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As associates call for activist’s release
DETAINED human rights lawyer and activist, Mr Dele Farotimi, has stated that he did not send anyone to plead with elder statesman, Chief Afe Babalola, SAN, who took him to court for defamation.
This came as some associates of the detained human rights lawyer, yesterday, called for his release, saying his rights had been violated.
Farotimi is currently standing trial in Ekiti State following a petition by Babalola regarding his book, ‘Nigeria and Its Criminal Justice System.’
Recall that the 2023 presidential candidate of the Labour Party, Peter Obi, recently paid a visit to Afe Babalola, with sources suggesting that the visit was to make a plea on behalf of Farotimi.
But speaking on the Sunday edition of Inside Sources with Laolu Akande, Mr Tope Temokun, a lawyer for Dele Farotimi, stated that during a prison visit on Friday, Farotimi denied asking Peter Obi to appeal to Afe Babalola or seek an out-of-court settlement.
Temokun said: “I visited Mr Dele Farotimi in a correctional service in Ado-Ekiti, Ekiti State, yesterday afternoon.
“The events of the recent days; the visit of Mr Peter Obi, the (2023) presidential candidate of the Labour Party, to Aare Afe Babalola; his visit to Mr Dele Farotimi, created some lack of clarity; people are not so clear about some things; people are not clear about what is going on. It is based on this that I had to visit him yesterday, and we sat together and had a good discussion.
“After Peter Obi left Ekiti, the news that filtered through the town to the issue of the conditions for release, the issue of apology, the issue of whether Mr Dele Farotimi can do this or that to come out.
“I told him (Farotimi): the reason I am here is to confirm from you, ‘What do you think should be done?’ The visit of Mr Peter Obi to you in person and the subsequent visit to Aare Afe Babalola: What do you know about it? What is your message to Aare Afe Babalola? What is your message to the people outside? What is also your message to me as part of your legal team?
“He (Farotimi) said if anybody who is familiar with his antecedents, with his principles, with his philosophy over time should join anybody to believe that in a matter where he had written a book that he had published and that had been in circulation, that if anybody, or somebody should join others to believe that he has sent anybody to beg anybody, he said he will be so disappointed in that person.
“He told me categorically that even you, Tope, if you join anybody to believe that I could beg anybody or that I have sent anybody to beg anybody, I will be so disappointed in you.”
Associates call for activist’s release
Meanwhile some associates of Dele Farotimi, in a statement by Mr Taiwo Akinlami, stated that the recent arrest and detention of Farotimi reflect a troubling disregard for procedural fairness and the rule of law.
The group, however, insisted that there were irregularities in the arrest procedures of the activist.
The statement, titled ‘Unlawful arrest and detention of Mr Dele Farotimi: A call for justice’, reads: “We, the associates of Mr Dele Farotimi, a distinguished author and legal practitioner, are deeply troubled by the blatant violations of his rights following his recent arrest and detention. This press release is issued to highlight the irregularities surrounding his case and to demand his fair treatment and prompt release by the law.
“Mr Dele Farotimi, author of ‘Nigeria and its Criminal Justice System’, has become the target of criminal and civil litigations tied to his book. Despite his willingness to address these issues legally, his recent arrest and detention reflect a troubling disregard for procedural fairness and the rule of law.
“These events have significantly disrupted Mr Farotimi’s ability to prepare for multiple civil suits filed during his detention. As associates, we are also concerned about the toll this situation is taking on his family, particularly his 76-year-old mother, who has already suffered the loss of one child.”
While condemning the misuse of state resources, the associates called for an investigation into the irregularities in his arrest and detention.
Akinlami said: “We condemn the misuse of state resources and apparatus to persecute Mr Farotimi and call on the Nigerian authorities to facilitate the immediate release of Mr Farotimi on bail; investigate
“This case is a test of the integrity of Nigeria’s justice system. We urge all individuals and organizations committed to justice, fairness, and the rule of law to join us in advocating for Mr Farotimi’s rights and freedom.”
The Naira yesterday appreciated to N1,660 per dollar in the parallel market from N1,662 per dollar last weekend.
