Business
2015 Budget Targets N3trn Revenue, – Okonjo-Iweala
The Minister of Finance,
Dr Ngozi Okonjo- Iweala, said the Federal Government was targeting about N3.60 trillion revenue in 2015.
Okonjo-Iweala disclosed this at the public presentation of 2015 budget, last Wednesday in Abuja.
She said that the government expected to earn N1.92 trillion from oil transactions and N1.68 trillion from non-oil.
According to her, this implies a ratio of 53 per cent oil revenue to 47 per cent non-oil revenue to fund an aggregate budget expenditure of N4.36 trillion proposed for 2015 Budget.
The minister explained that the expenditure figure comprised N412 billion for statutory transfers, N943 billion for debt service and N2, 616 billion for recurrent (non-debt).
She said that N634 billion was for capital expenditure, including provision for Subsidy Reinvestment and Empowerment Programme (SURE-P).
She disclosed that the government was contemplating short and medium-term measures in expenditure, adding that the focus was on cutting “non-essential and non-developmental’’ expenditures from the budget.
“In the short term, the strategy to curb recurrent expenditure will increasingly rely on implementing the right technologies such as biometrics and digitising government payments,’’ she said.
Okonjo-Iweala also said that through the implementation of IPPIS, the Federal Government saved about N185.4 billion and weeded out 60,450 ghost workers from 359 Ministries, Departments and Agencies (MDAs), adding that more funds would be saved.
“ We intend to ramp up the work on the platforms in 2015 to improve on our transparency, efficiency and efficiency objectives while saving the much needed resources for reinvestment to benefit all Nigerians,’’ she said.
She stated that in the short-term, the government would institute measures to reduce spending which would save a total of N82.5 billion.
“On overhead expenditures, we propose cuts to International Travels and Training by 50 per cent for all MDAs, saving about N14 billion, while other provisions for Overhead expenditure have been dropped completely, saving about N4 billion.
“Administrative expenditures for Buildings, Equipment, Supplies, etc, MDAs’ provisions for the procurement of administrative supplies and equipment will be cut, saving about N5 billion.
“Procurement and upgrade of buildings were similarly curtailed, saving about N44 billion, while another N76 billion is proposed for reallocation to more impactful programmes of government in the security, health, and education sectors,’’ she said.
The minister said that the government had also commenced partial implementation of its Whitepaper on the rationalisation of agencies based on the ‘’Steve Oronsaye Report’’.
This, she said, would target savings of about N6.5 billion in the 2015 Budget from the rationalisation of some agencies, committees and commissions.
“Nevertheless, medium term measures require greater efforts to cut the cost of governance across all tiers and branches of government and this requires support from the legislature to amend laws underpinning certain agencies.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos