Nelson Ugwuagbo

President Bola Ahmed Tinubu has proposed ₦15.81 trillion for debt servicing in the 2025 Appropriation Bill, which he presented to the joint session of the National Assembly on Wednesday.

The proposed budget, amounting to ₦47.9 trillion, prioritizes Defence and Security, which received the highest sectoral allocation of ₦4.91 trillion. Other key allocations include ₦4.06 trillion for Infrastructure, ₦3.5 trillion for Education, and ₦2.4 trillion for Health.

While highlighting the budget proposal, Tinubu stated that projected revenue for 2025 is ₦34.8 trillion, leaving a deficit of ₦13.0 trillion.

He also noted significant economic projections, including a reduction in inflation from 34.3% to 15% and an exchange rate adjustment from ₦1,700/$ to ₦1,400/$.

The 2025 budget proposal, the largest in the country’s history, aims to address critical sectors while tackling fiscal challenges.

A stampede at a children’s carnival in the Bashorun area of Ibadan, Oyo State, has reportedly claimed the lives of several children, with others sustaining injuries.

The incident occurred on Wednesday during a funfair held at the Basorun Islamic High School. Witnesses said the rush to gain access to the venue led to the tragic stampede.

Reports indicate that some parents brought their children to the venue as early as Tuesday, while others arrived in the early hours of Wednesday, leading to overcrowding.

Although the exact number of casualties has yet to be confirmed, victims were rushed to hospitals across Ibadan for medical attention.

The Oyo State Government confirmed the incident in a statement issued by the Commissioner for Information and Orientation, Dotun Oyelade.

“A stampede occurred at the private children’s fun fair held at Basorun Islamic High School, leading to loss of lives, mostly children, with some others injured in the early hours of today,” Oyelade said.

He added that the state government had deployed a rapid response team to the scene and ensured victims were transported to hospitals for treatment.

Efforts to reach the Public Relations Officer of the Oyo State Police Command, Adewale Osifeso, for comments were unsuccessful at the time of filing this report.

Investigations into the cause of the stampede and the extent of the casualties are ongoing.

President Bola Tinubu has assured Nigerians that his administration’s economic reforms are beginning to deliver positive results, with no plans for reversal.

Speaking during the presentation of the 2025 national budget at a joint session of the National Assembly on Wednesday, Tinubu said the policies have started to stimulate economic growth and will soon lead to a more functional and improved economy for Nigerians.

“Our economy is responding positively to stimulus,” Tinubu said. “Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages and specific non-inflationary spending. The reforms we have instituted are beginning to yield results, no reversals. Nigerians will soon experience a better and more functional economy.”

The president highlighted key economic indicators, noting that Nigeria’s economy outperformed global projections.

“While global economic growth for 2024 was projected at 3.2 percent, Nigeria grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the same period in 2023,” he said.

Tinubu added that the country’s foreign reserves have reached nearly $42 billion, creating a strong buffer against external shocks, while the current trade surplus now stands at ₦5.8 trillion, as reported by the National Bureau of Statistics.

“These results reflect the resilience of the nation’s economy and the impact of deliberate policy choices made from the onset,” he said.

The Nigerian government will extend the implementation of the 2024 budget until June 30, 2025, Senate President Godswill Akpabio has announced.

Akpabio disclosed this during a joint session of the National Assembly on Wednesday, stating that the extension aims to ensure the full execution of the budget’s capital components.

“Given these great achievements, we have deemed it necessary to extend the life of the 2024 budget to June 30, 2025,” Akpabio said.

He added that the enabling legislation for the extension had already been enacted by the National Assembly to sustain the momentum of the budget’s performance.

President Bola Tinubu has begun the 2025 budget presentation at the joint session of the National Assembly.

He arrived at the House of Representatives chamber at around 12:25 pm.

The session commenced with the National Anthem, followed by both Muslim and Christian prayers.

The highlights of the budget include: Security, Healthcare, and Infrastructure to get a significant boost, the budget is expected to reduce inflation from 34% to 15%, Health and Education will be given unprecedented priority and Military, Police to receive increased budgetary allocation as part of efforts to keep the homeland safe

More to follow

The Central Bank of Nigeria (CBN) has announced a daily transaction limit of N1.2 million for Point of Sale (PoS) agents as part of its efforts to promote a cashless economy.

The directive was detailed in a circular titled “Circular on Cash-Out Limits for Agent Banking Transactions” issued on Tuesday and signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department.

The circular stated that the policy is aimed at enhancing the use of electronic payment channels for agency banking operations.

