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Tinubu jerks up proposed 2025 budget from N49.7trillion to N54.2trillion …As NASS promises to pass the budget before the end of February

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George Mgbeleke,Abuja

President Bola Tinubu has increased the proposed total budget size for 2025 from N49.7teillion 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 the Senate by Senator 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.

President Tinubu’s letter to the President of the Senate on the breakdown of the additional revenue to the 2025 budget reads as follows,”I am writing to inform you of the availability of additional revenue amounting to N4,530,479,970,637 and to propose its allocation within the 2025 Appropriation Bill to enhance the budget’s responsiveness to the nation’s most pressing priorities and aspirations.

(1)Additional Revenue Breakdown:

This additional revenue, sourced from key agencies, represents a pivotal opportunity to address Nigeria’s critical challenges and advance its development agenda:

Government-Owned Enterprises (GOES): N1,823,879,970,637

Federal Inland Revenue Service (FIRS): N1,497,600,000,000

(2) Federal Government’s 52% share of the increase in revenue from N22.1 trillion to N25.1 trillion_

Nigerian Customs Service (NCS): N1,209,000,000,000

(Federal Government’s 52% share of the increase in revenue from N6.5 trillion to N9.0 trillion)

With this additional revenue, the 2025 Appropriation Bill’s total budget size will increase from N49.7 trillion to N54.2 trillion, demonstrating our commitment to inclusive growth and security.

(3) Proposed Allocation of Additional Revenue:

I propose that these funds be allocated to the following transformative expenditure areas:

i. Solid Minerals Sector-N1 trillion. To support economic diversification by unlocking the potential of Nigeria’s vast solid mineral resources, which remain an untapped revenue stream and a vital pillar of non-oil growth.

Re-capitalization of the Bank of Agriculture (BoA) N1.5 trillion: To transform Nigeria’s agricultural landscape, ensure food security, and empower small holder farmers and agribusinesses.

Re-capitalization of the Bank of Industry (Bol) N500 billion To provide critical support to small and medium enterprises (SMEs), drive local manufacturing, and reduce dependence on imports

iv Critical Infrastructure Projects (RHID Fund) – N1.5 trillion. Allocated as follows:

a Irrigation Development (through River Basin Development Authorities): N380 billion.

b. Transportation Infrastructure (roads and rail): N700 billion (300 billion for the construction and rehabilitation of critical roads and 400 billion for light rail network development in urban centers),

c. Border Communities Infrastructure: N50 billion,

d. Military Barracks Accommodation: N250 billion, and

e. Military Aviation: N120 billion.

(4) Justifications for Allocations:

i. Solid Minerals Sector – N1 trillion

a Economic Resilience: Reduces reliance on volatile oil sector by creating alternative revenue streams.

b. Regional Equity. Encourages development in resource-rich, underserved areas, boosting rural economies.

c. Value Addition: Supports processing and export of minerals, increasing foreign exchange earnings.

ii. Bank of Agriculture Recapitalization – N1.5 trillion

a. Food Security: Empowers smallholder farmers and agribusinesses, improving access to affordable credit.

b. Economic Growth: Enhances agricultural productivity and supports agro-industrial value chains.

c. Export Competitiveness: Promotes the export of high-value crops, reducing pressure on the Naira.

Bank of Industry Recapitalization – N500 billion

a. SME Empowerment. Provides affordable financing for innovation and entrepreneurship.

b. Job Creation: Drives industrial growth and supports local manufacturing, reducing unemployment

c. Revenue Growth: Expands the tax base through industrial expansion.

iv. Critical Infrastructure (RHID Fund) – N1.5 trillion

a. Irrigation Development: N380 billion will strengthen Nigeria’s capacity for year-round agricultural production, ensuring water security and boosting food supply.

b. Transportation Infrastructure: N700 billion will modernize Nigeria’s road and rail networks, reducing costs, enhancing connectivity, and supporting economic activity.

c. Border Communities Infrastructure: N50 billion will improve living standards and enhance the security of border regions, fostering stability and cross-border trade.

d. Military Barracks Accommodation: N250 billion will provide modern and expanded housing for personnel, boosting morale and operational readiness

e. Military Aviation: N120 billion will modernize Nigeria’s aviation capabilities, ensuring the military remains responsive to emerging security challenges.

(4). A Philosophical Case for Military Expenditure:

The foundation of a thriving nation lies in its ability to protect its citizens. No infrastructure, no innovation, and no progress can be enjoyed or sustained without security. The government has a constitutional obligation to secure lives and property, and military expenditure is not merely a fiscal decision-it is a moral imperative. By investing in our armed forces, we affirm our resolve to end terrorism, safeguard the dignity of our people, and create conditions for economic prosperity. This budget reflects not only our commitment to securing Nigeria today but to building a future where every citizen can live and thrive without fear.

)5)Broader Justification:

This allocation framework underscores the Administration’s dedication to fostering inclusive growth, addressing security challenges, and building resilience into Nigeria’s economic fabric. These investments will:

i. Promote Stability By addressing critical infrastructure deficits, especially in underserved regions, and strengthening national security

ii. Diversify Revenue: By investing in agriculture, solid minerals, and manufacturing. reducing over-reliance on oil revenues.

iii. Catalyze Economic Growth: By enhancing infrastructure, supporting SMEs, and unlocking Nigeria’s vast economic potential.

Tinubu finally requested the Senate for Integration of the additional revenue to the,2025 appropriation Bill.

“I urge the National Assembly to adopt and integrate these proposals into the 2025 Appropriation Bill, reflecting our shared commitment to national development. Kindly let me know if additional information or clarification is required,” he said.

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Business & Economy

Insecurity: CSO urges Govt, Stakeholders to provide needed help to PWDS

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By Joshua Kingsley Kenneth

For over two months Nigerians have been awashed with the threat by the United States President, Donald Trump, to send in troops into Nigeria, to identify and eliminate terrorists and so-called bandits killing citizens and sacking communities.

The statistics have dwelt largely on the gruesome killings of unarmed and innocent Nigerians in different parts of the country- from Benue to Taraba, Borno to Kogi States, just to list a few.

Not long ago the country again woke to a stark reminder of the abduction of school with 300 kidnapped from a Catholic school in Niger State, and another 24 taken hostage from Government Girls Comprehensive secondary school in Maga in Kebbi state.

Added to this horrendous list of insecurities and woes are the killings and abductions in Kwara State, and the general air of danger and fear that has gripped the country resulting in unquantifiable economic losses and a credibility crisis on the part of the federal government.

It therefore did not come as a surprise to many, especially victims of these dastardly attacks, when the United States through the activism of some of its lawmakers inspired President Trump to move against Nigeria, especially seeing that the federal government had failed in its primary responsibility of protecting lives and properties of citizens.

Whilst JOSHUA K B DISABILITIES RIGHTS AND SUPPORT INITIATIVES, a non-governmental organization committed to promoting the rights, welfare and wellbeing of Persons With Disabilities (PWDs) in the country joins the millions of well meaning and right thinking Nigerians and the international community in condemning the heinous and barbaric acts of killings, abductions and the insecurity engendered by terrorists, bandits, non-state actors, other criminals, their financiers and supporters whoever and wherever they may be, we call for urgent attention to Persons who may have been disabled by this phenomenon.

We call on the federal government, especially the Ministry of Humanitarian Affairs, National Emergency Management Agency, state governments, the armed forces and other intervention partners to urgently identify victim-PWDs from these crises and provide such interventions that would help them integrate into the economic and political lives of their immediate communities and the country at large.

We are convinced that such quick interventions would prevent a stage two crisis such as depression, low self esteem, poverty, and a host of other debilitating post crisis trauma that would further deteriorate their situations.

We also call on military authorities to provide meaningful economic, social, material and other forms of assistance and interventions to service men who are now members of the PWDs community following their sacrifices on the line of duty.

As an organisation focused on advancing the course of PWDs, JOSHUA K B DISABILITIES RIGHTS AND SUPPORT INITIATIVES uses this opportunity to sensitise relevant authorities, CSOs and other stakeholders that the various violent armed conflicts and attacks in the country has caused physical harms, leading to new disabilities or worsening existing conditions.

It has caused families to flee homes, lose livelihoods and resources, forced many, especially old and PWDs, into begging and extreme hardship.

JOSHUA K B DISABILITIES RIGHTS AND SUPPORT INITIATIVES also calls the attention of stakeholders to the struggle PWDs to escape danger due to inaccessible environments, making them targets for abuse, neglect, and exploitation during crises.

Systems and measures must be put in place to pull PWDs from severe neglect, discrimination, and lack of basic needs like food and healthcare which they face in camps and displaced.

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Business & Economy

FG , NSITF , others throw weight behind Social Security Bill …As Senate assures stakeholders of acceptable law

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Senate in session in the chamber

By Our Correspondent

The Federal Government and the Nigeria Social Insurance Trust Fund ( NSITF) Monday threw weights behind bill on Social Security Trust Fund which seeks to harmonize the existing NSITF Act and the Employees’ Compensation Act (ECA) 2010 for better service delivery.

