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Tinubu targets N34.82trn revenue to fund N47.9trn 2025 budget, as Defence takes lion shares

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President Bola Tinubu on Wednesday, presented the N47.9trillion 2025 budget to the joint session of the National Assembly with a targeted revenue of N34.82 trillion to fund the projected aggregate expenditure of the estimates

Tagged “2025 Budget of Restoration, Securing Peace and Building Prosperity”, President Tinubu in the proposed budget with a deficit of N13.0 trillion, earmarked N4.91 trillion for Defence and Security, N4.06 trillion for Infrastructure, N3.5 trillion for Education and N2.48 trillion for Health.

The President in the budget speech, also stated that N15.81trillion is earmarked for debt servicing with salient parameters 2.06 million barrels of oil production per day, the exchange rate of N1,500 to a US dollar, inflation rate of 15% as against 34.6% it is now.

He said: “The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.

“In 2025, we are targeting N34.82 trillion naira in revenue to fund the budget.

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“Government expenditure in the same year is projected to be N47.90 trillion naira, including 15.81 trillion naira for debt servicing.

“A total of 13.08 trillion naira or 3.89 percent of GDP, will make up the budget deficit.

“This is an ambitious but necessary budget to secure our future.

“The budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day, mbpd.

“These projections are based on the following observations: (i) Reduced importation of petroleum products alongside increased export of finished petroleum products, (ii) Bumper harvests, driven by enhanced security, reducing reliance on food imports, (iii)
Increased foreign exchange inflows through Foreign Portfolio Investments and (iv) Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.”

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Tinubu informed the federal lawmakers that a series of economic reforms being carried out by his government are yielding positive results saying,” Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.

“Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.

“Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.

“These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.”

The President added that his administration has within the last 18 months, released N34 billion naira to over 300,000 students via the Nigeria Education Loan Fund, NELFUND.

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“In the 2025 budget, we have made provision for N826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education, UBEC and the nine new higher educational institutions.

“We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 budget and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians,”
he said.

The President also assured Nigerians that the crippled Agriculture sector shall be revitalized.

He said: “Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We are supporting our farmers with funding and inputs to reignite productivity.

“Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.

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“Our 2025 budget proposal is not just another statement on projected government revenue and expenditures. It is one that calls for action.

“Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them.

“We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.

“The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes.

“It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.”

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PalmPay, Jumia Launch Holiday Campaign To Reward Users

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This holiday season just got a whole lot more exciting! PalmPay, one of Africa’s leading fintech platforms, operates Nigeria’s most used mobile wallet and has teamed up with Jumia, the continent’s e-commerce giant, to launch a festive campaign that’s all about convenience, rewards, and enhancing your shopping experience.

Running from December 11th to 28th, 2024, this holiday campaign is set to reward shoppers who use the new “Pay with PalmPay” feature on Jumia with cash prizes. Every purchase made using the direct payment method automatically enters participants into a draw, giving them a chance to win exciting cash rewards while enjoying the seamless shopping and payment process.

A Strategic Partnership To Enhance Digital Payments

The integration of the “Pay with PalmPay Wallet” feature on Jumia marks a major milestone in the partnership between the two industry leaders.

Speaking at the media announcement, Mr. Chika Nwosu, Managing Director of PalmPay, highlighted the broader mission driving this collaboration: “We are thrilled to join forces with Jumia to redefine convenience for shoppers. At PalmPay, our mission has always been to drive economic empowerment through accessible and user-friendly financial services. This partnership is a natural step forward in achieving that goal.”

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Beyond the holidays, this partnership with Jumia m,k is a signal of bigger things to come. Mr. Chika added: “This is more than just about payments—it’s about creating value for our customers. We are excited about the opportunities this partnership will unlock in 2025, including campaigns and innovative initiatives that will further transform the online shopping landscape.”

Sunil Natraj, CEO of Jumia Nigeria, highlighted the shared vision between both companies, stating: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience. This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”

How to Join the Holiday Fun

Participating in the campaign is simple. vrWhen shopping on Jumia, select the “Pay with PalmPay” option at checkout, and your entry into the draw is automatic. It’s that easy!

Bonus Entry: Share a screenshot of your purchase on X (formerly Twitter) using the hashtag #PalmPayXJumia to increase your chances of winning. Additional winners will be selected from participants engaging with the campaign on Twitter.

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Whether you are shopping for gifts, or gadgets this festive season, PalmPay and Jumia are making sure your experience is not only seamless but also rewarding.

