reserved their reasons.
The PDP and its candidate, Dr. Asue Ighodalo are challenging INEC’s declaration of Governor Monday Okpebholo as the winner of the September 21, 2024 gubernatorial election.
Governor of Bayelsa State, Senator Douye Diri, has revealed how his absolute faith in God earned him the sobriquet ‘Miracle Governor.’
Speaking at the weekend, during the, KOLGA (Kolokuma/Opokuma Local Government Area) Annual Thanksgiving Day held in Sampou, his community, the Bayelsa State governor disclosed how in 2020, he turned down a ritual offer from a senior citizen in the bid to become governor.
He had challenged the declaration of the All Progressives Congress (APC) candidate in the November 2019 governorship poll as winner and the matter was then pending at the Supreme Court.
Diri told the crowd at the gathering that the senior citizen flew in some marabouts from Senegal to perform the rituals.
According to him when he bluntly rejected the offer, the man demanded a refund of the money spent to transport them into the country and he had to pay him the sum of $10,000.
He explained that his unshaken faith in God made him decline the advice to look elsewhere for help, saying God, against all the odds, proved that He is always faithful.
The Bayelsa helmsman averred that the KOLGA people have reasons to be thankful to God given the level of development they have witnessed, and thanked the council for giving Thanksgiving Day legal backing through legislation.
Governor Diri also expressed gratitude to Apostle David Zilly Aggrey, the convener, and those who have sustained the programme.
His words: “Let me reveal to you why it is important to thank God and have faith in Him. Sometime ago, a senior citizen of this country invited me to Abuja and asked me to perform certain sacrifices but I declined. I told him my faith in God would not allow me to do it. He got angry and told me I would never become governor.
“He told me that he had spent $10,000 to bring the people for the sacrifice and asked for a refund, which I obliged.
“When the Supreme Court’s pronouncement came, the man was shocked and could not call me. Sadly, he passed on after some time.
“The story I have narrated was witnessed by my deputy and a friend in Abuja as both of them accompanied me to visit the senior citizen.
“Kolokuma/Opokuma people have every reason to thank God. As a state, we do not want anybody to be harmed in the name of politics because we do not know the person God has destined for greatness. So, I call on all of us in the political game to be very civil and recognise that there is God who rules in the affairs of men.”
In his welcome address, the chairman of Kolokuma/Opokuma Local Government Area, Tariye Lelei, said people of the area have reason to thank God for the gift of the governor.
In his sermon, Apostle David Zilly Aggrey said the younger generation might not understand the reason for the thanksgiving as they did not experience the difficulty older ones in the local government faced and said if they do not thank God for what He had done for them, they could be regarded as ingrates.
The chairman of Nigeria Governors’ Forum (NGF) and Kwara State governor, AbdulRahman AbdulRazaq, on Saturday, visited the scene of the petrol tanker explosion in Niger State, describing the incident as devastating and sad.
In a statement on the incident, the NGF chairman expressed shock at the quantum of the casualties and the magnitude of the burns suffered by the survivors.
AbdulRazaq’s statement signed by his chief press secretary, Rafiu Ajakaye, added: “The Forum is saddened by the petrol tanker explosion in Niger State, in which dozens of people have been killed or injured,” according to a statement of the Forum.
“The Forum extends its heartfelt condolences to His Excellency, Governor Umar Bago, the families who have lost loved ones, and our other compatriots who got injured in the explosion.
“Our thoughts and prayers are with the families who lost their loved ones in the incident, and we wish those injured quick healing.
“Again, we call on our compatriots to act with extreme caution and absolute respect for life at all times, and especially in time of grave danger such as during petrol spill.
“The Forum prays for the repose of the souls of the dead victims.”
The Ogun State government is to recruit 1,000 personnel into the state security network otherwise called Amotekun to the existing 1,000 corps.
“Governor @DapoAbiodunCON has approved the recruitment of 1,000 additional Amotekun Corps personnel, increasing the total to over 2,000, to enhance security across Ogun State,” the state government said in a statement.
Mr Abiodun disclosed this at the passing-out parade of 690 Batch D trainees, which took place at the Ogun State Stadium in Sagamu, on Saturday.
Mr Abiodun, at the ceremony, also “pledged to provide more patrol vehicles, electric motorcycles, communication gadgets, and other resources to support their operations.”
Stressing the corps’ role in grass-roots security and reduction of unemployment, the governor commended the trainees for their discipline and urged them to focus on intelligence gathering and community policing.
Commandant of the corps, Alade Adedigba, who highlighted the trainees’ preparedness, appreciated the government for its support.
The ceremony also featured awards and cultural activities.
Kemi Badenoch, leader of the UK’s Conservative Party, says she does not want the consequences of “terrible governments” like Nigeria to play out in Britain.
Badenoch spoke on Thursday while delivering her first speech of the year at an event organised by Onward, a British think tank producing research on economic and social issues.
Speaking on the importance of building trust and touting the Conservative Party as the right group to fix Britain, the politician likened a possibility of the UK becoming like Nigeria if the system is not reformed.
“And why does this matter so much to me? It’s because I know what it is like to have something and then to lose it,” Badenoch told the audience.
“I don’t want Britain to lose what it has.
“I grew up in a poor country and watched my relatively wealthy family become poorer and poorer, despite working harder and harder as their money disappeared with inflation.
“I came back to the UK aged 16 with my father’s last £100 in the hope of a better life.
“So I have lived with the consequences of terrible governments that destroy lives, and I never, ever want it to happen here.”
Badenoch’s comments are a resumed criticism of Nigeria, her country of origin — an approach that has provoked disapproval from Nigerian leaders, including a rebuke from Vice-President Kashim Shettima.
Shettima accused Badenoch of “constantly denigrating” her homeland.
Before she was elected leader of the Tories, Badenoch described Nigeria as a socialist nation brimming with thieving politicians and insecurity.
In a separate interview, she accused the Nigerian police of robbing her and stealing her brother’s shoes.
She has also hinted at walking miles to get water while she lived in Nigeria despite having wealthy parents.
Amid the backlash from Nigerians, a spokesperson for the politician said Badenoch is not interested in laundering Nigeria’s image.
Tanker Explosion: Take Immediate Action, Address Reckless Driving, Fire Service Boss Warns Operators
AFOLABI
The Controller-General of the Federal Fire Service (FFS), Engr. Abdulganiyu O. Jaji, has urged fuel station owners and tanker operators to take immediate action in addressing reckless driving by their drivers, especially on major roads and dangerous bends, following the tragic fuel tanker explosion in Niger State that claimed over 60 lives and left many others severely injured on Saturday.
In an interview with our correspondent, Jaji emphasised the need for an urgent review of safety protocols governing fuel transportation across the nation.
