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2024, 2025 budgets: Tinubu wants approval to spend N43.56tr
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President Bola Ahmed Tinubu has asked the National Assembly to consider and pass a new N43.56 trillion Appropriation (Repeal and Re-enactment) Bill for the 2024-2025 fiscal period.
The move is aimed at ending the practice of running multiple budgets concurrently and strengthening accountability in public finance management.
In a letter transmitted to both chambers of the legislature, the President explained that the proposed legislation would reset the federal budgeting framework by harmonising appropriations for the two fiscal years and consolidating emergency expenditures undertaken in the national interest.
According to him, the harmonisation would also ensure the delivery of what he described as “unprecedentedly high” capital performance across the 2024 and 2025 budget cycles.
The request comes on the eve of the President’s scheduled presentation of the 2026 Appropriation Bill to a joint session of the National Assembly.
A breakdown of the harmonised 2024-2025 proposal underscores the administration’s focus on infrastructure development and growth-enhancing investments.
The Bill seeks authorisation to draw N43.561 trillion from the Consolidated Revenue Fund of the Federation.
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This comprises N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent non-debt expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
President Tinubu said the reworked budget framework would ensure an orderly and constitutionally grounded consolidation of critical, time-sensitive expenditures already undertaken in response to emergency exigencies, including those related to national security and citizens’ welfare.
He noted that the approach balances responsiveness with fiscal discipline, while closing loopholes that have historically undermined effective budget implementation.
The President also highlighted far-reaching safeguards embedded in the Bill to tighten spending controls.
These include strict application of released funds to purposes specified in the budget schedules, limits on virement without prior approval of the National Assembly, and clearly defined conditions for corrigenda where genuine errors threaten implementation.
In addition, the Bill mandates the separate recording of excess revenue and restricts its expenditure strictly to acts or approvals of the National Assembly.
It also reinforces due-process compliance and requires periodic reporting on fund releases, agency revenues and external assistance.
President Tinubu said the measures were designed to deepen transparency, enhance legislative oversight and restore confidence in the federal budget process.
The Senate considered and passed the Bill for second reading after the President’s request was read by Senate President Godswill Akpabio.
The Bill was subsequently referred to the Senate Committee on Appropriation for further legislative work, with a directive to report back to plenary as soon as practicable.
Indications also emerged that the President would present the 2026 Appropriation Bill to a joint sitting of the National Assembly tomorrow.
A formal communication from the Presidency is expected to be read during plenary.
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A separate notice to the National Assembly community, dated December 17, 2025, and signed by the Secretary, Human Resources and Staff Development, Essien Eyo Essien, on behalf of the Clerk to the National Assembly, Kamoru Ogunlana, confirmed that the President is expected to arrive at 2:00 p.m.
The letter, copied to the Clerks of the Senate and House of Representatives, their deputies and heads of departments, outlined security and access arrangements for the day.
It directed all accredited persons to be at their duty posts by 11:00 a.m., noting that access to the National Assembly complex would be restricted thereafter, while non-accredited persons were advised to stay away.
Staff members, except the Clerk, Deputy Clerk, clerks of both chambers and their deputies, were also instructed to park their vehicles at designated areas at the Annexe or the new car park by the National Assembly Service (NASS) Gate.
The annual budget presentation marks the formal transmission of the Federal Government’s fiscal proposals to the legislature for consideration and approval.
Ahead of the presentation, the House of Representatives is expected to pass the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) today.
The document was passed by the Senate on Tuesday following the consideration of a report by its Committees on Finance, presented by the committee chairman, Senator Mohammed Sani Musa.
The 2026–2028 MTEF-FSP approved by the Senate projects a total federal budget size of N54.46 trillion for 2026, comprising retained revenue of N34.33 trillion and new borrowings of N17.88 trillion from domestic and external sources.
Other projections include debt service of N15.52 trillion; pensions, gratuities and retirees’ benefits of N1.376 trillion; a fiscal deficit of N20.13 trillion; capital expenditure of N20.131 trillion; statutory transfers of N3.152 trillion; a sinking fund of N388.54 billion; and recurrent non-debt expenditure of N15.265 trillion.
