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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.
READ ALSO: Turaki-led PDP begs Nigerians for another chance
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.
News
Ekiti 2026: I have no political godfather, PDP guber candidate, Oluyede admits
The Peoples Democratic Party, PDP, governorship candidate in Ekiti State, Wole Oluyede, says he has no political godfather.
Featuring in an interview on ‘Politics Today’, a programme on Channels Television on Thursday, Oluyede said people of the state are his godfather.
He was speaking ahead of Saturday’s gubernatorial election in the state.
“The truth about it, is on record. Everybody knows that the godfather I have is the people themselves.
“The people have to believe in the hope that I have a record of investment in this state. In the history of this state, I’m the only person at this time trusting the state to think that we can invest in this state.
I have invested my money, my time, and my energy to say things can be different. I am very wary and suspicious of the fairness of the present police force in Ekiti.
“In situations where your supporters are being arrested for reasons that you don’t know and they can’t explain and when you have situations, on the other hand, where we have agents of the APC in my hometown attacking people with machetes and they are not arrested, then we need to question that,” he said.
News
EFCC Grills ‘Prophet’ Over Alleged N70.3m Fraud in Enugu
The Economic and Financial Crimes Commission (EFCC) has commenced an investigation into a self-acclaimed prophet, Godwin Sunday Ajuluchukwucheya, popularly known as Prophet Sunday Koboko, over allegations that he defrauded members of his ministry of more than N70 million through various purported spiritual and investment schemes.
The anti-graft agency disclosed this in a statement posted on its official X handle on Wednesday, June 17, stating that operatives of its Enugu Zonal Directorate are probing the activities of the cleric following multiple complaints from alleged victims.
According to the EFCC, one of the petitioners, Okey Uwakwe, accused the suspect of exploiting the trust of church members by presenting himself as a genuine man of God with supernatural powers.
Uwakwe alleged that the cleric collected N6.23 million from him for spiritual interventions aimed at persuading his brother, who had lived abroad since 1997, to return to Nigeria.
The petitioner further claimed that the prophet received another N3.25 million on the promise of helping his sister-in-law conceive after over 15 years of childlessness.
The EFCC said Uwakwe also alleged that Ajuluchukwucheya announced to members of his congregation that he had won a N33 billion lottery jackpot and encouraged them to make financial contributions with assurances that they would receive dividends from the winnings.
Based on that representation, the petitioner reportedly contributed N3.35 million.
In another alleged scheme, church members were reportedly invited to invest in a proposed rice processing venture said to be worth N1 billion. Uwakwe claimed he contributed N500,000 to the project.
According to the commission, the petitioner said he paid a total of N13.33 million to the cleric without receiving any of the promised benefits.
The EFCC said more members of the ministry subsequently came forward with similar allegations as investigations progressed.
One of the complainants alleged that the suspect convinced members to contribute money towards securing access to his purported N33 billion lottery winnings.
The victim claimed the cleric told congregants that the money could not be released because of spiritual opposition and urged them to purchase what he described as “holy ghost thunder” to overcome the challenge.
According to the witness, each “holy ghost thunder” item was sold for N38,000, while members were encouraged to buy as many as possible.
Investigators also alleged that the suspect marketed various spiritual products, including miracle stickers, spiritual dragons and holy ghost thunder, promising prosperity and solutions to personal challenges.
Another victim told investigators that despite making payments for the spiritual items, there was no improvement in his situation.
The EFCC said the total amount allegedly collected from members of the ministry stands at N70.39 million.
The commission added that investigations are ongoing and that the suspect will be charged to court upon their conclusion.
News
Okpebholo plans special court for kidnappers, vows to sign death warrant
Edo State Governor, Senator Monday Okpebholo, yesterday, issued a stern warning to kidnappers, cultists, and criminal elements operating within the state, declaring that anyone involved in kidnapping will face the full weight of the law, including possible execution by hanging once a new legislation is enacted to set up special court to carry out speedy trial of suspects.