He expressed concern over the rising frequency of tanker explosions and fuel station fire incidents, warning that even a small static spark or gas leak can result in rapid, deadly explosions.
Highlighting the dangers of scooping fuel from fallen tankers, Jaji described it as a highly fatal risk. “Fuel vapours and leaks can ignite at any moment,” he cautioned.
“Your life is worth more than a few liters of fuel,” he added, stressing that approaching a fuel spill is not only dangerous but could be fatal, urging the public to avoid accident sites and instead contact the Federal Fire Service for prompt intervention.
The Fire Service boss also called on Nigerians, particularly operators of fuel stations, gas refilling plants, and users of gas cylinders, to strictly follow safety measures to prevent further catastrophic events.
Engr. Jaji extended his condolences to the families affected by the recent tragedy and commended the first responders for their dedication, which he described as a testament to the nation’s resilience.
He expressed his heartfelt prayers for those grieving, asking for divine strength to help them cope with their loss.
As the nation mourns, Jaji stressed the importance of prioritising safety and public awareness to prevent similar incidents in the future. “Every life is precious, and we must do everything in our power to protect our citizens,” he urged.
Furthermore, Jaji reiterated the Federal Fire Service’s commitment to enhancing safety awareness and called for the swift amendment of the Fire Service Act of 1963, which is currently under review in the National Assembly. He argued that the outdated law was inadequate to address current fire safety challenges and needed to be modernised to better regulate fire safety measures and reduce incidents in the future.
Over 50 persons lost their lives in a petrol tanker explosion along Dikko-Maje road, opposite Badeggi fuelling station, in Suleja LGA of Niger State, on Saturday.
Mr Kumar Tsukwam, Federal Road Safety Corps, FRSC, Commander in Niger State, confirmed this to the News Agency of Nigeria, NAN, in Minna.
He said a loaded petrol tanker fell at the scene of the incident and people gathered, scooping the spilling fuel, unaware of the impending danger.
Tsukwam said those who went to scoop fuel were engulfed by the flames just as those who went to rescue them were also affected.
He said more than 50 people lost their lives in the tragic incident.
He, however, assured that personnel of the FRSC and other sister agencies were at the scene, working tirelessly to rescue those trapped.
Similarly, Alhaji Abdullahi Baba-Arah, Director General of the Niger State Emergency Management Agency, NSEMA, said the explosion occurred at about 9:00 am on Saturday.
According to him, the incident happened when a tanker loaded with premium motor spirit, PMS, crashed, and an attempt was made to transfer its contents to another tanker.
In the process, the PMS came into contact with a generator used to effect the transfer, triggering an explosion that claimed over 50 lives.
He said NSEMA, in collaboration with the National Emergency Management Agency, NEMA, Suleja LGA Emergency Committee, and volunteers, are currently carrying out search, rescue and recovery operations.
According to Baba-Arah, the injured have been moved to the hospital for treatment, while efforts are being made to recover the corpses of the deceased.
[DailyPost]
Many of Nigeria’s 36 states are reeling out huge budgetary provisions in hundreds of billions, and some have even dared the trillions naira mark, squaring up with the central government with their budget projections. The question on everyone’s lips is how these budgetary provisions will translate to better life and improved standards of living for Nigerians, writes Group Business Editor, SIMEON EBULU with additional reports from the states.
Budgetary provisions of most states this year, have assumed a certain ascendancy, expectedly so, given that Federal Allocations have equally been on the increase since the advent of the present administration.
Some of the states, notably, Lagos, Rivers, Ogun and Niger have even crossed over to the trillions trajectory. In the past, the trillions budget trade mark was originally the preserve of the Federal Government. Rivers State for instance, has posted a N1.189 trillion budgetary provision for 2025, while Lagos (not a new entrant though), has edged its own higher to N3.005 trillion for the 2025 fiscal year. Ogun State has stepped into this coveted group with its N1.055 trillion budget outing, as well as Niger State saying bye-bye to the billions class with its entry into the trillion naira category with N1.5 trillion, beating Rivers and Ogun states to it.
The budget figures for the 36 states, as presented by the governors, have shown remarkable appreciation compared to what most of them posted in 2024 and the years before.
If the observed increases are sustained, clearly as the trend suggests, it won’t be long before other states start declaring their annual budgetary provisions in trillions, and hopefully there won’t be confusion in presenting the figures to the public.
Put together, the amount of resources now available at the states, to be modest, is quite revealing. The states, most of them that is, are parading budgets in excess of half a trillion naira yearly. Given that development (whether physical, or human capital), is driven by resources, equitably applied, or deployed, the expectation and the call from many quarters that the states should take their place in moving the country forward, cannot be misplaced. In fact, it bears emphasis. The synergy and milestone that a conscious and meticulous deployment of a percentage of these resources can bring to bear on the development of the nation, be it roads construction, primary health care services provision, education at whatever level, name it. The cumulative impact of these financial resources, if equitably and steadfastly deployed, bearing in mind the geographical contiguity of the country, cannot be underestimated.
From year-to-year, in ascending order, humongous financial, material and human resources are pushed and deployed to the states in forms of federally allocated revenues, grants from foreign nations including notable Foundations, in addition to Internally Generated Revenues (IGR). What has become of these resources over the years, is the resounding question on every one’s lips. But if you ask me, na who I go ask!!!
How they stand.
Lagos State
Governor Babajide Sanwo-Olu of Lagos State has presented and equally signed a ₦3.005 trillion budget for the year, 2025.
Tagged the “Budget of Sustainability,” it seeks to focus on capital projects aimed at driving economic growth and development.
A breakdown of the budget showed that ₦1.7 trillion is assigned for Capital Expenditure, while N1.2 trillion is for the Recurrent provisions.
“Total revenue comprises our Internally Generated Revenue of ₦1,970,897,000,000, and total Federal Transfers of ₦626,137,000,000,” the governor said.
” This 2025 budget, aptly themed the “Budget of Sustainability,” is not just a fiscal document, but a blueprint for continuity, resilience, and shared prosperity for every Lagosian. As the heartbeat of Nigeria and the economic hub of Africa, Lagos stands at a crossroads, confronted by a nexus of challenges that test our resolve and of opportunities that call for bold action, he stated.
In crafting this budget, Sanyo-Olu said, “we have listened to your voices, studied global and local economic realities, and reaffirmed our commitment to ensuring that Lagos continues to thrive sustainably for generations to come.”
The ‘Budget of Sustainability ‘ embodies the values that have always defined us as Lagosians: resilience, innovation, inclusivity and sustainability. It speaks to our vision of balancing the pressing needs of today with the undeniable responsibility of securing the future.
This budget is structured around five key pillars designed to ensure economic stability, environmental stewardship, and social equity.
The budget , he said will focus on : Infrastructure Sustainability, Economic Diversification, Social Inclusion and Human Capital Development, Environmental Sustainability as well as Governance and Institutional Reforms.