To learn more about the campaign, stay tuned to the official X accounts (formerly Twitter) of @palmpay_ng and @JumiaNigeria. for updates, announcements, and more chances to win.

This holiday season, shop smarter, pay easier, and get rewarded with PalmPay.

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FG launches LGs proof of address system to enhance national security and economic planning

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Federal Government of Nigeria is set to implement a Local Government Proof of Address System (POA) across all 774 Local Government Areas (LGAs), an initiative aimed at strengthening national security and improving economic planning.

The announcement was made by Secretary to the Government of the Federation, George Akume, during a stakeholder meeting held in Abuja on Wednesday.

The implementation of the Local Government Proof of Address System is expected to have far-reaching implications for national security, economic prosperity, and social development across Nigeria. By providing a reliable framework for address verification, the government aims to enhance its capabilities in resource allocation and policy implementation while fostering a safer environment for all citizens.

According to a statement Director, Information and Public Relations, Segun Imohiosen, the SGF emphasised that the POA will provide Nigerians with a verifiable and secure address, which is crucial for both public and private sector administrative processes.

“This initiative is not just about addresses; it’s about creating a framework that enhances security and improves governance,” he stated.

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He explained that the system will enable law enforcement agencies to maintain a comprehensive database of verifiable addresses, thereby facilitating the tracking of criminal activities and mitigating social vices.

“The implementation of this system will empower law enforcement agencies with the tools they need to combat crime effectively,” Akume added. “With accurate address data, we can better allocate resources and implement policies that foster development in our local communities.”

Akume urged all Ministries, Departments, and Agencies (MDAs) to adopt the Proof of Address certificate from LGAs as a requirement for establishing reliable and verifiable addresses. “This initiative is an embodiment of hope, a symbol of progress, and a testament to our administration’s dedication to creating a better Nigeria for all,” he asserted.

National President of the Association of Local Governments of Nigeria (ALGON), Bello Lawal, who was represented by his Special Assistant, Akala Samuel, expressed strong support for the initiative. “The Proof of Address System will lay a solid foundation for improved governance, planning, and service delivery across Nigeria,” Lawal stated.

He highlighted that having verifiable addresses will enhance the ability of agencies like the Nigerian Police and the Department of State Security Service to gather accurate data for intelligence purposes, ultimately contributing to greater security at the grassroots level.

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German Ambassador to Nigeria, Annett Gunther, who was represented by Dominik Mueller, Police Liaison Officer at the German Embassy, praised Nigeria’s commitment to implementing the POA initiative and suggested that lessons could be learned from successful models like Lagos State’s Traffic Management Agency (LASTMA). “A robust database will not only assist law enforcement but also support other critical government functions such as electoral management and population data collection,” he noted.

 

Daily Sun

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‘Opposition behind resurgence of violence in Kano’ – Gov Yusuf

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Yusuf

Governor Abba Kabir Yusuf of Kano has vowed to take drastic measures against the resurgence of thuggery in the state capital while accusing opposition parties of sponsoring civic unrest and political instability in Kano.

Recently, Kano has experienced frequent attacks by Yandaba (thugs) in the city centre, resulting in numerous innocent people being killed or seriously injured. These heinous crimes have also disrupted commercial activities, bringing them to a standstill.

Speaking at the State House on Wednesday, Governor Yusuf accused opposition parties of being behind the unrest. He pledged to implement stringent measures to end the resurgence of thuggery.

The governor stated that intelligence reports had exposed the involvement of opposition party leaders in sponsoring these activities. He alleged that elements within the opposition, uncomfortable with the state’s steady progress, peace, and stability, were orchestrating needless crises to provoke instability.

Governor Yusuf reassured the public of his administration’s determination to tackle these challenges head-on, emphasising that the government would no longer tolerate any attempts to undermine peace and tranquillity in the state.

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In a statement, the governor affirmed his administration’s commitment to working with all security agencies in Kano to curb the excesses of criminal elements.

As part of the effort to address these issues, Governor Yusuf announced plans to reopen the state-owned Reformatory Centre in Kiru Local Government Area. This initiative aims to rehabilitate individuals and combat drug abuse in the state.

During Wednesday’s council meeting, the governor also outlined plans to inaugurate the newly constituted 46-member Shura Consultative Council, composed of renowned Islamic scholars, members of the academic community, and other key stakeholders.

To tackle unemployment, Governor Yusuf expressed his commitment to launching extensive youth empowerment initiatives in the coming year. The programmes are aimed at ensuring that a significant percentage of youths become self-reliant.

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