News
National Assembly approves 2024 Budget, raises it to N28.77 trillion
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
FG Hits Back at Emir Sanusi’s Economic Reform Remarks: ‘We Don’t Need Your Approval’
The Federal Government has delivered a sharp rebuttal to Emir Muhammadu Sanusi II’s recent remarks about President Bola Tinubu’s economic reforms, expressing disappointment over his refusal to endorse the government’s actions.
Sanusi, a former Central Bank of Nigeria (CBN) governor, had voiced his hesitation to speak in support of the reforms, stating, “I have decided not to speak about the economy or the reforms, nor to explain anything regarding them. If I explained, it would only help this government, and I don’t want to help this government.” His comments were made at a public event in Lagos, where he also indicated that he would withhold his explanations despite the significant economic impact of the reforms.
In response, Minister of Information and National Orientation, Mohammed Idris, acknowledged that Sanusi’s decision to withhold support for the government’s economic agenda was his personal choice, but expressed frustration at his stance.
“It is rather curious for someone from an institution that champions transparency and integrity to openly admit to withholding the truth due to personal interests,” Idris remarked.
The Minister stressed that while everyone has the right to their opinion, the reforms under President Tinubu were designed to confront deep-rooted economic challenges, requiring bold and transformative actions. These reforms, including the unification of exchange rates and the removal of the fuel subsidy, are vital steps to secure Nigeria’s economic future.
Idris addressed Sanusi’s acknowledgment that the current economic pains were a necessary result of years of mismanagement, stating that these reforms are already showing positive results. “The unification of exchange rates has instilled investor confidence, leading to increased foreign reserves and better protection from external shocks,” he noted.
The government also highlighted the positive outlook for Nigeria’s economy, pointing to World Bank projections showing an upward trend in GDP and improvements in key sectors like infrastructure, education, and healthcare.
While expressing disappointment over Sanusi’s sudden criticism, Idris emphasized that Nigeria’s path to recovery requires unity and collective effort. “It is disheartening that reforms which were previously endorsed by experts like Emir Sanusi are now being subtly undermined,” he said.
Idris urged leaders like the Emir to set aside personal and partisan interests and work towards the greater good of the country. “This is a pivotal time for Nigeria, and what is needed is collaboration, not division,” he concluded.
The Federal Government reiterated that it remains committed to advancing economic reforms and fostering inclusivity, with a focus on long-term growth. The administration remains open to dialogue with all well-meaning stakeholders while steadfastly putting the country’s interests first.
News
Ex-REDAN President Warns Developers of Moure Consult Fraud, urges FG Support on Housing
By Ben Ogbemudia, Abuja
The immediate past President of the Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Oroji Wamakko, has sounded an alarm to estate developers nationwide about the fraudulent tendencies of Moure Consult Ltd, under the leadership of its Managing Director, Sadiq Dalhatu Ado.
Speaking in Abuja, Dr. Wamakko revealed a surge in complaints from developers, particularly in the Federal Capital Territory, accusing Moure Consult Ltd of breach of agreements and unfulfilled promises.
According to Wamakko, many victims of the company have lodged formal petitions with relevant agencies, citing dubious financial practices.
He disclosed that in February 2024, Moure Consult Ltd approached various developers with a proposal to secure loan facilities for infrastructure development. The firm touted its expertise and partnerships, luring developers into agreements under false pretenses.
“Developers met all conditions laid out by Moure Consult Ltd with the expectation of receiving funds within 45 working days. But to date, no funds have been disbursed. Instead, developers have been subjected to excuses, missed deadlines, and evasive tactics,” Wamakko said.
The former REDAN president noted that victims were promised that funds, allegedly placed in fixed deposits, would be available by May 30, 2024. However, the deadline passed, and subsequent extensions yielded no results. Instead, developers received vague alternatives, including agricultural proposals and state contracts, which Wamakko described as distractions.
He condemned these actions, calling them a betrayal of trust that tarnishes the real estate industry’s credibility.
Amidst the warning, Wamakko urged the Federal Government to support the private sector in achieving affordable housing through the Ministry of Finance Incorporated (MOFI). He called for deliberate funding under President Bola Tinubu’s Renewed Hope Housing agenda to bridge Nigeria’s housing deficit.
“The government must create avenues for accessible financing that empower reputable developers to deliver affordable housing to Nigerians. It’s time to address the systemic barriers affecting both developers and citizens seeking shelter,” Wamakko emphasized.
This clarion call serves as a dual message: to warn against fraudulent practices and to advocate for proactive government intervention in the real estate sector.
News
Neglect of War Veterans, Families Clouds Armed Forces Remembrance Day
As Nigeria marked the 2025 Armed Forces Remembrance Day, voices of discontent from war veterans, widows, and civil society organizations took center stage, highlighting the neglect faced by those who sacrificed for the nation’s peace and security.
The solemn event, held across various locations, honored fallen heroes, but the lamentations of widows and retired servicemen revealed the systemic failures in supporting these individuals and their families.
At the Tafawa Balewa Square in Lagos, Mrs. Oluwaseyi Iliya, leader of the “Wives of Fallen Heroes” group, expressed disappointment with the Lagos State government. She criticized the lack of meaningful support for military widows, noting that promises made in previous years had not materialized.
“Military widows are suffering. Our husbands died serving this nation, but we’ve been abandoned,” she said. Iliya recounted a 2024 initiative where some widows received foodstuffs and grinding machines, but no further support followed.
Retired Col. Nasiru Salami, a 76-year-old civil war veteran, echoed similar sentiments, recounting his own struggles with unpaid pensions and unfulfilled promises. Speaking on Channels Television, Salami said, “I cannot recommend the Nigerian Army to my children because of how poorly we’ve been treated.”
Salami, who served on the Biafran frontlines during the Civil War, revealed that over 24,000 veterans in Lagos are still awaiting their war bonuses, more than five decades after the conflict ended.
Prominent Nigerians, including Peter Obi, and organizations like the Civil Society Legislative Advocacy Centre (CISLAC), have called for immediate government action. Obi urged the Federal Government to prioritize healthcare, education, and timely payment of benefits for military personnel and their families.
“These measures will inspire greater commitment and reinforce the dedication of our armed forces,” Obi stated on social media.
CISLAC’s Executive Director, Auwal Rafsanjani, called for national recognition of fallen heroes’ families, emphasizing empowerment programs and scholarships for widows and children as essential steps.
Vice President Kashim Shettima, representing President Bola Tinubu at the national parade in Abuja, acknowledged the sacrifices of Nigeria’s military personnel. He urged Nigerians to contribute to the welfare of the families of fallen heroes, while Lagos State Deputy Governor Obafemi Hamzat called for public support to alleviate their hardships.
Despite these appeals, many widows and veterans remain skeptical, viewing these gestures as hollow without tangible action.
As the nation reflects on the sacrifices of its armed forces, the voices of widows and veterans underscore the need for systemic reform. Beyond wreath-laying ceremonies, Nigeria must honor its fallen heroes by ensuring their families are not forgotten and their sacrifices are truly appreciated.
The Armed Forces Remembrance Day, while a solemn occasion, must inspire action to address the plight of those who gave their all for the nation’s peace and security.
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