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Reps Okay $75 Oil Benchmark Price, 2.06mbpd, NGN1400/USD Exchange Rate

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By Gloria Ikibah
The House of Representatives has adopted the projected oil benchmark prices at $75, $76.2, and $75.3 per barrel for 2025, 2026, and 2027, respectively.
This according to Chairman House committees on Finance and National Planning, and Economic Development, Rep. James Faleke, is aimed at providing a stable foundation for the country’s budget and economic planning.
The report also projects a significant increase in domestic crude oil production.
The projected production levels are 2.06, 2.10, and 2.35 million barrels per day for 2025, 2026, and 2027, respectively.
Other key projections include a GDP growth rate of 4.6%, 4.4%, and 5.5% for 2025, 2026, and 2027, respectively. The projected exchange rate is NGN1400/USD for the same period. Inflation rates are projected at 15.75%, 14.21%, and 10.04% for 2025, 2026, and 2027, respectively.
The 2025 Budget proposes spending of NGN47.9 trillion, with NGN34.82 trillion retained and new borrowings of NGN9.22 trillion.
Debt service is valued at NGN15.38 trillion, while pensions, gratuities, and retirees’ benefits stand at NGN1.443 trillion.
The report also highlights concerns over the non-remittance of operating surpluses into the Federation Account by the NNPC, as well as the failure of some revenue-generating agencies to comply with the Fiscal Responsibility Act.
“The three-year projections for domestic crude oil production had a significant increase from 1.78mbpd in the preceding year to 2.06, 2.10 and 2.35 for the subsequent years of 2025, 2026 and 2027.
“Some critical Agencies such as NNPC, NLNG, Immigration Services and others that are relevant to the attainment of set revenue targets engage in Public Private Partnership and Joint Venture
Arrangements that are inimical to the revenue growth of the Country.
“Historical non-remittance of operating surpluses into the Federation Account by the NNPCL due to what it called under recovery with the claim that the federating units owed it the sum of Ten Trillion Naira.
“The GDP growth rate is projected at 4.6%, 4.4% and 5.5% for years 2025, 2026 and 2027 respectively. The projected exchange rate which stands at NGN1400/USD for years 2025, 2026 and 2027.
“Inflation rates projections are 15.75%, 14.21% and 10.04% for 2025, 2026 and 2027; following the criteria in the overview of the framework for revenues and expenses, the 2025 FGN Budget proposed spending stands at NGN47.9 trillion, of which NGN34.82 trillion was retained. New borrowings stood at NGN9.22 trillion which constitutes both domestic and foreign borrowings.
“Debt service was valued at NGN15.38 trillion; pensions, gratuities and retirees’ benefits stood at NGN1.443 trillion and fiscal deficit at NGN13.08 trillion.
“Capital expenditure is projected at NGN16.48 trillion which is exclusive of transfers; statutory transfers stand at NGN4.26 trillion; Sinking Fund is projected at NGN430.27 billion.
‘Total recurrent (non-debt) is projected at NGN14.21 trillion; special intervention for recurrent and capital is pegged at NGN200 billion and NGN7 billion respectively.
“That the existing liabilities and debt obligations are largely responsible for increasing debt profile of the Country.
“Most revenue generating agencies violate the Fiscal Responsibility Act due to the lack of punitive provisions in the Act. Noncompliance with the Nigerian Export Supervision Scheme (NESS) Act by relevant government agencies, specifically focusing on the inspection and monitoring of oil and gas exports as well as non-oil exports.
The committees findings also Identified systemic gaps and irregularities in the operations of the Import Duty Exemption Certificate (IDEC); and that the Federal Government Ministries Departments and Agencies (MDAs) as well as the Government Owned Enterprises (GOEs) are not complying with the financial reporting standards.
Among other recommendations, the House noted: That the National Assembly, through its Committees on Finance, National Planning and other relevant Committees should carry out in-depth investigation of such agreements by the NNPC, NLNG and Immigration Services with a view to reconcile remittances to the Federation Account.
It added that the Committees on Finance,Petroleum Upstream, and Petroleum Downstream are tasked to
investigate reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission alleging that the NNPC withheld ₦8.48 trillion as claimed subsidies for petrol.
Additionally, the investigation will address the NEITI report stating that NNPC failed to remit $2 billion (₦3.6 trillion) in taxes to the Federal Government.
The committees are further directed to
verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPC between 2020 and 2023.
That the GDP growth rate which is projected at 4.6%, 4.4% and 5.5% for years 2025, 2026 and 2027 respectively be approved ; and that the projected exchange rate which stands at NGN1400/USD for years 2025, 2026 and 2027 be approved subject however to review in early 2025 according to monetary and fiscal policies.
The House further noted that the Inflation rates projections which are 15.75%, 14.21% and 10.04% for 2025, 2026 and 2027, be approved.
That the following the criteria in the overview of the framework for revenues and expenses, the 2025 Federal Government of NigeriaBudget proposed spending stands at NGN47.9 trillion, of which NGN34.82 trillion was retained; new borrowings stood at NGN9.22 trillion which constitutes both domestic and foreign borrowings; debt service was valued at NGN15.38 trillion; pensions, gratuities and retirees’ benefits stood at NGN1.443 trillion and fiscal deficit at NGN13.08 trillion.
That the Capital expenditure is projected at NGN16.48 trillion which is exclusive of transfers statutory transfers stand at NGN4.26 trillion; Sinking Fund is projected at NGN430.27 billion; That the Committee approves the respective figures for total recurrent (non-debt) at NGN14.21 trillion; special intervention for recurrent and capital is at NGN200 billion and NGN7 billion; and that the National Assembly do approves the Promissory Note Programme and Bond Issuance to  settle outstanding claims and liabilities of Federal Government owed to States, high priority judgments as well as liabilities incurred by Federal Ministries, Department and Agencies on behalf of Government.