This is as the Senate through its committee on Employment , Labour and Productivity , assured all stakeholders at public hearing organised for their inputs into the proposed legislation , very acceptable law for all .

The bill sponsored by Senator Cyril Fasuyi ( Ekiti North) , primarily seeks to expand the scope of NSITF into social security through harmonization of NSITF Act of 1993 and the Employees Compensation Act 2010 which will transformed NSITF to Nigeria Social Security Trust Fund ( NSSTF).

In his presentation at the public hearing , the Managing Director and Chief Executive Officer of NSITF , Mr Oluwaseun Faleye, commended the Senate for what he termed a “strategic and forward-looking legislative intervention.

The new bill according to him, marks a decisive step towards modernising Nigeria’s social security framework in line with global standards, especially the International Labour Organisation (ILO) Social Security (Minimum Standards) Convention, 1952 (No. 102), and the Tripartite Consultation Convention, 1976 (No. 144).

One of the most significant elements of the Bill, according to him, is the repeal of both the NSITF Act of 1993 and the ECA 2010.

Their co-existence, he explained, had resulted in operational ambiguities, particularly after the Pension Reform Act (PRA) 2014 transferred contributory pension functions from NSITF to the National Pension Commission.

“The consolidation of the two Acts into a single, coherent statute is timely, necessary, and commendable. It eliminates duplication, resolves conflicts, and strengthens the legal framework of the Fund.

“The Bill’s expansion of social security coverage to include informal sector workers and self-employed persons is a historic step towards inclusive protection for all categories of working Nigerians”, he said .

Despite its broad support for the Bill, the NSITF raised concerns about what it described as the “misapplication” of the term Board throughout the document. Faleye warned that using the word to refer simultaneously to governance, oversight, and day-to-day administrative functions could create confusion and weaken accountability.

“The Board meets quarterly, while daily operations are under the Managing Director. The Bill must distinguish clearly between the Governing Board as oversight body, Management as administrators, and the Agency as the implementing institution,” he said.

He recommended that the Bill adopt clearer definitions similar to those used in the Federal Inland Revenue Service (FIRS) Act, where the Board’s role is separated from that of the Executive Chairman, who functions as the Chief Executive and Accounting Officer.

Faleye concluded by reaffirming NSITF’s full support for the passage of the Bill, describing it as “progressive, timely, and aligned with global best practices.”

In his remarks , the Minister of Labour and Employment, Alhaji Muhammadu Maigari Dingyadi described the move by the Senate on the proposed law as very beautiful idea .

He however urged the Senate through its committee on Labour to arrive at safe and acceptable position for all stakeholders by striking the required balance between powers of management team and that of the board .

Though the Nigeria Labour Congress ( NLC) and Nigerian Employers Consultative Association ( NECA ) , kicked against the bill, but NLC led by its National President, Joe Ajaero , later succumbed, saying ” we are not here for we no go gree, we no gree .. ”

” Since many of the other critical stakeholders have supported the bill, NLC is not hellbent in opposing it . But the grey areas we identified during presentation , should be addresed by the committee .

After exhaustive deliberation at the public hearing , the Committee , Chairman , Senator Diket Plang ( Plateau Central ) , assured Nigerians of very acceptable law on social security trust fund very soon .

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Business & Economy

Electric Buses To Crash Cost Of Transportation In Abia,says Gov. Otti

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Gov.Alex Otti of Abia State

By Our Correspondent

Disturbed the increasing cost of livelihoods suffered by Nigerians as a result of subsidy withdrawal by the federal government, Abia State Governor Dr Alex Otti has assured Abians and the residents of Abia that the electric buses which the State Government is bringing into the State will further crash the cost of transportation in the State.

Governor Otti who made the declaration at the November edition of Governor’s Media chat held in Government Umuahia, said electric buses have already started arriving in the State,adding that before the end of the year, the buses would be put on the road for peoples’ use.

He explained that the buses will reduce the cost of transportation,thereby easing means of transportation as well as making life easier for Abians

“Before the end of the year,our electric buses that have started arriving,will be put on the road and that will further crash the cost of transportation in Abia”

The Governor further explained that the Government has also intensified effort on revenue drive, especially those who are owing the government, to ensure that they pay.

” As a government we do not look at faces. As a rule we do not move with touts.As a government sometimes we may intervene and even when we intervene,the defaulters must surely pay”

Governor Otti, expressed appreciation to the people of Abia for their continued support and cooperation,adding that government has continue to pay attention to governance and the government efforts have started yielding positive results.

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