However, the Naira depreciated to N1,550 per dollar in the official foreign exchange market.
Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,550 per dollar from N1,540 per dollar last weekend, indicating N10 depreciation for the naira.
Data from FMDQ showed that the indicative exchange rate depreciated to N1,545.1 per dollar from N1,533 per dollar last week Friday.
Consequently, the margin between the parallel market and NFEM rate narrowed to N110 per dollar from N122 per dollar last week Friday.
Pastor Tobi Adegboyega, the founder of Salvation Proclaimers Anointed Church, SPAC Nation, has revealed that his ministry does not collect tithes and offerings from members.
Adegboyega disclosed this while opening up on his source of income which he linked to businesses and managing companies in the United Kingdom, UK.
Speaking on Channels TV’s Politics Today, the flamboyant pastor said: “I have brought people from prisons and made them multi-millionaires and the testimonies are public.
“I have raised people and they became CEOs of black corporations in the UK.
“I’m not a person that believes in wealth, I believe in people and I have raised a lot of people.
“If anybody knows us around the world, they will know us for having people, I have supported 250 SMEs in Nigeria with one million each over the past two years and they are doing well.
“We started businesses, we raised companies here. What we do is that we invest in little businesses and watch them grow, that is what sustains us here.
“Even as a church, we don’t take tithes and offerings, we watch these businesses grow.”
The founder of Salvation Proclaimers Anointed Church, SPAC Nation, Pastor Tobi Adegboyega, has opened up his lifestyle and source of income.
Naija News reports that the controversial pastor in an interview with Channels TV’s Politics Today, linked his flamboyant lifestyle to businesses and managing companies in the United Kingdom, UK.
Adegboyega said he does not believe in wealth but he is passionate about raising people who have turned multi-millioniares.
He also disclosed that his church does not collect tithes and offerings.
He said, “I have brought people from prisons and made them multi-millionaires and the testimonies are public.
“I have raised people and they became CEOs of black corporations in the UK.
“I’m not a person that believes in wealth, I believe in people and I have raised a lot of people.
“If anybody knows us around the world, they will know us for having people, I have supported 250 SMEs in Nigeria with one million each over the past two years and they are doing well.
“We started businesses, we raised companies here. What we do is that we invest in little businesses and watch them grow, that is what sustains us here.
“Even as a church, we don’t take tithes and offerings, we watch these businesses grow.”
Nigeria and Nigerians had a good outing at the 2024 Confederation of African Football (CAF) Award, scooping several laurels at the event, which held on Monday night in Marrakesh, Morocco.
The CAF awards which celebrates football brilliance and outstanding achievements across the continent, celebrated many talents on the African continent both at individual and team levels.
Nigeria’s Ademola Lookman was the star of the night as he won the coveted CAF Men’s Footballer of the Year Award after a brilliant year for club and country.
In the women’s category, Zambia’s Barbra Banda emerged as the CAF Women’s Footballer of the Year Award.
There were wins for Nigeria in other categories, including the goalkeeper of the year, won by Chiamaka Nnadozie, National Team of the Year and representations in the Best XI for both men and women categories.
Below is the full list of winners of the 2024 CAF Award.
Men
Player of the Year
Ademola Lookman (NGR)
Club Player of the Year
Ronwen Williams (Mamelodi Sundowns/RSA)
Goalkeeper of the Year
Ronwen Williams (RSA)
Young Player of the Year
Lamine Camara (SEN)
Coach of the Year
Emerse Fae (CIV)
National Team of the Year
Ivory Coast
Club of the Year
Al Ahly (EGY)
Best X1
Andre Onana (CMR); Achraf Hakimi (MAR), Kalidou Koulibaly (SEN), Chancel Mbemba (COD); Mohammed Kudus (GHA), Sofyan Amrabat (MAR), Franck Kessie (CIV), Yves Bissouma (MLI); Mohamed Salah (EGY), Victor Osimhen, Ademola Lookman (both NGR)
Women
Player of the Year
Barbra Banda (ZAM)
Club Player of the Year
Sanaa Mssoudy (FAR Rabat/MAR)
Goalkeeper of the Year
Chiamaka Nnadozie (NGR)
Young Player of the Year
Doha El Madani (MAR)
Coach of the Year
Lamia Boumehdi (TP Mazembe/COD)
National Team of the Year
Nigeria
Club of the Year
TP Mazembe
Best XI
Andile Dlamini (RSA); Michelle Alozie, Osinachi Ohale (both NGR), Lebohang Ramalepe, Karabo Dlamini; Linda Motlhalo (all RSA), Rasheedat Ajibade (NGR), Ghizlane Chebbak (MAR); Barbra Banda (ZAM), Asisat Oshoala (NGR), Tabitha Chawinga (MAW).
