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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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Ooni of Ife Named Grand Patron of Traditional Institutions in Africa Ahead of Africa Day

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By Gloria Ikibah 

The African Union Simulation has officially named the Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja II, as the Grand Patron of Traditional Institutions in Africa. 

This recognition comes ahead of the Africa Day celebration scheduled to take place in Abuja.

A delegation led by Ambassador Dr. Young Piero Omatseye, Africa Coordinator of the African Union Simulation, visited the Ooni at his palace in Ile-Ife on Friday, May 9, 2025, to present the honour and formally invite him to the upcoming event.

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“We are here today on behalf of youths and leaders across 54 African countries to inform His Majesty that Africa Day will be commemorated through a blend of cultural traditions, training expeditions, and youth empowerment initiatives. Ooni of Ife, being a natural symbol of tradition, unity, and visionary leadership, has been unanimously nominated as the Grand Patron of the traditional institution in Africa,” Ambassador Omatseye said.

He added that the event will bring together African Heads of State, ministers, ambassadors, global partners, and experts in agriculture, energy, economy, innovation, and technology, all focusing on youth empowerment.

Ambassador Omatseye also recalled the participation of Her Regal Majesty, Amb. (Dr.) Temitope Enitan Ogunwusi, in a similar event at the African Union Headquarters in Addis Ababa last year, highlighting her role in promoting unity and youth development across the continent.

In her response, Her Majesty expressed her appreciation for the honour, praising the African Union Simulation for recognising her husband’s work in uplifting young people.

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“My husband’s throne has become a platform for youth transformation across Africa. This prestigious nomination affirms the values he champions for the betterment of young Africans. We deeply appreciate this recognition,” she said.

The Ooni, in his remarks, thanked the delegation for the honour and promised his support.

“I thank the entire delegation and African youth who have traveled from across the continent to present this honour. I pray for the success of the Africa Day celebration and assure you of my support and presence, God willing,” he said.

The visit ended with the presentation of a plaque, officially confirming his role as Grand Patron of Traditional Institutions in Africa.

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Insecurity! Gunmen kill police inspector in highway ambush

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A police Inspector, Christian Gbaratee, was killed after gunmen ambushed a team of police officers on Tuesday along the Port Harcourt–Aba Road.

A counter-insurgency expert, Zagazola Makama, disclosed this via his X handle on Thursday.

Quoting police sources, Makama stated that the incident occurred around 8:30 p.m. while the officers were returning from a trip in Rivers State.

He also disclosed that the armed assailants, numbering five, were dressed in combat attire during the ambush.

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He wrote, “A team of officers, including ASP Victor Eze and Inspector Nwanochi Ndubuisi, were returning from Port Harcourt, Rivers State, when they were intercepted by five armed assailants dressed in combat attire. The attack took place on a narrow road after a filling station along the Port Harcourt–Aba Road, Asa.

“During the confrontation, Inspector Christian Gbaratee was shot dead, while Inspector Ekoro Isong went missing. The gun stolen from Gbaratee during the attack, as well as the suspect who had been in custody, were taken by the assailants.”

He further disclosed that a prompt response by the police led to the recovery of a Toyota Corolla and other items, including expended ammunition, a laptop, and three travel bags.

“Additionally, Inspector Isong later surfaced unharmed. The body of the late Inspector Gbaratee has been deposited at the Euro Allied Medical Centre Mortuary for autopsy.

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“A search operation in collaboration with military personnel is ongoing to track down the attackers and recover the stolen firearm,” he added.

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Tinubu to establish child protection, development agency

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By Francesca Hangeior

President Bola Tinubu has stated that the Federal Government is taking concrete steps to protect the dignity and future of every Nigerian child, even as he said plans have been concluded to establish a Child Protection and Development Agency to coordinate all issues affecting Nigerian children in a unified and focused manner.

Tinubu spoke on Thursday during the first regional meeting of the Africa Pathfinder Countries of the Global Alliance on Ending Violence Against Children.

The event was held at the Presidential Villa in Abuja. The president was represented by Vice President Kashim Shettima.

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Tinubu said his administration is taking concrete steps to protect the dignity and future of every Nigerian child.

“Our legal frameworks reflect our conviction. From the Child Rights Act to the Violence Against Persons (Prohibition) Act, Nigeria has laid down the statutory foundation for the protection of children.

“But legislation alone does not shield the vulnerable — it is the will behind those laws, and the systems that enforce them, that make the difference.

“That is why our national strategy also embraces prevention and early intervention.

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“We are strengthening families and communities through programmes that promote positive parenting, challenge harmful social norms, and provide targeted support to vulnerable households. But we must be honest with ourselves. We cannot protect the child by merely reciting the anthems of their struggles or romanticising their vulnerability, Tinubu said.

He stated that the real hope lies in action — concrete, deliberate action.

“Our commitment must run deep, reaching into the very architecture of our education and health systems. This is the soul of our human capital development strategy,” he said.

Tinubu added that every Nigerian child should grow and learn in a safe environment.

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“We aim to ensure that every Nigerian child has the opportunity to grow, learn, and thrive in a safe and nurturing environment. This is not simply a policy objective; it is a moral obligation.

“We are investing in safe schools and embedding socio-emotional learning into our national curriculum.

“We are rolling out the National Guidelines on Alternative Care to ensure that even children without parental care are raised in love, safety, and stability,” he said.

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