The Governor said : ” It will focus on continuous investments in infrastructure are the backbone of our development agenda. The Greater Lagos we envision will emerge on the back of high-quality infrastructure that keeps pace with population growth. Our focus is therefore on ensuring the durability, functionality, and adaptability of our physical assets to meet the ever-growing demands of our people.”
In the coming fiscal year, we will be prioritizing the maintenance, upgrade and expansion of existing road networks, bridges, rail systems and drainage infrastructure, to enhance mobility and to mitigate the impact of climate change. Digital infrastructure is not left out, in line with our vision for a truly 21st century megacity.
Rivers State
Rivers State for instance, in its budget, themed: ‘Budget of Inclusive Growth and Development’, posted an estimated total budgetary provision of N1.189 trillion. The breakdown as enunciated by the Governor, Siminalayi Fubara, included Capital Expenditure of N678.088 billion, and Recurrent Expenditure of N462.254billion. The breakdown implied a higher commitment to capital expenditure, as against the 44.56 per cent to recurrent-capital expenditures.
The N1.189 trillion budget was premised on some national assumptions and state’s expectations. These include oil price benchmark of $80 per barrel, oil production rate of 1.8 million barrels per day, exchange rate of N1,500 per dollar, inflation rate of 22 per cent, State GDP growth rate of 3.18 per cent and increase in internally generated revenue (IGR) to not less than 35 per cent of the total budget. The state plans to increase internal tax base by bringing more people into the tax net.
In financing the 2025 budget, the government expects to source N264.369 billion from IGR, statutory allocation, N18.203 billion; mineral funds, N132.173 billion; Value Added Tax, N204.262 billion; Refunds Escrow, Paris/ECA, N31.200 billion; refunds from bank charges, N27.500 billion; excess crude account, N20.600 billion; exchange rate gain, N25.244 billion; forex equalization, N50 billion; other FAAC, N50 billion; asset sales, N25 billion; capital receipts, N9.880 billion; proposed internal grants, N60.080 billion; proposed external grants, N7.522 billion; proposed loans and bonds, N250 billion and prior year balance of N12.931 billion.
Out of the N678.088 billion allocated for capital expenditures, nearly one-third or N213.586 billion was allocated to “governance” while infrastructure received the highest specific allocation of N195.075 billion. Agriculture was allocated N30.954 billion. Other major allocations included education, N63.275 billion and health, which was allocated N97.751 billion.
Fubara outlined the core priorities for the 2025 fiscal year to include agriculture, economic growth, quality education and healthcare delivery, basic infrastructure, and social investments. However, allocation to agriculture represented 4.6 per cent of capital budget and 2.6 per cent of total budget, allocation to health was 9.0 per cent of capital expenditures while health received 14.45 per cent of capital estimates.
He said the N213 billion under “governance” would be used “for the provision of effective governance, public administration, social investments, and the security of lives and property for the 2025 fiscal year”.The N213 billion would enable the government to execute its mandates on public governance and deliver the dividends of democracy through purposeful and highly impactful social policies, programmes and projects in the most efficient, effective and sustainable manner, he stated.
Akwa Ibom
Akwa Ibom State’s N955 billion 2025 Budget christened “Budget of Consolidation and Expansion” is anchored on Governor Umo Eno’s ARISE Agenda. Part of the objective of the 2025 Budget is food security through substantial investment I n the agricultural revolution, rural development through robust inputs in modern living facilities, consolidation, maintenance and advancement of world-class infrastructure in the state.
The 2025 Budget is predicated on an oil benchmark of $75 per barrel at a daily production rate of 2.12 million barrels with an estimated exchange rate of N1,400 per dollar, in line with the national budget benchmark projections.
The total budget size of N955 billion represent a modest increase of three per cent on the 2024 revised budget of N923.46 billion. The main budget components include recurrent expenditure of N300 billion and capital expenditure of N655 billion. The total projected recurrent expenditure for 2025 is put at N830 billion as against the proposed revised provision of N803.703 billion for 2024.
The breakdown of expected inflows include Internally Generated Revenue (IGR )of N80 billion, statutory revenue, N20 billion; derivation revenue, N135 billion, 13 per cent derivative revenue arrears, N60 billion; exchange gain, augmentation and others, N455 billion; excess crude account, N5 billion; Value Added Tax (VAT), N70 billion and ecological fund of N5 billion.
For recurrent expenditure, incorporating personnel cost is estimated at N115.7 billion, while overhead cost would gulp N184.31 billion. On the other hand, total projected capital receipts showed that N530 billion would be transferred from the Consolidated Revenue Fund, while the balance of N125 billion consisted mainly of N100 billion opening balance from 2024 account.
The sectoral allocation in the budget suggests that 59 per cent or N564.4 billion would be spent on the economic sector, N215.86 billion or 22.6 per cent on the administrative sector, 2.2 per cent or N21.39 billion on law and justice sector and N152.33 billion or 16 per cent on social sector.
Cross River State
Cross River State’s N538.52 billion 2025 Budget, which came into force on January 01, 2025, consisted of recurrent expenditures of N202.61 billion, capital expenditures of N333.34 billion and statutory votes of N2.567 billion. The highest allocations under the recurrent expenditures were to debt management department, N 50 billion; Office of Accountant General, N36.2 billion and special services department, with N10.72 billion. In capital expenditures, highest allocations were to Ministries of Work and Infrastructure, Aviation, Education and Health at N99.63 billion, N16 billion, N9.56 billion and N16.8 billion respectively.
Ekiti State
Ekiti State’s N375.790 billion 2025 Budget focused on the state’s shared prosperity agenda, which was built on six pillars of governance, youth development and job creation, human capital development, agriculture and rural development, infrastructure and industrialization and arts, culture and tourism.
Expected revenue sources included Federal Allocation of N168.15 billion or 44.7 per cent of total budget size, Value Added Tax (VAT) of N54.92 billion or 14.6 per cent of budget size, IGR of 29.1 billion or 7.7 per cent of budget size, external grants of N79.51 billion or 21.2 per cent of budget and loan of N25 billion or 6.7 per cent of total budget size.
The breakdown of the budget included recurrent expenditures of N192.33 billion or 51 per cent of total budget and capital expenditures of N183.46 billion, about 49 per cent of total budget. Personnel cost of N60.88 billion or 16 per cent of recurrent budget was the highest under recurrent expenditures, followed by grants and subsidies, which were expected to close at N36.44 billion or 10 per cent of the budget. A total of N138.18 billion of the capital budget is allocated to the economic sector, followed by social sector with 14 per cent or N26.49 billion. Administrative sector and law and justice sector received N14.13 billion or 8.0 per cent and N4.6 billion or 3.0 per cent respectively.
