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2025 Budget : Senate Okays N54.9tri ….N4.9 trillion was generated internally  .. Capital Expenditure takes lion share of N23,96trillion

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By  George Mgbeleke,Abuja
The Senate on Thursday authorized the issuance  of the sum of N45.9trillion from the consolidated revenue to service the 2025  fiscal year.
Recall that President Bola Ahmed Tinubu on December 18,2024 presented the sum of N49.7trillion to the joint session of the National Assembly for legislative consideration and approval.
The Senate on December 19, 2024 after subjecting the Bill to second reading after allowing members to debate on the appropriation Bill committed same to sub-committees for budget defence

President Bola Ahmed Tinubu

Senate committee on Appropriation  chaired by Senator Solomon Adeola presented his committee report to the Senate for consideration at the committee on Supply chaired the President of the Senate, Godswill Akpabio and after clause by clause consideration of the Appropriation Bill the upper chamber resolved as follows:
The highlights of the 2025 budget estimate are as follows:
a I. Aggregate Expenditure-
 N54,990,165,355,396 I.
 b.Statutory Transfers-N 3,645,761 ,358,925
 lll. Recurrent Expenditure- N13,064,009,682,673
 IV. Capital Expenditure-N23,963,251 ,624,250
V. Debt Servicing -N14,317,142,689,548 Vi.
 Fiscal Deficit -N13.08 Trillion
Vil. Deficit/GDP 1.52%
Giving insight into revenue sources that beefed up the internally generated revenue that jerked up 2025 budget to N54.9trillion, Senator Adeola said,”
After the series of meetings held, the Committee on Finance in conjunction with our Committee sourced additional revenue from some revenue generating
Agencies, detailed below:
i. Government-Owned Enterprises (GOEs)
N1,823, 879, 970, 637
ii. Federal Inland Revenue Service (FIRS): #41,497,600,000,000 (Federal Government’s 52% share of the increase in revenue from N22.1 trillion to N825.1
trillion after the deduction of cost of collection).
Nigerian Customs Service (NCS): &41,209,000,000,000 (Federal Government’s share of the increase in
revenue from &6.5 trillion to 9.0 trillion after the deduction of cost of collection).
The total sum of N4,530,479,637 additional revenue realised from the above effort was communicated to
the Executive who applied the funds to address critical challenges and advance the Governments development as follows:
Solid Minerals Sector — $41 trillion only. Re Capitalization of the Bank of Agriculture (BoA) 41.5 trillion only. R-Capitalization of Bank of Industry (Bol) 500 billion only: and iv. Critical Infrastructure Projects (RHID Fund) – 1.5 trillion only to cater for: a.lrigation Development (Through River Basin Development Authorities): 4380 billion
b. Transportation Infrastructure (roads & Rail): &700 billion (8300 Billion for construction & rehabilitation of critical roads and 4400 billion for light rail network development in urban centres. c.Border Communities also got the sum of: 50billion.
d. Military Barracks Accommodation got the sum of #4250 billion.
e. Military Aviation &4120 billion.
The Joint Committee also discussed issues arising from excess of the details of the budget over the bill to the tune of 270 billion.
Shading light on the break down of the 4.5 trillion revenue that was sourced along the line Senator Adeola explained that President Tinubu in his  usual tradition,” took proactive steps to address the issue of suspension of the United States Agency that you said, as you are all aware, that the government of Donald Trump recently suspended any further action of this particular donor agency which primarily deals with donation to the health sector.
“And by that similar action, that shows that patients, especially in Nigeria, who are beneficiary of these donor agencies, who are suffering from tuberculosis, from HIV, from polio, and also malaria, which donor agencies have been giving out all these drugs and everything, there will be no supplies.
 “So in his proactive step, the president made available the sum of $200 million, which is equivalent to around N300 billion for this particular purpose, so that we can also take a proactive measure, because countries like Uganda and other African nations, who solely depend on these said agencies that have been suspended, is now suffering from these actions of President Donald Trump.
 “And aside that, other agencies of the government, including the INEC, the EFCC, the NFIU, the DGSS, the SSS, the Ministry of Petroleum Resources, the NJC, and other important agencies of the government that came up with genuine arguments for additional funding, were duly considered.
“All these and more are what was done in the current budget that was passed. And if you also observe that this year, there is a quantum leap in the capital expenditure.”
He noted that prior to the 4.9 trillion, added to initial  N45.9trillion presented by President Tinubu, National Assembly in the course of appropriation added N7 trillion naira to the existing 49.7 and that was as a result of one increase in revenue bringing the budget to N54.9trllion for 2025 fiscal year.

