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Tag: 2025 Budget

2025 Budget: Rep, NEMC applaud historic N231b Malaria control allocation

The Federal government has been commended for the allocation of ₦231.73 billion to the malaria eradication effort in the 2925 national budget.

The Chairman of the House of Representatives Committee on HIV, AIDS, Tuberculosis, and Malaria Control, Hon. Amobi Godwin Ogah and the Nigeria End Malaria Council (NEMC), noted that the development marks a historic shift in the nation’s health strategy, as it represents the first significant investment of domestic funds into malaria control, breaking away from decades of heavy reliance on foreign aid and donor agencies.

Ogah, while speaking with The Nation at the National Assembly on Wednesday, Abuja, said the political will of the government to go that way would be appreciated, considering that Nigeria has the highest burden of the disease in Africa and one of the highest globally.

Besides, he noted that the country’s image is also at stake at international fora when issues around funding of the disease arise.

Ogah, who is also a member of NEMC said, “For the first time in history, we are seeing a significant commitment from our government to tackle malaria using our resources.

“Malaria has been an epidemic in Nigeria and Africa at large, with the country bearing the highest burden globally. This budget allocation demonstrates a strong determination to change the narrative.”

The budget, yet to be passed into law, to curb earmarks ₦188.4 billion for vaccine and immunization, ₦41 billion allocated for malaria vaccinations targeting infants in 2025, while the remaining funds are designated for vaccine tracking.

Read Also: Reps fail to commence 2025 budget defence

The lawmaker emphasized the importance of vaccine tracking, saying, “It’s not just about providing vaccines; tracking them ensures accountability and prevents waste. Without this, the money becomes ineffective.

“The allocation to infant Malaria vaccination is also instructive because this demographic has historically faced the highest vulnerability to malaria-related deaths”.

Acknowledging the government’s focus on combating Malaria and it will galvanise the NEMC is rallying the private sector, the lawmaker said, “This is a groundbreaking moment for us. For the first time, we are addressing the issue with our funds, not loans or external donations.”

The Committee Chairman also highlighted the transformative impact of using domestic funds instead of relying solely on foreign loans or grants, noting that donor funds often come with restrictions and limited oversight by Nigerian authorities.

“When donors allocate funds, they manage the process, appoint auditors, and decide where to intervene, often bypassing areas of real need. This time, it’s our money, and we have full control over its implementation,” he said.

While commending the role played by the Reps Committee in the approval of the budget proposal, Ogah stressed that the landmark budget marks a pivotal moment in Nigeria’s health policy, signalling a renewed commitment to ending malaria and reclaiming the nation’s health autonomy.

He highlighted the role of the Coordinating Minister of Health and Social Welfare, Prof. Ali Pate in facilitating the initiative, commending his collaboration with legislators.

“The Minister has shown exceptional capacity. Without his efforts as the executive’s representative, our work as the people’s representatives would not have materialized. This synergy is crucial for achieving our goals,” he noted.

Ogah stressed the importance of proper oversight to ensure the effective use of the allocated funds, saying, “Allocation is one thing; ensuring it is spent appropriately is another. Oversight is our responsibility, and we will be thorough”.

He also revealed plans to leverage private sector involvement through the Nigeria End Malaria Council (NEMC), chaired by Aliko Dangote.

The Council is tasked with mobilizing private sector support to complement government efforts. “The private sector’s role is critical.

“Government cannot do it alone, and many stakeholders, including Dangote and Tony Elumelu, are keen to contribute.

“Driven by the Executive Director, Ope Abegunde, the process has started, once the council is fully registered, we can unlock additional resources to combat malaria effectively,” he noted.

Looking ahead, Ogah expressed optimism about fund releases in 2025, predicting it would set a new benchmark in the fight against malaria.

The lawmaker acknowledged challenges in fund releases during 2024 but attributed them to the transitional nature of the new administration.

“With these initial hurdles of personnel movements out of the way, I believe 2025 will be far more impactful. Nigerians need to give this government time to deliver on its commitments,” he noted.

The Committee Chairman also emphasized the broader implications of the malaria eradication budget for Nigeria’s global image.

He underscored the importance of reversing negative stereotypes about the country’s governance and accountability.

“Nigerians must take charge of their narratives. With this bold step, we can demonstrate that we are capable of managing resources responsibly and delivering results,” he added.

January 9, 2025
Senate, House begin work on N49.7tr 2025 budget estimates

• MDAs take turns to defend allocation before N’Assembly committees

Ministries, departments and agencies (MDAs) will today begin the defence of their allocations in the 2025 budget estimates.

According to the timeline of the budget process, the first set of MDAs will go before the Senate and House of Representatives joint committees.

The National Assembly intends to end the defence on January 18 to enable the Appropriation Committees of the two chambers to work on the details and make the clean copy available for passage.

The set day for passage is January 31.

A retreat to take input from the public on the Appropriation Bill presented by President Bola Ahmed Tinubu on December 18 last year has been slated for Thursday.

Although the National Assembly will return to plenary from holiday on January 14, the Appropriation Committee and standing committees have been working.

It is expected that upon resumption, lawmakers will be given a two-week break from plenary to enable them to conduct the budget business.

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Yesterday, chairmen of appropriation committees of the Senate (Olamilekan Adeola) and House of Representatives (Abubakar Bichi) released the timelines and the process leading to the budget passage.

Senator Adeola said: “The President laid the budget before the Senate on December 18, 2024, and the second reading was done on December 19, 2024.

“From there, it was transmitted to the Committee on Appropriation to carry out all other necessary actions.

“The first thing we have succeeded in doing is to ensure that the hardcopy of this document was given to all committee chairmen as their working document.

“This is to enable the committees to invite all the MDAs to defend whatever has been allocated to them in that document, starting with their personnel, overhead, and capital, after which, we are expecting the report back from the 15th of January to the 18th of January.

“From there, collation and tidying up of the document will commence with the Committee on Appropriation, and by 31st of January, it is expected that we should lay before the National Assembly the report of the Committee on Appropriation on the 2025 Appropriation Bill for its eventual passage by the National Assembly, that is, both chambers of the Senate and the House of Representatives.”

Adeola assured that the committees would work hard to get the job done on schedule.

He said: “This (yesterday) morning, we held a meeting with all members of the Committee on Appropriation.

“There is a need for us to understand the direction in which we are going as far as the 2025 Appropriation Bill is concerned.

“The time frame is short but we have no choice but to work hard and that is why I must thank all my colleagues who agreed with us to shelve their holidays so that we can commence work on this all-important document.

“We will do that with all vigour and ensure that all that needs to be done on this document must be done.

“So, the 31st of January is a tentative date to guide our workings. If there is a need to extend the passage beyond the 31st of January, we will not hesitate to do that.

“But for us to have a working document that works for everybody, we have put it that the 31st of January is a date for us to pass it.

“I know for a fact that by the time we resume on the 14th of January, the Senate will give a two-week break so that we can do our usual ritual of consultation with the MDAs for the next two weeks and then follow up with a report.

