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...

BREAKING: 2Baba Shot Dead In Rivers State

A notorious cult leader and the prime suspect in the brutal murder of the late Divisional Police Officer, SP Bako Angbashim, in the state, Gift Okpara, popularly referred to as 2Baba, has been reportedly killed in a police-led major security raid. The police and other security agencies were said to have conducted land and aerial raids at the identical hideout of the Iceland cult leader and his gang at Idu-Ekpeye in Ahoada East local government area of Rivers on Saturday, February 17. According to The Nation , the Iceland cult leader was reportedly feared dead after the operation. Recall that in September 2023, the late DPO was ambushed and captured by the cult group led by 2Baba in the Odiemudie community, Ahoada East LGA. 2Baba and his gang then took the DPO to the forest, where they killed him and dismembered his body. The cultists then filmed him. Another source, Obi, said he saw no less than 15 vehicles and an Armored Personnel Carrier (APC) during th...

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