Tag: 2025 Budget

  • Just in: Tinubu jacks up proposed 2025 budget from N49.7trillion to N54.2trillion

    Just in: Tinubu jacks up proposed 2025 budget from N49.7trillion to N54.2trillion

    President Bola Ahmed Tinubu has increased the proposed total budget size for 2025 from N49.7trillion he presented to the joint session of the National Assembly on December 18, 2024 to N54.2trillion .

    President Tinubu announced an increase in the proposed budget size through separate letters forwarded to both the Senate and the House of Representatives .

    The President in the letter read during plenary in Abuja the President of the Nigerian Senate Godswill Akpabio , said the increase arose from N1.4trilliion additional revenues made by the Federal Inland Revenue Service ( FIRS ) , N1.2trillion made by the Nigeria Customs Service , N1.8trilliion generated by some other Government Owned Agencies .

    The President of the Senate consequently directed the request to the Senate Committee on Appropriations for expeditious consideration and declared that the budget consideration , would be concluded and passed before the end of this month.

  • Efforts underway to transmit 2025 budget to Tinubu promptly – Akpabio

    Efforts underway to transmit 2025 budget to Tinubu promptly – Akpabio

    Senate President, Godswill Akpabio, has assured Nigerians that the 2025 budget will be transmitted to President Bola Tinubu for assent as soon as it is passed into law.

    Akpabio, who gave the assurance at plenary on Tuesday, emphasised the senate’s commitment to ensuring a seamless budgetary process.

    He commended the lawmakers for their diligence in scrutinising the budget, adding that their efforts would result in a practical financial plan for Nigeria.

    “I congratulate all senators and indeed the National Assembly as a whole for the way and manner you have scrutinised the budget of 2025. At the end, we will have a workable document for the benefit of all Nigerians,” he said.

    Akpabio also lauded the lawmakers for extending the capital provisions of the 2024 budget to June 2025 to prevent government operations from being stalled

    He said that efforts were re underway to transmit the 2025 budget to the president promptly.

    “I also thank you for your foresight in extending the capital provisions of the 2024 budget to June so that government business does not grind to a halt.

    “The constitution allows Mr President to undertake the current expenses in the 2025 budget, even up to June this year.B ut we will definitely get the budget across to him as soon as possible” he said.

  • 2025 budget: Tinubu reveals reason for allocating N940bn to TETfund

    2025 budget: Tinubu reveals reason for allocating N940bn to TETfund

    The Federal Government says it has allocated N940.5 billion to the Tertiary Education Trust Fund (TETFund) in the 2025 fiscal year, to enhance manpower and infrastructure development in the education sector.

    President Bola Tinubu stated this on Saturday at the 42nd Founders’ Day and 33rd Convocation of the Federal University of Technology, Minna.

    Represented by Rakiya Iliyasu, Director of Tertiary Education, Federal Ministry of Education, Tinubu said the gesture was demonstrating his administration commitment towards improving educational infrastructure and manpower.

    He said the federal government had disbursed over N104 billion loans to more than 600,000 students across tertiary institutions under the Nigerian Education Loan Fund (NELFUND).

    Tinubu reiterated his administration’s commitment to fostering a knowledge-driven society, prioritising education in its policies and funding initiatives.

    He urged universities to deepen collaborations with industries, aligning research with societal needs to contribute meaningfully to national development.

    The president congratulated the graduates for their resilience and determination, and enjoined them to embrace their new chapter with confidence and purpose.

    The Vice-Chancellor,  Prof. Faruk Adamu-Kuta described the institution’s 42nd Founders’ Day and 33rd Convocation Ceremony as historical.

    He said the university had grown to become a leading institution in technological education in the country, ranking 8th on the index of best universities in Nigeria and 2nd among specialised universities.

    Gov. Umaru Bago of Niger, expressed gratitude to the university for confering on him a Doctorate Degree in Agriculture, saying that it served as a call to do more in the sector.

    He reiterated commitment to collaborate with individuals to make education accessible to every citizen of the state, and urged the university to continue to take the lead in training and innovative research.

    Bago advocated for stronger ties with the state government to ensure the institution’s sustainability through agriculture.

    The governor donated N100 million to the endowment fund established by Sen. Muhammad Sani-Musa, who also donated N200 million.

    The university produced 5,816 graduates for the 2023/2024 academic session, comprising 4,955 undergraduates, 632 Master’s degree, 105 postgraduate diploma, and 124 PhD holders.