“We are open as a committee and we are ready to work together and ensure that whatever issues are raised on the document, we are available to listen and to do all that is necessary to ensure that we have a document that works for all Nigerians.

“Also, the Committee on Appropriation will be organising a budget retreat on Thursday so that all relevant stakeholders can have an insight into the real content of the document.

“We want to have a synopsis of ideas of what is contained in that document for the benefit of Nigerians and that will come up on Thursday.

“We are working seriously to ensure that it’s a date and a very wonderful day in that regard.”

Bichi told reporters after the inaugural meeting of his committee that the defence by the MDAs would last till January 17.

He added that harmonised reports from the MDAs would be laid at plenary on January 31.

The committee chair said: “By tomorrow (today), we will start the budget defence with all the MDAs.

“From tomorrow (today) to January 17, we are going to do our budget defence and we will likely harmonise on January 22 and God’s willing, by January 31, we are going to lay our reports.

“We are going to study the budget; all our committees will study the budget.”

January 7, 2025
Critical succuess factors for 2025 budget

On Wednesday, 18th December 2024, President Bola Ahmed Tinubu presented the 2025 Budget proposal in the sum of about N49.7 trillion to the National Assembly for consideration as the proposed 2025 Budget. The Budget which is the second budget of President Tinubu’s administration is a remarkable increase from the 2024 budget of N27.5 trillion. The President calls the 2025 budget, “The 2025 Budget of Restoration: Securing Peace, Rebuilding Prosperity”. Defense and Security, Infrastructure, Health, and Education Sectors have the highest budget allocations, highlighting the strategic priorities of the administration in 2025. as follows: Defense and Security: N4.91 trillion; Infrastructure: N4.06 trillion; Health: N2.48 trillion; Education: N3.52 trillion. Other key focus areas include; Investments in energy, transport, and public works, Human Capital Development, and Agriculture.

2024 Budget Performance; According to Mr. President:

•N14.55trn in revenue, meeting 75% of the target as of the third quarter, of 2024.

•N21.60trn in expenditure, representing 85% in the third quarter, of 2024.

•75% increase in revenue to the sum of N14.55 trillion

•85% increase in expenditure representing 85% of its target.

2025 Budget Assumptions:

The proposed budget is based on the following Assumptions:

•Base crude oil production assumption of 2.06 million barrels per day (mbpd).

•Targeting N34.82trn in revenue to fund the budget.

•Inflation will decline from the current rate of 34.6% to 15%

•Exchange rate will improve from approximately N1,700/US$ to N1,500/US$

•Reduced importation of petroleum products alongside increased export of finished petroleum products.

•The Federal Government’s expenditure includes N15.81 trillion for debt servicing and a total of N13.08 trillion naira, or 3.89 percent of GDP.

•Bumper harvests, driven by enhanced security, reducing reliance on food imports.

•Increased foreign exchange inflows through Foreign Portfolio Investments.

•Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.

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•Government expenditure in the same year is projected to be N47.90trn including N15.81trn for debt servicing.

•A total of N13.08trn or 3.89% of GDP, will make up the budget deficit.

The basis for Assumptions:

The Federal Government is basing those projections on the following observations:

•Projected reduced importation of petroleum products alongside increased export of finished petroleum products.

•Projected Bumper harvests that will be driven by enhanced security, reducing reliance on food imports.

•Increased foreign exchange inflows through Foreign Portfolio Investments.

•Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.

Critical Success Factors

The Essence of the “Promise-Based Leadership” principle

While the above assumptions and targets are highly ambitious; in my view, the high target setting will push the government to deliver the promises made to Nigerians.

As a proponent of the “Promise-Based Leadership” principle, I urge President Bola Ahmed Tinubu to ensure that some key tangible micro-economic and social impacts are achieved by the end of the first quarter of this year, in order to sustain the confidence and hope of Nigerians as they continue to brave the brutal socio-economic situations such as increasing cost of living, insecurity, corruption, unemployment, etc. Indeed Mr. President has restated his commitment to turning around the economy, as Nigerians continue to demonstrate uncommon resilience. But time is of the essence.

Fiscal Discipline

In addition to what I call, “Mr. President’s boldness of assertions”, I advocate for the inculcation of what I term, “the practicality of discipline, and the political will of execution”. By this, I mean that there should be an immediate alignment between Fiscal Policy and Fiscal Discipline. Budget performance is dependent largely on Fiscal discipline, without which; increased revenue, increased foreign direct investment, and investment in critical infrastructure will amount to nothing. Without Fiscal Discipline, the strategic visions of government, and action plans will either fail or will not be sustainable. Therefore, it is important that we continue remaining focused on prudence, containing wastages, blocking leakages eliminating procurement malpractices, and fighting corruption amongst other forms of Fiscal Discipline to ensure success

Total stoppage of budget padding between the Executive arm and the legislative arms of government at federal and sub-national levels is another form of Fiscal indiscipline. For example, according to the Independent Corrupt Practices and Other Related Offences Commission (ICPC); in the 2021 budget, a budget padding of about N300 Billion was inserted in the Budget, while a budget padding of about 100 Billion was inserted in the 2022 budget by MDAs. Budget Padding must be contained or eliminated, if we are serious as a nation.

Policy Consultation and Policy Coherence

In order to consolidate the gains achieved in the 2024 budget and upscale that performance in 2025 so that Nigerians could feel the desired impacts; it is crucial for the government to pay attention to Policy Consultation, Policy Coordination, and Policy Coherence. They are key to achieving the set objectives in 2025 and beyond. To achieve policy coherence it is important to ensure that all existing policies and the policies that will be activated this year are not in conflict with each other, inconsistent, or counter-productive. As we have seen in some cases last year; where Mr. President had to backtrack on some policy decisions; such occurrences are avoidable if there is policy coherence. Policy inconsistencies are major weaknesses to governments, and threats to operating environments (public or private) with the attendant costly strategic, and socio-economic consequences.

Going forward, there should be more interagency collaborations and policy consultations to ensure that government policies will not clash with other subsisting policies and to also ensure that new policies that will be approved, will not be counterproductive to/ or clash with existing policies – which in most cases further exacerbate the socioeconomic situation of Nigeria and Nigerians. It is therefore important for Ministers and Heads of Departments and Agencies (MDAs) to compare notes through policy consultation and coordination. We must also ensure that government policies either complement each other or add value to the entire policy framework or the overarching strategy of the administration of President Bola Tinubu. That is the only way to ensure sustainable success.

Impact Assessments and Communication Strategy

It is also worthy of note that public opinion is very important in a democracy. Therefore, as part of the communication strategy of this administration; in 2025, there should be consistent objective reviews of the impacts of policies, actions/inactions, and other decisions of government on the citizenry, the operating environments, and business climates.

