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President Tinubu May Present N47 trillion 2025 Budget To National Assembly Today

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The Federal Government on Thursday approved the Medium-Term Expenditure Framework for 2025 – 2027 and Fiscal Strategy Paper.

According to the MTEF, the proposed 2025 budget size is N47.9tn, with new borrowings of N9.22tn, the Minister of the Budget and Economic Planning, Abubakar Bagudu, told State House Correspondents after this week’s Federal Executive Council meeting at Aso Rock Villa, Abuja.

Bagudu announced, “The Federal Executive Council approved a memorandum by the Ministry of Budget and Economic Planning, which was presented by the Director-General of the Budget Office [Mr Tanimu Yakubu] on the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025 – 2027.”

The disclosure comes after weeks of delay as President Bola Tinubu prepares to present the 2025 Appropriation Bill to the National Assembly, his second since assuming office in May 2023.

The MTEF, a critical tool the FG uses to outline its fiscal strategy over three years, establishes macroeconomic assumptions and targets that guide national budgeting. It also includes projections of key economic variables such as oil prices, exchange rates, inflation, and growth rates.

For the 2025-2027 period, the MTEF sets out parameters, including an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, an exchange rate of N1,400 to the US dollar, and a GDP growth rate of 4.6 percent.

The FG’s projected aggregate expenditure for 2025 is N47.9tn, with planned borrowing of N13.8tn, equating to 3.87 percent of GDP.

The minister explained, “For the 2025-2027 period, the MTEF sets out parameters including an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels a day, as well as an exchange rate of N1400 to the dollar and GDP growth of 4.6 percent.”

“It is expected that for 2025, the Federal Government’s budget estimate, the aggregate expenditure is estimated at N47tn, and this includes a borrowing of N13.8tn, which is 3.87 percent of the estimated GDP.

“The budget size that was approved for presentation to the National Assembly in the MTEF is N47.9tn with new borrowings of N9.22tn to finance the budget deficit in 2025 as well as noting that we need to sustain the commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the Petroleum Industry Act 2021 to address the significant risk to Federation.”

“The figures were only for 2025, even though there are projections for 2026 and 2027 in the document, which have different figures for the oil price benchmark for the two years,” he added.

Bagudu said Thursday’s memorandum sought the council’s endorsement of the MTEF for submission to the National Assembly, a requirement under the Fiscal Responsibility Act 2007.

The MTEF begins with a macroeconomic overview. It notes that despite global economic challenges, the Nigerian economy is on a positive trajectory, showing two consecutive quarters of growth, with a 3.19 percent increase in real terms in the second quarter of 2024, the budget minister explained.

However, he acknowledged the need to combat inflation, strengthen economic resilience, support vulnerable populations, bolster high-employment sectors, improve the business climate, and effectively implement youth and social investment programs.

He revealed that the framework, alongside the FSP, also includes a review of the 2024 budget implementation, highlighting progress in revenue collection and expenditure management, though some targets have fallen short. The report also shows that non-oil revenue streams outperform expectations, Bagudu said.

On the 2024 budget performance, he said, “Actual spending as of August 2024 ending was N16.98tn as against the prorated spending target of N23.37tn at the end.

“Of this amount, N7.41tn was for debt service, and N3.7tn for personnel costs including pension. Further, N3.65tn has been released for capital projects. Most of the delays for capital project release have been earlier legacy issues, in the sense that the new procedure for upload requires a lot of capacity building and delayed uploads.”

N28.75tn was earmarked for the 2024 budget. However, it grew to N35.6tn after amendments by the National Assembly added N6.2tn to the pile.

Responding to queries from journalists, the budget minister said the MTEF would reach the National Assembly on Monday, November 18.

“We are submitting it, I believe, tomorrow [Friday] or, at the latest, on Monday. The office of Mr President will forward the Medium-Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly,” he stated.

The minister also argued that despite the late approval for the MTEF, the FG will maintain the January-December budget implementation cycle.

He affirmed, “We are confident because we have built a respectable relationship with the National Assembly. We have narrowed the areas of misunderstanding. And because of that mutual respect, Mr President is very transparent with the National Assembly leadership. And the National Assembly appreciates that openness.

“He [President] has instructed all his teams to ensure we cooperate with the National Assembly. For instance, the team led by the Coordinating Minister of the Economy has been mandated not only to wait but also to engage the National Assembly and answer all questions at the committee hearings.

“So, I’m confident because of this combination of factors. With this cooperation, I believe we’ll see an expeditious consideration, and immediately we are aware of the approval, we will finalize the budget because the MTEF precedes the budget preparation.”

BIG STORY

BREAKING: Court Grants Yahaya Bello N500m Bail Amid “N110.4bn Fraud” Case

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The Federal Capital Territory High Court in Abuja on Thursday granted the immediate past Kogi State Governor, Yahaya Bello, bail in the sum of N500 million and three sureties.

The trial judge, Justice MaryAnne Anenih, made the pronouncement after hearing the fresh bail application brought before the court following the court’s refusal to grant Bello bail at the previous sitting.