You Institutionalised Imposition Of Candidates In Nigeria – Lukman Points Accusing Finger At Obasanjo
AFOLABI
Former National Vice Chairman, North West, of the All Progressives Congress (APC), Salihu Lukman, has stated that former president Olusegun Obasanjo and other past leaders are responsible for the challenges plaguing Nigeria.
He insisted that the decision of Obasanjo and others to produce “anointed successors” makes them part of the problem.
Lukman stated this while reacting to Obasanjo’s remark that even Satan produces leaders but such are bound to fail, while those chosen by God will succeed.
Speaking via an open letter titled “Satanic Leadership and Nigeria’s Boiling Point,” Lukman urged Obasanjo to accept his past mistakes as Nigeria seeks solutions to its challenges.
He charged the former President to stop dwelling on the “vain glory” of his past and recognise that all Nigerian leaders since independence share responsibility for the leadership crises plaguing the country.
According to him, “Your Excellency inadvertently institutionalized the practice of imposition of candidates in our political parties.
“Without going into details, you will recall how in PDP, ahead of the 2007 elections, under Your Excellency’s leadership, the practice of imposition of candidates became the political robe of the PDP.
“Eventually, being the ruling party for sixteen years, the imposition of candidates became an acceptable political rule.
“With imposition, basically, our democracy lost its bearing and became a shadow of the worst authoritarian system.
“The major challenges faced by Nigeria since independence are a result of attempts by past leaders, including Your Excellency, to produce ‘anointed’ successors.
“This has contributed to the political crises and the resulting social and economic challenges, which have worsened under successive administrations.”
The Federal Road Safety Corps (FRSC) says it has deployed 1,102 operational vehicles to ensure hitch-free movements of citizens during the yuletide.
Olusegun Ogungbemide, the corps public education officer, said on Monday that the FRSC has also deployed its personnel, including the special marshals, to the highways.
“These logistics include the deployment of 157 administrative vehicles, 754 patrol vehicles, 143 ambulances, and 48 tow trucks, which brings the total to 1,102 operational vehicles,” he said.
Ogungbemide quoted Shehu Mohammed, FRSC corps marshal, to have said that the mobilisation is aimed at curtailing excessive speed, overloading, dangerous driving and overtaking, lane indiscipline, and other traffic offences.
He urged members of the public to download the FRSC mobile application for real-time traffic reporting and updates, adding that they can also utilise the corps’ social media handles —facebook.com//frscnigeria,Instagram.com//frscnigeria, twitter.com//frscnigeria — in case of emergency.
“The directive also mandates the commanding officers to ensure effective collaboration with military units, the Nigeria Police Force (NPF), and the Nigeria Security and Civil Defence Corps (NSCDC),” Ogungbemide said.
“We also have collaboration with the Directorate of State Services (DSS), NGO Ambulance Service Providers, National Network on Emergency Road Services (NNERS), and the Federal Roads Maintenance Agency (FERMA), among others.
“The operatives will be charged with the responsibility of identifying alternative routes to assist motorists during gridlocks and giving notification of traffic-distressed areas for intervention.
“The public can also call the 122 toll-free number as well as the National Traffic Radio live lines: 08052997848 and 09139600107, which are available means to reach FRSC to report traffic situations anywhere in the country.
“The public can also reach the situation room at 07054005754 and 07054005712, respectively.”
