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President Bola Ahmed Tinubu

Tinubu targets N34.82trn revenue to fund N47.9trn 2025 budget

*As Defence/Security gets lion share of N4.91trillion

*Infrastructure plays 2nd with N4.06

*Education gets N3.5trillion

President Bola Tinubu on Wednesday, presented the N47.9trillion 2025 budget to joint session of National Assembly with targeted revenue of N34.82trillion to fund the projected aggregate expenditure of the estimates

The 2025 budget is N13 trillion higher than 2024 budget which stood at N34 trillion

Tagged “2025 Budget of Restoration, Securing Peace and Building Prosperity”, President Tinubu in the proposed budget with deficit of N13.0trillion, earmarked N4.91trillion for Defence and Security, N4.06trillion for Infrastructure , N3.5trlion for Education and N2.48trillion for Health.

The President in the budget speech, also stated that N15.81trillion is earmarked for debt servicing with salient parameters 2.06million barrels of oil production per day, exchange rate of N1,500 to a US dollar, inflation rate of 15% as against 34.6% it is now.

He said: “The numbers for our 2025 budget proposal tells a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.

“In 2025, we are targeting N34.82 trillion naira in revenue to fund the budget.

“Government expenditure in the same year is projected to be N47.90 trillion naira, including 15.81 trillion naira for debt servicing.

“A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.

“This is an ambitious but necessary budget to secure our future.

“The budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).

“These projections are based on the following observations: (i) Reduced importation of petroleum products alongside increased export of finished petroleum products, (ii) Bumper harvests, driven by enhanced security, reducing reliance on food imports, (iii)
Increased foreign exchange inflows through Foreign Portfolio Investments and (iv) Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.”

Tinubu informed the federal lawmakers that series of economic reforms being carried out by his government, are yielding positive results saying ,” Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.

“Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.

“Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.

“These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.”

The President added that his administration has within the last 18 months , released N34 billion naira to over 300,000 students via the Nigeria Education Loan Fund, NELFUND.

“In the 2025 budget, we have made provision for N826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education, UBEC and the nine new higher educational institutions.

“We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 budget and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians,”
he said.

The President also assured Nigerians that the crippled Agriculture sector, shall be revitalized.

He said: “Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We are supporting our farmers with funding and inputs to reignite productivity.

“Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.

“Our 2025 budget proposal is not just another statement on projected government revenue and expenditures. It is one that calls for action.

“Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them.

“We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.

“The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes.

“It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.”

General News

Chamber of Commerce, NDDC release N1.5 bn to boost businesses in Niger Delta

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NDDC Managing Director, Dr Samuel Ogbuku

 

By Magnus Chukwudi Port Harcourt

 

The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture, NDCCITMA, backed by the Niger Delta Development Commission, NDDC, has released cheques worth N1.5 billion to 1,500 people to boost businesses in the Niger Delta region.

 

Speaking during the flag off of anInvestments Partnership Scheme in Port Harcourt, the Chairman of NDCCITMA, Ambassador Idaere Gogo-Ogan, said the fund represents the first phase of disbursement to empower beneficiaries in the region.

 

He noted that the nano group of beneficiaries, the poorest of the poor, would receive 200,000 naira each, while the micro, small-scale and medium-scale categories of the scheme would receive N3 million, N7 million, and N20 million, respectively, to boost their investments.

 

He stated: ” Our core mandate is to strive to reduce poverty in the region. We are optimistic that our partnership with a strong institution like NDDC will enable us to reach the poorest of the poor, small-scale businesses, and lift over 2,000 people in the region out of poverty.

 

We believe that robust development comes not only from the top but also from the bottom. So, when you aggregate all the categories, you can begin to see the gains of genuine economic prosperity.”

 

Gogo-Ogan added that the beneficiaries will have the advantage of paying a low interest rate of 0.6 per cent, noting that it would enable the Chambers to reach out to more people in the region.

 

He assured the beneficiaries of the investment scheme that the Chambers of Commerce would adopt a mentorship approach, providing financial support and promotions to their businesses to enable them to compete favourably with other regions in the country.

 

Also speaking at the occasion, the NDDC Director of Commercial and Industrial Development and Chairman of the Implementation Committee, Mrs. Lyna Okara, commended the leadership of the NDDC for establishing a body that would bring together those with the vision to grow businesses.

 

She maintained that the flag-off of the investment partnership scheme was timely and an indication that the region was on the path of rapid development. She enjoined the people of the Niger Delta region to take advantage of the scheme to develop and enlarge their businesses.

 

A Representative of the Small and Medium Scale Enterprises, SMEDAN, Mrs. Olalek Rasheed, urged entrepreneurs to ensure proper documentation to enable them to access the funds. She also advised against diverting the funds to other non-economic activities. ###.

