Akwa Ibom State governor, Pastor Umo Eno, presented a proposed total budget outlay of N955 billion for the 2025 fiscal year to the State House of Assembly for consideration on Tuesday.

This was against the revised provision of N923.46 billion in the 2024 budget.

The 2025 financial appropriation estimate comprised recurrent expenditures of N300 billion and capital expenditures of N655 billion.

Eno said that the total capital receipts and expenditure for the year 2025 is estimated at N655 billion as against the proposed revised provision of N573.32 billion for 2024.

He said that the 2025 Budget, which is christened “Budget for Consolidation and Expansion,” is predicated on an oil benchmark of $75 per barrel at a production rate of 2.12 million barrels per day with an estimated exchange rate of N1,400/US$.

The Governor added that the 2025 oil benchmark and exchange rate is in line with the National Budget benchmark projections.

He said that the total projected recurrent revenue for 2025 is estimated at ₦830 billion as against the proposed revised provision of B803.70 billion, representing a 3 per cent increase in revenue projection for the year 2025.

The governor said the policy thrust objectives of the 2025 budget would be to achieve food security through investing heavily in the agricultural revolution.

Other objectives included rural development through robust investments in modern living facilities such as all seasonal roads, rural electrification and others within rural communities to ultimately improve the quality of life for those in the rural areas and help stem rural-urban migration. Ensuring that public schools in the state are equipped and staffed by teachers who are passionate and dedicated.

He said to realise the year 2025 budget objectives, the state shall adopt and improve the effectiveness of budget performance by ensuring fiscal discipline through the implementation of only programmes that were captured in the budget, among other strategies.

In his remarks, Speaker of the Assembly, Udeme Otong, assured the governor that the lawmakers would quicken the consideration process to ensure speedy passage of the 2025 budget estimate to fasten development in the state.

Otong urged all heads of Ministries, Departments, and Agencies (MDAs) in the state to cooperate with the House of Assembly during the budget defence to ensure speedy passage of the budget.

The Coordinating Minister of Health and Social Welfare, Prof Muhammad Pate said the annual loss to Nigeria’s Gross Domestic Product from malaria exceeds $1.1bn.

Prof Pate said this in Abuja at the inaugural meeting of the Advisory Body on Malaria Elimination in Nigeria.

A statement by the Deputy Director of Information & Public Relations at the ministry, Alaba Balogun, on Tuesday, stated that Pate described malaria as not just a health crisis, but an economic and developmental emergency that must be eliminated.

Pate said the launch of the advisory body was a bold and decisive step to confront and address the disease.

He said, “Malaria continues to exert an unacceptable toll on Nigeria. With 27 per cent of global malaria cases and 31 per cent of global malaria deaths, our country bears the heaviest burden of this disease. In 2022, over 180,000 Nigerian children under the age of five lost their lives to malaria – a tragedy we have the tools to prevent.

“This is not just a health crisis; it is an economic and developmental emergency. Malaria reduces productivity, increases out-of-pocket health expenditures and, compounds the challenges of poverty. The annual loss to Nigeria’s GDP from malaria exceeds $1.1bn, a stark reminder of the economic imperative of elimination.”

The minister said malaria elimination was a critical component of the Nigeria Health Sector Renewal Investment Initiative framework for transforming the health sector, in alignment with the Renewed Hope Agenda of the present administration.

He also highlighted the importance of traditional and religious leaders to drive grassroots support and influence behavioural change.

The Minister of State for Health and Social Welfare, Dr Iziaq Salako, affirmed the advisory body as a group of experts who will provide evidence based advisory to help the country to reduce its unacceptable malaria burden, and set up realistic paths to a malaria-free Nigeria.

“For us to succeed, the private sector, the international partners, the healthcare workers and, the communities we serve must be harnessed and coordinated,” Salako added.

The advisory body is made up of globally renowned experts under the leadership of Prof Rose Leke.

The experts are charged with refocusing on advancing evidence-based solutions that address current challenges, ensuring that malaria elimination is prioritised in the budgets and plans of all levels of government and, creating frameworks for accountability that ensure sustained progress.

The House of Representatives on Tuesday approved for second reading a bill to repeal the Ministry of Finance Incorporated Act, 1959, and any amendments thereto, and to enact the Ministry of Finance Incorporated (Establishment) Act, 2023, along with related matters.

The bill, sponsored by Ademorin Kuye, the member representing Shomolu Federal Constituency, Lagos State, aims to ensure effective ownership, accountability, and management of federal government assets.

MOFI, established in 1959 by an Act of Parliament, serves as the sole custodian of Federal Government assets across the country.

Kuye noted that since its establishment, the agency has failed to meet public expectations, citing widespread “pillage, brigandage, abandonment, diversion, misappropriation, and abuse of federal assets throughout the country.”

The Lagos lawmaker argued for new legislation, stating that the 1959 Act, with only six sections, lacks the capacity to enable the corporation to fulfil its modern mandate.

“The new Act introduces a comprehensive framework of 49 sections to govern the conduct, management, and use of Federal Government assets,” Kuye said.

Presenting the general principles of the bill, Kuye explained that once passed into law, the proposed legislation would revitalise MOFI by establishing a robust institutional framework to enhance its corporate governance and organisational structure.

“This bill will provide a strong legal foundation for the emergence of a truly national corporation capable of managing, accounting for, and optimising over N300 trillion worth of Federal Government assets. It will grant MOFI certain powers and ensure that the board is properly incentivised,” he added.

The bill’s objectives, outlined in Section 3, include empowering MOFI to identify and enumerate all Federal Government assets and investments, ensure their productivity and sustainability, develop and implement a national asset management strategy, act as the investment vehicle for government assets, and advise the Federal Government on asset and investment matters.

Additionally, the bill proposes the creation of a national asset register for MOFI, which will provide an accurate record of government assets and liabilities, their value, depreciation, location, and components.

Kuye stressed that the bill would ensure efficient control, management, utilisation, and disposal of government assets, as directed by the council.

In its miscellaneous provisions, the bill grants the Minister of Finance powers to issue guidelines and policies for implementing MOFI’s investment objectives. It also specifies actions for legal proceedings, Federal High Court jurisdiction, and MOFI’s authority to set regulations for managing government assets.

The lawmaker highlighted the benefits of the bill, including increased revenue generation, reduced financial leakages, and enhanced value of the national asset portfolio.

“Currently, MOFI has only N18 trillion registered as the value of assets in its portfolio. With the proposed national asset register, a comprehensive census of Federal Government assets, including holdings in multilateral agencies, could raise this figure to an estimated N350 trillion, significantly bolstering the economy,” Kuye said.