The 2025 budget, christened “Budget of Sustainable Impact”, focused on the economic sector, which included agriculture and food security, rural development, small and medium enterprises (SMEs), social investments programmes, arts, culture and tourism and infrastructure. Governor Biodun Oyebanji explained that the allocation of the highest allocation to the economic sector was because it plays a vital role owing to its capacity to engender sustainable growth and development. Some of the major projects to be executed under the economic sector included massive agricultural projects, completion of the 1km flyover bridge from Union Bank in Ajilosun to First Bank at Okeyinmi, Ado Ekiti, construction of rural and farm access roads and provision of potable water and sanitation facilities across the state and rural.
Adamawa’s 2025 budget
For the 2025 budget, the Adamawa State government puts its proposed spending at ₦486,218,047,600 towards the financing of both the recurrent and capital development programmes within the 2025 fiscal year. This represents over 100 per cent increase when compared to the 2024 budget of ₦225,893,690,626.00.
The Governor of Adamawa State, Ahmadu Umaru Fintiri, while presenting the budget on December 16, 2024, noted that this year’s budget is in line with the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Out of the total Proposed Budget Estimate of ₦486,218,047,600, the sum of ₦137,256,217,610, which represents 28.23 per cent is earmarked for Recurrent services, while the balance of N348,961,829,990 which is 71.77 per cent of the total Projected Annual Budget is earmarked for Capital Development Programmes and services in the state.
A breakdown of the state’s budget in terms of expected revenue indicates that the state hopes to raise the following revenue thus: Statutory Allocation of N53,000,000,000 or 10.9 per cent; Share of VAT, N91,000,000,000 or 18.7 per cent; excess non-oil N12,000,000,000 or 2.4 per cent; exchange rate gain, N50,000,000,000 or 10.3 per cent; Ecological /Flood funds, N10,632,000,000 or 2.2 per cent; Electronic money transfer N3,500,000,000 or 0.7 per cent; State infrastructure & security , N42,000,000,000 or 8.6 per cent; Signature bonus, N60,000,000,000 or 12.3 per cent; Other FAAC distribution, N48,000,000,000 or 9.9 per cent; Independent revenue, N24,568,582,500 or 5.1 per cent and Capital receipts, N91,517,465,100 or 18.8 per cent.
In terms of budgetary allocations, the Ministry of Works and Energy Development tops the list with N88,887,728,830.00. This is closely followed by Ministry of Education and Human Capital Development with N40,407,396,580.00 and the Office of the Accountant General, N25,877,656,320.00
The Ministry of Agriculture, with N12,695,312,040.00; Ministry of Health and Human Services, with N12,646,274,760.00 and Ministry of Rural Infrastructure & Community Development, with an allocation of N11,060,140,560.00 places as the last three ministries with the least allocations.
Ogun State
Ogun State is set to drive growth, infrastructure with N1.055 trillion budget for 2025
Its total budget estimated at N1.055 trillion for the year 2025 will be channeled to building key infrastructure and supporting growth in key segments of the economy.
The State Governor, Prince Dapo Abiodun, disclosed this during the budget presentation to the state House of Assembly, in Ogun State.
He disclosed that the revenue composition includes an estimated N120.97 billion from the Ogun State Internal Revenue Service (OGIRS) and N193.85 billion from other Ministries, Departments, and Agencies (MDAs), totaling N314.82 billion. Statutory allocations from the Federal Government, including FAAC and VAT, are projected at N228.06 billion.
He said: “We will continue to leverage existing statutes to enhance revenue transparency, broaden the base, and strengthen the State’s finances without imposing additional burdens on residents,” he stated.
The Governor, explained that that expenditure policy for 2025 aligns with the Ogun State Economic Development Plan and Strategy (2021–2025), targeting fiscal sustainability, human development, food security, a favorable business environment, energy sufficiency, enhanced transport infrastructure, and industrialization with a focus on Small and Medium Enterprises (SMEs).
“The 2025 budget represents a carefully designed strategic roadmap aimed at accelerating our development agenda. It is a manifestation of our shared vision for a prosperous Ogun State—a state where infrastructure, quality education, healthcare, security, and economic opportunities are accessible to all,” he said.
Bauchi State
With the passage of the N467 billion 2025 budget, tagged “Budget of Consolidation and Sustainable Development,” by the Bauchi State House of Assembly, the implementation of Governor Bala Mohammed’s ‘My Bauchi Project’, the strategic vision developed to guide his administration, is on course.
This followed the governor’s November 21, 2024 proposed N465 billion appropriation bill to the assembly, which, according to Speaker Suleiman Abubakar, was jacked up by N2 billion, making it N467 billion which was then passed. Mohammed said the upward review of N2 billion was necessitated by the desire to ensure that services were delivered to the people.
His words: “We look forward to implementing the 2025 budget for the next one year and are ever more committed to investing in the development of critical infrastructure needed to grow our economy. We will also pay special attention to develop the human capital resources of the state through prioritisation of education, healthcare delivery and provision of key social services.
“This is in addition to a plan to promote agriculture production, improve commerce and attract investors.”
In the 2025 fiscal year, N465b has been earmarked for capital and recurrent services. This comprises of recurrent expenditure of N183b, representing 39.3 per cent while capital expenditure gets N282b, which represents 60.7 per cent.
The sum of N273b is estimated as recurrent revenue, made up of Internally Generated Revenue (IGR) of N50, 028b; Statutory Allocation N42, 030b; VAT N78, 500b; and FAAC Revenue N102, 500b.
Bauchi State also projects to realize capital receipts in the sum of N172.441 billion in the following areas: Aids and Grants N27,629,353,172.00 and Bond N30,000,000,000.00.
Niger State
Niger State has unveiled a budget of N1.5 trillion for the current year, aimed at stimulating economic growth, which marks a substantial increase from the previous year’s budget of N805 billion. The budget for 2025 surpasses the 2024 appropriation by 48.3 percent. According to Governor Mohammed Umaru Bago, the budget allocates over N196 billion for recurrent expenditure and more than N1.3 trillion for capital expenditure. The focus of this budget will be on critical economic sectors such as the security of lives and property, agriculture and food security, health, education, water and sanitation, infrastructure development, social security, and environmental sustainability. The State Government anticipates a revenue of N1,558,887,565,358.00 to facilitate these objectives
The allocations include N53,400,000,000.00 as Statutory Allocation; N85,300,555,454.00 from Value Added Tax; N236,900,000,000.00 from other Federation Account Allocation Committee (FAAC) Receipts; N63,360,000,000.00 from Internally Generated Revenue (IGR); N186,368,241,948.00 from supplementary IGR; and N933,558,767,956.00 from capital receipts. The capital receipts consist of N493,496,681,728.00 in loans and N440,062,086,228.00 in grants.
