Connect with us

News

Tinubu to present N47.96trn 2025 budget proposal to NASS Wednesday – FEC

Published

on

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.

Advertisement

“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.”

Advertisement

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.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Basketmouth slams filmmakers for failing to showcase Nigeria’s culture in movies

Published

on

Basketmouth

Popular comedian and filmmaker, Bright Okpocha, aka Basketmouth, has accused some of his colleagues of not showcasing Nigeria’s rich culture in their movies.

The movie star alleged that most of the epic movies released recently do not promote the country’s culture.

In an interview with Hip TV, Basketmouth claimed that the filmmakers wasted opportunities to showcase Nigeria’s culture positively.

He said, “I believe that we still have the opportunity to get it right. But we had a great opportunity to showcase our culture and most of the filmmakers blew it up. They just ruined that great chance because I see epic movies and they look like stage plays.

“When I was seeing most of the epic movies, I was disappointed.

Advertisement

“You guys blew up a great opportunity but let’s hope we still have another chance to strike at it.

“I’m sorry, only very few movies have impressed me so far. I believe that we can do more.”

Continue Reading

News

Gov Abiodun commiserates with Makinde, Soludo, Wike over stampede victims

Published

on

Abiodun

The chairman of the Southern Governors’ Forum, SGF, and Governor of Ogun State, Dapo Abiodun, has sympathised with the governments and people of Oyo, Anambra, and the Federal Capital Territory, FCT, over the tragic loss of lives resulting from recent stampedes at food palliative distribution venues in the affected areas.

The stampedes reportedly claimed the lives of approximately 65 Nigerians, while others sustained varying degrees of injury.

Abiodun expressed his sorrow in sympathy notes to Governor Seyi Makinde of Oyo State, Charles Soludo of Anambra State, and Nyesom Wike of the Federal Capital Territory, saying that the deaths of the victims were especially tragic because they were pursuing necessities for survival.

The SGF Chairman noted that the administration of President Bola Ahmed Tinubu, together with other levels of government, is still working to improve the living standards of the populace, despite the current economic difficulties they confront.

To prevent further tragedy, Abiodun urged all Nigerians to exercise caution and follow security procedures when attending palliative distribution events.

Advertisement

He said: “Deaths such as these diminish us as a people. These disasters occurred at a time when families around the world are in a festive and joyous mood. It is indeed tragic.

“I, on behalf of my family and the good people of Ogun State, commiserate with my brother governors, Seyi Makinde of Oyo State, Charles Soludo of Anambra State, and the FCT Minister, Nyesom Wike, the families of the victims, and all Nigerians on these unfortunate incidents.

“May the souls of the departed rest in peace.”

Continue Reading

News

Nigerian Govt lifts ban on mining in Zamfara after five years

Published

on

The Federal Government has suspended the ban on mining activities in Zamfara State five years after the sanction was imposed.

The Minister of Solid Minerals Development, Dele Alake, made this known in a statement on Sunday in Abuja.

“The Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state.

“Nigeria has a lot to gain from reawakened economic activities in a highly mineralised state like Zamfara that is imbued with vast gold, Lithium, and copper belts,” the statement read.

According to the minister, the previous ban, which was well intentioned, inadvertently created a vacuum exploited by illegal miners to fleece the nation of its resources.

Advertisement

Alake also emphasized that the state’s potential for contributing to national revenue is enormous.

“The existential threat to lives and properties that led to the 2019 ban has abated. The security operatives’ giant strides have led to a notable reduction in the level of insecurity, and with the ban on exploration lifted, Zamfara’s mining sector can gradually begin contributing to the nation’s revenue pool.

“Since the beginning of the Tinubu administration, however, intelligence-driven, coordinated security operations have resulted in the neutralization of key bandit commanders, significantly reducing incidents of insecurity.

“A recent success was the capture of one of the most wanted bandit commanders, Halilu Sububu, in a covert operation in Zamfara,” he added.

The minister further stated that the lifting of the ban would also facilitate better regulation of mining activities in the state.

Advertisement

He said this would enable more effective intelligence gathering to combat illegal mining and ensure the country benefits from the state’s rich mineral resources.

Continue Reading

Trending

Copyright © 2024 Naija Gatekeeper News