Bello, alongside two others, Umar Oricha and Abdulsalami Hudu, are facing trial on 16 counts brought against them by the Economic and Financial Crimes Commission, concerning criminal breach of trust and money laundering amounting to N110.4 billion.

However, the court granted bail to the second and third defendants in the sum of N300 million with two sureties, along with other conditions.

Outlining the conditions for Bello’s bail, the judge stated that the sureties must be responsible citizens who are landowners in any of the listed areas in Abuja – Maitama, Guzape, Apo, Wuse 2, or Asokoro.

She ordered that the sureties must deposit the documents of the property with the court’s registrar, along with two recent passport photographs.

Justice Anenih also ordered that Bello must deposit two copies of his recent passport photograph, alongside a photocopy of a means of identification, which could either be an International Passport or National Identity card, after presenting the original to the court’s registrar.

She ruled, “The first defendant must not travel without the permission of this court, and he shall remain in the Kuje Correctional Facility until the bail conditions are met.”

Recall that on December 10, the court had rejected Bello’s bail request, citing procedural irregularities in the filing of the application.

Justice Anenih, while delivering the ruling, explained that the application was premature and filed before Bello was present in court or custody.

The court noted that the bail application, dated November 22, 2024, was submitted before Bello’s arraignment, which took place on November 27, 2024, days after he was taken into custody on November 26, 2024.

She said, “Having not been filed when the first defendant was either in custody or before the court, this instant application is incompetent.”

“Consequently, the application, having been filed prematurely, is hereby refused.”

 

More to come…

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BIG STORY

‘N110bn Fraud’: Court To Hear Yahaya Bello’s Fresh Bail Application Today

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A Federal Capital Territory (FCT) High Court will today hear the bail application filed by Yahaya Bello, former governor of Kogi.

Bello and his co-defendants, Umar Shoaib Oricha and Abdulsalami Hudu, were arraigned on November 27 before the FCT court on a 16-count charge related to alleged money laundering amounting to N110 billion.

On December 10, Maryann Anenih, the trial judge, adjourned the case to January 29 and 30, and February 25 and 27, after refusing to grant bail to the former governor.

The trial judge declined Bello’s bail request on the grounds that the application was filed prematurely.

Anenih stated that the bail application was submitted before the ex-governor was taken into custody.

The judge emphasized that the provisions of the Administration of Criminal Justice Act (ACJA) 2025 stipulate that bail applications could be tendered once a defendant has been arrested, detained, arraigned, or brought before the court.

Although Bello was arrested by operatives of the Economic and Financial Crimes Commission (EFCC) on November 26 and arraigned the following day, his bail application was filed on November 22, four days before his arrest.

Bello’s legal team, led by Joseph Daudu, has filed a new bail application, and the court has agreed to hear the application on December 19.

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BIG STORY

Buhari Didn’t Remove Petrol Subsidy Because He’s Friend Of The Poor — Femi Adesina

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Femi Adesina, spokesperson to former President Muhammadu Buhari, said his principal did not remove the petrol subsidy because he cared about its implications on “ordinary” Nigerians.

In a tribute to commemorate Buhari’s 82nd birthday on Tuesday, Adesina said the decisions of the former president were based on his love for “poor and underprivileged” Nigerians.

Adesina mentioned that the Buhari-led administration was aware that the country was spending huge resources on the petrol subsidy.

The former presidential spokesperson described Buhari as “ore mekunu,” a Yoruba phrase that means friend of the poor.

Adesina recalled that during the 2020 COVID-19 lockdown, Buhari instructed Zainab Ahmed, the former Minister of Finance, to ensure the timely payment of workers’ salaries and pensions.

He added that Buhari understood the challenges workers faced during the pandemic and was determined to avoid the additional burden of unpaid salaries.

“The Big Elephant in the room. Removal of fuel subsidy. Did you think the Government didn’t know that the money guzzling monster had to be slain? It knew,” Adesina wrote.

“But who ensured that subsidies remained as long as they did? Buhari. And why? The people, the ordinary people. His argument was always simple:

“When oil sold for at least 100 dollars per barrel in the international market, rising even to as high as 140 dollars per barrel, what did the ordinary people gain? Nothing! So why should they be the ones to bear the brunt when oil prices fall?”

“By the time the administration ended, all, including the three main presidential candidates, were resolved that oil subsidies had to be removed.

“It was not unlikely that President Buhari shared the same conviction. But something that would throw society into a tailspin? He didn’t want to do it—for the sake of the ordinary people.

“Ordinary people gravitate towards Buhari, like bees to the honeycomb. That was why he always had a basket of millions of waiting votes, even before the first ballot was cast.

“He clobbered the ruling People’s Democratic Party in 2015, and won with even larger votes in 2019, despite all attempts to denigrate and demarket him. When you love the ordinary people, they love you in return, and stand with you through thick and thin.

“Now almost two years into retirement, get to Buhari’s house today. And you see the people milling around, just wanting to get a glimpse of the man.

“As he turns 82 on December 17, 2024, I salute the Ore Mekunu, a friend of the poor, who still draws the people like a magnet, even in retirement.”

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