The Federal Government on Thursday approved the Medium-Term Expenditure Framework for 2025 – 2027 and Fiscal Strategy Paper.

According to the MTEF, the proposed 2025 budget size is N47.9tn, with new borrowings of N9.22tn, the Minister of the Budget and Economic Planning, Abubakar Bagudu, told State House Correspondents after this week’s Federal Executive Council meeting at Aso Rock Villa, Abuja.

Bagudu announced, “The Federal Executive Council approved a memorandum by the Ministry of Budget and Economic Planning, which was presented by the Director-General of the Budget Office [Mr Tanimu Yakubu] on the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2025 – 2027.”

The disclosure comes after weeks of delay as President Bola Tinubu prepares to present the 2025 Appropriation Bill to the National Assembly, his second since assuming office in May 2023.

The MTEF, a critical tool the FG uses to outline its fiscal strategy over three years, establishes macroeconomic assumptions and targets that guide national budgeting. It also includes projections of key economic variables such as oil prices, exchange rates, inflation, and growth rates.

For the 2025-2027 period, the MTEF sets out parameters, including an oil price benchmark of $75 per barrel, an oil production target of 2.06 million barrels per day, an exchange rate of N1,400 to the US dollar, and a GDP growth rate of 4.6 per cent.

The FG’s projected aggregate expenditure for 2025 is N47.9tn, with planned borrowing of N13.8tn, equating to 3.87 per cent of GDP.

The minister explained, “For the 2025-2027 period, the MTEF sets out parameters including an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels a day, as well as an exchange rate of N1400 to the dollar and GDP growth of 4.6 per cent.

“It is expected that for 2025, the Federal Government’s budget estimate, the aggregate expenditure is estimated at N47tn, and this includes a borrowing of N13.8tn, which is 3.87 per cent of the estimated GDP.

“The budget size that was approved for presentation to the National Assembly in the MTEF is N47.9tn with new borrowings of N9.22tn to finance the budget deficit in 2025 as well as noting that we need to sustain the commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the Petroleum Industry Act 2021 to address the significant risk to Federation.”

“The figures were only for 2025, even though there are projections for 2026 and 2027 in the document, which have different figures for the oil price benchmark for the two years,” he added.

Bagudu said Thursday’s memorandum sought the council’s endorsement of the MTEF for submission to the National Assembly, a requirement under the Fiscal Responsibility Act 2007.

The MTEF begins with a macroeconomic overview. It notes that despite global economic challenges, the Nigerian economy is on a positive trajectory, showing two consecutive quarters of growth, with a 3.19 per cent increase in real terms in the second quarter of 2024, the budget minister explained.

However, he acknowledged the need to combat inflation, strengthen economic resilience, support vulnerable populations, bolster high-employment sectors, improve the business climate, and effectively implement youth and social investment programmes.

He revealed that the framework, alongside the FSP, also includes a review of the 2024 budget implementation, highlighting progress in revenue collection and expenditure management, though some targets have fallen short. The report also shows that non-oil revenue streams outperform expectations, Bagudu said.

On the 2024 budget performance, he said, “Actual spending as of August 2024 ending was N16.98tn as against the prorated spending target of N23.37tn at the end.

“Of this amount, N7.41tn was for debt service, and N3.7tn for personnel costs including pension. Further, N3.65tn has been released for capital projects. Most of the delays for capital project release have been earlier legacy issues, in the sense that the new procedure for upload requires a lot of capacity building and delayed uploads.”

N28.75tn was earmarked for the 2024 budget. However, it grew to N35.6tn after amendments by the National Assembly added N6.2tn to the pile.

Responding to queries from journalists, the budget minister said the MTEF would reach the National Assembly on Monday, November 18.

“We are submitting it, I believe, tomorrow [Friday] or, at the latest, on Monday. The office of Mr President will forward the Medium-Term Expenditure Framework and Fiscal Strategy Paper to the National Assembly,” he stated.

The minister also argued that despite the late approval for the MTEF, the FG will maintain the January-December budget implementation cycle.

He affirmed, “We are confident because we have built a respectable relationship with the National Assembly. We have narrowed the areas of misunderstanding. And because of that mutual respect, Mr President is very transparent with the National Assembly leadership. And the National Assembly appreciates that openness.