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Kwara govt revokes signage, billboard licenses

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The Kwara State Government has announced the immediate revocation of all signage and billboard licences issued in 2024 with enforcement actions set to begin next week.

The government also warned that identification and removal of unauthorised billboards would commence shortly.

The announcement was made in a statement released on Sunday by the Chairman of the Kwara State Task Force Committee on Illegal Billboards and Signages, Bolanle Olukoju.

Olukoju, who is also Commissioner for Communications, explained that the revocation was in line with a previous notification suspending all billboard licences in the state.

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He said the move aimed to facilitate the removal of unauthorised and improperly erected billboards, posters, and light pole banners throughout Ilorin and other urban centers.

“This initiative aligns with the Urban Renewal Programme of the Governor AbdulRahman AbdulRazaq-led administration, which seeks to transform Kwara into a modern and visually appealing state,” he said.

The government also confirmed that no new registrations or renewals of signage and billboard licences would be processed until further notice.

The temporary measure, the statement added, will allow the state to finalise a new regulatory framework for outdoor advertising.

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The statement further emphasised that identification of non-compliant billboards is already underway, and owners of unregistered billboards are urged to remove them immediately.

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FG outlines requirements for civil servants wishing to change their name, next of kin

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The Federal Government has unveiled requirements for civil servants seeking to migrate their salaries, change their names and their next-of-kin among others.

This was revealed in a memo by the Office of the Head of Civil Service of the Federation dated March 12,2025 and addressed to all Federal Government Ministries, Departments and Agencies.

The memo said the government had observed that civil servants effecting the changes on their names and next-of-kins do not submit the necessary documents needed to effect such changes, hence the need for the memo.

“Further to the Circular Ref. HCSF/PS/CMO/IPPIS/I/VOL.I/508 dated 1st November, 2022 on the above subject, the Office of the Head of the Civil Service of the Federation has observed that some Ministries, Departments and Agencies do not attach the required documents which would facilitate granting approvals for migration of saiary, change/correction of names, gender and next-of-kin within the shortest possible time.

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“MDAs should therefore, note and be guided by the following Standard Operating Procedures for requests on changes/corrections on HR records of employees on the IPPIS Platform:

With the implementation of the Human Resource component of the IPPIS in the Federal Public Service, it has become necessary to take note and be guided by the above requirements.

“Kindly note that requests that are forwarded to the Office of the Head of the Civil service of the Federation without specific documents will not be processed for approval. Please bring the content of this Circular to all concerned for strict compliance,” the memo read.

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Atiku supports Lagos corps member facing threats due to viral video

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Ex-Vice President Atiku Abubakar has expressed support for a Lagos-based National Youth Service Corps member, Ushie Uguamaye, also known as Raye, who claimed to have received threats after her viral video criticising President Bola Tinubu’s administration.

In a statement shared on X on Sunday, Atiku praised Raye’s courage, describing her as a symbol of a new generation of politically engaged women committed to advocacy and democratic participation.

“Raye embodies the spirit of a new generation of women who champion the ideals of popular participation and unwavering advocacy in the political sphere.

“I deeply admire her boldness and wisdom—her fearless resolve to speak truth to power, undeterred by the weight of opposition,” Atiku wrote.

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The former presidential candidate likened Raye to historic female activists such as Gambo Sawaba, Funmilayo Ransom-Kuti, and Margaret Ekpo, who played pivotal roles in Nigeria’s political landscape.

Atiku called for support rather than hostility towards Raye.

“Rather than being met with hostility, Raye deserves encouragement and support. She is a shining emblem of the Nigerian youth—a testament to the long-held promise that the leaders of tomorrow are already among us, ready to shape a better future,” Atiku said.

Raye, a corps member serving in Lagos, recently made headlines after a video she posted criticising government policies went viral.

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She later claimed to have faced threats, reportedly from NYSC officials, pressuring her to take down the video.

In the video posted on her TikTok account #talktoraye on Saturday, Raye voiced frustration over Nigeria’s deteriorating economic situation, lamenting that hard work no longer guarantees financial stability.

She criticised Tinubu’s leadership, calling him a “terrible leader,” and questioned the government’s commitment to easing citizens’ hardships.

Authorities have yet to comment on her allegations.

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