  • PH chamber of commerce explains Rivers 2025 budget

    PH chamber of commerce explains Rivers 2025 budget

    The Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA) has given its breakdown of the Rivers’ 2025 budget.

    The PHCCIMA President, Dr Chinyere Nwaoga, gave the breakdown in a statement on Tuesday, saying he budget will unlock trapped N500 billion tax revenue from trapped or recovered assets.

    She recalled that PHCCIMA had on Dec. 31, 2024 lauded the appropriation bill of 2025 as presented by Rivers governor, Siminalayi Fubara, and promised to analyse the budget.

    “We promised to analyse the budget and share our position after extensive research and analysis.

    “We set up a think-tank committee to review the monetary policy with the private sector practitioners and we have come up with a position,”she said.

    Nwaoga noted that the 2025 total budget approximates N1.2 trillion; to be N388 billion higher than the 2024 figure of N800 billion.

    However, she noted that when adjusted for inflation, “the Net Present Value of the current budget is approximately N1.1 trillion.”

    Nwaoga explained that the naira’s depreciation by 90 per cent year on year from January 2024 has reduced the budget’s net value to about N700 billion.

    According to her, this further illustrates how the fiscal policies at the centre can impact even the best run states.

    She commended the Rivers government’s plan to spend N678 billion on capital expenditure, which is roughly 30 per cent more than the operating expenditure.

    “The plan to allocate N31 billion to Agric and support programmes for youths posits a strategy for genuine empowerment,” she stated.

    The PHCCIMA President also advised the government to create a credible youth and women database for articulated disbursements and monitoring.

    She said: “There may be need to update or recreate a strategic state wide enumeration targeted at Rivers state population.”

    Nwaoga also suggested that the government should consider allotting a percentage of accrued funds to an investor guarantee programme to attract investment funds aimed at commerce.

    She noted that “the policy to explore counterparty funding with the Universal Basic Education (UBE) to support education is smart.”

    Nwaoga commended the government’s plan to source and save funds for the budget through various means, including FAAC, IGR, statutory allocation, mineral funds, VAT, refunds, and others.

    According to her, the budget demonstrates financial prudence and less emphasis on bank borrowing.

    She suggested that the government should re-enact the Rivers State Statutory Savings Account and ensure that assets do not deplete in value.

    Nwaoga recommended that “we estimate an additional N100 billion, and the expansion of the under-declared and undeclared revenue sources with corporates.”

    She stressed the need for the government to emphasise attracting new investments and unlocking value from existing assets.

    “Rivers state government should emphasise attracting new investments and unlocking value from existing assets,” she said.

    She, however, urged that the government should continue to pursue clearing the backlog of pension liabilities and consider implementing a revised salary structure to motivate the workforce.

  • House of Reps ready to pass 2025 budget – Deputy spokesman

    House of Reps ready to pass 2025 budget – Deputy spokesman

    The House of Representatives has thoroughly reviewed the N49.70 trillion 2025 Appropriation Bill submitted to the National Assembly by President Bola Tinubu the Deputy Spokesperson, Rep. Philip Agbese (APC-Benue), has said.

    In an interview with newsmen in Abuja on Tuesday, Agbese said that all the committees of the house took time to work on the budget of various agencies of government, ahead of  passage.

    He said that house had done a good job as promised by asking relevant questions, adding that where the lawmakers were not satisfied with the answers provided, they demanded further explanations.

    “Some of the agencies made beautiful presentations, while others did not. The media witnessed some, if not all these issues during our budget defence sessions.

    “What was not done in the media spotlight is that we carried out a surgical operation on these proposals in such a way that Nigerians will get value for their money.

    “As a parliament, we are aware of the difficulties of the times and there is no way we would approve frivolous budgetary demands.

    “We made this clear to the ministers and heads of agencies that they must look for innovative ways to generate revenue to enable the government to run effectively.

    “We also made it clear that we will not approve frivolous demands as proposed to us. They left with this message, aware that with the 10th Assembly, it is not business as usual anymore,” Agbese said.

    The deputy spokesman said that the Speaker of the house, Rep. Tajudeen Abbas, would always prioritise integrity while dealing with any national assignment.

    He said that the house promised to ensure that the right things were done, stressing that the budget was about Nigerians and that anything contrary to their interest would not be condoned.