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Somtochukwu; Family thanks Nigeria for support

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Family members of Miss Somtochukwu Maduagwu

By Magnus Chukwudi, Port Harcourt

The family of Arise tv presenter late Miss Somtochukwu Maduagwu, has appreciated the people of Nigeria, for encouragement and consolation, as they mourned their daughter.

The immediate senior brother to the deseased Mr Maduagwu, so greeted, at Corpus Christi Cathederal, Port Harcourt, yesterday, during the requim mass.

Maduagwu admitted that the loss of his sister is a big blow to the family, but they had taken solace in the Almighty God, using the opportunity too, to urge the parents to accept their daughter’s sudden death, as the will of God.

The officiating Priest Very Rev fr Martin Amadi and the other Rev Nwakor in the gospel preachings, affirmed that what makes the believer is what he/she should be remembered for.

They described the late Somtochukwu as a good, great and strong believer and woman of faith, assuring she is resting in the Lord.

A staff of Arise, on behalf of the media firm, vouched that the very time, she worked with them, was very fruitful, and prayed God, to grant her eternal rest in His bosom.

Diginitries from various walks of life graced the occasion.

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RECRUITMENT POLICY: Gov Diri Urges Immigration, other Federal Agencies To Give Bayelsa Special Consideration

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Assistant Comptroller General of the Nigerian Immigration Service, Zone G, Mrs Abolupe Oladoyin Bewaji(right) to deputygovernorofBayelsaState, SenatorLawrenceEwhrudjakpo flanked by officials of NIS

By David Owei,Bayelsa
Bayelsa State Governor, Senator Douye Diri, has urged the Nigerian Immigration Service (NIS) and other federal agencies to recalibrate their recruitment policies to promote fairness, justice and equity in line with the principles of federalism.

Governor Diri, stated this when the Assistant Comptroller General of the Nigerian Immigration Service, Zone G, Mrs Abolupe Oladoyin Bewaji, paid a courtesy visit to Government House, Yenagoa, on Monday.

The Governor who was represented by his deputy, Senator Lawrence Ewhrudjakpo, decried the subsisting practice where job recruitment at the federal level is based on the number of local government areas in each of the 36 states in the country, including the Federal Capital Territory (FCT), Abuja.

He lamented that Bayelsa has always been short-changed whenever employment slots were allocated across the various states of the federation as it has only eight local government areas, which is the fewest in the country.

Describing the policy as unjust, undemocratic and skewed against the foremost oil and gas producing state, Governor Diri stressed the need for federal government to urgently address the anomaly with a view to giving Bayelsa a befitting sense of belonging.

He also called on the Nigeria Immigration Service to make Bayelsa a center for the printing of passports to save the manhours and other resources currently expended for producing the document outside the state.

The Bayelsa helmsman who commended the Minister of Interior and the Comptroller General of Immigration for some of the ongoing innovations and reforms in the Service in recent years, he pledged his administration’s preparedness to collaborate with the NIS to achieve set goals.

His words: “First of all, I like to commend the Minister of Interior as well as the Comptroller General of Immigration for the innovations and reforms which we are now seeing, especially in the area of issuing of visas and passports and diplomatic reciprocity.

“Clearly, we can see that you are doing fairly well on the land. But I think you need to do much more on the waterways because a lot of people are also coming into the country through the waterways..

“As a state, we are willing and ready to collaborate with you to carry out effective services in the state. We will be happy to support you provide the marine unit of immigration.

“Let me also use this opportunity to raise some of our concerns. First, we want you to urgently address the issue of printing passports outside our state. We want the production of the passports to be done here to reduce the manhour and other costs.

“We are also concerned about the way job recruitment is being done in the Immigration and other federal agencies. We are being short-changed because most of the time it is done based on the number of local government areas in the states.

“So if you are giving 10 employment slots to each local government in the country, there are states that will get more than 400 or 300 slots, while Bayelsa will have only 80 because it has only 8 local government areas. So where is the fairness?

“That is why I’m appealing for some kind of concession. Bayelsa should be given additional slots whenever you carry out recruitment your recruitment exercises.”

Earlier, the Assistant Comptroller General of the Nigerian Immigration Service, Zone G, Headquarters, Mrs Abolupe Oladoyin Bewaji, said she was in Bayelsa to seek areas of collaboration with the state government that will be mutually beneficial.

According to her, Bayelsa State is a significant contributor to the economy of Nigeria that deserves special attention, assuring that the Immigration Service will continue to be committed to professionalism and patriotism in their partnership with the state.

ACG Bewaji, who appreciated the Bayelsa Government for its support to security agencies, identified border security, community engagement as well as seamless issuance of passports and visas as some of the possible areas of collaboration between the NIS and the state.

The Assistant Comptroller General of Immigration of Zone G, comprising Bayelsa, Edo, Delta, Enugu and Anambra states was accompanied by some top ranking officers of the zone, including the state Comptroller of the Nigeria Immigration Service, Mr Festus Atteh, on the courtesy visit.

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