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National Assembly approves 2024 Budget, raises it to N28.77 trillion
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The National Assembly on Saturday passed the 2024 budget, increasing it to N28.77 trillion.
While President Bola Ahmed Tinubu had in November presented N27.5 trillion proposed budget for 2024 to the joint session of the National Assembly, the National Assembly on Saturday passed a budget of N28.77 trillion.
The National Assembly increased the budget presented by President Tinubu by N1.2 trillion.
Against speculations in some quarters, the National Assembly disclosed that President Tinubu will sign the budget on Sunday.
Addresing newsmen shortly after the passage, the Chairman, Senate Committee on Appropriation, Solomon Adeola Olamilekan said that the 10th National Assembly would still maintain the January-December budget circle, adding that Mr. President can sign the budget anywhere in the country.
Explaining the reason behind the increasment, the Senate said the difference arose from additional request for some agencies after the initial proposals by the President.
Olamilekan said: “Through the closely and harmonious appropriation process, the Executive forwarded request for additional funding and some items of expenditure to the Committee which were not included in the Bill as submitted by the President. In order to accommodate the requests, the following adjustments have been made on the Bill:
* Foreign Exchange differential
*GOE’s Revenue Increased
*GOE’s Personnel reduction
*Service Wide Vote (Wage adjustment)
*Reduction from Service Wide.”
While the Senate also raised the exchange rate assumption from N750/USD to N800/USD, it adopted the oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day.
The budget deficit remained N9.18 trillion just as assumption on GDP growth rate remained 3.88 per cent.
The budget as passed include aggregate expenditure of 28.777,404,073,861 trillion, statutory transfers of N1,742,786,788,150, and capital expenditure of N9,995,143,298,028.
The sum of N9,178,930,385,914 is voted for aggregate financing items which include, the sum of N7,828,529,477,860 trillion for Debt financing. Asset sale/privatisation is N298,486,421,740 billion. Multilateral/bilateral project-tied loans is N1,051,914,486,314 trillion.
The Senate, however, noted that “the 2024 Appropriation Bill was presented to the National Assembly late, adding that “this is against the Fiscal Responsibility Act which requires the Bill be presented not later than three (3) months before the next financial year, which puts intense pressure on the processing of the Bill.”
It recommended that to ensure thorough scrutiny of budget proposal, the executives should henceforth comply with the provisions of the Fiscal Responsibility Act.
The senate asked that the Executive should ensure compliance with the provisions of relevant/extant laws as it concerns GOES
It also stated that agencies removed from FGN budget should step up their revenue generation, fund itself and remit more to the Consolidated Revenue Fund.
Olamilekan, while addressing newsmen also said that the lateness of the presentation of the budget is the reason for the fire brigade approach, adding, “the President will sign the budget before 1st January.
“There is no law that prevent the President from signing the budget on Sunday. And it can be signed from anywhere.”
He explained that they involved the executive on every stage, adding that a lot of work went into it before it was passed.
“For the President to sign, everybody was aware that we have no choice if we must maintain the January to December calendar. So, we harmonized it with the House of Representatives. This assisted us in quick collection of the report and the eventual passage,” he said.
Justifying the increase of the budget by N1.2 trillion, Olamilekan said, “what necessitate our actions is the removal of the fuel subsidy and the exchange rates, which Nigerians are paying dearly for it.
“The increase in the exchange rate, is behind the increase in the budget. Area of oil prices and bench mark is also another reason why the budget was increased and not any ulterior motive.
“Also, NCC, NPA, NIMAS were agencies affected by exchange rate which made us to increase the budget by N177 billion. If all is added, it’s amount to N1.2 trillion, which is the reason the budget has been jerked up.
“Water resources and the school feeding funds also cause us to add N100billion to the school feeding Programme. This was done so that the budget will meet the yearning of Nigerians.”
News
After over 3 decades, IBB Admits victory of Abiola in June 12, 1993 Election
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Over three decades after annulling the acclaimed freest and fairest June 12, 1993, presidential election, former Head of State Ibrahim Babangida has, publicly admitted that the late Moshood Kashimawo Olawale (MKO) Abiola won the poll.
Babangida’s newly launched 420-page memoir, A Journey in Service: An Autobiography of Ibrahim Babangida, unveiled in Abuja on Thursday, made the disclosure.
The event was attended by prominent figures from across Nigeria and beyond.
In his book, Babangida, widely known as IBB, admitted that his earlier claims suggesting Abiola might not have won were incorrect.
“Upon further reflection and a closer examination of all available facts—particularly the detailed election results published as an appendix to this book—it is clear that MKO Abiola won the June 12 election,” he wrote.
He cited official figures from the 110 polling booths nationwide, showing that Abiola secured 8,128,720 votes against his main challenger Bashir Tofa’s 5,848,247 votes. Abiola also met the constitutional requirement of securing one-third of votes cast in at least 28 states, including Abuja.
In what appears to be contradiction after confirming Abiola’s victory, Babangida maintained that the annulment was done in “extreme national interest.”
“As the leader of the military administration, I accept full responsibility for all decisions taken under my watch. Mistakes, oversights, and missteps happened in quick succession, but I affirm in my book that every decision, including June 12, was made to ensure Nigeria’s survival,” he stated.
The annulment, which remains one of Nigeria’s most controversial political decisions, triggered nationwide protests and unrest. Following the backlash, Babangida resigned in August 1993, handing power to an interim government led by businessman Ernest Shonekan. However, within three months, General Sani Abacha overthrew Shonekan in a palace coup.