The proposed recurrent expenditure amounts to N196 billion, which includes N72,276,458,552.00 allocated for Personnel Costs, N51,106,010,146.00 designated for Overhead Costs, and N72,952,892,745.00 for charges under the Consolidated Revenue Fund. In addition, the capital expenditure comprises N27,611,200,002.00 for Administrative purposes, N1,362,552,203,915.00 for Economic initiatives, N3,508,500,000.00 for Law and Justice, and N224,926,959,523.00 for the Social Sector.
Imo State
Imo State is targeting expanded economic opportunities with N755.6 billion budget
The Imo State Government has expressed its readiness to pursue expanded economic development of its domain with its budget estimates of N755,588,041, 220.
According to the budget speech presented by its Governor, Mr Hope Uzodinma to the State House of Assembly, the State intends to raise N42,577,065, 257 billion as internally generated revenue while it expects N293,154,121,949 billion from the Federal Accounts Allocation Committee (FAAC).
It expects capital receipts around the neigbourhood of over N419, 856,584,014 billion.
A breakdown of the budget indicated that the Ministry of Works and Infrastructural Development will gulp 46 per cent amounting to over N296,461,152,778 billion followed by the Ministry of Transport allocated N101,010,000,000 billion representing 16 per cent.
The budget sectoral allocation has the Ministry of Power and Electrification gulping N74,755,497,042, representing 12 per cent.
The Ministry of Tourism, Hospitality is allocated N30,210,000,000, representing five per cent, whereas the Ministry of Health is allocated N22,933,234,000 billion, which is four per cent of the budget estimate.
Three point three per cent of the budget , amounting to over N21,130,000, 000 billion will cater to the needs of the Ministry of Environment and Sanitation.
The Ministry of Livestock Development as well as the Ministry of Agriculture and Food Security are allocated N20,000,000,000 billion and N12,011,958780 billion respectively, representing three and two per cent.
The Ministries of Housing and Education are allocated the least with N7,865,000,000 billion and N7,420,000,000 billion representing one point two per cent and one per cent.
Uzodinma said the implementation of the budget will translate to making Imo State a viable economic and industrial entity with proper utilization of resources.
The 16th Emir of Kano Muhammad Sanusi II, has addressed the controversy surrounding his recent comments on President Bola Tinubu’s economic reforms.
Sanusi II, who spoke earlier in the week during an event held in Lagos to honour the late human rights activist and legal luminary, Chief Gani Fawehinmi, SAN, expressed disappointment over what he described as the sensationalisation and misrepresentation of his words.
The monarch’s initial remarks sparked nationwide reactions after he stated that he had chosen “not to help the government” by explaining benefits of the administration’s reforms. “I have decided not to speak about the economy or the reforms, nor to explain anything regarding them. If I explained, it would only benefit this government, and I don’t want to aid this government,” he was quoted as saying.
His statement also included sharp criticism of the government’s communication strategies. “They don’t even have people with credibility who can come and explain what they’re doing. But I’m not going to help,” he added.
The comments drew public backlash, with the Minister of Information and National Orientation, Idris Mohammed, accusing Sanusi II of prioritising personal interests over national duty. “We find it amusing that a leader, more so one from an institution that ennobles forthrightness, fairness, and justice, would publicly admit to shuffling off telling the truth because of personal interest hinged on imaginary antagonism,” Mohammed said in a statement on Thursday.
But, Sanusi II has clarified that his remarks were taken out of context, reducing the broader message of his speech to a single paragraph. He insisted that his speech supported the government’s reforms while acknowledging the sacrifices Nigerians were enduring due to years of economic mismanagement.
“They took one paragraph out of context and sensationalized it,” Sanusi II said. “Nothing about the nuanced support given to the government. That there are arguments supporting the reforms. That we are paying a price for decades of mismanagement before Tinubu. That there is light at the end of the tunnel. That we should all pray and support the system and talk about the good things happening.”
He also emphasised that his speech served as a counter-narrative to critiques of the government during the event. He stated that his remarks were ideologically charged but misunderstood, adding that his reference to “friends” in government was a coded message meant for specific individuals.
“There is just no point dragging the matter. Hopefully, at some point, those in government will recognize I was speaking for them in an ideologically charged environment,” he said.
Despite the backlash, Sanusi II urged Nigerians to move forward, noting that, “This too shall come to pass.”
The Federal Capital Territory has become a battleground for real estate developers and high-profile landowners after the FCT Minister, Nyesom Wike, revoked land allocations in the Maitama II area of Abuja, affecting 568 prominent individuals.
Amid the controversy, developers are scrambling to either pay up or protect their investments.
On January 15, 2025, the deadline to settle outstanding Certificate of Ownership fees for plots in Maitama II passed, and those who failed to comply had their land rights revoked under the Land Use Act of 1978.
Affected figures include the Imo State Governor, Hope Uzodimma; Bayelsa State Governor, Douye Diri; Senate Leader, Opeyemi Bamidele, and Abike Dabiri-Erewa.
Also affected are the Speaker of the House of Representatives, Tajudeen Abbas; a former Cross River State Governor, Ben Ayade; the Senate Minority Leader, Mr Abba Moro; and the National Secretary of the Peoples Democratic Party, Mr Samuel Anyanwu, among others.
In response to the revocations, many developers are grappling with the reality of having their plans disrupted.
An Abuja-based real estate developer, Ameh Daniel said property owners and politically exposed persons in the FCT were rushing to develop their property while also voicing growing frustration among developers in the region.
He citied significant challenges arising from recent land revocations and government’s demands for rapid payment of debts.
Speaking to Sunday PUNCH on Friday, Daniel noted that many developers were shifting away from large-scale projects, preferring to invest in smaller plots ranging from two to four hectares instead of massive land tracts.
“Many developers today aim to avoid large-scale projects, typically opting for land sizes of two to four hectares instead of massive plots. This allows them to work within their budgets while still investing in profitable developments,” he stated.
Daniel highlighted a looming crisis in the industry, pointing to the recent property revocations by the minister that had interrupted numerous projects.
“Recent property revocations in Abuja are causing significant concern in the real estate sector. While property owners are now rushing to develop their property; developers are frustrated by these actions, as they disrupt existing plans and investments. Some developers are being relocated to new areas, which often leads to conflicts,” he added.
A major pain point for developers, according to Daniel, is the difficulty in securing the Certificates of Occupancy.
According to him, the process is slow and often clashes with the accelerated timelines set by the government for construction.
“This challenge arises from the time frames involved in property development. Developers are under pressure from the government to accelerate their construction plans, which complicates the timely processing of C-of-Os,” he said.
Daniel also criticised the government’s recent directive requiring developers to settle debts within just two weeks.
He argued that the short time frame did not align with the cash flow dynamics of the real estate business.
