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FEC approves 2025 budget ahead of presentation to NASS

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The Federal Executive Council (FEC) has granted final approval for the 2025 budget, which is set to be presented by President Bola Tinubu. The decision was made during an FEC meeting held on Monday at the Presidential Villa, Abuja, and chaired by the president.

Speaking to State House correspondents after the meeting, the Minister of Budget and Economic Planning, Atiku Bagudu, disclosed that the total expenditure for 2025 is projected at ₦47.96 trillion. This represents a 36.8% increase from the 2024 budget estimate.

Bagudu outlined key assumptions underpinning the 2025 Appropriation Bill, including: An oil price benchmark of $75 per barrel, Daily oil production of 2.06 million barrels, and an exchange rate of ₦1,400 to the US dollar.

The total projected revenue for the 2025 budget is estimated at ₦34.82 trillion, while the budget deficit stands at ₦13.13 trillion, or 3.89% of the Gross Domestic Product (GDP). Bagudu noted that the Tinubu administration inherited a deficit of ₦6.1 trillion from the 2023 budget.

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Presentation Date Uncertain

Despite the approval, it remains unclear when President Tinubu will present the 2025 budget to the National Assembly (NASS). Initially scheduled for Tuesday, December 17, the presentation may be postponed due to ongoing consultations between the Executive arm and the NASS leadership.

The Minister of Information, Mohammed Idris, addressed the issue, stating that the presentation date is ultimately the prerogative of the National Assembly. “There is an ongoing engagement with NASS, and it is most likely that the presentation of the 2025 Appropriation Bill may now take place on Wednesday,” Idris said.

President Tinubu was originally slated to present the budget document to the legislature on Tuesday, but discussions regarding the scheduling are still ongoing.

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Crashed helicopter flying NNPC officials violated regulations – FG

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Barely two months after a Sikorsky SK76 helicopter operated by East Aviation crashed in Port Harcourt, the Nigerian Safety Investigation Bureau has disclosed that its handlers violated several of the Nigeria Civil Aviation Regulations directives.

Although the bureau was silent on whether or not the vices led to the unfortunate incident, the act shows gaps in the regulatory duties of the NCAR.

The helicopter, which was contracted by the Nigerian National Petroleum Company Limited, plunged into the Atlantic Ocean near Bonny Finima, off the coast of Calabar on October 24, with six passengers and two crew members.

Five bodies of the eight victims have been recovered while the remaining three are still yet to be found.

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While reeling out the preliminary findings of the bureau on the accident, The Director-General of NSIB, Alex Badeh, on Tuesday told journalists in Abuja that the crashed helicopter was not fitted with a Flight Data Recorder, a violation of the Part 7.8.2.2(q) of Nigeria Civil Aviation Regulations (Nig. CARs) Act 2023

Badeh added that the helicopter crew members used non-standard phraseology throughout the flight.

The preliminary findings of the bureau read partly, “The helicopter was fitted with a solid-state cockpit voice recorder; The helicopter was not fitted with a Flight Data Recorder; although Part 7.8.2.2(q) of Nigeria Civil Aviation Regulations (Nig. CARs) 2023 requires that FDR shall be fitted on the helicopter; The flight crew used non-standard phraseology throughout the flight.”

The report further reads; “There were no standard callouts for the various phases of the flight; The helicopter Radio Altimeter (Rad alt) was snagged and deferred on October 18, 2024, six days before the accident; No dew point data was reported in the weather information passed to 5N-BQG on the day of the occurrence.”

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While speaking on the causes of the crash, Badeh explained that the investigators discovered that it appeared to be “Struggling to gain balance right before crashing into the ocean.”

He further noted that the crew’s struggle was followed by an aural warning from the aircraft, “Bank angle, Bank angle,” which was the last recorded data on the Cockpit Voice Recorder with smoke emanating from the engine before it ditched into the water.

Other reports released by the NSIB include a final report on the serious accidents involving Beech Baron 58 aircraft operated by Nigerian College of Aviation Technology, Zaria with nationality and registration marks 5N-CAG, which occurred on runway 5 at General Hassan Usman Katsina International Airport, Kaduna on December 31, 2022 and five other incidents.

