Connect with us

News

2025 Budget: Increased Oil Production and Key Indices to Boost Revenue, Cut Debt Service – Edun

Published

on

…as Reps committee summon MD NPA to appear on Tuesday
By Gloria Ikibah

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has informed the House of Representatives that there are positive signs pointing to improved economic performance for Nigeria in 2025.

Edun made this statement on Monday while presenting an overview of the proposed 2025 budget and the Medium-Term Expenditure Framework and Fiscal Strategy Paper.

Before his presentation, the Chairman of the House Committee on National Planning and Economic Development, Rep. Ibrahim Ayokunle Isiaka, who presided over the session, requested an update on the economy’s current state and future projections.

He said: But briefly, as we have said, what is the state of our economy, number one, as in our finances? Then, number two, in terms of our revenue so far, with the projections we have for 2025.

Advertisement

“Let us have an insight into the previous [years], into whether we are looking good, especially in terms of our GDP and inflation rates as submitted. So that we can note all this down and submit our report.”

In response, Edun expressed optimism about the economic outlook, citing projected revenue growth and measures aimed at addressing past challenges.

“We do have market pricing and foreign exchange.

“That has resulted in a situation whereby upwards of 5% of GDP has been lost to a plurality of factors benefiting just a few and created long-sighted incentives against growth and investment”, Edun explained.

Advertisement

He emphasized that increased revenue would help reduce debt servicing, lower borrowing, and improve overall economic competitiveness.

“The deficit of that increase, which we hope to achieve less, but right now we are assuming is about 9.3 trillion naira in new borrowings and the debt service of about two trillion naira.

“In a nutshell, that backdrop gives you the optimism that the 2025 budget estimates, particularly the one on revenue, will be achieved and the economy will be strong. It will fast up to an inclusive and sustainable growth”, he added.

Earlier, the Chairman, House Committee on Finance, Rep. James Abiodun Faleke, emphasized the importance of reviewing the revenue performance of ministries, departments, and agencies (MDAs) for the 2024 budget in preparation for 2025.

Advertisement

“We are now in December. By now, the agencies should be able to provide us with what revenue we have generated between last year and November,.

“At least for 11 months, we should be able to have that. We are just interested in what revenue we are able to get. Apart from that, we also want to see the expenditures as it works. Apart from those who have some levels of percentage collection, we are interested in whether agencies are able to do that”, ” Faleke stated.

Meanwhile, the Committee has summoned the Managing Director and Chief Executive Officer of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, to appear before it on Tuesday, December 10, 2024.

Rep. Faleke issued this directive after turning back Dantsoho’s representative, Sabiu Musa Danbatta, who had informed the Committee that the MD/CEO was on a special assignment and unable to attend.

Advertisement

News

Senate mulls terrorism charges for oil theft offenders

Published

on

By

The Senate, yesterday, issued a stern warning that perpetrators of oil theft in the Niger Delta region may soon face terrorism charges and other stiffer penalties.

Senate President, Godswill Akpabio, disclosed this while declaring open a two-day public hearing on the “Incessant and nefarious acts of crude oil thefts in the Niger Delta and the actors held.”

The hearing organised by the Senate Ad-hoc Committee on Incessant Crude Oil Theft chaired by Ned Nwoko is aimed at addressing the persistent theft of crude oil in the Niger Delta and produce actionable solutions to the problem.

Akpabio, who was represented by his deputy, Barau Jibrin, said the 10th National Assembly would not stand idly by as the country loses billions of dollars annually to what he described as “brazen economic sabotage.”

Advertisement

He disclosed that the National Assembly was considering a range of strong legislative responses, including categorising major acts of oil theft as terrorism, mandatory digital metering for all oil production and exports, real-time monitoring, improved transparency in crude lifting and revenue reporting, as well as enhanced coordination among military, law enforcement, and anti-corruption agencies.