“It’s affecting sales, as potential buyers are becoming hesitant. There is growing concern about the stability of their investments. People are asking: ‘What if my property is revoked too?’ This uncertainty is causing a decline in confidence within the market,” he said.
Real-life cases of revocation, particularly in the Idu Train Station area, have further complicated the situation.
Daniel recalled one instance where a developer was forced to refund a client after their property was seized for reallocation.
“There have been reports of massive land revocations, particularly in areas like the Idu Train Station, where property was seized to be reallocated to people of their caucus,” he said.
Daniel added that the current environment had placed developers in a difficult position.
According to him, with strict deadlines and the threat of land revocations hanging over them, many are finding it hard to trust the system.
The challenge is not limited to developers.
Sunday PUNCH gathered that individual property owners were also affected.
The Chairman, Council of Registered Builders of Nigeria, Dr Samson Opaluwah, highlighted the broader implications of the government’s actions.
“We’ve received numerous complaints from property owners about the financial strain these short deadlines are imposing,” Opaluwah said.
“Many people have neglected these payments for years, and now, they’re expected to pay large sums in just two weeks. This is placing an impossible burden on them,” he added.
Opaluwah appealed directly to the FCT Authority, urging for more time to settle outstanding payments.
“We understand the government’s position on enforcing land-use regulations, but we believe a more flexible payment schedule would alleviate the pressure many developers and property owners are facing. A grace period for them to spread out payments over time is critical,” he said.
A call for flexibility
The real estate community remains divided over the government’s strategy, with some seeing it as an essential move towards accountability, while others warn that the two-week notice is insufficient.
Opaluwah said the ongoing situation called for a broader dialogue between the authorities and stakeholders in the real estate sector.
“We urge the FCTA to consider an extension and allow for more flexible payment terms. It’s not just about enforcing laws; it’s about ensuring the long-term stability and growth of the real estate sector, which is vital for the nation’s economy,” Opaluwah added.
The Special Assistant on Media to the FCT Minister, Lere Olayinka, highlighted growing public recognition of the government’s ability to fulfill its promises.
“People are starting to see that when the government says it will do something, it can actually do it. Before, the general mindset was that the government often doesn’t follow through on its promises, and that once a new administration comes in, things would revert to the old ways. But now, people are noticing that when this government makes a commitment, it delivers almost immediately,” he said.
Olayinka emphasised that this shift in perception reflects the government’s consistent follow-through on its policies and actions.
“It’s clear that the people are now beginning to trust the government’s ability to implement its plans. This is a significant change in how they view governmental actions,” he said.
Additionally, Olayinka pointed out the leadership style of the minister, noting his impartial approach to governance.
“People are also recognising that the minister does not let personal feelings, whether towards friends, allies, or even political opponents, interfere with his decisions. His focus is solely on ensuring that everyone adheres to the rules,” he added.
According to the minister’s aide, this strict adherence to rules is a cornerstone of the Wike’s leadership.
“What matters most is that we all follow the rules, regardless of political affiliation. That’s the key to effective governance.”
Lawmaker pleads for time
Meanwhile, a member of the House of Representatives, Mr Oluwole Oke, has called on Wike to grant time extension to allottees of the 568 plots of land revoked by the FCTA to settle their Certificate of Occupancy.
Oke, who chairs the House of Representatives Committee on Foreign Affairs, made the plea in an interview with Sunday PUNCH in Abuja.
Oke, who represents Oriade/Obokun Federal Constituency, Osun State, urged the minister to extend time of payment for the C-of-O, noting that there was nothing on the ground in terms of amenities where the plots were located.
He said, “It’s an appeal to the honourable minister to please give us an extension of time because there is no infrastructure in these areas. That was why most people didn’t pay and most of these allocations were done in appreciation of service rendered to the nation.
“So, it’s an appeal we need to make to the minister because the law allows him to do what he did.”
[Punch]
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President Bola Tinubu’s trip to Lagos for the yuletide has stalled the handing over of the N704.91 million generated from the 50% salary cuts of members of the House of Representatives.
A top official of the National Assembly bureaucracy disclose this to LEADERSHIP Sunday on condition of anonymity.
Speaker Abbas Tajudeen had at plenary on December 19, 2024 said the House would on December 31 last year present N704.91 million to Tinubu for assistance of vulnerable Nigerians who were worst hit by the removal of petrol subsidy.
The House had on July 18, 2024 adopted an amendment to a motion of urgent public importance proposed by the deputy speaker, Hon. Benjamin Kalu (APC, Abia) that lawmakers should contribute 50% of their monthly salaries of N600,000 to assist Nigerians during the challenging times.
Speaking with our correspondent, the National Assembly bureaucrat said; “It is true that the money was put together for onward delivery to the president so that the executive can use it in cushioning the effects of fuel subsidy removal.
“But we all know that President Tinubu traveled to Lagos for the yuletide from December 18 where he stayed for three weeks before he returned to Abuja. Since then, the National Assembly which the House is part of is engrossed in budget defence.”
The House spokesman, Hon. Akin Rotimi and his deputy, Hon. Agbese, were yet to respond to LEADERSHIP’s enquiries on the matter at the time of filing this report.
Another tragedy from the recurring fuel tanker explosions struck yesterday at Dikko Junction, Niger State.
Scores of residents, who rushed to the scene to scoop the content were killed while several others were injured and rushed to the hospital by rescue workers for treatment.
Officials of the rescue team, who included personnel of the Federal Road Safety Corps (FRSC), said 60 bodies of the victims were recovered.
LEADERSHIP Sunday gathered that the explosion occurred at about 10am yesterday at Dikko Junction in Gurara local government area of the state.
The vehicle laden with 60,000 litres of petrol caught fire near a fuel station when the body detached from the head and spilled fuel on the surroundings.
Eyewitnesses said the tanker was coming from the Kaduna axis of the Abuja-Kaduna Highway when the explosion occurred.
One of the eyewitnesses said the fuel truck with registration number KBG 103 XA belonged to HMY Oil and Gas and was driven by one Mohammed Modu from Jere in Kaduna State.
Also, a shop owner at Dikko Junction, Mohammed Aliyu, told LEADERSHIP Sunday that “the fatality rate was high because some of the residents disregarded the danger warning and were scooping the product when the body of the tanker detached and the product started spilling.
“While some succeeded in scooping the product and escaped, several others were not lucky as the inferno intensified and the tanker as well as another parked near the filling station exploded simultaneously,” he said.
The sector commander of the FRSC, Kumar Tsukwam, confirmed to LEADERSHIP Sunday that 60 bodies were recovered from the spot.
He said the tanker with 60,000 litres of PMS was to be delivered in Gwagwalada in the Federal Capital Territory, Abuja when the disaster occurred
Tsukwam said the tank detached from the body of the vehicle and the product spilled leading to an explosion and intense fire that burnt the victims beyond recognition.