    Agbese called on Nigerians to continue to support the President Bola Tinubu-led government in its bid to revamp the economy and deliver good governance.

  • Rep dismisses alleged N480m request for approving varsities’ 2025 budgets

    Rep dismisses alleged N480m request for approving varsities’ 2025 budgets

    The Chairman, House of Representatives Committee on University Education, Rep. Abubakar Fulata  (APC-Jigawa), has dismissed media reports alleging that lawmakers demanded N480 million as condition for approving some varsities’ 2025 budgets.

    Addressing newsmen on Tuesday in Abuja, Fulata said that the allegation was designed to undermine the efforts of the committee to improve the standard of education in the country.

    He said that his reaction to the allegation was to avoid misleading the general public about the activities of the committee and the 10th House of Representatives.

    The lawmaker said it was ridiculous for anyone or group to suggest that lawmakers were demanding for a “kobo” as condition for approving budget proposal.

    Fulata, who listed some plans by the house to improve learning conditions in the universities, said some university managements were avoiding giving their account of stewardship.

    He said that the committee had, in 2024, carried out oversight visits to all federal universities under its supervision, except Federal University, Gusau, Zamfara.

    Fulata alleged that the institution’s authorities did not only block the legislators from accessing the school but also failed to provide documents regarding budget performances for 2022 and 2024 as well as the 2025 budget proposal.

    He said that if President Bola Tinubu could find time to present the Federal Government’s budget to the National Assembly,
    there was no reason for any vice-chancellors not to come and defend his university’s budget proposal.

    “Instead, they (vice-chancellors) have resorted to blackmail, smear campaigns and sponsorship of public outcry against the committee.

    “The committee has placed the matter before the leadership of the house, insisting that the house should not approve the budgets of all institutions whose chief executives refused to come and defend their budgets,” Fulata said.

    He appealed to media practitioners to always cross-check the pieces of information at their disposal before disseminating them.

    The lawmaker said that the committee and the entire house were committed to ensuring uninterrupted academic activities in tertiary institutions and improve on the standard of education in Nigeria.

  • Regional development agencies as a farce – By Pius Mordi

    Regional development agencies as a farce – By Pius Mordi

    Under the 2025 budget estimate of N47.90 trillion, the federal government has set aside the sum of N4.26 trillion as statutory transfers to newly established development commissions for various regions in the country. It all started with late President Umaru Yar’Adua’s initiative to restore stability to the restive Niger Delta and rev up the crude oil export that had dropped very drastically due the campaign of militants. He initiated the amnesty programme that got the militants to sign up to laying down their arms. The impact on crude oil export was profound and immediate.

    The amnesty programme was decisive in assuaging the discontent in the Niger Delta and made the Niger Delta Development Commission (NDDC) earlier established in 2000 by then President Olusegun Obasanjo more impactful.

    However,  what started as then President Muhammadu Buhari’s obsession to replicate the Niger Delta road map as his recipe for resolving the islamist onslaught in the North-East by Boko Haram has been, unfortunately, adopted as the pathway to developing the country. From being a vehicle for the rehabilitation of the North-East region on account of the insurgency, and for the long-term development of the region, the North-East Development Commission (NEDC) Buhari established in 2017 has now become a model that was replicated in other regions. President Bola Tinubu was taken it a notch higher with the birth of the North-West Development Commission, South-West Development Commission and South-East Development Commission.

    Prof. Abdelrasaq Na-Allah, a lecturer at University of Abuja, sees the proliferation of regional development agencies as a platform to facilitate targeted development in areas of special needs and advantages that are localised to a region. He said it can also help facilitate the development of regional infrastructures such as road, rail, power, that connect constituent states and serve regional needs. His view is shared by Prof. Yusuf Zoaka, former Dean of, the Faculty of Social Sciences and International Relations, also of University of Abuja. According to him, the geo-political zonal Commissions could promote regional development by having development tailored to each zone, and regional issues such as infrastructure, education, and healthcare can be addressed more effectively. This, he added, fosters a sense of inclusion and regional equity.

    The first in the galaxy of development commissions, the NDDC, can hardly tick the boxes enumerated by Na-Allah and Zoaka. Despite receiving tremendous amount of resources from statutory allocations and contributions from international oil companies as stipulated in its enabling Act, the NDDC is renowned more as a sterling example of missed opportunities, corruption and visionless agenda. The entire Niger Delta states are dotted with hundreds of abandoned projects for which payments have been fully or substantially made. Every chief executive goes through the same trajectory of waste and fraudulent award of contracts with no mechanism for ensuring that projects are executed or for holding contractors accountable for funds paid to them.