The feedback from the citizenry and public opinions regarding decisions of government or proposals of government are very important in gauging the impact of policies and governance and guiding the delivery of the mandate given to Mr. President by Nigerians. This is important, not just in the Executive Arm of government, but also in the Legislature and Judiciary. Hence, in 2025, I urge Nigerians to also dedicate time to continue holding political leaders at Federal, State, and Local Government levels accountable to ensure that they continue to deliver good governance.

National Security

Talking about insecurity is critical to ensuring territorial integrity and overcoming the socio-economic malaise in Nigeria. This is because the insecurity around the North-Western, North-Central, and also South-Eastern parts of Nigeria is hampering security, the well-being of citizens, food production, execution of major infrastructure projects, and the free movement of people, goods, and services. Insecurity has significantly impacted food security. The northern part of Nigeria is the food basket of the nation. There is a need for quick and sustainable solutions to insecurity. Unless the government tackles insecurity, we are taking two steps forward and three steps backward.

Safeguarding Revenue Pipelines:

I also hope that more drastic measures would be taken against anybody, group of people, or entities and their collaborators in government, who are involved in crude oil theft and crude oil pipeline vandalization, they should be treated and prosecuted as economic saboteurs without fear or favor.

Ensuring the availability of Power to drive the Economy

The issue of electricity production, transmission, and distribution, should be a matter of national priority for the administration of President Bola Ahmad Tinubu. We hope to see sustained efforts with clear, and tangible impacts in the short to mid-term Power is crucial to catalyze and reinvigorate the productive sector of Nigeria’s economy, and to support the provision of critical infrastructure going forward. Therefore, unless the issue of the availability of electricity is addressed, I dare say that President Tinubu will not achieve his objectives and Nigerians will continue to suffer.

Efficient and Effective War Against Corruption:

A sincere, objective, result-oriented, and transparent fight against corruption should be non-negotiable. Regulatory and law enforcement agencies like the EFCC and ICPC should be more result-oriented so that they move from the days of continuous prosecutions without tangible outcomes due to defective investigation, case-building, and prosecution strategy and operations. The fight against corruption should no longer be lip service but actionable, efficient, effective, and more impactful.

Our Critical Success Factors include:

•Quintessential leadership at the top

•Cutting/ containing the cost of governance

• Prudence in government spending at the top, across, and to be cascaded down the

structure and system of governance

•Blockage of leakages and wastages in government

•Zero tolerance to non-performance across all MDAs

•Zero tolerance to all forms of economic sabotage

January 3, 2025
2025 Budget and ending hunger
- By Emmanuel Nnamdi Osadebay
As of November, Nigeria’s hunger crisis remains severe with over 30 million people projected to experience acute food insecurity by mid-2025. With Nigeria’s estimated population of approximately 223 million, it means that about 14.8% of the Nigerian population is at the risk of hunger. Addressing our food insecurity should be at the core of our fiscal proposal and appropriation bill, given that food security is fundamental to public health, economic stability, and social well-being.

In designing and implementing budgets that support government agricultural and food security policies, ensuring that the population has reliable access to sufficient, safe, and nutritious food must be considered a national emergency and priority that can enhance productivity, reduce poverty, and promote sustainable development.

The food stampede in Ibadan, Anambra and Abuja reveals the severity of hunger in Nigeria and validates in reality, the last T200 Hunger Report which highlighted the severe state of starvation across many communities in Nigeria. Food insecurity in Nigeria remains a significant challenge, with rural areas, conflict-prone regions, and marginalized communities bearing the brunt.

According to the World Food Programme, over 25 million Nigerians are at risk of food insecurity, a figure exacerbated by inflation, climate change, and disruptions in local food systems. The effects of hunger are far-reaching, undermining health, education, and economic productivity. Nigeria’s hunger crisis and food insecurity, driven by several factors, including economic hardships, high food inflation leading to soaring food prices, persistent insecurity in various regions, and climate change effects such as flooding as seen this year in Borno State must be tackled from multiple layers of government investment in critical infrastructures for economic growth.

In the proposed 2025 national budget, Nigeria has allocated N826.5 billion to the agricultural sector, marking a significant increase from previous years. Understandably, the proposed 2025 budget by President Bola Ahmed Tinubu to the National Assembly has sparked critical discussions about Nigeria’s development priorities. Among the key areas of focus, addressing hunger and achieving food security must stand at the forefront. With millions of Nigerians facing food insecurity and malnutrition, the 2025 budget offers an opportunity to take bold steps toward ending hunger in the country.

Agriculture is the backbone of Nigeria’s economy and the most viable pathway to achieving Zero Hunger. To this end, the 2025 budget must prioritize investments in agriculture to boost food production and reduce dependency on imports. Either at the federal, state of local government level, key areas for funding must include security as already indicated in the budget; modernizing farming techniques that will enable small holder farmers with access to modern tools, technology, and training to improve productivity; build climate-resilient agriculture system that supports the adoption of drought-tolerant crops and sustainable farming practices to mitigate the impacts of climate change; and ensure access to credit, by expanding affordable credit schemes for farmers to scale their operations and invest in innovations.

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We must further consider a significant portion of Nigeria’s agricultural output that is lost due to poor post-harvest management and weak supply chains. For the 2025 budget to effectively combat hunger, agricultural institutions must allocate resources to rural infrastructure development in building and maintaining rural roads to facilitate the movement of food from farms to markets; create storage facilities as establishing cold storage systems and silos to reduce post-harvest losses; and designate agro-processing zones by investing in food processing centres to add value to raw produce and create jobs.

While boosting food production is essential, hunger cannot be eradicated without addressing affordability and access. The 2025 budget must ensure adequate funding for social protection programs, such as school feeding initiatives, by providing free, nutritious meals to students in public schools to combat malnutrition and encourage school attendance; coordinate conditional cash transfers in a transparent way that supports vulnerable households with direct financial assistance to improve their purchasing power; and provide emergency food relief when necessary by allocating funds for food aid in areas affected by conflicts and natural disasters.

The fact that defence has the largest share of the budget item lines is good for ensuring that Nigeria is safe for agricultural purposes and food security. Conflict and insecurity have been major drivers of hunger in Nigeria, particularly in the Northeast and Northwest regions. The 2025 budget must include targeted interventions for rebuilding affected communities, including resettling displaced populations, providing access to farmland, and implementing peace-building programs to ensure long-term stability.

The success of the 2025 budget in ending hunger will depend on effective collaboration between government, private sector, and development partners. Additionally, transparency and accountability in the allocation and utilization of funds are crucial. Monitoring mechanisms should be established to track progress and ensure that resources reach intended beneficiaries. The 2025 budget presents an opportunity to set Nigeria on a path toward Zero Hunger. By prioritizing agricultural development, strengthening food systems, and expanding social protection, the government can create a future where every Nigerian has access to adequate and nutritious food.

Ending hunger is not just a moral obligation but an economic imperative. A well-nourished population is healthier, more productive, and better equipped to contribute to national development. As the National Assembly deliberates on the 2025 budget, it is crucial to ensure that the fight against hunger is placed at the centre of Nigeria’s development agenda.

