By Kayode Sanni-Arewa

Finally, two weeks after, President Bola Tinubu has signed the N54.99 trillion 2025 appropriation bill into law, marking a 99.96 percent increase from the 2024 budget of N27.5 trillion.

The bill was approved by the national assembly on February 13, after revisions to Tinubu’s initial budget proposal of N49.7 trillion

The key breakdown of the 2025 budget includes a total expenditure of N54.99 trillion, statutory transfers of N3.65 trillion, and a recurrent (non-debt) expenditure of N13.64 trillion.

Other components are capital expenditure: (N23.96 trillion), debt servicing (N14.32 trillion) and a deficit-to-gross domestic product (GDP) ratio of 1.52 percent.

In his request to the national assembly on February 5 for the budget to be raised, Tinubu said the reason for the increase was due to the “additional revenue, sourced from key agencies”.

“This represents a pivotal opportunity to address Nigeria’s critical challenges and advance its development agenda: i. Government-Owned Enterprises (GOEs): N1.823.879 970.637, ii. Federal Inland Revenue Service (FIRS): N1,497,600 000.000. (Federal Government’s 52% share of the increase in revenue from N22.1 trillion to N25.1 trillion),” the president said.

“iii) Nigerian Customs Service (NCS): N1,209,000.000,000 (Federal Government’s 52% share of the increase in revenue from N6.5 trillion to N9.0 trillion).

“With this additional revenue, the 2025 appropriation bills total budget size will increase from N49.7 trillion to N54.2 trillion, demonstrating our commitment to inclusive growth and security.”

Last year, both chambers of the legislature approved the 2025-2027 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) — parameters on which budgets are framed.

The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.

The national assembly projected the gross domestic product (GDP) growth rate at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper

The lawmakers also endorsed the projected exchange rate of N1,400/$ — but said it is subject to review in early 2025 according to monetary and fiscal policies.

By Emmanuel Agaji

The Rivers State House of Assembly, authentic Speaker Martins Amaewhule, has concluded its session and has directed the Inspector General of Police to seal all local government secretariats.

Naijablitznews reports this is coming hours after the Supreme Court verdict recognizing Amaewhule as the authentic speaker.

Details shortly…

Emphasising his shared vision with Global Citizen, Chairman of Coronation Group and Access Holdings, Aigboje Aig-Imoukhuede stated: “Africa’s creative economy is a powerful engine for sustainable growth. Our strategic partnership with Global Citizen, which began in 2019, is built on a shared commitment to real economic opportunities, long-term investment, and wealth creation. Move Afrika exemplifies how bridging global influence with African talent can unlock immense potential and create a lasting impact across communities on the continent.”

The tour, which made a historic stop in Lagos this week, attracted an esteemed audience of industry leaders, senior government officials, philanthropists, and key figures from the creative sector.

Employees from Coronation Group and Access Holdings experienced the vibrant energy and impact of Move Afrika firsthand, underscoring the synergy between art and economic empowerment, further highlighting the commitment of both organisations to fostering innovation and global engagement within their workforce.

The electrifying evening at The Palms, Lekki, featured a dynamic performance by award-winning artiste John Legend, who honoured Nigeria’s fashion industry by donning outfits crafted by talented local designers—further highlighting the country’s rich creative talent on a global stage.

Nigerian superstar Simi also delivered an extraordinary performance, alongside DJ Consequence, ensuring an unforgettable night that seamlessly blended global excellence with African ingenuity.

Notable figures from the entertainment and creative industries were also in attendance, including Ronami Ogulu, a renowned creative director; media personality and actor Uti Nwachukwu; Afrobeat musician Made Kuti and his wife, Inedoye Adanne Kuti; and celebrated-actor Wole Ojo.

The concert was graced by Hugh Evans, Co-Founder and CEO, Global Citizen; members of the Global Citizen Africa Board, including Aigboje Aig-Imoukhuede CFR, Chairman of Coronation Group and Access Holdings; and Tunde Folawiyo, Chair of the Global Citizen Africa Board and Chairman of Coronation Merchant Bank, alongside other distinguished personalities.

As Global Citizen continues to expand its footprint across the continent, Coronation remains committed to empowering industries, fostering innovation, and crafting wealth that transcends generations.