Business & Economy

Pastor Reuben Initiative extols founder’s philanthropic gesture

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Pastor Reuben Wilson

 

By Idibhar Agadaga, Baylesa

The Director General Pastor Reuben Initiative for Good Leadership and Accountability (PRIFGLA), Eseimokumo Frank Soko has commended Pastor Reuben Wilson’s selfless contributions to the development of Bayelsa State and the Niger Delta region.

Speaking on an enlighment program on Royal FM, 95.5, Eseimokumo Frank Soko, highlighted Wilson’s commitment to education, noting that he has sponsored over 200 students across various universities in the region.

According to Soko, Wilson’s philanthropic efforts extend beyond education, as he has also provided monthly stipends to members of the Initiative ànd numerous individuals in need.

He particularly extolled Wilson’s selfless and sacrificial lifestyle which have positively impacted the lives of many Bayelsans.

He emphasized that Wilson’s charitable works is not limited to any particular political party or affiliation as beneficiaries come from diverse backgrounds including PDP, APC and Labour Party members.

On his part, PRIFGLA’s National Secretary and Special Adviser on Student Matters and Scholarships, Ogbomo Erepamowei, shared Wilson’s inspiring personal story, which has driven his passion for helping others.

Ogbomo noted that despite facing challenges in his own educational journey, Wilson has demonstrated remarkable resilience and generosity, supporting students in various institutions across the Niger Delta.

He added that over 200 students are under scholarship sponsored by Pastor Reuben Wilson in various universities across the Niger Delta region.

In a final statement, Soko expressed gratitude to Wilson, describing him as a “sacrificial leader” who has positively impacted the lives of those working with him.

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Business & Economy

Three Oil Coys admit owing FG over $5.5m  *As Reps Issue 2-Weeks Ultimatum For Payment

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By Our Reporter
Following the ongoing efforts by the National Assembly to generate revenue for the federal government, three major oil companies operating in Nigeria Chorus Energy, Dubril Oil company limited, and Belema Oil have all admitted to owing $5,543,491.45 to the Nigeria’s Federation Account.
This revelation came during Tuesday investigation by the House of Representatives Committee on Public Accounts prompted by the Auditor General’s annual report.
The committee heard detailed testimonies from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), presented by Mr. Balarabe Haruna, which outlined the outstanding debts of the companies.
According to NUPRC, the debts are as follows: Chorus Energy owes a total of $814,680.06 and N181,954,238.43, comprising $396,907.76 for crude oil by price and $417,772.13 for crude oil by production.
Dubri Oil owes $3,025,193.71, which includes $646,605.55 for crude oil by production and $2,378,588.15 for gas flare.
Eroton Exploration & Production owes $78,486,333.27, made up of $45,094,125.31 for crude oil by production, $33,392,207.96 for gas flare, and $916,027.00 for concession rentals.
Belema Oil owes $1,703,617.68, including $977,793.54 for crude oil by price, $511,870.14 for gas flare, and $213,954.00 for concession rentals.
In response, the Chief Financial Officer of Chorus Energy, Mr. Oluseyi Simon, explained that the company’s debt arose after an increase in the crude oil price rate from 0.5% to $3.5.
He noted that the company has consistently paid its liabilities and that it had already paid $5.3 million in 2024 alone.
Simon assured the committee that the remaining balance would be cleared before the end of the month.
Meanwhile, Mr. Clement, the Acting Managing Director of Dubri Oil, acknowledged the debt and explained that the company’s financial difficulties stemmed from a decline in production during the first quarter of 2024.
He emphasized that the company had been trying to mitigate the situation through workovers on its wells, but the efforts were unsuccessful.
However, Clement assured the committee that Dubri Oil planned to begin drilling new wells and, once production increased, would settle the outstanding debt.
He further revealed that Dubri Oil had been in discussions with the Economic and Financial Crimes Commission (EFCC) and had agreed to a payment schedule, with an expected resolution by the third quarter of 2025.
Belema Oil also confirmed the debt, citing operational challenges as the cause of the indebtedness.
According to the company’s Managing Director, Ahmad H. Sambk said Belema Oil had been unable to meet its production targets since August 2022 due to issues with the evacuation pipeline system, which had experienced significant leakages, leading to the loss of nearly 5 million barrels of crude oil.
These challenges had resulted in a complete shutdown of operations, preventing the company from fulfilling its financial obligations.
Chairman of the investigation sub-committee, Hon. Akinlade Isaq, expressed anger over the failure of oil companies to meet their financial obligations and stressed the urgency of retrieving the owed funds.
“Paying off these outstanding debts is not just a matter of financial responsibility, it is a critical step toward improving governance in Nigeria,” Isaq stated.
The committee then unanimously gave the oil companies a strict two-week ultimatum to settle their debts.
The committee also issued a warning to any oil companies that failed to respond to invitations for hearings, stressing that non-compliance would lead to severe repercussions.
In addition to the aforementioned companies, the committee also disclosed the indebtedness of other oil operators that failed to appear today as follows;
“For Conoil Producing, the company owes $3,884,308.56 for crude oil by production and $708,600.06 for Gas flare and $475,785.40, bringing the total to $4,592,908.62.
Continental Oil has a total debt of $57,053,842.22, which includes  $44,519,936.05 for crude oil by production, $12,533,906.17 for gas flare and $250,650.00 for concession rentals.
Enageed Resources owes a total of $15,001,089.91, consisting of $11,647,300.01 for crude oil by production, $3,353,789.90 for gas flare and $469,552.00 for concession rentals.
Energia limited owes a total of $19,260,982.13, made up of $6,675,524.25 for crude oil by price, $9,768,926.81 for crude oil by production,$10,208.89 for gas sales, $2,806,322.19 for Gas flare and $305,995.40 for concession rentals.
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Business & Economy