We are conscious of the need to achieve zero hunger in Nigeria by 2030 and as we look beyond our second-year anniversary as an establishment committed to ensuring that majority of Nigerians are lifted out of the hunger line by 2030, T200 will continue to drive our modernized agricultural and farming activities that help to build a well-nourished country, and sustain our corporate social responsibilities in providing food relief to rural communities in dire need of food for immediate sustenance.

•Amb. Osadebay is of T200 Foundation. He wrote from Lagos.
December 31, 2024
2025 Budget: Tinubu’s audacious blueprint for economic revival

The last week started out on a very busy note for President Bola Ahmed Tinubu with the 66th Ordinary Summit of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) at the State House, Abuja, on Sunday. The meeting was like the crescendo of the back and forth on the ideological crisis between the ECOWAS Commission and the trio of Burkina Faso, Mali and Niger Republic, the member states that lost their democratic bearing to hijack of power by the military.

You will recall that President Tinubu, who is the Chairman of the Authority of ECOWAS Heads of State and Government, spoke about the relationship between the sub-regional and the breakaway member-states when he hosted the German President, Frank-Walter Steinmeier, who was on a state visit the upper week. That topic actually led this column last week.

Coincidentally, when you might be reading about the recap of how President Tinubu described the relationship between the regional body and the three countries, and the reason the ECOWAS would not want the misadventure of the military in those countries to negatively impact on the innocents, talking categorically about the civilian citizens of the countries, ECOWAS was loosening the hold on those who do not want to identify with it.

At the end of that summit, the regional body decided not to flog the dead horse any further, seeing that their military dictators were intent on tasting something different, albeit rather distasteful to the spirit and doctrine of the West African sub-regional brotherhood. The President of the ECOWAS Commission, Dr Omar Alieu Touray, read out a six-month exit procedure, which permits them to cease to be member states, starting from 29 January, 2025,to 29 July 2025.

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“The authority takes note of the notification by Bukina Faso, Republic of Mali and the Republic of Niger of their decision to withdraw from ECOWAS. The Authority acknowledges that in accordance with the provisions of Article 91 of the revised ECOWAS treaty, the three countries will officially cease to be members of ECOWAS from 29 January, 2025.

“The Authority decides to set the period from 29 January, 2025,to 29 July 2025, as a transitional period and to keep ECOWAS doors open to the three countries during the transition period. In this regard, the Authority extends the mandate of President Gnassingbé of Togo and President Faye of Senegal to continue their mediation role up to the end of the transition period to bring the three member countries back to ECOWAS.

“Without prejudice for the spirit of the opening, the Authority directs the President of the Commission to launch withdrawal formalities after the deadline of 29th January, 2025, and to draw up a contingency plan covering various areas.

“The Authority directs the Council of Ministers to convene an extraordinary session during the second quarter of 2025 to consider and adopt both separation modalities and the contingency plan covering political and economic relations between ECOWAS and the Republic of Niger, the Republic of Mali and Burkina Faso”, Touray said.

However, after the ECOWAS business was done with, the week saw President Tinubu, on Wednesday, presenting the 2025 Appropriation Bill to a joint session of the National Assembly, a task he took with a sense of duty, to reassure Nigerians, through their representatives, that he means well for them and that the sacrifices they have made since his administration took off, as well as their trust in his mandate, are not wasted.

As he strode confidently into the hallowed chambers of the House of Representatives, where both arms of the Assembly gathered to receive him, the atmosphere was charged with anticipation. The chamber, filled with legislators, government officials, and members of the press, awaited the unveiling of the 2025 Appropriation Bill. Titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” this was not just another fiscal plan—it was a bold manifesto for economic renewal and national rejuvenation.

Tinubu’s address was both a reflection on the journey so far and a roadmap for the future. With a tone that balanced candour with optimism, he acknowledged the sacrifices Nigerians have made in the last 18 months of reforms. He recognized the struggles, but assured the nation that the pain was not without purpose. His administration, he declared, remains unwavering in its commitment to revitalizing the economy, strengthening national security, and improving the quality of life for every Nigerian.

The President began by outlining the current economic realities and the progress made under his administration. Against a backdrop of global uncertainties, Nigeria’s economy has shown remarkable resilience. Economic growth climbed to 3.46% in the third quarter of 2024, compared to 2.54% in the same period the previous year. Foreign reserves surged to $42 billion, providing a robust buffer against external shocks. Meanwhile, the trade surplus reached an impressive ₦5.8 trillion, signaling the effectiveness of the administration’s policies in stimulating exports and reducing import dependence. These figures, Tinubu emphasized, are not mere statistics but tangible indicators of a nation on the mend.

The 2025 budget, he explained, is one of restoration. With a projected revenue target of ₦34.82 trillion and planned expenditures of ₦49.7 trillion, the budget represents an ambitious but necessary step toward rebuilding the socio-economic fabric of the country. The budget deficit, estimated at ₦13.08 trillion, will be managed through innovative financing mechanisms, including public-private partnerships and targeted investments. Tinubu’s projections for 2025 are equally bold: inflation is expected to decline from the current 34.6% to 15%, while the exchange rate is projected to stabilize at ₦1,500 per US dollar. These targets, he assured, are achievable through disciplined implementation and continued reform.

The allocations in the budget speak volumes about the administration’s priorities. Defence and security top the list with ₦4.91 trillion, reflecting the government’s commitment to safeguarding the nation. Infrastructure follows closely with ₦4.06 trillion, underscoring the importance of physical development in driving economic growth. Education and health receive ₦3.52 trillion and ₦2.48 trillion, respectively, highlighting a focus on human capital development. These allocations are not just numbers on paper; they are strategic investments in Nigeria’s future.

Security, Tinubu asserted, is the bedrock of all progress. The government’s increased funding for the military, police, and paramilitary forces is aimed at restoring peace and stability across the nation. From combating insurgency and banditry to securing farmlands and highways, the administration’s efforts are geared toward creating an environment where citizens can live and work without fear. Tinubu’s vision is clear: a Nigeria where safety and productivity go hand in hand.

Infrastructure development, another cornerstone of the administration’s agenda, is set to receive a significant boost. The Renewed Hope Infrastructure Development Fund is driving investments in critical sectors such as energy, transportation, and public works. Projects like the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway are more than just infrastructural undertakings; they are transformative initiatives designed to connect communities, enhance trade, and stimulate economic activity. By leveraging private capital and strategic partnerships, the government aims to accelerate the completion of these projects and create thousands of jobs in the process.

Equally noteworthy is the administration’s commitment to human capital development. Tinubu’s belief that people are Nigeria’s greatest asset is evident in the record investments in education and health. Over 300,000 students have already benefited from the Nigeria Education Loan Fund, and the 2025 budget provides for an additional ₦826.90 billion for educational infrastructure. This includes funding for the Universal Basic Education Commission and the establishment of nine new higher education institutions. The health sector, too, is receiving unprecedented attention, with ₦684.65 billion allocated for infrastructure and the Basic Health Care Fund. These investments aim to improve healthcare access, reduce medical import dependence, and ensure that every Nigerian has access to quality medical care.