According to data from the Nigeria Interbank Settlement System (NIBSS), Nigeria had 3.05 million deployed PoS terminals and 4.06 million registered terminals as of July 2024.

The policy also imposes a weekly cash withdrawal limit of N500,000 per customer across all channels. Additionally, cash-out transactions on agent banking terminals are capped at N100,000 per customer daily, while agents’ cumulative daily cash-out transactions cannot exceed N1.2 million.

The Edo State House of Assembly has suspended all 18 elected local government council chairmen in the state over allegations of insubordination and gross misconduct.

The decision was reached during plenary on Tuesday following a petition submitted by Governor Monday Okpebholo, who accused the council chairmen of refusing to submit their financial accounts to the state government.

The Assembly directed the leaders of the legislative arms in the 18 local government councils to take over the running of the councils for the next two months.

In his petition, Governor Okpebholo described the chairmen’s actions as insubordination and requested the House to address the issue. He cited their failure to comply with his December 3, 2024 directive to submit statements of account to the state’s Assets Verification Committee through the Office of the Secretary to the State Government (SSG). The directive required financial statements from September 4, 2023, to date to assist the committee’s work.

The motion for the suspension was moved by Isibor Addeh, an APC member representing Esan North-East I, and seconded by Donald Okogbe of the PDP, representing Akoko-Edo II.

Following deliberations, 14 lawmakers voted in favor of the suspension, six opposed it, while three members abstained.

The Edo State House of Assembly comprises 24 members, with the majority belonging to the Peoples Democratic Party (PDP).

The Economic Community of West African States (ECOWAS) has intensified efforts to finalize practical arrangements for the launch of its single currency, ECO, following consensus on the implementation of directives issued at its 65th Ordinary Session.

This was disclosed in a communiqué issued at the end of the 66th Ordinary Session of the Authority of Heads of State and Government, held in Abuja on Sunday.

The 15-member regional bloc had initially planned to introduce the ECO in 2020; however, the launch was delayed due to the coronavirus pandemic. A new target date has now been set for 2027.

The Authority announced that it has adopted criteria proposed by the High-Level Committee for selecting candidate member states to participate in the initial launch of the ECO, or to join at a later stage. The ECOWAS Commission, in collaboration with the West African Monetary Agency (WAMA), has been tasked with ensuring that these criteria are incorporated into the protocol establishing the ECOWAS Monetary Union Agreement.

Additionally, the Authority endorsed proposals from the High-Level Committee regarding the costs, funding sources, and modalities for financing the necessary reforms and institutions required for the ECO’s implementation.

The communiqué urged member states and central banks to take the necessary steps to fulfill their financial contributions, facilitating the operationalization of institutions needed for the single currency launch once the effective date is decided.

The Heads of State also instructed the High-Level Committee, in collaboration with the ECOWAS Commission, to intensify efforts to meet the deadlines for establishing and operationalizing the necessary institutions to support the ECO.

The ECO is expected to boost economic integration and regional trade across West Africa, enhancing the bloc’s economic stability and cohesion.

A bill seeking to prohibit the use of foreign currencies for transactions and remuneration in Nigeria has passed its first reading in the Senate.

The bill, titled “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters,” was sponsored by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation.

The proposed legislation aims to ensure that all payments, including salaries and other financial transactions, are conducted using Nigeria’s local currency, the naira.

Senator Nwoko emphasized that the widespread use of foreign currencies, such as the Dollar and Pound Sterling, undermines the value of the naira and perpetuates economic challenges in the country.

He described the reliance on foreign currencies for domestic transactions as a colonial relic that continues to impede Nigeria’s economic independence.

The World Bank is set to approve three major loan projects for Nigeria in 2025, totaling $1.65 billion, according to information obtained from the institution’s official website.

The loans are targeted at addressing critical challenges in internally displaced persons (IDPs), education, and nutrition—sectors deemed vital to Nigeria’s social and economic recovery. The projects aim to provide long-term solutions to persistent issues such as displacement, educational disparities, and malnutrition, which have worsened due to years of conflict, economic instability, and systemic inefficiencies.

The $1.65 billion financing highlights the World Bank’s commitment to supporting Nigeria’s reform efforts and addressing systemic challenges hindering development. The successful implementation of the projects is expected to be crucial for Nigeria’s sustainable recovery.

The loan programs will also align with Nigeria’s broader development goals, as outlined in national policy frameworks, and contribute to global efforts to improve social indicators in developing nations. The World Bank’s initiative aligns with the United Nations Sustainable Development Goals (SDGs), particularly those related to education, health, and poverty reduction.