New Bayelsa Secretariat: Govt Appeals To Host Communities To Maintain Peace

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Gov Douye Diri of Bayelsa

 

By David Owei, Bayelsa
The Bayelsa State Government has appealed to the people of Yenagoa and Ovom communities currently locked in a dispute over ownership of the land, where the new 9-storey secretariat is sited, to sustain their age long unity and peaceful coexistence.

The Deputy Governor, Senator Lawrence Ewhrudjakpo, made the appeal at separate meetings with the leaders and critical stakeholders of both communities in Government House, Yenagoa on Tuesday.

Senator Ewhrudjakpo, in a statement by his Senior Special Assistant on Media, Mr Doubara Atasi, pointed out that there was no need for both communities to feud over the land as government had acquired it for development purposes several decades ago.

According to the Deputy Governor, every land acquired by government with compensation paid becomes its property, stressing that all the communities lying within 15-kilometre radius from Yenagoa make up the Bayelsa State capital.

While acknowledging the sacrifices being made by the communities hosting the state capital, he assured that government would continue to protect their interests by performing its corporate social responsibility.

Senator Ewhrudjakpo, however, warned that the present administration would not fold its arms and watch any community or group of people cause crisis to disrupt the prevailing peace in the state for whatever reason.

He particularly cautioned the youths of Ovom against the alleged unwholesome practice of going to ministries, departments and agencies to demand a change in the letterheads and signboards of MDAs to reflect Ovom.

His words: “There is no long-term benefit in conflict. People can disagree, but they can reconcile their differences through the roundtable.

“Yenagoa and Ovom communities have a long history of peaceful coexistence as two sister communities in the Atissa Kingdom in the Yenagoa Local Government Area.

“As communities in the epicenter of the state capital, Ovom and Yenagoa have made huge sacrifices, and they cannot afford to fight themselves over land already acquired by government.

“Our position is that none of the communities own the land of the project site for the new state Secretariat; the ownership of that land now belongs to the Bayelsa State Government by virtue of the Capital City Development Law.

“However, government will continue to protect the interest of the communities who have donated the lands for public use and development.

“We are also receiving reports that some youths of Ovom are going to ministries, departments and agencies demanding for a change of address to reflect Ovom. That attitude is not right, and therefore, must be stopped forthwith.

“We should all know that like any other capital city in this country, the name of Yenagoa has influence over all other communities lying within the 15-km radius of the state capital, and as such Yenagoa is reflected in all addresses.”

In her remarks, the Member representing Yenagoa Constituency 1 in the State House of Assembly, Hon. Ayibanengiyefa Egba, expressed gratitude to the state government for its swift intervention and called on the communities to embrace peace as brothers to foster development and progress.

Others who spoke briefly at the two meetings include the former Technical Adviser to the Governor on Conflict Resolution, Chief Boma Spero-Jack, Hon. Markson Fefegha, Chief Couple Anyamalem, Chief Stephen Abaribote, and Chief Loveday Abaribote.

Top government functionaries present included the commissioners for works, information, marine and blue economy, lands and survey, and that of community development.

Also in attendance were the Chairman of Yenagoa Local Government Area, Hon. Bulodisiye Ndiware, the Acting Surveyor General of Bayelsa State, Geku Tonye Margareth; the Technical Adviser to the Governor on Boundary Matters, Hon. Salem Vote, among others.

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