“He [President] has instructed all his teams to ensure we cooperate with the National Assembly. For instance, the team led by the Coordinating Minister of the Economy has been mandated not only to wait but also to engage the National Assembly and answer all questions at the committee hearings.

“So, I’m confident because of this combination of factors. With this cooperation, I believe we’ll see an expeditious consideration, and immediately we are aware of the approval, we will finalise the budget because the MTEF precedes the budget preparation.”

Credit: PUNCH

The military high command, on Thursday, paid last respect to the late Chief of Army Staff, Lt Gen Taoreed Lagbaja, who died on Tuesday, November 5, after a brief illness.

Lagbja’s corpse departed for Abuja on Thursday morning shortly after top military personnel and other dignitaries, including the Deputy Governor of Lagos State, Dr Obafemi Hamzat, and other dignitaries paid their last respects in his honour at the Air Force wing of the Murtala Muhammed Airport in Ikeja.

The body, which was brought from a mortuary in the state, arrived at the Nigerian Air Force wing in a cream-coloured SUV hearse at exactly 9 am.

It was thereafter received by soldiers of the Guards Brigade who held a military parade on the strip of the Air Force wing.

At exactly 10 am, the body was taken out of the hearse and placed on a trolley as top military officials numbering six slowly moved it into the C-130H NAF aircraft at exactly 10:32 am.

The corpse was airlifted by the 301 heavy airlift crew at 11:45 am.

At the Lagos end, the ceremony lasted for close to two hours and was also attended by representatives of the military wives association and some members of the deceased’s family.

His remains later arrived at the Nnamdi Azikiwe International Airport in Abuja at exactly 12:16 pm, in preparation for his final interment.

Upon arrival at the Abuja airport, a guard of honour was accorded the body, with top military officers on the ground to receive it.

The deceased, according to the Director of Army Public Relations, Maj Gen Onyema Nwachukwu, would be buried at the National Military Cemetery in Abuja today (Friday).

A service of songs was held in his honour in Abuja, on Thursday.

Lagbaja only person to command a battalion twice – Coursemate

The Commander of Training and Doctrine Command, Maj Gen Kelvin Aligbe, praised the late Chief of Army Staff, Lt Gen Lagbaja, as an extraordinary military leader.

He said little wonder he was the only officer to command a battalion twice.

Aligbe spoke on behalf of the 39 Regular Course at the Songs of Service ceremony.

Reflecting on their shared journey, Aligbe recalled their commissioning as part of the 39 Regular Course on September 12, 1987, where 199 officer cadets began their training to join the armed forces.

He added that from the beginning, Lagbaja stood out as a born leader.

He said, “On the 12th of September, 1987, I, then officer cadet, Taoreed Lagbaja, and 199 of us assembled for training as members of the 39 regular corps.

“We trained and were commissioned together into the armed forces. Right from time, he led with no doubt. He was, first and foremost, an operational commander.

“Little wonder that while commands in the services are sometimes difficult to come by, he had the privilege of being the only person, if my memory serves me right, to have commanded a battalion at two different times.

“He commanded brigades at two different times. He was a general commanding at two different times.”

He urged the military community to embody the values of service and dedication that Lagbaja held dear.

Aligbe said, “He was primed for the operation that he led, through which, even though they say soldiers don’t die, his memories fade away.

“The only way I and my course mates and the other members of the armed forces, officers and soldiers that he left behind can honour his memory truly is to continue what he believed in. He believed in the indivisibility of Nigeria.

“He believed in service. He gave everything at the risk of sounding immodest. I don’t know if we gave him enough.”

Speaking on behalf of the Nigerian Army Officers’ Wives Association, Bilikisu Ibrahim described Lagabaja as a man of faith whose spirit was rooted in devotion and conviction.

She said, “To those he served, he was a pillar of protection, an unwavering beacon amidst storms of insanity and threats.

“But beyond our soldiers was a man of faith, a spirit rooted in devotion and conviction. In the trials of duty, he held fast to his spirituality, finding in prayers the fortitude that guided him through the darkest battles.

“His beliefs were his anchor, a quiet force that strengthened him as he led a sacrifice for the nation he loved.

“His life was not only a mission of arms but of the heart. A journey where faith met duty and courage met compassion. As we gather hands held in solace and grief, we recall the gentleness in his smile, the depth of his wisdom, the vision that he led armies and inspired peace.”