Agriculture, a sector that holds immense potential for job creation and food security, is also a focal point of the budget. The administration is providing farmers with the resources they need to boost productivity and reduce reliance on food imports. Enhanced security in rural areas is expected to revitalize agricultural activities, ensuring that no Nigerian goes to bed hungry. Tinubu’s vision for agriculture is not just about feeding the nation but also about positioning Nigeria as a major player in global agricultural markets.

Despite these ambitious plans, Tinubu was candid about the challenges ahead. The ₦15.81 trillion allocated for debt servicing highlights the fiscal constraints the country faces. However, he framed these challenges as opportunities for collective action. He called on Nigerians to support the government’s efforts, emphasizing that the time for lamentation is over. “This is a time to act,” he declared, urging leaders, institutions, and citizens to work together in rewriting Nigeria’s narrative.

The 2025 budget is not just a fiscal document; it is a statement of intent and a vision for the future. Tinubu’s administration is laying the foundation for a more secure, prosperous, and hopeful Nigeria. The sacrifices of the past months, he assured, will not be in vain. With this budget, the government is not only addressing immediate challenges but also positioning the country for sustainable growth and development.

As the President concluded his address, the chamber erupted in applause. His words resonated as a call to action and a reminder of the resilience of the Nigerian spirit. The “Budget of Restoration” is more than a plan; it is a pledge to the Nigerian people—a commitment to lead them into a future where peace and prosperity are not just aspirations but realities.

For Tinubu, the journey of rebuilding Nigeria is far from over, but the destination—a nation where every citizen can dream, work, and thrive—is within sight. The 2025 budget, with its focus on security, infrastructure, human capital, and agriculture, is a testament to the administration’s resolve to turn challenges into opportunities and aspirations into achievements. It is a bold step toward the brighter future that every Nigerian deserves.

Immediately he was done with the 2025 Appropriation Bill presentation, he headed straight to Lagos, his home state, where he will work from throughout the yuletide. Arriving the state on Wednesday, he took Thursday to rest and on Friday, observed the Juma’at service at the Alausa, Ikeja Central Mosque, one of the legacies he left as Governor of Lagos State.

Although he is in Lagos, which happened to once be the Federal Capital Territory, one certain thing is that the new week should not be any less eventful than when he is sitting behind his desk at the State House in Abuja. So wait to see how the Christmas week unfolds.

December 22, 2024
The budget: A deep vision for economic transformation

President Bola Ahmed Tinubu has presented the 2025 budget to the National Assembly. Beyond the usual budgetary details, the President earmarked 52 per cent of non-debt spending for infrastructure, writes ASSISTANT EDITOR NDUKA CHIEJINA.

The N49.8 trillion budget for next year highlights a commitment by the Tinubu Administration to drive economic transformation. The financial estimates focus on capital expenditure.

A significant sum of N16 trillion, representing 52 per cent of non-debt spending, is allocated to capital projects. This shows the government’s resolve to tackle structural inefficiencies, boost productivity, and foster inclusive economic growth.

The budget prioritises transformative projects across transportation, energy, healthcare, and education sectors. The investments in the sectors are essential for reducing transaction costs, streamlining logistics, and facilitating the efficient movement of goods, services, and people.

Moreover, enhanced infrastructure creates a fertile ground for economic expansion by attracting domestic and foreign investments. It also spurs productivity across key sectors, such as agriculture, manufacturing, and technology, thereby unlocking the full potential of Nigeria’s economy.

By emphasising infrastructure development, the budget serves as a blueprint for fostering sustainable growth, addressing long-standing structural challenges and positioning Nigeria as a competitive global player.

This capital-intensive approach reflects government’s recognition that robust infrastructure underpins economic resilience. The targeted investment is designed to yield long-term benefits for businesses and individuals, from improved transportation networks that lower logistics costs to better energy systems that power industries.

Thus the budget sets the tone for a decade of transformative progress, firmly placing Nigeria on the path to inclusive prosperity.

Infrastructure as catalyst for industrial growth and job creation

The budget recognises the indispensable role of reliable infrastructure in driving industrial growth and fostering economic diversification. By prioritising investments in transportation networks and energy supply, the government aims to eliminate logistical bottlenecks, promote inter-regional trade, and enhance industrial integration. These envisioned strategic improvements are critical for facilitating agricultural and mining activities and attracting manufacturing investments.

These investments will drive value chain development, expand production capacities, and significantly boost Nigeria’s overall economic output.

Read Also: Tinubu’s vision for the livestock sector will unlock vast potential – Minister

Improved transportation networks, such as roads, railways, and ports, are essential for ensuring the smooth movement of goods and raw materials across regions, thereby connecting producers to markets more efficiently.

Likewise, investments in energy supply—particularly through renewable and alternative energy sources—will reduce business production costs, ensuring a stable power supply for industries and households. These are expected to create a more conducive environment for domestic and foreign investors, fostering industrial growth and strengthening Nigeria’s global competitiveness.

Furthermore, capital projects stand out for their labour-intensive nature, especially in the construction and infrastructure sectors. From road construction to the provision of energy plants, these initiatives will generate immediate employment opportunities, driving household income growth and stimulating local economies across the nation.

Construction jobs provide short-term relief and serve as a gateway to long-term career opportunities. Workers engaged in such projects acquire new skills in engineering, logistics, and project management, enhancing their future employability.

By coupling infrastructure development with job creation, the budget promotes a sustainable cycle of human capital development. As more Nigerians access skills training and employment opportunities, the workforce becomes better equipped to contribute to the nation’s industrial and economic transformation.

This dual impact—strengthening infrastructure while empowering individuals—positions the budget as a decisive tool for tackling unemployment, poverty reduction, and fostering inclusive growth in the long term.

Through these targeted investments, the government demonstrates its resolve to address systemic inefficiencies and unlock Nigeria’s full industrial potential. By doing so, the budget lays the groundwork for an economy that is resilient, diversified, and inclusive, driven by robust infrastructure and a skilled workforce.

Multiplier effects of capital expenditure and human capital development

The increased allocation to capital expenditure in the budget is designed to unleash a multiplier effect on the economy. Payments to contractors and workers engaged in infrastructure projects translate directly to higher disposable incomes, driving increased household consumption and aggregate demand. This surge in spending invigorates economic activities across ancillary sectors such as retail, services, and transportation.

As economic activity intensifies, businesses in these interconnected sectors experience increased patronage, which, in turn leads to higher production levels and expanded employment opportunities. This self-reinforcing cycle of economic expansion underscores the significance of a robust capital expenditure in stimulating not only immediate growth but long-term economic stability.

By prioritising infrastructure investments, the government is setting the stage for sustained development that benefits industries and individuals.

Equally transformative are the budget’s allocations to social infrastructure, particularly in healthcare and education. Improved healthcare facilities—ranging from modernised hospitals to accessible clinics—contribute to a healthier population.