The Senate approved an oil benchmark of $60 per barrel for the 2026 budget, down from an earlier projection of $64.85 per barrel, while endorsing benchmarks of $65 and $70 per barrel for 2027 and 2028, respectively.
The committee explained that the conservative adjustment for 2026 was necessitated by heightened geopolitical tensions in Europe and the Middle East, as well as persistent volatility in the global oil market.
Crude oil production was projected at 1.84 million barrels per day (mbpd) for 2026, rising to 1.88mbpd in 2027 and 1.92mbpd in 2028.
The exchange rate was anchored at N1,512 to the dollar for 2026, with projections of N1,432.15 and N1,383.18 for 2027 and 2028.
Inflation was projected at 16.5 per cent in 2026, 13 per cent in 2027 and nine per cent in 2028, while real GDP growth was estimated at 4.68 per cent, 5.96 per cent and 7.9 per cent over the three years.
Minister of Finance and Coordinating Minister for the Economy, Dr Olawale Edun, said the government’s focus under the MTEF was on strengthening revenue generation rather than increasing borrowing.
“The emphasis is squarely on revenue generation,” Edun said.
Minister of Budget and National Planning, Atiku Bagudu, said the MTEF-FSP was developed through extensive consultations with government agencies, the private sector, civil society and development partners.
He urged revenue-generating agencies to improve performance.
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BREAKING : Court orders final forfeiture of ₦150m kinked to Delta HoR member
A Federal High Court sitting in Maitama, Abuja, has ordered the final forfeiture of ₦150 million linked to serving House of Representatives member, Nicholas Mutu, to the Federal Government.
The ruling was delivered by Justice J.O. Abdulmalik after the court upheld an application filed by the Economic and Financial Crimes Commission (EFCC).
The court held that the funds should be permanently forfeited after no convincing explanation was provided to show why the money should not be seized by the government.
The forfeiture followed earlier proceedings in which the court granted an interim order against the funds.
The court also directed that the order be published in a national newspaper to allow interested parties to challenge the application.
However, after the publication and the expiration of the required period, no sufficient cause was shown before the court to stop the permanent forfeiture.
The EFCC told the court that its investigation linked the money to alleged corrupt dealings involving Mutu during his time as chairman of the House Committee on the Niger Delta Development Commission.
According to the anti-graft agency, the lawmaker allegedly received kickbacks running into over ₦400 million from a consultant working with the NDDC.
The commission argued that part of the funds traced during investigations included the ₦150 million now ordered forfeited.
After reviewing submissions from both parties, Justice Abdulmalik ruled in favour of the EFCC and granted the final forfeiture order.
Mutu, a long-serving federal lawmaker from Delta State, remains a serving member of the House of Representatives.
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Photos: “I Directed Wike To Build Roads Before Asking Nigerians to Move into Renewed Hope Estate, He Has Done It” – Tinubu
President Bola Ahmed Tinubu on Friday, disclosed that he directed the Minister of the Federal Capital Territory, Nyesom Wike, to provide roads and other engineering infrastructure to the 3,112-unit Renewed Hope City in Karsana before residents could occupy the estate, and the minister wasted no time in carrying out the directive.
The President, represented by Senate President Godswill Akpabio, made the disclosure while commissioning the 10.5-kilometre Access Roads to the Renewed Hope Cities and Estates in Karsana West District, Abuja.
He said the completion of the road network fulfilled the directive he gave during the groundbreaking of the housing project, stressing that no housing estate could function without access roads and supporting infrastructure.
“When I performed the groundbreaking for the 3,112-unit Renewed Hope City here in Karsana, I gave one clear directive: provide the roads, provide the engineering infrastructure, and unlock this district for development. Housing without access is a blueprint without a building.
“For too long, Abuja’s story was ‘awarded and abandoned contracts’. Today, we are ending that story with roads that open, not ones that stall,” he said.
Tinubu said he specifically instructed Wike to immediately open up the district because “civil servants, families and investors cannot live in houses they cannot reach.”
