Business
2010: Gombe Proposes N55.4bn Budget
Gombe State government has presented a budget proposal of N55.4 billion for 2010 fiscal year.
The figure represents an increase of N3.6 billion over the last year’s budget.
Presenting the budget proposal to the state’s legislators, Governor Danjuma Goje stated that the appropriation bill, tagged “Budget of Fulfillment” had N30.7 billion as capital expenditure, while N24.6 billion was earmarked for recurrent expenditure, representing 55.51 and 44.51 per cent respectively.
Goje said this year’s budget was 90 percent executed, saying that for more developmental projects to come on board, the state was expected to generate N35.5 billion as recurrent revenue, indicating an internally generated revenue to the tune of N2.7 billion, whereas the expected revenue of statutory allocation from the Federation Account was expected to amount to the tune of N27.1 billion.
Speaking on the sectoral focus and aspiration of next year’s fiscal budget, the governor said, priority attention would be accorded to the education sector that would cover the three senatorial districts of the state, noting that his administration in this year’s budget was able to build 400 classroom storeys building in some selected schools across the state.
Hinting on what this year’s budget has for the state on education, Goje said, 200 more classrooms storey buildings would be constructed and 400 dilapidated class-rooms were earmarked for complete renovations that would be furnished with 18,000 sets of furniture.
While explaining on the provision of water, the governor stated that in addition to the Gombe regional water scheme that had addressed the perennial water shortage in the state capital, his administration was able to provide portable water to Dukku and Kumo, the two local government headquarters were noted with quote water scarcity.
Reading the address, the speaker of the House, Alhaji Manga Musa Bujode, assured the governor of a quick approval of the budget for implementation.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.