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NASS Jerks Up Budget, Okays N8.916trn …Approves N160bn For Minimum Wage, Others …Transmits Appropriation Bill To Buhari, ’Morrow

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The National Assembly, yesterday, passed the 2019 Appropriation Bill of N8.916trillion, jerking up President Muhammadu Buhari’s earlier proposal to accommodate some extra funding for special projects.
The budget as passed indicates an increase of N90billion to the Appropriation Bill sum submitted on December 19, 2018.
According to separate reports presented by Chairmen of Appropriation Committees at both chambers, the N90billion increase in the budget profile would take care of N10billion intervention fund for victims of Zamfara crisis, N23.678 billion added as severance gratuity for outgoing federal lawmakers and their legislative aides, and about N66billion additional vote for the various security agencies for more potent war against all forms of crimes in the land.
Specifically, the Chairman of the Appropriation Committee in the Senate, Senator Danjuma Goje (APC Gombe Central), explained that the N23.678billion severance package for outgoing legislators also included induction programme/inauguration of the 9th Assembly.
Goje also explained further that to ensure the immediate implementation of the just approved N30,000 minimum wage for public servants, the N160billion proposed as service wide votes was appropriated under the public service wage adjustment for Ministries , Departments and Agencies (MDAs).
However, as recommended by the committees and approved by both chambers, all the parameters on which the budget estimates are based remain as proposed by the executive arm.
The parameters are $60 per barrel oil price benchmark, 2.3million barrel per day production level, and N350 to one US dollar as exchange rate.
Major highlights of the N8.916trillion 2019 budget passed by the National Assembly are N502.058billion for Statutory Transfers, N500billion for Special Intervention and N4.055trillion for recurrent expenditure.
Others are N2.094trillion for capital expenditure, N1.908trillion as fiscal deficit within the ambit of 1.37 per cent deficit to GDP (Gross Domestic Product).
Within the service-wide allocation in the approved budget, N65billion was appropriated for Presidential Amnesty Programme on reintegration of transformed ex-militants, N5billion earmarked for payment of outstanding death benefit to civil servants and police personnel, while N15billion was approved as additional support for universities.
Within the capital expenditure component of the budget, N394.906billion is earmarked for the Federal Ministry of Power, Works and Housing, N107.218billion for the Ministry of Agriculture and Rural Development, N159.125billion for Ministry of Defence, and N92.178bn for Ministry of Water Resources.
Others are, N58.689bn for Ministry of Education, N179.384bn for Ministry of Transportation, and N53.678billion for Ministry of Interior, among others.
However, in the recurrent expenditure component of the budget, the Ministry of Interior has the highest appropriated votes of N564.222billion, followed by Ministry of Education with N463.395billion.
In his remarks after passing the Appropriation Bill for third reading, the Senate President, Dr Bukola Saraki said: “With passage of this bill for third reading today, the Executive must ensure full implementation of the budget, sector-by-sector for the benefit and well-being of Nigerians”.
Meanwhile, the National Assembly yesterday approved N160bn for the payment of the new minimum wage for federal workers and payment of severance benefits.
The decision followed the unanimous endorsement of the 2019 Budget presentation by the lawmakers at separate plenaries which held simultaneously in both houses and presided over by Senate President BukolaSaraki and Speaker YakubuDogara at the National Assembly, Abuja.
Our correspondent reports that President Muhammadu Buhari had, on December 19, 2018, presented the 2019 Budget proposal of N8.83trn before the joint session of the National Assembly.
However, the Senate and the House of Representatives yesterday passed the 2019 Appropriation Bill, jacking it up from N8.83trn to N8.92trn with a N90bn increase.
Under other service-wide votes, item 90 of the Report of the Senate Committee on Appropriation on the 2019 Budget Bill, which reads: “public service wage adjustment for MDAs (including arrears of promotion and salary increases) and payment of severance benefits” has N160bnn as its budget.
Also, item 88 that reads: “payment of outstanding death benefit to civil servants/Police” has N5bn for the budget.
The Chairman, Senate Committee on Appropriation, Senator Danjuma Goje, while addressing newsmen shortly after the budget passage, affirmed that the N160 billion was to fund the minimum wage increase and severance benefits as stipulated in item 90 of the report.
Goje, however, stated that if the amount budgeted failed to meet the demand, the Federal Government could present a supplementary budget to cover the shortfall.
Our correspondent reports that the National Minimum Wage Bill, which was passed by the lower and upper house on January 29 and March 19 respectively, was signed into law by President Buhari on April 18.
The National Assembly, after a short break, resumed to pass the votes and proceedings of the day, and adjourned to Tuesday, May 6, 2019.
Meantime, the House of Representatives, yesterday, said the National Assembly would transmit the approved 2019 Budget of N8.916trillion to President Muhammadu Buhari, tomorrow.
The Chairman of the House Committee on Appropriation, Rep. Mustapha Dawaki, made this known while briefing newsmen after plenary in Abuja.
Dawaki explained that the increase in total budget from N8.83trillion was due to the inclusion of funds for “special interventions’’ made by the National Assembly.
He said that the interventions included the provision of N24.6billion as severance allowance for outgoing lawmakers and N10billion for Zamfara terrorism.
He said that the Christmas break and the general elections accounted for the delay in the passage of the budget.
“The President laid this budget on December 19, 2018, but certain extraneous forces such as the Christmas and New Year breaks also affected quick passage of the Appropriation Bill.
“And, don’t forget that we had to go on break to fully participate in the February polls; all these were distractions that really affected the passage of the Appropriation Bill.
“Hopefully, by Thursday, the budget will be transmitted to the president for his assent.
“We left the oil benchmark and exchange rate as sent by the Executive, except for the deficit which we adjusted,’’ Dawaki said.
Meanwhile, the Senate, yesterday, directed its Committee on Youth and Sports to investigate the alleged illegal appointment of a new Director-General for the National Youth Service Corps, NYSC.
It was also said that the Chief of Army Staff (COAS), Lt. Gen. Tukur Buratai unilaterally made the alleged unconstitutional but controversial appointment.
This development was sequel to an adopted order 42 and 52 Senate Rule moved by Senator Dino Melaye, representing Kogi West.
Melaye, in presenting his motion, said it was unconstitutional for Buratai to have made the said appointment as it was in breach of the provision of the 1999 Constitution as amended.
In his words, “I’m bringing to the notice of the Senate an infringement in the appointment of a new Director-General of NYSC.
“It was said that the Chief of Army Staff made a new appointment of NYSC Director-General in replacement of the former DG.
“This is unconstitutional as it is only the President of the Federal Republic of Nigeria that has the right as provided by the constitution to do so.
“The NYSC Act Section 5 reads, “There shall be a Director-General for the National Youth Service Corps to be appointed by the President.
“But Buratai through a signal removed and appointed a new NYSC DG.
“We should not allow this, Mr. President. Otherwise, we should not be surprised to wake up one morning to hear that DG, Nigerian Security and Civil Defence Corps (NSCDC) has been removed and appointed a new Senate President”.
However, Senator Bassey Akpan seconded the motion while it was put to a voice vote by Senate President, Dr Bukola Saraki that resulted in the unanimous resolution to refer the matter to its committee to investigate and report back next Wednesday for further legislative action.

 

Nneka Amaechi-Nnadi, Abuja

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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