“I gave that assignment to a Minister who treats deadlines as duties. I told the Honourable Minister of the FCT, Barrister Nyesom Wike, CON, that civil servants, families and investors cannot live in houses they cannot reach. ‘Open Karsana, and open it now.’ He took that brief, set the pace and delivered.
“When urgency meets quality, results follow. That is what you are standing on today.”
The President said the newly completed Arterial Roads N11, N16, N40 and Special Important Local Street 03 have linked Karsana West to the Outer Northern Expressway, making thousands of affordable housing units accessible, livable and secure.
He praised Wike for what he described as the visible transformation of the Federal Capital Territory, saying the minister had turned stalled projects into completed infrastructure.
“You took stalled corridors and made them active corridors. You brought the same urgency to Karsana that you brought to other districts and the area councils. You measure contractors by output, not promises. Minister, you have earned my trust and you have my commendation,” Tinubu added.
He also commended Minister of State for the FCT, Mariya Mahmoud, engineers and officials of the FCT Administration for ensuring the project was completed on schedule and according to specification.
The President further praised Lubrik Construction Company for delivering the project after it was awarded the contract in February 2025, assuring contractors that his administration would continue to honour prompt payment for jobs delivered on time and to specification.
Earlier, the Minister of the Federal Capital Territory (FCT) Barr. Nyesom Wike recalled that Karsana was inaccessible when Tinubu performed the groundbreaking for the Renewed Hope Estate in 2024.
“For those of us who were here that day, I was imagining how anybody would come and live in this area because there was no road,” he said.
The minister disclosed that developers had expressed fears that their investments would become worthless without access roads, but he assured them the government would intervene.
“I told them, ‘It is Renewed Hope. Go home and sleep. We must construct the road in this Karsana district.’ Today, it is a different story.”
Wike said the project became possible because the Federal Government ensured prompt payment while the contractor fulfilled its obligation by delivering within schedule.
He also announced that the FCT Administration would next Wednesday, July 8, flag off the construction of Kaba- Kagini – Zaudna road following recent request by residents over its deplorable condition.
In her remarks, FCT Minister of State, Mariya Mahmoud, described the project as another milestone in the implementation of President Tinubu’s Renewed Hope Agenda, saying the roads would boost economic activities, improve connectivity and expand access to affordable housing across the territory.
While celebrating the successful completion of the access roads, Mahmoud called on residents and stakeholders to take collective ownership of public infrastructure by protecting and preserving it for the benefit of present and future generations.
News
Just in: FRSC Starts 2026 Nationwide Recruitment
The Federal Road Safety Corps (FRSC) has officially commenced its 2026 nationwide recruitment exercise, beckoning on qualified Nigerians to apply for various positions across its Officer, Marshal Inspectorate and Road Marshal Assistant cadres.
According to the Corps, the online application portal opened on Friday, July 3, 2026, and will remain accessible for four weeks. The recruitment exercise is completely free, with the agency warning applicants not to pay any individual or organization claiming to facilitate employment.
Interested applicants are required to submit their applications through the official FRSC recruitment portal at HERE
Available Cadres
The recruitment covers three major categories:
Officer Cadre – Open to holders of B.Sc., BA, HND and other relevant professional qualifications.
Marshal Inspectorate Cadre – Available for candidates with qualifications such as ND, NCE and other approved credentials.
Road Marshal Assistant Cadre – Includes opportunities for eligible SSCE holders, artisans and drivers, depending on the position.
Required Documents
Applicants are advised to prepare the following before beginning their application:
National Identification Number (NIN)
Educational certificates
Birth certificate or age declaration
Recent passport photograph
NYSC discharge, exemption or exclusion certificate (where applicable)
The FRSC also advises applicants to use their personal email address and phone number during registration and to ensure all information provided is accurate. Shortlisted candidates will be required to present printed copies of their completed application forms during the screening process.
The Corps urged interested Nigerians seeking a career in the Federal Government to apply early in order to avoid heavy traffic on the recruitment portal before the application window closes.
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