FG Increases 2025 Budget to N54.2trn Amidst Concerns Over Macroeconomic Stability

The Federal Government has initiated moves to increase its 2025 budget to N54.2 trillion, up by 9.1% from N49.7 trillion initially presented to the National Assembly on December 18, 2024. This development has sparked concerns among financial analysts and public affairs commentators, who warn that the increase poses a significant threat to macroeconomic stability.

According to President Bola Ahmed Tinubu's letter to the National Assembly, the increase is necessitated by additional revenues from key government agencies, including N1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service (NCS), and N1.8 trillion from other government-owned entities.

The proposed allocation of the additional revenue includes: Solid Minerals Sector: N1 trillion to support economic diversification and unlock the potential of Nigeria's vast solid mineral resources. Recapitalization of the Bank of Agriculture (BoA) N1.5 trillion to transform Nigeria's agricultural landscape, ensure food security, and empower smallholder farmers and agribusinesses.

Recapitalization of the Bank of Industry (BoI) N500 billion to provide critical support to small and medium enterprises (SMEs), drive local manufacturing, and reduce dependence on imports.

Critical Infrastructure Projects (RHID Fund) N1.5 trillion allocated to various projects, including irrigation development, transportation infrastructure, border communities infrastructure, military barracks accommodation, and military aviation.

Financial analysts have expressed concerns that the increase in the budget will exacerbate inflation, exchange rate, and fiscal deficit issues. David Adonri, Executive Vice Chairman at Highcap Securities Limited, noted that the financial management practice of the Federal Government does not inspire confidence, citing conflicts between fiscal policy and monetary policy.

Others, such as Oluwole Adeosun, former President of the Chartered Institute of Stockbrokers (CIS), have argued that the increase in the budget is necessary to address Nigeria's critical infrastructure needs and promote economic growth.

The National Assembly has been directed to expedite consideration of the proposed increase, with the aim of passing the budget before the end of February. However, stakeholders have raised concerns about the lack of detailed clarifications on the expected additional sources of income to warrant the increase in the budget.

Tinubu Appoints Chioma Awuzie Substantive Rector, Fed Poly Oko

President Bola Ahmed Tinubu has approved the appointment of Dr. Chioma Irene Awuzie as the substantive Rector of Federal Polytechnic, Oko, Anambra State. Dr. Awuzie's appointment, which takes effect immediately for a five-year term, follows the recommendation of the Polytechnic's Governing Council, chaired by Sen. Dr. Barnabas Gemade, after a transparent and competitive selection process where she emerged as the leading candidate. Prior to her appointment, Awuzie, who holds a Doctorate Degree in Physical and Materials Chemistry, was a distinguished Chief Lecturer in the Department of Science Laboratory Technology (Chemistry Option) and also Director in-charge of Tertiary Education Trust Fund (TETFund) Projects in the Polytechnic. Under her stewardship, Federal Polytechnic, Oko, witnessed unprecedented advancements in infrastructure and institutional transformation. Her leadership facilitated monumental developments across the Polytechnic’s campuses in Oko, ...

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate...

Valentine Ozigbo Resigns from Labour Party

In a shocking move, against all speculations over the last few days, Valentine Ozigbo, a close ally of Peter Obi, has announced his resignation from the Labour Party (LP). Ozigbo confirmed his decision to Diaspora Digital Media on Wednesday, February 19, 2025, but declined to provide further details, opting instead to share his reasons during an interactive session on X (Twitter) Space. The session, scheduled for 8 PM, will feature Ozigbo in conversation with Anambra's First Son, @uchepokoye, discussing pressing issues affecting Anambra State, including security challenges, societal fabric collapse, and the hope for a better future. Ozigbo's resignation has sparked interest, with many awaiting his detailed explanation for leaving the Labour Party. His decision comes at a critical time for the party, which has been navigating various challenges in recent months. Credit: Diaspora Digital Media

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