“Crude oil theft is not a victimless crime. It is directly responsible for economic instability, a weakened naira, underfunded critical sectors, and widespread poverty in oil-producing communities. It also finances illegal arms, fuels violence, and strengthens criminal networks.”

Akpabio lamented that despite past efforts, crude oil theft continues unabated due to systemic failures and gaps in enforcement and oversight. Recent reports estimate that Nigeria loses between 150,000 and 400,000 barrels of crude oil daily, costing the country billions in lost revenue.

“This public hearing must address critical questions: Who are the perpetrators? Are they militants, corrupt officials, international collaborators—or all three? Why have current security measures failed? And how are stolen shipments leaving the country undetected?” he asked.

Advertisement

The Senate President called on all stakeholders including regulatory agencies, oil companies, security forces and host communities, to work collaboratively to stop the looting of the country’s most valuable resource. He emphasised that oil companies must invest in surveillance technology and secure infrastructure, while host communities should act as first-line defenders rather than victims or accomplices.

“To the criminals stealing our crude oil, your time is up. To the agencies tasked with protecting our resources, the nation is watching. And to this Ad-hoc Committee, the Senate expects a robust, no-holds-barred report that will guide firm legislative and executive action.”

Akpabio commended Nwoko, who chairs the Committee convening the hearing and stressed that the recommendations must lead to actionable, measurable and time-bound solutions.”

“The survival of Nigeria’s economy depends on how we respond to this crisis,” he concluded.

Advertisement

Meanwhile, ahead of its planned two-day national security summit, the Senate, yesterday, set up a 20-member committee to organise the event.

The Senate President, Akpabio, who announced the committee’s formation during plenary, said it would be chaired by the Senate Leader, Opeyemi Bamidele, with Yahaya Abdullahi serving as the vice chairman.

Other members are Ireti Kingibe (FCT), Adebule Idiat (Lagos), Barinada Mpigi (Rivers), Babangida Hussaini (Jigawa), Jimoh Ibrahim (Ondo), Osita Ngwu (Enugu), Tahir Monguno (Borno), Titus Zam (Benue), Ahmed Lawan (Yobe), Abdulaziz Yar’Adua (Katsina), Gbenga Daniel (Ogun), Austin Akobundu (Abia), Shehu Buba (Bauchi), Ahmed Madori (Jigawa), Emmanuel Udende (Benue), Adams Oshiomhole (Edo), Shuaib Salisu (Ogun), Isah Jibrin (Kogi) and the Clerk of the Senate, Andrew Nwoba.

The committee is tasked with developing the summit’s framework, including setting the agenda, identifying core issues for discussion, and recommending actionable strategies to improve national security. Akpabio directed the committee to submit its report within two weeks.

Advertisement

The decision to convene the summit followed a resolution passed on May 6 after a motion sponsored by Jimoh Ibrahim to address escalating security challenges in the country was adopted. It is expected to address pressing issues such as terrorism, insurgency, and the alarming trend of leaking military intelligence to militant groups, an issue widely seen as compromising ongoing security operations.

This is not the first time the National Assembly would attempt to address security concerns through a summit. In May 2021, the ninth Assembly, under the then Senate President, Ahmad Lawan and House Speaker, Femi Gbajabiamila, organised a similar summit. Despite contributions from security experts, civil societies, and government agencies, insecurity has continued to plague the country.

Continue Reading

News

Court convicts 10 Thai sailors, vessel for cocaine trafficking

Published

on

By

Justice Daniel Osiagor of the Federal High Court in Lagos on Thursday convicted ten Thai nationals for trafficking 32.9 kilograms of cocaine into Nigeria.

The convicted individuals, all sailors, were found guilty alongside their vessel, MV Chayanee Naree, which was used to smuggle the illicit drug into the country.

The convicted Thais’ sailors are: Krilerk Tanakhan; Boonlert Hansoongnern; Jakkarin Booncharoen; Thammarong Put-tlek; Worrapat Paopinta; Marut Kantaprom; Werapat Somboonying; Urkit Amsri; Panudet Jaisuk, and Amrat Thawom.