A workforce unburdened by frequent illnesses is more productive, reducing absenteeism and improving outputs across all sectors. Moreover, better healthcare infrastructure minimises economic losses associated with high out-of-pocket medical expenses, freeing up resources for savings and investments.

Similarly, the focus on educational infrastructure serves as a cornerstone for enhancing human capital development. By expanding access to quality education, the government is equipping citizens with the skills and knowledge needed to thrive in a dynamic global economy. Investments in classrooms, laboratories and teacher training create an environment conducive to learning, fostering a skilled and competitive labour force essential for economic diversification and global competitiveness.

The intersection of infrastructure development and human capital investment shows a strategic approach to economic planning. By addressing both physical and social deficits, the budget will ensure that economic growth is inclusive, sustainable, and rooted in the empowerment of Nigeria’s greatest resource—its people.

With healthier, better-educated citizens, the nation stands poised to reap the dividends of a productive workforce capable of driving innovation, entrepreneurship, and industrialisation.

This dual approach will not only address immediate challenges but position Nigeria for long-term economic resilience. By prioritising capital expenditure with direct benefits for both physical and social infrastructure, the government is crafting a vision of shared prosperity that aligns with its overarching goal of national transformation.

Addressing regional disparities and accelerating economic diversification

The budget employs focused capital expenditure as a pivotal strategy for addressing Nigeria’s persistent regional disparities. By channeling funds into underdeveloped areas, the government aims to stimulate local economies, attract businesses, and ensure equitable development across the country.

Improved infrastructure in these regions—ranging from better roads and energy supply to modernised healthcare and educational facilities—has the potential to invigorate local economic activities and integrate these areas into the broader national economy.

This approach holds significant promise for reducing socio-economic inequality, which has long plagued the nation. Enhanced connectivity between rural and urban areas will foster inter-regional trade, expand markets for local producers, and provide communities with access to essential services. Over time, this integration will help balance the scales of development, creating opportunities for underserved regions and contributing to a more inclusive economy.

In parallel, the 2025 budget’s emphasis on economic diversification reflects a clear commitment to reducing Nigeria’s over-reliance on volatile oil revenues. By prioritising investments in non-oil sectors, the government is laying the groundwork for a resilient economy driven by diverse revenue streams. In particular, investments in agricultural infrastructure—such as irrigation systems, storage facilities, and processing plants—are expected to significantly boost productivity, enhance food security, and create value-added agricultural products.

Moreover, the development of industrial parks and export-processing zones stands out as a cornerstone of the government’s diversification agenda.

These hubs are designed to attract both domestic and foreign investors by providing favourable business environments with reliable infrastructure and streamlined regulatory processes. By fostering industries such as manufacturing, technology, and agro-processing, these zones are expected to enhance Nigeria’s non-oil exports, contributing to foreign exchange earnings and reducing the nation’s vulnerability to global oil price shocks.

This shift toward a diversified economy will not only strengthen economic resilience but create job opportunities across a broad spectrum of industries. A thriving agricultural sector, for instance, will support value chains that include transportation, packaging, and retail. Industrial parks will foster innovation and technological advancement.

By addressing regional disparities and accelerating diversification, the budget positions Nigeria for sustainable and inclusive growth. The targeted investments aim to unlock the potential of every region, ensuring that no part of the country is left behind in the pursuit of economic transformation.

Through these initiatives, the budget underscores a vision of shared prosperity that aligns with national and global development goals.

Leveraging infrastructure for economic resilience and tackling challenges

The government’s focus on infrastructure development is a strategic move to position Nigeria as a competitive destination for both domestic and foreign investments. Enhanced infrastructure significantly lowers operational costs for businesses, creating an environment that fosters private sector participation—an essential driver of sustained economic growth.

Reliable roads, power supply, and efficient logistics systems reduce overhead expenses, streamline operations and improve the ease of doing business.

Infrastructure-led development also plays a critical role in building economic resilience. By diversifying the economy and enhancing productivity, this approach equips Nigeria to better withstand external shocks such as global market fluctuations or disruptions in oil revenue. A more stable and diversified economy not only ensures sustainable growth but fosters long-term stability, enabling the country to weather economic uncertainties with greater confidence.

Challenges and panacea

While the ambitious focus on capital expenditure promises substantial benefits, it is not without risks. Challenges such as corruption, inefficiencies, and delays in projects’ execution could undermine the effectiveness of investments. To safeguard the anticipated outcomes, robust monitoring mechanisms are imperative. These mechanisms must ensure transparency, accountability, and adherence to projects’ timelines and budgets. The government must also strengthen institutional frameworks to combat corruption and enhance efficiency of public spending.

Debt servicing, which is projected at N16 trillion, represents another critical challenge. Striking the delicate balance between borrowing for growth-oriented projects and maintaining fiscal sustainability is essential to avoid excessive debt accumulation. Borrowing must be strategically targeted toward high-impact projects with measurable economic returns.

Additionally, exploring innovative financing models, such as public-private partnerships (PPPs) and concession arrangements, can help reduce debt burden while ensuring infrastructure development.

Large-scale spending, if not carefully managed, could also trigger inflationary pressures that may destabilise the economy. Monetary authorities must work closely with fiscal policymakers to implement measures that mitigate inflation risks. Strategies such as phased project implementation, prudent fiscal management, and leveraging domestic resources can help stabilise prices while sustaining economic growth.

In the face of these challenges, government’s proactive planning and commitment to transparency will determine the ultimate success of the 2025 budget.

By addressing these risks head-on, Nigeria can maximise the transformative potential of its infrastructure investments, fostering an economy that is not only inclusive and competitive but resilient and sustainable in the long term.

December 20, 2024
Group lauds Tinubu over 2025 budget presentation

The African Centre for Human Rights (ACHR) has joined the chorus and approval of President Bola Tinubu’s 2025 budget presentation that has recently garnered widespread praise from various sectors of Nigerian society, with many viewing it as a turning point in the country’s economic and social trajectory.

Titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity”, the N47.96 trillion budget is being hailed as a bold and comprehensive blueprint to address Nigeria’s most pressing challenges, which is believed would set the nation on a path to sustainable growth.

ACHR Executive Director, Dr Richard Ikani, said in a statement that President Tinubu’s 2025 budget, which is the largest in Nigeria’s history, reflects a strategic and forward-thinking approach to the country’s economic recovery.

He further said, “One of the central themes of the budget is to restore macroeconomic stability, a crucial step given Nigeria’s current challenges of high inflation and exchange rate volatility.

With inflation currently exceeding 34%, the government has taken the bold step to set a target to reduce inflation to 15% by the end of 2025; a goal that many economists believe could help stabilize prices and increase the purchasing power of ordinary Nigerians.”

Ikani pointed out, “The President’s emphasis on stabilizing the exchange rate is another key feature of the budget. Projections indicate that the naira will strengthen to N1,500 to $1, a significant improvement from the current exchange rate, which hovers around N1,700 to $1. This move, experts say, will help stabilize Nigeria’s financial system, promote investor confidence, and facilitate trade.”