Former Minister of Youth and Sports, Solomon Dalung, has admitted that the immediate-past Muhammadu Buhari-led administration deceived Nigerians during its eight-year tenure.
He made the revelation during an interview on the ‘Mic On Podcast’ with popular TV achor, Seun Okinboloye.
Dalung, a member of the Federal Executive Council (FEC) during Buhari’s first term in office between 2015 and 2019, stated that the administration lied to Nigerians.
According to him, “I am completely disappointed because what we told Nigerians was not what happened. We lied; we deceived Nigerians. Even though we used ‘people deceive people,’ referring to the PDP, for our campaign, we were a replica of what we accused the Peoples Democratic Party (PDP) of.”
Dalung recounted how he confronted Buhari about the worsening state of insecurity and hardship in the country at the time.
“When we came in, it was just the North-East that had security issues. By 2020, it was not even possible to travel from Abuja to Kaduna. I told the president, ‘If you don’t believe me, roll out a brigade of guards now, and I’ll join you. We’ll drive from Abuja to Daura. If bandits don’t attack us, I’ll go and die in exile.
“To be fair to the president, he expressed surprise, meaning that some of the things I told him, he was hearing for the very first time,” Dalung added.
The former minister also revealed that Buhari was often unaware of significant incidents occurring under his administration.
Dalung narrated an incident where the Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC) clashed in Asokoro District of Abuja, holding the community hostage for three days, without the president’s knowledge.
“It was me, during a Federal Executive Council (FEC) meeting, who informed him about the incident. I expected it to be on the agenda, but it wasn’t. I had to introduce it through AOB (Any Other Business), and the president was completely confused listening to what I was saying.
“At the end of the meeting, we even left without any closing prayer because he was visibly angry. On my way to the office, I saw those two agencies, directly under his office, holding a community hostage for three days over whatever interest they had, and the president didn’t know,” he recalled.
Political parties must identify, nurture young Nigerians to assume leadership positions - Abbas
AFOLABI
Tajudeen Abbas, the speaker of the house of representatives, says political parties must identify and nurture young Nigerians to take over leadership positions.
Abbas spoke in Abuja on Monday at the youth town hall meeting organised by the national assembly on the 2025 budget.
The speaker said Nigerian youths are active participants in governance and development, adding that their creative energy is necessary in every critical sector of society.
Abbas advised the youths to unite and boldly propose their demands and expectations for the 2025 budget.
“Your energy, creativity, and resilience are transforming every sector of our society, from agriculture to technology, arts, sports, and entrepreneurship,” the speaker said.
“Across these fields, you demonstrate that Nigerian youths can achieve greatness with the right support and opportunities.
“Yet, we must ask ourselves: how can you do even more? How can we, as leaders, create an enabling environment that allows your potential to flourish fully?
“This dialogue is, therefore, so important to explore how government policies, budgets, and programmes can better support you in taking your rightful place as drivers of national development.
“The responsibility of building the next generation of leaders must not be left to chance. Political parties, as key institutions of democracy, have an urgent role to play in identifying, nurturing, and empowering young people to assume leadership positions.
“The challenges of our time, from climate change to digital transformation, economic shocks to global security issues, demand leaders who are prepared, knowledgeable, and visionary. Preparation is, therefore, non-negotiable in leadership.
“It requires education, exposure, mentorship, and a strong sense of duty and integrity. Young Nigerians must be intentional about preparing themselves to lead, not just politically but in every sphere of society.
“I call on political parties to take seriously their mandate to scout for and develop young talents, ensuring that leadership succession is deliberate and inclusive. The future of our democracy and the survival of our institutions hinge on this.
There is confusion at the Code of Conduct Tribunal (CCT) as embattled chairman, Danladi Umar and the newly appointed chairman, Mainasara Kogo, are laying claim to its chairmanship.
Inquiries by Daily Trust indicate that both persons have officially visited and held discussions with staff of the tribunal without any clear directive on who is in charge.
President Bola Ahmed Tinubu had on July 13 appointed Kogo as the new chairman of CCT the same day he announced Omolola Oloworaran as the Director-General of the National Pension Commission (PenCom).