He said, “The body detached from its head leading to a fall of the tanker which resulted in the spilling of the fuel on the ground. A large crowd of people gathered to scoop the product despite efforts to stop them.
“Suddenly, the tanker burst into flames, engulfing another tanker. So far, 60 corpses have been recovered from the scene and the victims are mostly scavengers. The fire has been put out and gradually the road is opened to the motoring public.”
Also, the director-general of the Niger State Emergency Management Agency (NSEMA), Abdullahi Baba Arah, said the spilled PMS got in contact with a generating set that was on, thereby triggering the explosion.
He said, “At present, NSEMA in collaboration with NEMA, Suleja LGA Emergency Committee and good-hearted volunteers are carrying out search, rescue and recovery operations to rescue the injured who have been moved to the hospital for treatment and to recover the corpses of the deceased.”
Meanwhile, Governor Umaru Bago has expressed shock over the incident.
In a statement issued yesterday by his chief press secretary, Bologi Ibrahim, the governor described the explosion as “worrisome, heartbreaking and unfortunate.”
He sympathised with the families of the victims and prayed that God would repose the souls of the departed and heal the injured.
The governor, however, cautioned the people to always be responsible and give priority to their safety.
He directed all the relevant ministries, departments and agencies (MDAs) to do the needful and the security agencies to ensure security in the area.
Says private sector shrinking
•Lists massive running costs, deficit financing, loans, wobbling Naira as high hurdles
•‘You cannot tax a dead company’
•Narrates how Nigeria lost top GDP ranking in 10 years to adverse domestic policies
In its New Year message, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) said the 2024 economic performance was unsatisfactory for the private sector, calling for economic reforms to address imbalances threatening the private sector in the country.
The body explained that all data, metrics and statistics had confirmed that the private sector bore fully the negative burdens of the nation’s current economic reforms, facing very harsh conditions including high inflation, increased borrowing costs, and currency devaluation.
It emphasized the urgent need for reforms to avert further economic strain on the private sector as the New Year begins, noting that Nigeria is a country with huge potential, innovative private sector minds, capital and opportunities, and deserves a listening economic team and team players who must recognize the private sector as stakeholders. ”We should agree that the 2024 economic performance was unsatisfactory for the private sector. All data, metrics and consequent statistics confirm that the Nigerian private sector has borne fully, the negative burdens of the current economic reforms”, NACCIMA stated.
”While in contrast, the public sector continues to thrive and expand, all economic benefits of the recent economic reforms have been translated to the public sector through high capital transfers and revenues. “The private sector faced higher inflation, higher cost of borrowing/repayment for existing loans, the 2.4 billion USD CBN unpaid forwards, currency devaluation and higher costs in all sectors of the economy.
”This continued imbalance caused by increased public sector expenditure has destroyed value in the private sector due to excessive fiscal deficits which are financed through government borrowing at very high unsustainable interest rates. We are therefore making recommendations and suggestions that may be considered in the short to medium term.
”Fiscal deficits arise when public sector expenditure exceeds public sector income. The funding of these fiscal deficits through borrowing results in high interest rates and high inflation. ”The solution to high interest rates and high inflation is for the public sector to spend less and to start becoming an efficient productive unit.
”We also need to debunk the myth of the government earning more revenue under the pretext of improved productivity. For the avoidance of doubt, payment of customs duties and taxation are not due to improved government productivity. ”These revenues are purely private sector revenues which constitute a transfer of wealth and capital from the productive private sector to an ever expanding unproductive public sector.
The public sector does not own factories nor does it produce any goods and services sold to the customers. Rather it extracts value from the citizens through regulatory fiat. Awarding contracts is not the same as enhancing production.
“For 2025, the expenditure framework is skewed towards huge capital transfers to certain sectors which will not add value to the national wealth. The payment of high interest rates to local and overseas creditors regardless of asset class is close to financial “hara-kiri”. Financial assets (loans) should be created and counterbalanced by equivalent investment in productive assets which are expected to repay the loans.
”If these assets are offloaded to the capital markets, it will be possible to transfer many unproductive public sector loans off balance sheet thereby unburdening the government from excessive borrowing. Please note we do not advocate transferring public monopoly to private monopoly or creation of private uncompetitive markets.
”Government should learn from past experience and avoid engaging in new ventures that will create further bad loans, liquidity, lower interest rates and regulation of public sector borrowing by the Central Bank.
”Aggressive repayment of domestic loans using the excess revenues will result in lower interest rate payments which will lead to more cash flow for FAAC and lower borrowing requirements. Early repayment or transfer of government loan assets will improve Liquidity and result in cheaper single digit loans to the Private Sector. ”Generally, public sector loans must be secured with real assets or must be within the tenure of the government. Longer term loans must be investments in real assets and not on the government balance sheet. This shift would promote private sector growth and ensure that capital is allocated efficiently. ”The successful Eurobond offer was received with mixed feelings.
“We congratulate the financial team on a successful outing. However, the nature of over subscription confirms the coupon offered was beyond market offers. “Perhaps we need to consider a hybrid offer which allows a Dutch auction that mops up the best offers at each coupon level. The successful bidders made instant profits overnight on the offer”. It added that government should be looking to reduce financing cost on an aggressive basis where possible”.
While the improved liquidity gives the government access to international financial markets, NACCIMA stressed that they do not guarantee long-term economic stability.
“Relying heavily on foreign borrowing may expose the country to external shocks and currency fluctuations”, the body added. On foreign reserves, support for local industries and the private sector, NACCIMA advised, “Introduction of public sector expenditure guidance at all government levels for purchase of locally produced goods and services will reduce pressure on foreign exchange demand by government agencies and their contractors.
“Investment in public infrastructure should result in utilisation of more locally sourced inputs, higher investment on local infrastructure and improving local productive capacity. Areas like transportation, power, and technology are key for both manufacturing and services.
”Nigeria needs a coordinated approach to delivering the latest technologies and digital infrastructure to facilitate delivery of social services, public health, educational and digital infrastructure.
“Government should introduce reforms and policies to facilitate, attract and retain private sector investment in digital education and modern skills acquisition, technical skills education for our teaming youth.
“Many employers are unable to find adequate skilled workers in many industries. ”The Industrial Park and Skills centre at the Abuja Free Trade Zone at Idu, FCT and many more around the country should be encouraged and supported by all tiers of government in Nigeria and the Organised Private Sector in Nigeria to produce a different positive outcome for Nigeria.
”By public sector philosophy, all government expenditure is necessary. The government should undertake a rigorous review of its current size and expenditure to identify and eliminate wasteful spending. Efficient allocation of existing resources can help reduce excessive borrowing.