“Another notable aspect of the 2025 budget is the ambitious revenue target of N34.82 trillion, reflecting a determined effort by Mr President to increase government revenue. Nigeria has long struggled with a low revenue-to-GDP ratio overtime, and this budget seeks to reverse that trend for the best.

“The administration’s plan to increase oil production to 2.06 million barrels per day and broaden the tax base through improved tax collection is seen as a necessary step in achieving these goals. While the revenue target is challenging, President Tinubu has made it clear that these efforts are essential to reducing Nigeria’s dependence on external debt and ensuring the sustainability of public services.”

More experts at ACHR have welcomed the government’s focus on revenue generation, particularly its emphasis on diversifying Nigeria’s income sources.

“For years, Nigeria has been overly reliant on oil exports for revenue,” said Dr. Richard Ikani. “This budget signals a clear intent to shift toward a more diversified economy, one that can weather the fluctuations of global oil prices and become more self-sustaining in the long term.”

Dr Richard expressed is concerns on security by further stating, “in a country beset by various security challenges, President Tinubu’s budget prioritizes national security with an allocation of N4.91 trillion for defense and security.

This allocation being the largest in the budget, is a clear response to the escalating threats of terrorism, banditry, and communal conflicts that have plagued many parts of Nigeria in recent years.”

“Without a secure environment, Nigeria cannot fully realize its potential. The President’s focus on security is not just about protecting citizens; it is also about creating a stable environment that fosters economic development and attracts foreign investment. By prioritizing defense, President Tinubu is showing a strong commitment to national stability.”

The ACHR has praised this move, emphasizing that security is foundational to any meaningful economic growth.

Ikani further emphasized, “In addition to security, the budget allocates N4.06 trillion to infrastructure development, further strengthening the foundation for long-term economic growth. The infrastructure budget is expected to support critical projects in transportation, energy, and telecommunications, which are vital to the country’s industrialization and overall competitiveness.

“The emphasis on infrastructure development will help address Nigeria’s long-standing deficits in roads, electricity, and rail networks, all of which have been major barriers to economic growth and quality of life for Nigerians.”

The group further emphasised that improving infrastructure is crucial for the Nigerian economy to grow, and stating that the N4.06 trillion earmarked for infrastructure projects will not only improve the ease of doing business but will also create jobs, stimulate local economies, and enhance the overall living standards of citizens.

With a significant portion of the budget, N2.48 trillion being allocated to the healthcare sector, signalling the government’s recognition of the importance of a healthy population in fostering national development, the ACHR has praised this allocation, calling it a critical step in addressing Nigeria’s healthcare challenges, leading to improved access to healthcare services, enhance medical infrastructure, and address pressing public health issues such as maternal and infant mortality, communicable diseases, and malnutrition.

Dr Richard said: “By investing in healthcare, the government is not only addressing immediate needs but also building a healthier workforce for the future. A healthier population is more productive, and this investment will yield long-term benefits for Nigeria’s economy.”

“The budget also allocates N3.52 trillion to education, underscores the government’s commitment to human capital development. We believe that Education is crucial for preparing the next generation to contribute meaningfully to the economy, and this allocation is expected to improve access to quality education, expand opportunities for technical and vocational training, and enhance the overall quality of Nigeria’s education system. By prioritizing education, President Tinubu is investing in the skills and knowledge that will drive Nigeria’s future growth and innovation.”

Read Also: Hearty session as President Tinubu presents 2025 Budget

Dr. Ikani, in his comments, emphasized that the President’s budget signals a new direction for Nigeria, one that seeks to address both the immediate and long-term needs of Nigeria citizens.

“President Tinubu has shown that he understands the challenges facing Nigeria and has crafted a budget that seeks to address those challenges head-on. This is a budget that can lay the foundation for lasting prosperity.”

Dr Ikani cleared the perceptions on the reality and expectations of the budget in his statement, stating that the budget’s focus on infrastructure and social services will require strong public-private partnerships and collaborative efforts across all levels of government. Civil society organizations, the media, and the need of the general public will play an active role.

“In holding the government accountable for the effective use of public funds, we all must be involved in contributing our little support to this administration. The president cannot do it alone, he needs us to help him build the Nigeria we desire.“

The African Centre for Human Rights (ACHR) urged everyone to be hopeful that the government will live up to the promises set out in the budget and Nigerians should look forward to seeing Nigeria take bold steps toward achieving the vision outlined by President Tinubu.

As the 2025 budget moves through the National Assembly, it is clear that President Tinubu’s administration is laying the groundwork for a stronger, more secure, and prosperous Nigeria.

December 19, 2024
Experts view on the budget and its key segments

Economic and finance experts have described the budget proposal as a laudable fiscal strategy capable of driving the country’s growth, if well implemented.

They said the budget, though ambitious, is realistic and impactful.

The experts are Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE) Muda Yusuf; Director General Lagos Chamber of Commerce (LCCI) Chinyere Almona; Managing Director, Arthur Steven Asset Management Olatunde Amolegbe; Managing Director, HighCap Securities, Mr David Adonri; Managing Director and CEO of Ambosit Capital Managers Wahab Balogun; Chief Economist of ARKK Economics and Data Limited, Samson Galadima Simon and a development economist, Prof. Fatima Garba.

Yusuf said the overall budget message was good and inspiring, given the current challenges facing the country.

According to him, the budget priorities are laudable and appropriate for the prevailing economic and social conditions.

He outlined that giving priorities to defence and security, infrastructure, health, and education reflects a commendable commitment to fixing the critical challenges impeding the performance of the economy.

CPPE founder pointed out that the government’s optimism for a positive economic outlook was anchored on reduced fuel importation, export of refined petroleum products, better agricultural output on the back of improved security in the country, and improved foreign exchange (forex) inflows.

“These are realisable assumptions and are indeed the pathways for economic revitalisation and growth. But unwavering political, policy, and resource commitments are imperative to make this happen,” Yusuf said.

He however noted the need to review the government’s debt strategy citing the plan to commit N15 trillion to debt service in 2025.

Yusuf said: “ This is a major risk to the fiscal space in 2025. It is worthy of note that this concern was also shared by the president when delivering his speech.

“There is an urgent need to take steps to reduce the country’s debt exposure. It is also important to address the high cost of government borrowing, locally and internationally. Interest costs on our sovereign debts are generally very high.”

He added that the revenue projection of N34.82 trillion is also ambitious but expressed concern that revenue drive would not translate to additional pressure of taxes, levies, and fees on investors in the economy.

Yusuf added that the budget needs to upscale policy commitments to mitigate the social costs of the current reforms.

“We need to see more systemic and impactful policies to ease the cost of reforms on the vulnerable segments of the society,” he said.

LCCI boss Almona said she was cautiously optimistic.