Although the staff complained about the lull in the work of the tribunal since the controversy over Umar’s removal began, it was observed that corruption cases involving public servants are still being taken with several charges listed on the course list either for trial or arraignment.
We are confused – Staff
However, senior staff of the tribunal, who spoke on the condition of anonymity, told Daily Trust that they are confused about who to work with as both men have spoken with them and they are only civil servants who obey instructions.
“We are civil servants and we believe we can work with anyone that comes,” a staff said.
“We have not seen any letter to the effect of these changes. We believe there is a procedure for the removal and appointment of a new chairman of the CCT.
“We know that the president and the two arms of government have made pronouncements but we don’t know if invisible hands are working on these but we know there is a process,” he added.
One of the officials said the process is for the appointee to go through the screening by the Federal Judicial Service Commission (FJSC), who recommends to the National Judicial Council (NJC) and then to the President, who approves and forwards to the Senate for confirmation.
The senior official said there has been a pile of unattended files arising from a lack of clarity on the chairmanship of the tribunal.
“He came today and left and the entire judiciary is now on holiday so we have taken the liberty to adjourn all the outstanding cases to January,” the witness said.
However, a former staff of the tribunal, who pleaded anonymity, criticised Umar for visiting the office after what he said his valid removal.
“Why is he still coming to work seeking to sign some documents and approve payments to contractors?”
He said Umar’s visits were illegal as he was no longer the chairman of the commission.
Umar’s removal endorsed by Senate, Reps
After the presidential announcement removing Umar, both the Senate and the House of Representatives in separate plenaries on November 20 and 26, also endorsed his removal as CCT chairman on allegations of misconduct and corruption.
Both resolutions were hinged on Section 17 (3) Part 1, Fifth Schedule of the Nigerian Constitution and Section 22 (3) of the Code of Conduct Bureau and Tribunal Act 2004 for the decision.
The section provides that “A person holding the office of chairman or member of the code of conduct tribunal shall not be removed from his office or appointment by the president except upon an address supported by 2/3rd majority of each house of the national assembly praying that he be so removed for inability to discharge the functions of the office in question (whether arising from infirmity of mind or body) or for misconduct or for contravention of this code.”
The legal dispute over Umar’s tenure is being tested in a suit before a Federal High Court in Abuja by the Community Rescue Initiative, Toro Concerned Citizens and Relief Foundation, who are contending that by the provisions of sections 1(1) and (3), 6(6), 153 (1) (e) & (i) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) as well as Paragraph (3)(a) (vii) and (b) of the Third—Schedule thereof, the purported concurrence of both Senate and the House of Representatives was null, void, unconstitutional and of no effect whatsoever.
Umar has not been validly removed – Lawyers
Lawyers have picked holes in the process that has created the situation in the CCT with both Umar and Kogo claiming leadership of the tribunal.
Reacting, Sunusi Musa (SAN) said the president did not announce Umar’s removal as provided by the constitution, which states that he can only do so after a resolution of two-thirds of the two houses of the National Assembly.
He explained that at the same time, there have been no further announcements about Kogo’s appointment by the NJC after Umar’s purported removal.
“Where is he getting the powers to visit the tribunal if he has not been appointed by the NJC and has not been inaugurated as the chairman of the tribunal?,” he asked.
Similarly, Dayo Akinlaja (SAN) said if the newly announced chairman has not been issued any letter, which ought to be an instrument of appointment, his appointment is not binding.
He said a letter of appointment would imply that removal has been done which the person affected could then challenge “Not by taking the laws into his hands but through the judicial process.”
In his submission, Haroun Eze, Esq said there are some irregularities in the purported removal of the CCT chairman, Umar.
“The removal did not accord with the procedure for the removal of the CCT chairman and that is why the National Assembly provided that aspect by their resolutions for the removal,” he said.
“Even the resolution, to what extent does it conform to the provision of the Code of Conduct Tribunal Act, particularly Section 22?”
He said the Attorney General of the Federation ought to have commenced an action to establish a case of misconduct against the CCT chairman, which would have given the National Assembly the leeway to pass the resolution they did.
[DailyTrust]
More...
- 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]