Refusing to let his mandate be stolen, Abiola declared himself president in 1994, leading to his arrest by Abacha’s military regime. He remained imprisoned until his death under suspicious circumstances on July 7, 1998, a month after Abacha himself died. His wife, Kudirat Abiola, was also assassinated in 1996.
The return to democracy in 1999, which saw former military ruler Olusegun Obasanjo elected as president, marked the beginning of the Fourth Republic. However, the controversy surrounding June 12 remained a major topic in Nigerian politics.
In 2018, then-President Muhammadu Buhari sought to address the injustice by declaring June 12 as Nigeria’s official Democracy Day, replacing May 29. He also posthumously honored Abiola as a former president.
Reflecting on these events in his memoir, Babangida expressed regret over how the situation unfolded.
“Looking back, the June 12 saga was the most challenging moment of my life and, in some respects, one of the most painful. If I had to do it again, I would do it differently,” he wrote.
Babangida’s book launch was attended by an array of high-profile figures, including former Presidents Goodluck Jonathan, Yakubu Gowon, and Abdulsalami Abubakar, as well as former Vice Presidents Atiku Abubakar and Namadi Sambo.
President Bola Tinubu and Vice President Kashim Shettima were also present, alongside billionaire business moguls Aliko Dangote, Abdulsamad Rabiu, and Folorunsho Alakija.
News
Osun on Edge: Timi Frank Warns of APC Plot to Force State of Emergency
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Political tension is at a boiling point in Osun State as violent clashes between supporters of the ruling Peoples Democratic Party (PDP) and the opposition All Progressives Congress (APC) over local government control turn deadly.
Amid the unrest, former APC Deputy National Publicity Secretary, Comrade Timi Frank, has sounded the alarm, accusing the APC of orchestrating chaos to justify a federal takeover of the state.
In a strongly worded statement issued on Monday, Frank called on President Bola Tinubu to intervene and rein in Minister of Marine and Blue Economy and former Governor Gboyega Oyetola, whom he accuses of fueling the crisis. According to Frank, Oyetola and his allies are deliberately stoking violence in a bid to make Osun ungovernable for Governor Ademola Adeleke, creating grounds for a state of emergency declaration.
“Their major target is to declare a state of emergency because they know that if elections are held today, Governor Adeleke will still win,” Frank stated. “So they want to abort his second term through crisis and violence.”
The crisis stems from a contentious Court of Appeal ruling, which both the APC and PDP interpret differently regarding the reinstatement of sacked local government chairmen. While Governor Adeleke has insisted that security concerns make their return impossible, Oyetola has vowed to enforce the ruling through legal channels.
The APC National Secretary, Dr. Ajibola Basiru, escalated tensions further by suggesting on live television that the Federal Government should consider declaring a state of emergency in Osun to curb the violence.
Frank, however, sees this as a calculated move to use federal might to undermine Adeleke’s administration.
“We call on the people of Osun to stand with Governor Adeleke and resist this political coup disguised as a crisis,” Frank urged. “This is nothing but an attempt to take Osun by force because APC knows they can’t win the state through the ballot box.”
As uncertainty looms, Osun residents watch closely to see whether the Federal Government will step in to douse the flames or if the crisis will spiral further, threatening the state’s stability.
News
At 2025 Munich Security Conference, Natasha champions Call for Gender Equity
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Chairperson of the Senate Committee on Diaspora and NGOs, Senator Natasha Akpoti Uduaghan, has called for greater gender equity in global security and governance.
She made this strong appeal at the 2025 Munich Security Conference (MSC), where she joined world leaders to discuss the challenges facing women in leadership and peacebuilding.
Speaking on a high-profile panel alongside Kosovo’s President Vjosa Osmani, former Finnish Prime Minister Sanna Marin, and EU Commissioner Hadja Lahbib, Akpoti Uduaghan stressed the urgent need for inclusive governance and gender-sensitive security policies.
“The exclusion of women from decision-making isn’t just unfair—it’s a security risk. To build lasting peace, women must not only be at the table but leading the discussions that shape our future.”
A statement from her media office on Sunday in Abuja highlighted the senator’s concerns over the growing global backlash against women’s participation in leadership, warning that this trend threatens long-term stability and development.
Bringing an African perspective to the discussion, Akpoti Uduaghan shed light on the systemic challenges Nigerian women face in politics, ranging from intimidation to exclusion and political violence.
She called for stronger policies to protect women and create an enabling environment for their active participation in governance.
“The backlash against gender inclusivity in politics and security is not just a setback for women; it is a setback for global development.
“The world must move beyond rhetoric and take concrete actions to ensure that women are not just included in peace and security discussions but are given equal opportunities to lead and influence policies.”
The MSC panel, moderated by a senior policy expert, saw a robust exchange of ideas on gender-based discrimination, political violence, and the role of women in conflict resolution.
President Osmani shared insights from Kosovo’s experience in advancing women’s leadership.
Sanna Marin pointed to the Nordic model of gender inclusivity as a global benchmark.
Commissioner Lahbib reaffirmed the EU’s commitment to integrating women in crisis preparedness and security frameworks.
As the conference wrapped up, there was a unanimous agreement that reversing gender regression requires policy reforms, international cooperation, and sustained efforts to empower women in governance and security.
Senator Akpoti Uduaghan’s participation at MSC 2025 reinforces her growing influence as a global advocate for women’s rights, governance reform, and inclusive security policies. Her message was clear: a just, stable, and peaceful world cannot be achieved without women at the forefront of decision-making.
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