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2025 Budget: Increased Oil Production and Key Indices to Boost Revenue, Cut Debt Service – Edun

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…as Reps committee summon MD NPA to appear on Tuesday
By Gloria Ikibah

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has informed the House of Representatives that there are positive signs pointing to improved economic performance for Nigeria in 2025.

Edun made this statement on Monday while presenting an overview of the proposed 2025 budget and the Medium-Term Expenditure Framework and Fiscal Strategy Paper.

Before his presentation, the Chairman of the House Committee on National Planning and Economic Development, Rep. Ibrahim Ayokunle Isiaka, who presided over the session, requested an update on the economy’s current state and future projections.

He said: But briefly, as we have said, what is the state of our economy, number one, as in our finances? Then, number two, in terms of our revenue so far, with the projections we have for 2025.

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“Let us have an insight into the previous [years], into whether we are looking good, especially in terms of our GDP and inflation rates as submitted. So that we can note all this down and submit our report.”

In response, Edun expressed optimism about the economic outlook, citing projected revenue growth and measures aimed at addressing past challenges.

“We do have market pricing and foreign exchange.

“That has resulted in a situation whereby upwards of 5% of GDP has been lost to a plurality of factors benefiting just a few and created long-sighted incentives against growth and investment”, Edun explained.

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He emphasized that increased revenue would help reduce debt servicing, lower borrowing, and improve overall economic competitiveness.

“The deficit of that increase, which we hope to achieve less, but right now we are assuming is about 9.3 trillion naira in new borrowings and the debt service of about two trillion naira.

“In a nutshell, that backdrop gives you the optimism that the 2025 budget estimates, particularly the one on revenue, will be achieved and the economy will be strong. It will fast up to an inclusive and sustainable growth”, he added.

Earlier, the Chairman, House Committee on Finance, Rep. James Abiodun Faleke, emphasized the importance of reviewing the revenue performance of ministries, departments, and agencies (MDAs) for the 2024 budget in preparation for 2025.

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“We are now in December. By now, the agencies should be able to provide us with what revenue we have generated between last year and November,.

“At least for 11 months, we should be able to have that. We are just interested in what revenue we are able to get. Apart from that, we also want to see the expenditures as it works. Apart from those who have some levels of percentage collection, we are interested in whether agencies are able to do that”, ” Faleke stated.

Meanwhile, the Committee has summoned the Managing Director and Chief Executive Officer of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, to appear before it on Tuesday, December 10, 2024.

Rep. Faleke issued this directive after turning back Dantsoho’s representative, Sabiu Musa Danbatta, who had informed the Committee that the MD/CEO was on a special assignment and unable to attend.

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Gov Adeleke Speaks On Death Sentence For Chicken Thief

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Osun State Governor, Ademola Adeleke, has stepped in to call for immediate action in the case of Segun Olowookere, an indigene who was sentenced to death for stealing a fowl.

Recall Segun’s mother, Folashade Olowookere, emotionally shared the story of her son, who is currently imprisoned, during an interview on Nollywood actress Biola Adebayo’s YouTube podcast. The video gained significant attention, including from Governor Adeleke.

Naijablitznews reports this was contained in a statement from the Governor’s spokesperson, Olawale Rasheed, Adeleke directed a swift investigation and ordered that steps be taken for a potential pardon in Segun’s case. The Governor further instructed the Attorney General to ensure Segun is considered for the prerogative of mercy before the year ends.

The statement read, “I have reviewed the case and acknowledge the importance of the separation of powers in our democracy. In this instance, I have instructed the Commissioner for Justice to begin the process of granting mercy to this young man.

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“Osun is a state of justice and fairness. We must uphold the protection of lives and ensure equity.

“I want to assure the public that this matter is receiving my personal attention, and we are acting with urgency as a responsible government.”

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Delta Assembly pardons two suspended members

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The Delta State House of Assembly, on Tuesday, recalled two of its members that were suspended in November over alleged gross misconduct.

The News Agency of Nigeria reports that the recall was announced during plenary in Asaba by the Speaker, Mr Dennis Guwor.

Recall that the Assembly had on November 6 suspended Mr Dafe Chukudi (PDP-Ukwuani) for 14 legislative days over alleged gross misconduct, while Mr Oboro Preyor (PDP-Bomadi) was also suspended for 14 legislative days for the same offense on November 12.

“Dear colleagues, following the allegation of gross misconduct against our suspended members and subsequently, a committee on investigation headed by the Deputy Speaker, Mr Arthur Akpowowo, was set up.

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“The committee has commenced investigation. However, the 14 days that they were suspended has elapsed. And by the confidence you all reposed in me as the Speaker of the state House of Assembly, and now that the 14 days of their suspension has elapsed, there is need to recall Mr Dafe Chukudi and Mr Oboro Preyor to resume their duties as members going forward.

“The suspended members are hereby recalled pending on the outcome of their investigative committee.”

Meanwhile, the Deputy Speaker, Mr Arthur Akpowowo, expressed joy over the recall of the lawmakers, saying, “I am very happy that we have lifted their suspension.

“The Speaker has recalled them so that they can celebrate the Christmas with joy and even enter the New Year with some relief of happiness. For me, this is a party gift for me even though I’m not affected.”

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Heavy Security Presence at National Assembly as President Tinubu Presents 2025 Budget

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By Gloria Ikibah

Ahead of President Bola Ahmed Tinubu’s presentation of the 2025 Appropriation Bill to a joint session of the Senate and House of Representatives at 12 noon today, there is tight security at the National Assembly Complex in Abuja.

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As early as 6.00 a.m., operatives of the Department of State Security (DSS) and other security agencies, including the Police, Civil Defence, Federal Road Safety Corps, and Sergeant-at-Arms, were stationed at the gates and within the premises to ensure order and safety during the event. 

Naijablitznews.com reports that staff of the National Assembly were directed to stay home, except those required for the event, who were instructed to report before 8.00 a.m., according to a memo issued by the Director of Human Resources and Staff Development. 

Senators and House members were seen arriving at the Green Chamber, where the joint session is scheduled to take place. On Tuesday, during a closed-door plenary, the House of Representatives followed the tradition of moving a motion to allow non-members into the chamber for the session. 

Naijablitznews.com recalled that the Federal Executive Council (FEC) approved an estimated expenditure of N47.96 trillion for the 2025 fiscal year during its meeting on Monday. 

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Meanwhile, business activities within the National Assembly complex, including banking and food services, have been suspended following directives from the Assembly’s management. Only those on an approved list, including staff, media personnel, and members of the press corps, are allowed access after identification at the gate. 

 

The joint session will be presided over by Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas.

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