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Tinubu to present N47.96trn 2025 budget proposal to NASS Wednesday – FEC
The Federal Government has settled for Wednesday, 18th December 2024, to present the 2025 budgetary estimates of N47.96 trillion to the National Assembly.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Monday while briefing journalists at the end of the cabinet meeting, presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja.
According to Bagudu, the 2025 budget framework was based on oil price benchmark of $75 per barrel, oil production capacity of 2.06 million barrels per day and an exchange rate of one N1,400 to a dollar.
He says, “Today the Federal Executive Council approved the budget proposals for 2025 with amendments which Mr President directed following a presentation to the Federal Executive Council led by the Director General of the Budget Office, Tanimu Yakubu.
“The 2025 budget proposal articulates the Federal Government’s financial plan for the 2025 fiscal year and aligns with the Renewed Hope Agenda and the National Development Plan, 2021, 2025.
“Earlier, the Medium Term Expenditure Framework and Fiscal Strategy Paper was designed to build on the advances in macro economics stability, security gains, infrastructure gains, human capital development efforts and creative industries, manufacturing and all the measures that have been taken to expand economic activity, create consumer credit, National Agricultural Development Fund, gas, CNG initiative and housing initiative.
“All of them intended to build economic activity and the the successes noted in 2024
“The 2025 Framework is based on oil price benchmark of 75 dollar per barrel, oil production of 2.06 million barrels per day and the exchange rate of 1,400 naira. All these are already included in the Medium Term Expenditure Framework of which we have presented here, which have also been approved by the National Assembly.
“So, the total projected revenue for 2025 stands at N34,820 trillion out of which the expenditure is projected at N47,960 trillion which is an increase of 36.8% from the 2024 estimate, the deficit for 2025 is projected at N13.13 trillion representing 3.89% of GDP.
“If you recall, this administration inherited N6.1 trillion deficit from the 2023 budget. But given the success achieved in 2024 we were still able to maintain the deficit.”
Bagudu told reporters that comments were taken from members of the Executive Council and the President directed some consequential adjustments while approving the figures.
On why the budget proposal presentation to the National Assembly was postponed from the initial date of Tuesday, December 17, 2024 to Wednesday, December 18, 2024, the Minister of Information and National Orientation, Mohammed Idris, explained that the National Assembly was yet to communicate to the executive on the date and time for the presentation.
He said that before budget presentations take place, the executive usually engages with the leadership of the National Assembly for the suitable time and date, noting that the National Assembly would then communicate on the date and time chosen for the exercise.
The minister said that engagements were still ongoing between the two arms of government, expressing optimism that the budget proposal presentation would take place on Wednesday.
He however disclosed that the possibility of passing the budget before the end of 2024 is quite slim but that it would not stop effective administration of the country on account of funds, as the Constitution provides for such unforeseen circumstances.
Nigerians dominated the list of Africa’s Most Talked About People of 2024 by Top Charts Africa.
Nigerians occupied 18 spots in the top 30 recently released via the chart body’s website.
Nigerian singer, Wizkid, is number one on the list. Wizkid has been on the trend table year-round following his renewed beef with Davido and the release of his new album, ‘Morayo.’
President William Ruto of Kenya took the number 2 spot.
Ruto made global headlines in June when thousands of Kenyans took to the streets in protest of legislation increasing taxes. Following the storming of the Kenyan Parliament, President William Ruto reportedly rejected the Bill on 28 June and signed into law the “Appropriations Bill 2024” to address the budget shortfall caused by the rejection.
Nigerian afrobeats singer, Davido is ranked at number 3. Davido year-long trend climaxed with his much-publicised wedding to his wife, Chioma, in June, tagged ‘Chivido 2024.’
Nigeria’s President, Bola Ahmed Tinubu; President of Dangote Group, Aliko Dangote; former Prime minister of Kenya, Raila Odinga; controversial Nigerian crossdresser, Bobrisky; South African singer Tyla; Nigerian politician, Peter Obi, and South Adrian music star, Liema Pantsi, complete the top 10.
Baltasar Engonga, the controversial Equatoguinean former public official who became an Internet sensation after his intimate videos surfaced online also made the list.
Full list:
1. Wizkid
2. President William Ruto
3. Davido
4. President Bola Ahmed Tinubu
5. Aliko Dangote
6. Raila Odinga
7. Bobrisky
8. Tyla
9. Peter Obi
10. Liema Pantsi
11. Rema
12. Rigathi Gachagua
13. Khosi Twala
14. Former President Uhuru Kenyatta
15. Ademola Lookman
16. Asake
17. Very Dark Man
18. Drill
19. Nyesom Wike
20. President Cyril Ramaphosa
21. Reno Omokri
22. Rose Owusu Konadu
23. Victor Osimhen
24. Baltasar Engonga
25. Sharon Ooja
26. Toyin Abraham
27. Babu Owino Paul
28. Chidimma Vanessa Adetshina
29. Danny Walter
30. Pastor Enoch Adeboye
The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has alleged that former President Muhammadu Buhari is part of a plot to unseat President Bola Ahmed Tinubu ahead of 2027.
Primate Ayodele revealed that Buhari is being influenced by some Northern cabals who are determined to undermine Tinubu’s government.
He disclosed this during the release of his 95-page 2025 prophecies on Friday, December 20, 2024.
According to Primate Ayodele: “Former President Muhammadu Buhari is part of the plot to unseat President Tinubu in 2027. Although he is being dragged into it by Northern cabals, he will play a role. If Tinubu isn’t on alert, he will be shocked by those who would stand against him in 2027.”
Additionally, Primate Ayodele stated that opposition parties in Nigeria are not serious and have not demonstrated readiness to take the presidential seat in the country.
“Opposition parties are not yet ready to win elections in Nigeria. They are a bunch of unserious people who only want to make personal gains. If they are serious about winning in 2027, they need to form one strong coalition; otherwise, it will remain just a dream.”
Speaking further, Primate Ayodele noted that the former governor of Osun, Rauf Aregbesola, will make a major move in the state’s politics and that his movement could evolve into a political party.
“I still maintain that Rauf Aregbesola is a significant factor in Osun State politics. His movement will transform into a kind of political party. If the APC wants to win the state, they should work with Aregbesola; otherwise, they will fail,” he added.
The founder of Salvation Proclaimers Anointed Church, SPAC Nation, Tobi Adegboyega, has claimed that he will be more influential in Nigeria than in the UK.
His remarks follow the UK immigration upper tribunal’s approval of his deportation due to an alleged £1.87 million fraud charge.
Despite the ruling, Adegboyega vehemently denied the fraud allegations, calling them baseless and unsubstantiated.
In a preview of an upcoming Off The Record podcast episode, when asked if SPAC Nation was the only church facing such accusations, he emphasized the church’s success in the UK and Europe.
“We are the largest independent church in the UK and Europe right now,” he claimed.
He added, “If I am in Nigeria, I will be bigger than this, 10x maybe. If I am in Paris, I will be happier. It’s holiday for me. London will miss me, so you better tell them, we still need this guy, nobody is close to us entertaining us.”
Wizkid, Tinubu, Baltasar Engonga, others make ‘Africa’s most talked about people of 2024’
Buhari, Northern cabal part of plot to unseat Tinubu, opposition not ready – Primate Ayodele
I’ll be bigger in Nigeria – Pastor Adegboyega scheduled for deportation claims
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