She said: “If the private sector is burdened with infrastructure provision, the inflation rate will never come down. If road infrastructure is not adequately taken into account and massive construction is assured, inflation will not come down.

“Farmers are having difficulty accessing their farms because of poor road network and insecurity, the budget must be seen to take care of real solutions.”

Read Also: FG allocates N16trn for capital projects in 2025 Budget

She added that for the budget to be meaningful, plans must be in top gear to add intelligence to it.

“The policy must be implementable and focussed. Currently, the common man is struggling with the cost of production, transportation, therefore we must ensure its actualisation.”Almona added.

Amolegbe said the ambitious nature of the budget is in order as Nigeria requires an aggressively ambitious budget to tackle its huge infrastructural challenges.

He noted that while some may look at the size of borrowing, continuing improvement in debt to GDP and debt to revenue underlined the expansionary capacity of the economy under the current reforms.

Adonri said that President Bola Ahmed Tinubu aptly captured the anxieties, worries, and expectations of Nigerians in the budget speech.

“It demonstrates that he understands the contending issues and enormity of the tasks ahead. I am particularly comforted by his reference to the twin evils of corruption and insecurity as Nigeria’s greatest existential threats,” Adonri said.

He, however, noted that the huge deficit may continue to fuel inflation while the evidence of a debt trap is now apparent as the government requires new debt to service existing debt.

“I don’t agree with the plan for revitalising healthcare as it seems to replicate the failed strategy of the past which centers around the public sector rather than the private sector in an increasingly deregulated socioeconomic environment.

“While the overall budget strategy is good on paper, implementation is a critical challenge that has always bedeviled the translation of the goals from dream to reality in Nigeria. Hope this will be different,” Adonri said.

Balogun described the N16 trillion allocation to capital projects as a bold step towards addressing the country’s structural deficiencies.

He said: “Infrastructure is the backbone of economic productivity. Allocating 52 percent of non-debt expenditure to capital projects signals a commitment to laying the groundwork for long-term growth.”

But Balogun warned that achieving these ambitious goals depends on efficient allocation of resources and strict adherence to project timelines.

“Past budgets have often fallen short due to poor implementation and corruption. Without a well-monitored execution plan, this budget could risk becoming another missed opportunity,” he added.

Prof Garba on her part said: “Prioritising underdeveloped areas and non-oil sectors aligns with Nigeria’s goals for inclusive and sustainable growth. Investments in agriculture and industrial parks are exactly what the country needs to reduce its dependence on oil revenues.”

Garba also highlighted the importance of monitoring the impact of these projects.

She said: “Equitable development requires more than funding; it demands accountability. Transparency in disbursing funds to less-developed regions will determine if these investments truly uplift underserved communities.”

Simon, however, said: ‘’There is a need to make agriculture the number 1 priority of the budget. This, of course, does not discount the fact that tackling insecurity will help with agriculture as insecurity is one of the major headwinds in the agricultural sector.’’

December 19, 2024
Hearty session as President Tinubu presents 2025 Budget

It was a hearty and convivial session yesterday at the Chamber of the House of Representatives which hosted a joint session of the National Assembly to receive President Bola Ahmed Tinubu’s 2025 Busget estimates.

The chamber was filled to the brim.

President Tinubu and members of the National Assembly, irrespective of their political leanings, were in one accord as he presented the N49.7 trillion budget estimate to a joint session of the Senate and House of Representatives.

The President, a Third Republic Senator, said he felt at home.

President Tinubu, dressed in a flowing cream agbada, with a green cap with the easily distinguishable infinity symbol to match, arrived the chamber of the House at 12.12pm.

Senate President Godswill Akpabio, House of Representatives Speaker Tajudeen Abbas and other lawmakers were already seated.

Sighting the President, many legislators burst into singing the partisan anthem: “On your mandate we shall stand” and “You are a leader.”

It was the second estimate presented by President Tinubu, who christened it “The Budget of Restoration. ‘

Speaking after Akpabio’s remarks, the President said: “After listening to these great remarks, I feel like just laying the budget and leave. But with the rendition of the mandate anthem, I have no choice than to respect you and read my presentation. It is great to be back to where I started from.”

It is the 10th National Assembly. But President Tinubu had referred to it in the document he presented as the 11th, prompting the lawmakers to point out the error.

Under the lively atmosphere, Tinubu, who acknowledged the mistake, said: “I wrote 11. That means you are all re-elected.” There was an applause. The remark was greeted with a standing ovation.

Read Also: FG allocates N16trn for capital projects in 2025 Budget

The President highlighted the importance of the 2025 budget, saying that it would consolidate the gains of his policies and programmes.

President Tinubu said: “The 2025 budget that I present today at the joint session of the National Assembly is one of restoration.”

According to observers, President Tinubu and Vice President Kashim Shettima, having served as senators before, are able to relate with the National Assembly better.

Thus, the harmonious Legislative/Executive relationship in an atmosphere of separation of powers and accompanying checks and balances is not beyond expectation.

The President was also accompanied by his Chief of Staff, Femi Gbajabiamila, a former House of Representatives Speaker.

At the event were the All Progressives Congress (APC) National Chairman Abdullahi Ganduje; Imo State Governor Hope Uzodinma; Ogun State Governor Dapo Abiodun and Kwara State Governor Abdulrahman Abdulrazaq, who chairs the Nigerian Governors’ Forum (NGF).

It was also the first time the President visited the main chamber of the House of Representatives. Last year’s budget was passed in the temporary chamber because the main chamber was under renovation.

The President left the National Assembly after the presentation at about 1.35pm.

December 19, 2024
FG earmarks N250bn for Lagos-Abuja rail project in 2025 budget

The federal government has made an allocation of N250 billion in the 2025 budget for the Lagos–Abuja mass transit rail project.

This budgetary investment is part of a broader plan to revitalize Nigeria’s infrastructure and stimulate economic growth.

The government’s focus on infrastructure development is rooted in the belief that it is a cornerstone of long-term economic planning.

By investing in critical infrastructure such as roads, railways, energy, healthcare, and education, the administration aims to create a conducive environment for both domestic and foreign investment.

The Lagos-Abuja rail project, in particular, is expected to have a transformative impact on the Nigerian economy.

By improving transportation connectivity between two major economic hubs, the project will facilitate the movement of goods and people, reduce logistics costs, and stimulate economic activity.

Additionally, the project is expected to create numerous jobs, both directly and indirectly, contributing to the country’s overall employment rate.

The government’s infrastructure investments are also aimed at addressing regional disparities.

Read Also: Lagos-Abuja superhighway

By connecting different parts of the country through improved transportation networks, the administration hopes to stimulate economic growth in underserved regions, reduce poverty, and promote equitable development.

The 2025 budget signals the government’s commitment to transforming Nigeria’s infrastructure landscape.

By investing in critical projects like the Lagos-Abuja rail line, the administration aims to lay the foundation for a more prosperous and connected Nigeria.

However, the success of these initiatives will depend on effective planning, efficient implementation, and transparent governance.

December 18, 2024