The Global President of St Charles Old Boys Association, Tade Adekunle, who read a poem written by a Senior Secondary School Two student of the school, described Lagabaja as an immortal hero.

He said, “The immortal hero, a militant heart, now still and cold. The nation mourns, both young and old. A warrior’s soul, a poet’s might. On the field of faith, you shone so bright.

“With every piece of bread, you shield our motherland. Leading brave men with a steadfast hand, both now empty. Blade of honour now laid down.

“Its cannon’s cry extinguished, yet legend remains. A warrior’s pulse now stilled in time. On the altar of freedom, you laid your life, your sacrifice, our beacon of hope.”

In a statement, President Bola Tinubu extended his heartfelt condolences to the late army chief’s family and the Nigerian Armed Forces.

Born on February 28, 1968, Lt Gen Lagbaja served as Chief of Army Staff for one year and four months, following his appointment by Tinubu in June 2023.

His distinguished military career began in 1987 at the Nigerian Defence Academy, and he was commissioned as a Second Lieutenant in the Nigerian Infantry Corps on September 19, 1992.

Throughout his service, Lagbaja commanded operations that were vital to national security, including Operation ZAKI in Benue, Lafiya Dole in Borno, Udoka in the South East, and Operation Forest Sanity in Kaduna and Niger states.

An alumnus of the United States Army War College, he held a Master’s degree in Strategic Studies, underscoring his commitment to military excellence and leadership.

Lagbaja is survived by his wife, Mariya, and their two children.

Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, on Thursday, adjourned till November 27, 2024, the arraignment of the immediate-past governor of Kogi State, Yahaya Bello.

He is facing trial in the fresh 16 charges preferred against him by the Economic and Financial Crimes Commission.

Bello, and two others – Shuabu Oricha and Abdulsalami Hudu, are facing prosecution bordering on criminal breach of trust, and conspiracy to commit an offence to the tune of N110.4bn.

EFCC counsel, Jamiu Agoro, at the resumed hearing, asked the court for an adjournment to enable Bello to be present in court for his arraignment, since the order of the court given on October 3 had not elapsed.

According to the prosecution, the 30-day window issued by the court was still running for the summons earlier issued.

Recall that the court had issued a public summon for Bello to appear before it to answer the 16 new charges pending against him.

Justice Anenih issued the summons after the EFCC filed an application claiming inability to serve Bello with the charge filed on September 24.

Justice Anenih, in a ruling, ordered the EFCC to publish the public summons in a widely circulating newspaper.

She also ordered the EFCC to paste copies of the public summons on Bello’s last known address and in conspicuous places on the court premises.

While Agoro prayed to the court for an extension of time for Bello to appear in court for his scheduled arraignment, he also craved the indulgence of the court to grant an order to paste a hearing notice at his residence.

Agoro said “I will humbly pray to your lordship for the extension of time for the first defendant who is supposed to appear before your lordship to be in court.

“We feel it will not be appropriate for us to take proceedings while the 30 days is still running.

“My Lord, I also want to pray that in the event that your lordship is magnanimous to grant this request the court approves the same to paste a hearing order at the last known address of the first defendant.

“The last known address of the first defendant is No 9, Benghazi Street, Wuse Zone 4. My Lord, that is our humble application.”

Meanwhile, Bello’s co-defendants (Oricha and Hudu) were granted administrative bail by the anti-graft agency.

Counsel for the second defendant, Aliyu Saiki (SAN), who confirmed that his client had been granted administrative bail by the prosecution, said he had no objection to the application for adjournment.

The third defendant’s counsel, Z. E. Abass, was in compliance with Saiki’s submission.

They also prayed the court to continue to allow their clients to enjoy the administrative bail granted them.

The prosecution counsel afterwards, prayed the court for an adjournment.

He informed the court that a discussion had been had with the defence team and they had agreed to come back on the 27th day of November 2024.

He also said the 20th of November date earlier given was not convenient for him.

After listening to all the parties, the judge granted EFCC’s application for adjournment.

She also granted the request to paste the hearing notice at his residence.

The trial judge adjourned the case to November 27 for arraignment.

She said “I have considered the application for adjournment by the complainant and issuance of hearing notice and the submission by the second and third defendants. The application is granted.”