The NSIB, however, charged the NCAA to ensure strict compliance with the Nigerian Civil Aviation Regulations (Nig. CARs) 2023 part 7.8.2.2(q) which requires that all helicopters with a maximum take-off mass over 3175 kg and up to 7000 kg be fitted with a Flight Data Recorder.

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Kaduna returns Abacha family property seized by El-Rufai

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Kaduna State Governor, Senator Uba Sani, has reinstated ownership of two properties previously revoked from the family of the late military dictator, Gen. Sani Abacha, during the administration of his predecessor, Nasir El-Rufai.

The properties, located at No. 9 Abakpa GRA and No. 1 Degel Road, Ungwan Rimi GRA, in Kaduna, had been seized in 2022 following allegations of breaches of occupancy terms under the Land Use Act.

Speaking on Tuesday, Abacha family lawyer, Reuben Atabo (SAN), confirmed the reinstatement, describing it as a significant development.

The revocation, which was widely publicised in newspapers on April 28, 2022, included the late Abacha’s name as item 34 among those affected.

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Atabo said the move had caused “embarrassment” to the Abacha family, prompting legal action against the state government.

Governor Sani, however, reversed the revocation in two separate letters dated December 10, 2024, through the Kaduna Geographic Information Service.

Both letters, signed by Mustapha Haruna on behalf of the Director General of KADGIS, directed the family to settle outstanding fees and charges as a condition for reinstatement.

One of the letters reads: “His Excellency, the Governor of Kaduna State, has in the powers conferred on him under the Land Use Act 1978, reinstated the aforementioned title… Subject to strict condition of settling all outstanding fees and charges.”

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The Abacha family, through Atabo, welcomed the decision, describing it as a gesture of fairness and justice.

The reinstatement marks a shift from El-Rufai’s administration, which had cited “various contraventions” as the basis for revoking the properties.

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CAC deregistered 300,000 dormant companies in one year

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The Corporate Affairs Commission (CAC) has deregistered over 300,000 dormant companies within a year to sanitise the nation’s corporate registration system.

The Registrar General, Hussaini Ishaq Magaji (SAN), announced this in an exclusive interview with The Nation in Abuja.

Magaji said: “From October 16, 2023, when I assumed office, to date, we have witnessed an extraordinary level of deregistration. In December 2023 alone, we deregistered over 100,000 companies. By February 2024, another 100,000 companies were removed, and recently, we deregistered an additional 100,000.”

The CAC boss explained that the deregistered entities had remained inactive, failing to file annual returns for over a decade.

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According to him, some of the companies posed risks to the economy, as they could be used for fraudulent activities.

He said: “Our challenge is that we are not even deregistering in millions. This is because, as I earlier told you, business registration in Nigeria started since sometime around 1912. And what we have in our portal is from 2021. So, you can see the barrier.

“All the historical records from that year to this year are not on the portal. We are onboarding them gradually. When we complete our task, we will then have the total number of the dormant companies and they will go.

“Our system is integrated with critical agencies, such as the Federal Inland Revenue Service (FIRS), security agencies, embassies, and banks. Once a company is marked as inactive on our portal, it cannot access banking services, process embassy documents, or engage in other operations,” he said.

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Magaji explained the legal framework supporting these actions, saying: “If a company remains dormant for over 10 years, we are empowered to deregister it. Additionally, even if a company has been inactive for two years without filing annual returns, I can deregister it under the law.”

The registrar general attributed the success of CAC’s measures to the political will of the Federal Government.

He added: “We have been given a free hand by Mr. President and the supervising minister to carry out our duties without interference. This has enabled us to act boldly and decisively.”

Magaji dismissed the claims that a significant number of companies were folding up due to insolvency or economic challenges.

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The CAC boss described such assertions as exaggerated.

He added: “While some businesses apply for voluntary winding up, the numbers of such companies are negligible. Many of these cases arise from changes in business focus rather than economic difficulties. For instance, a company like Nokia transitioned from producing phones to manufacturing vehicle tyres.”

Magaji noted that technological advancements and shifts in business strategies were driving many companies to restructure rather than exit the market.

He said CAC hosts Nigeria’s Beneficial Ownership Register, a platform providing free access to information about companies and their significant controllers.

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“Nigeria is one of the global leaders in implementing the beneficial ownership register. We are hosting the register at bor.cac.gov.ng. This transparency ensures that even individuals with indirect control of a company must disclose their interest within 30 days,” he said.

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