The governor gave the warning while inspecting some of the suspected kidnappers being paraded, including those that abducted a housewife at the Vegetable Market, off airport Road in Benin City by the Edo State Commissioner of Police, Monday Agbonika at the Police Command Headquarters in Benin.
“We are proposing a special court to try kidnappers and cultists so that in a matter of weeks, they will be done with it and I will hesitate to sign the death warrant of any convict and such person will be paraded so that the people will see them and this I will not have any regret about, please don’t take my simplicity for granted.
“And I will sign it, the execution by hanging. I will take you to the roundabout, that is Ring Road roundabout so that the whole Edo people will see you. And this, I will not have any regret about it”, Okpebholo said.
The governor praised the swift response of security agencies, revealing that the suspects were apprehended within 24 hours after he personally contacted the Commissioner of Police regarding a kidnapping incident in the state.
According to him, the Commissioner of Police, who was in Abuja at the time, immediately returned to Benin City to coordinate operations that led to the arrest of the suspects.
“Before you know it, within 24 hours, those guys had been caught,” he said while displaying money allegedly linked to the criminal operation.
Okpebholo disclosed that during the operation an exchange involving gunfire occurred, leading to the death of one suspect while another was arrested and two others are at large.
Commending the efforts of the Nigeria Police Force and the Department of State Services (DSS), he dismissed claims that the government is not doing enough to combat insecurity.
“The police are working. The DSS are working. When people say the President is not doing anything, I wonder why they say so. The President is funding these agencies, and that is why we are getting results today,” he stated.
He maintained that kidnappers would find no safe haven in Edo State, noting that security forces have recorded significant successes in arresting criminal suspects across the state.
“There will be no crime committed in this state where the offender will not be arrested. Whoever is supporting these criminals should stop because we are ready for them. We are not joking, and we are not sleeping,” he warned.
He further warned young people to stay away from cultism and kidnapping, stressing that crime ultimately destroys lives rather than improving them.
“It is cheaper for you to maintain your standard of living than to go into kidnapping. When you kidnap, whatever you had before, you will lose it, and at the same time, you may lose your life,” he said.
The governor reaffirmed his administration’s commitment to ensuring the safety of lives and property across Edo State and vowed to sustain the crackdown on criminal activities.
He later rewarded the Special Security Squad that arrested the kidnappers of the housewife with N10 million. The housewife has since been rescued.
On his part, the Commissioner of Police, Monday Agbonika, commended the officers and men of the command and other security agencies for their timely responses that have led to the successes being recorded.
“And I must also commend, finally, the executive governor of Edo State, Senator Monday Okpebholo who has been very courageous in the fight against kidnapping and the fight against courtism in the state.
“I think what we are doing here, the kind of synergy we have between the police and the military and other agencies, including the informal policing sectors, I think it’s something that is worth emulating by other commands.
“We are working here so very well that you can’t even tell one agency from the other.
“The DSS, it gives us information as I tell you, and whenever we need backup, we also get area backup with support of the Inspector General Police.
“So these are all the issues and the supports that we have been getting that has made it possible for us to record the successes of our credit”, Agbonika said.
He cautioned against the spread of fake news which led to the panic relating to the alleged invasion of schools by suspected kidnappers,saying such acts and self kidnapping which he said was becoming an issue in the state have legal implications.
“Let me use this opportunity to warn the public that we have been having very serious concerns about fake news. Just this morning, there were information that some schools were being attacked in different parts of the state and when we conducted our enquiries, we found out that they were all fake news even though before then proactively we have deployed men to those areas and that was why we were able to find out very quickly that the information was not correct. It got to a point that parents were going to withdraw their children from these schools, people must desist from this.
“The issue of self-kidnapping is also rearing its ugly head in the state and I want to warn members of the public that these are crimes that are punishable by the law, they must cross check their information before they repost because these information will not go viral if they are not reposted by others”, Agbonika stated.
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