The vessel and convicted sailors were first arraigned before the court alongside nine Nigerians, on the alleged offences in February 2022, by the National Drug Law Enforcement Agency (NDLEA).

Advertisement

The Nigerians are: Samuel Messiah; Ishaya Maisamari; Ilesanmi Ayo Abbey; Osabeye Stephen; Gbenga Ogunfadeke; Kayode Buletiri; Rilwan Omotosho Liasu; Saidi Sule Alani, and Jamiu Adewale Yusuf.

The vessel, the convicted sailors and the nine Nigerians were arrested on October 13, 2021, at Apapa, Lagos, on their arrival from Brazil.

They were charged before the court on charges bordering on conspiracy, unlawful transportation and unlawful importation of 32.9 kilograms of Cocaine.

Their illegal acts, according to the NDLEA, contravened sections 11 (b), 11(a) and 14 (b) of the National Drug Law Enforcement Agency Act Cap N30 Laws of the Federation of Nigeria, 2004. And punishable under the same Act.

Advertisement

The convicted Thais and their Nigerian alleged co-conspirators were accused of committing the acts alongside the trio of Kehinde Enoch, Ayo Joseph and one Tunde, all said to be at large.

The convicted sailors were prosecuted by the NDLEA prosecutors, who include; Mrs Theresa Asuquo, A. Adebayo and Paul Awogbuyi. While they were defended by their team of lawyers, who include Babajide Koku, Femi atoyebi and Tunde Adejuyigbe, who are Senior Advocates of Nigeria (SAN).

Upon conclusion of the NDLEA’s case, the convicted sailors opted for No-Case-Submission instead of opening their defence against the allegations against them. This was, however, contended by the prosecutors, who submitted that they had established a prima facie case against the vessel and its Crew.

In deciding the No-Case-Submission, Justice Osiagor acceded to the submissions of the prosecution and held that the prosecution had established a prima facie case against the vessel and its Crew members.

Advertisement

The judge therefore ordered the convicted Thais and others to open their defence against the charges against them.

Based on the court’s ruling, the convicted sailors entered a plea bargain agreement with the NDLEA.

At the resumed hearing of the matter for judgment today, and based on the plea bargain agreement, Justice Osiagor ordered the vessel to pay a fine of $4 million USD or Naira equivalent.

On the convicted sailors, the judge ordered the three Captains of the vessel, namely; Krilerk Tanakhan; Boonlert Hansoongnern; Jakkarin Booncharoen; to pay the sum of $50, 000, 00 USD. And that the other crew member to pay $30, 000, USD each. And that other convicted sailors are ordered to pay the sum of N100,000. 00, as a fine optio n.

Advertisement

Meanwhile, the trial of the nine Nigerians has been adjourned to June 25.

Continue Reading

News

Court of Appeal affirms nullification of Ebonyi council polls

Published

on

By

The Court of Appeal Enugu Division has affirmed the judgement of Justice R O Riman of the Federal High Court Abakaliki, nullifying the conduct of Local Government election in Ebonyi State.

Justice Joseph Ekanem, who read the lead judgement of the Appeal court, gave the ruling while dismissing the three appeals filed by Ebonyi State Government, Central Bank and Local Government Chairmen, challenging the ruling of the Federal High Court.

The Appeal Court ruled that the earlier judgement of Justice R O Riman then of Federal High Court Abakaliki remains valid and subsisting.

According to the Appeal court: “The judgment in FHC/AI/CS/224/2022, which the Appellants challenged on appeal, was meant to enforce compliance with the earlier judgment in FHC/AI/CS/151/2022 contrary to the argument of the appellants.”

Advertisement

The court ruled that the appeals were dismissed for proliferation of issues for determination by the appellants which resulted in an incompetent brief of argument.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News