    Just like the state of the commission from which its establishment was copied, the NEDC was not designed to succeed. As a federal agency, it is riddled with all the encumbrances that made NDDC which was preceded by Oil Mineral Producing Areas Development Commission (OMPADEC), established by General Ibrahim Babangida in 1992 a failed agency. A recent World Bank study revealed “a major gap in terms of the availability of necessary quality systems and processes that would enable the NEDC achieve its statutory mandate.” The review said NEDC was not “a strong and functioning body” and faced many “areas of capacity shortfall” that “are currently bearing on it”, as well as “weak bottom-up accountability and transparency.” In effect, NEDC is institutionally weak, strategically ineffectual and incapable of actualising the objectives for which it was set up.

    Proponents of the view that regional development commissions can be similar to the regional governments on which the accelerated development of the Nigeria in the first republic was anchored miss the basic ingredients of regional governments. While the regions had considerable control of their resources and could determine the projects they embarked upon, today’s development commissions are under the control and supervision of a distant federal government. Using NDDC as example, appointments are made by the occupant of Aso Rock to whom the board and management owe their gratitude and loyalty. The tragedy of the NDDC recipe is that its management has no relationship with the state governments in the region. The states are not consulted in determining and deciding what the people in the oil producing communities truly desire. If the management embarks on projects that do not meet the priority needs of the communities or are routinely abandoned by contractors, as is often the case, neither the communities nor the state government can intervene or seek remediation. And the President is too distant and detached to appreciate the state of affairs.

    Contrary to the proponents of development commissions as platforms for regional development, they represent a fresh assault on the quest for devolution of powers from a centre with overwhelming powers than it knows how to wield. The proliferation of regional development commissions for each geopolitical zone fosters dependency and entrenches political influence under the guise of regional empowerment. It is a glaring symbol of misplaced priorities and unchecked patronage. As Business Day newspaper noted in an editorial on the issue, far from delivering genuine regional development, these commissions serve as conduits for political favours, feeding a bureaucratic machine that erodes accountability while doing little to address the core developmental needs of the regions they claim to uplift.

    Ultimately,  the N4.26 trillion budgeted for the commissions in 2025 will be wasted.

    What nigeria needs as she searches for the path to true regional development is local autonomy and the devolution of power—foundations that the commissions patently and conspicuously lack.

    Postscript

    Wale Adeniyi @59

    He is the poster boy on how a federal agency with the task of collecting revenue for the federation should be run. President Bola Tinubu and lawmakers in both arms of the National Assembly have not held back in profusely celebrating his accomplishments as Comptroller-General of the Nigeria Customs Service after just a year in office. Before he took the Service to record collection of revenues that crossed the N6.1 trillion mark for 2024, he had been celebrated for the seizure of $8,065,612 million cash at Murtala Mohammed International Airport, Lagos in January 2020 where he was Controller well ahead of his appointment as Comptroller-General.

    What may be lost on Nigerians is Mr. Adeniyi’s media background. He is the longest serving national spokesman of the Customs having held the post for 10 years. He is the vice president of the Governing Council of Nigerian Institute of Public Relations (FNIPR). He holds a Master of Arts Degree in Communication Science he obtained in November 2013 from the Universitaire Svizzera D’Italiana (USI) – Lugano—Switzerland.

    Being a longstanding media manager afforded him the opportunity to traverse the entire Customs processes both within Nigeria and beyond. That, to a large extent, prepared him for the job. Is there a nexus between professional media management and good public administration? Wale Adeniyi is a fine gentleman by all definitions. At 59, he is very close to meeting the 60 years threshold for retirement from public service. And that is the downside of his story. Will just two years be adequate for his strategy of minimizing the human element in the collection of taxes and optimising Information and Communication Technology (ICT) be consolidated? That is up to President Tinubu.

    Meanwhile, happy birthday, Mr. Adeniyi.

  • Badagry-West LCDA presents N6.89b 2025 budget

    Badagry-West LCDA presents N6.89b 2025 budget

    The Chairman of Badagry-West Local Council Development Area in Lagos State, Mr Joseph Gbenu, on Tuesday presented a budget estimate of N6.89 billion for 2025 fiscal year to the council legislators.

    NAN reports that the budget is tagged “Budget of Consolidation”.

    Gbenu said that the budget would prioritise infrastructural development, healthcare services, education initiatives, youth empowerment programmes, and environmental sustainability projects.

    According to the chairman, this budget is designed to foster inclusivity, promote innovation, and enhance service delivery across all sectors of the council area.

    He said that the budget was formulated through extensive consultations and consideration of opinions from stakeholders within and outside the government.

    Gbenu said that the purpose was to address the yearnings and aspirations of people as well align with the council’s vision and the THEMES agenda of the state government.

    He urged the legislative house to expedite action in perusing, deliberating, and approving the budget in accordance with statutory requirements.

    Gbenu, however, took the opportunity to express his heartfelt appreciation to Chief Joseph Bamgbose, a former Lagos State House of Assembly member for his tireless efforts in ensuring the creation of Badagry West LCDA.

    Responding, the Leader of the House, Mr Matthew Sejoro, assured that the House would expedite the budget’s approval after thorough examination.

    He also appealed to taxpayers to fulfill their obligations and commended Gbenu’s performance in the previous year.

    A minute silence was observed in memory of late Dr Sunny Ajose, a renowned leader and unifying force within Badagry division.

  • Reps recommend increased funding for Navy

    Reps recommend increased funding for Navy

    The House of Representatives Committee on Navy has recommended that the Nigerian Navy receive improved funding to protect the country’s waterways, rather than establishing a Coast Guard.

    The Chairman of the committee, Rep. Yusuf Gagdi (APC-Plateau), made the recommendation at the 2025 budget defence session in Abuja on Monday.

    Gagdi said the Nigerian Navy was being “suffocated” due to insufficient funds and that it would be unwise to establish another sister agency.

    He said: “We have a navy that is working hard, but is being suffocated. We are members of the National Assembly that are aware of a bill that is in the process of consideration by the National Assembly.

    “Now, we have a navy that is suffocated of funding. We have a navy that is doing well, and we want additional funding for the Nigerian Navy.”

    He also stated that: “As National Assembly, it will be irrational for us to consider passage of another sister agency when the existing agency is not being adequately funded.”

    Gagdi added: “We must work together to ensure that we educate the people, and we must work together to ensure that we protect the Nigerian Navy on the floor of the House of Representative.”

    The Chief of Naval Staff, Vice Adm. Emmanuel Ogalla, also highlighted the navy’s funding challenges.

    He noted that in 2024, the navy received a total of N211.2 billion, with N42.9 billion allocated for capital expenditure and N132.26 billion for personnel cost.

    He appealed for increased funding, particularly for overhead costs, to enable the navy to fuel its platforms and maintain its equipment.

    Ogalla expressed concern that the proposed amount for overhead costs was not sufficient

    He said that it was “not enough to fuel the platforms” and that there was a need to build accommodations, purchase equipment, and maintain existing ones.

  • 2025 budget: Umahi rejects allocation for Ministry of Works

    2025 budget: Umahi rejects allocation for Ministry of Works

    The Minister of Works, Mr Dave Umahi, says the N800 billion allocated to the ministry in the 2025 budget is inadequate to address the country’s road infrastructure needs.

    Umahi stated this in Abuja during the 2025 budget defence session organised by the House Committee on Works.

    He appealed to the committee to use its legislative powers to consider increasing the ministry’s budgetary allocation for the 2025 fiscal year.

    The minister emphasised the need for adequate funding to enable the ministry to complete ongoing projects and initiate new ones across the country.

    He stated that the scope of road projects the ministry was planning to undertake would not be achieved with the allocation.

    Umahi said that borrowing funds to address Nigeria’s infrastructure deficit was crucial for the nation’s progress.

    “We plead with you to help us; the N800 billion cannot do anything for us. It cannot address our road needs and so we plead with you to help us.

    “When the nation is in recession, you have to borrow money and invest in infrastructure. That is how you emerge from a recession.

    “Infrastructure is a catalyst for economic activities and this hunger we talk about will become a thing of the past.

    “Food sellers sand suppliers, gravel workers and others will benefit; support President Bola Tinubu and let’s borrow money to build infrastructure so that Nigeria can be great again,” he said.

    The Chairman of the committee, Mr Akin Alabi (APC-Oyo), promised to interface with the Minister of Finance and the Budget Office to unravel the rationale behind the ministry’s low budgetary allocation.