”Other countries like Argentina have made political choices to eliminate recurrent budget deficits. The Nigerian budget for elected and unelected politicians can be adjusted. The size and number of government funded agencies can be reduced and taxes should be further reduced which will attract greater private sector investment. ”The government should create an environment where the private sector can take the lead in economic ventures.
“This includes deregulation in most areas, reducing bureaucratic red tape, and enhancing ease of doing business in Nigeria. (Regulatory Agencies like Standards Organisation, NAFDAC etc can be reformed to adopt internationally acceptable standards for Nigeria.)” In this interview first aired on Arise News, NACCIMA President, Mr. Dele Oye, elaborates on the New Year message and stressed the urgent need for the Tinubu government to engage the private sector in the implementation of its reform agenda as, according to him, the private sector has the formula to make Nigeria’s economy the best in Africa again as it did in 2014. Excerpts:
What is your view on the NACCIMA perspective that corporate taxes should be reduced?
The issue is not that we have a bad bill; what is important is that we normally have inflation when government has spent its revenue, and the tendency is for the government to try to borrow or to increase taxes to fill that gap. If you do that, you only make Nigeria poorer. If you look at our current GDP, in 2014, we were at 568, and we are going down every year. So you cannot use the same treatment for a sickness that had never worked before. Look at the real terms of the 2024 Budget, we are declining. Look at this year’s budget, it is far lower.
Also look at our standing in the African GDP; we are at about No. 5 going to 6. All these are due to the domestic policies that had been laid. So what we are saying is that the private sector is shrinking, while the public sector is expanding. So, government must listen more to the business because it is the business that would generate the income that would be used to pay back these loans. The loans are not sustainable, but if we start cutting down costs on the government side, it will be quite difficult to grow from them. So the government must listen more to the private sector.
We are not unaware of the effort the government has made in giving us two Ministers recently in the Ministry of Industry, Trade, and Investment. We are grateful, and we are fully engaging with them. But what is important is that the government must also get its other MDAs, like the Central Bank and Ministry of Finance, to key in and work with the private sector because we are the ones to pay the loans back from our production. The government does not produce any goods or services. Awarding contracts is not an economic activity. What pays this bill is the effort of the private sector. Look at the current budget and show me anything that is different from 2024. The people telling the President that he’s doing very well should show us.
All the indices show there’s a decline. So it is not to tax us more or to reduce tax; in fact, to increase our competitiveness, you must find a way to reduce tax. Anytime we are making laws in Nigeria, look at what our neighbours are offering. We have to be competitive, as we cannot tax ourselves out of this problem; we have to increase the capacity of the private sector. We are not asking for handouts or money from the government. We have a formula that would bring down the interest rate so that people can borrow at a sustainable level. The President himself gave us an 8-point agenda that he would give us single-digit loans.
What are some of the major things NACIMA is looking out for as major reforms?
We highlighted 12 recommendations in our New Year message. In addition, the government must take the issue of the Naira (very seriously). It is the biggest driver of inflation. Nobody will invest in a climate where its currency melts every day. Throughout 2024, we kept shouting; we engaged privately before we went to the public space. The government needs to find a way to cut down its running costs, reduce deficit financing, and pay back the loans they owe. They should stop borrowing. The President should not allow himself to be deceived again.
But if we start the way the budget is structured, we are going to end up smaller next year. So it is better if we work together. Nigeria has one of the best private entrepreneurs that have the capacity to turn around the economy. If the government is truly willing to drive this economy, he must use the capacity of the private sector. If you look at some of the areas where things are working, the government is not yet there. Look at the creative industry; look at the small POS business too. But when the government entered, you can see what has happened.
How can the private sector organise itself for the new reality?
Well, we are not advocating for a reversal of the government reforms. All we are saying is that the way they are currently implemented would not lead us anywhere. This government has been here for almost two years. If it was working, we were not supposed to inherit these reforms. It is supposed to happen during the life span of the four years of this government.
If it is not working, the economy is shrinking; it is time for the government to change the procedure instead of trying to use the imperial way that most of the agencies have used when dealing with us. The government must listen to us and use our ideas for policies.
The reason why the Naira is falling is because the government is running a deficit budget. With a 13 trillion deficit, what do you expect? If you cut the government expenses down, the Naira will start appreciating. Until the government cuts its expenses, we are going to continue to borrow in an unsustainable way.
The government must work with us. In 2014 we became the best in Africa. Those sectors that brought about the rebase in our economy are all suffering today. MTN has lost over N100 billion in currency depreciation, and you and I know it’s an industry that requires continued investment for them to continue to be competitive because of the technology involved. We must find a way to give them their sense of security back by building an environment where they can work and make more money.
You cannot tax a dead company. You must find a way to listen to us. The problem is at home. It is not about traveling abroad, seeking foreign direct investment. They should tell us how much has come in those several trips. It is not the business of the government to be in business. Government should be a facilitator.
Are you accusing the government of hypocrisy, or does the partnership they talked about not exist?
I started first by thanking Mr. President because there’s a tendency to change strategy because for the first time we have two Ministers. We had a four-hour strategy meeting with the Minister of Trade and Investment. There’s likely to be a change. If the government does not domicile it in the private sector, cut its excesses, we are going to have the same result. Anybody telling the President we are moving up is lying to the President. We need better engagement.
The fight between CBN and Bureau de Change must stop because we are the losers. We must find a way to use everyone’s talent and make Nigeria work. I want us to go back to 2014 when we were the best in Africa; this is all I am asking for. We are ready. We have the formula to work with the government on some of these things. If the government succeeds, we make money.
If the government fails, our members lose. So it is in my interest for the government to succeed. So let’s move this issue from the blackboard to a drawing board where all of us can contribute.
[Vanguard]
Taiwo Oyedele, chairman of the presidential committee on tax policy and fiscal reforms, says the tax reform bills will be passed into law in the first quarter (Q1) of 2025.
Oyedele spoke on Saturday at The Platform, an event organised by The Covenant Nation to facilitate national development.
According to Oyedele, the implementation of the tax reform bills will commence in July.
“I need to talk about the tax reforms. Part of the expectation is we expect the tax reforms to be approved, particularly the tax reform bills in 2025,” Oyedele said.
“Our expectation is before the end of Q1 and therefore we can give notice to taxpayers to prepare themselves with capacity and begin to implement around 1st of July.”
On October 13, 2024, President Bola Tinubu asked the national assembly to consider and pass four tax reform bills.
The proposed legislations are the Nigeria tax bill, tax administration bill, and joint revenue board establishment bill.
Tinubu is also seeking to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.
The tax bills have received the backing of the Nigerian Governor’s Forum (NGF).
NGF also proposed a new “equitable” sharing formula for VAT.
The development was an outcome of a meeting between the NGF and the presidential tax reform committee, convened on January 16, to deliberate on critical national issues, including the reform of Nigeria’s fiscal policies and tax system.
[TheCable]