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Tinubu Presents 2024 Budget To National Assembly, Today …As NEC Okays $1bn Loan

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President Bola Tinubu will today present the 2024 Appropriation Bill to a joint session of the National Assembly.
This came as the Federal Executive Council on Monday approved the 2024 Appropriation Bill of N27.5trillion.
This is an increase from the N26.01trillion earlier considered by the council.
The President, in a letter of intent that was read at plenary by Senate President Godswill Akpabio, yesterday, signalled his readiness to present the 2024 Appropriation Bill to a joint session of the National Assembly today by 11 a.m.
The Minister of Budget and Economic Planning, Abubakar Bagudu, had earlier on Monday, disclosed the readiness of the President to present the budget to the joint Assembly after the close of FEC’s weekly meeting presided over by Tinubu at the Aso Rock Villa, Abuja.
While disclosing that the Federal Government is projecting N18trillion revenue for the 2024 fiscal year, Bagudu said further details of the appropriation bill would be released when the President presents it to a joint session of the National Assembly today.
According to the Minister, the Medium Term Expenditure Framework passed by the National Assembly is being reviewed by the Council.
Bagudu said “Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President.
“The bill has an aggregate expenditure of N27.5trillion which is an increase of over N1.5trillion from the previously estimated, using the old reference prices.”
He added, “The forecast revenue is now N18.32tn which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023. Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly”
The minister also announced some changes made in the MTEF benchmarks by FEC.
“That approved Medium Term Expenditure Framework has the exchange rate of N700 to $1 and equally, the benchmark crude oil price at $73.96 cent. However, in Mr. President’s determination to find more money to fund our priorities, today the Federal Executive Council further revised the Medium Term Expenditure Framework and Fiscal Policy Framework and two of the important decisions were to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96, meaning $4 more than the earlier approval,” he noted.
The minister said the changes “will significantly increase government revenue that the President intends to use in supporting the ministries, departments and agencies in the execution of the eight priority areas, particularly Health, Education, infrastructure, security and other developmental areas.”
Also briefing, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the Council approved $1bn budget support loan from the African Development Bank.
The AfDB loan will have an interest rate of 4.2 per cent for 25 years with an eight-year moratorium, according to the minister.
He said, “The Federal Executive Council approved a $1bn concessionary loan for general budget support and to be used to improve forex availability in the country.
“The $1bn loan from AfDB is a budget support fund for ongoing economic reforms. It is to support government programmes in the power sector, social inclusion, and the fiscal policy reforms as a whole sector policy initiative.”
In October, Edun disclosed that the Federal Government secured a $80m loan from the AfDB to finance various projects in critical sectors of the economy.
He noted at the time that the $80m was to help young people in the knowledge economy, technology, and communications.
The Finance ministuer also spoke on the tax initiatives of the Federal Government.
Edun said, “There was a briefing by the Fiscal Policy and Tax Reform Committee, essentially they’ve been working for roughly 90 days, they’ve been working very well and very effectively, such that they are in a position to have even impacted the economy by coming up with initial reforms, as well as signposting the way forward in terms of very important targets.
“So in a nutshell, the policy on VAT removal on diesel is from them, they are looking to help boost fiscal situation of the government by increasing revenue, particularly tax revenue, through digitalisation, additional efficiency and rationalisation of the range of taxes that we have at the moment.
“They are looking to increase the ratio of tax-revenue-to-GDP to 18 per cent which is the average for Africa; so many countries are above that level. It is actually about the double of where we are now and within a matter of a few years, their target is to reach 18 per cent.”
The minister said the Federal Government was contemplating other economic measures in the short-term, adding that the tax reforms council’s report was well received by the President and other council members.
Edun also stated that the Federal Executive Council approved a total limit of N2tn to be available for use by the Ministry of Finance to go in and out of the market and essentially to, where possible, bring down the interest rate on the current outstanding.
He said this was “in order to keep working hard and maximising the ability of the government to use the markets and to take advantage of different situations and improve situations.”
“So essentially, it will be refinancing and the view is that there will be an opportunity to save about N50bn or more in debt servicing over time by giving back expensive debt refinancing with cheaper funding,” he concluded.
Ahead of the budget presentation, Tinubu had three weeks ago forwarded to both chambers of the National Assembly, the 2024 – 2026 MTEF and Fiscal Strategy Paper where the sum of N26.1tn was proposed as the total expenditure profile for the 2024 fiscal year.
The Senate through its committee on Finance after two weeks of interactive sessions with heads of Ministries, Departments and Agencies on revenue and expenditure projections made for them, approved the MTEF.
It specifically approved the N26.1tn proposed as 2024 budget and other parameters as proposed by the President.
It also approved the new borrowings of N7.8tn, pegs benchmark oil price for 2024 at $73.96 and oil production volume per day at 1.78m barrels.

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Fubara Dissolves Rivers Executive Council

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Rivers State Governor, Sir Siminialayi Fubara, has dissolved the State Executive Council.

The governor announced the cabinet dissolution yesterday in a statement titled ‘Government Special Announcement’, signed by his new Chief Press Secretary, Onwuka Nzeshi.

Governor Fubara directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.

He thanked the outgoing members of the State Executive Council for their service and wished them the best in their future endeavours.

The three-paragraph special announcement read, “His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has dissolved the State Executive Council.

“His Excellency, the Governor, has therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or  the most Senior officers in their Ministries with immediate effect.

“His Excellency further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.”

 

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INEC Proposes N873.78bn For 2027 Elections, N171bn For 2026 Operations

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The Independent National Electoral Commission (INEC) yesterday told the National Assembly that it requires N873.78bn to conduct the 2027 general elections, even as it seeks N171bn to fund its operations in the 2026 fiscal year.

INEC Chairman, Prof Joash Amupitan, made the disclosure while presenting the commission’s 2026 budget proposal and the projected cost for the 2027 general elections before the National Assembly Joint Committee on Electoral Matters in Abuja.

According to Amupitan, the N873.78bn election budget covers the full conduct of national polls in 2027.

An additional N171bn is needed to support INEC’s routine activities in 2026, including bye-elections and off-season elections, the commission stated.

The INEC boss said the proposed election budget does not include a fresh request from the National Youth Service Corps seeking increased allowances for corps members engaged as ad-hoc staff during elections.

He explained that, although the details of specific line items were not exhaustively presented, the almost N1tn election budget is structured across five major components.

“N379.75bn is for operational costs, N92.32bn for administrative costs, N209.21bn for technological costs, N154.91bn for election capital costs and N42.61bn for miscellaneous expenses,” Amupitan said.

The INEC chief noted that the budget was prepared “in line with Section 3(3) of the Electoral Act 2022, which mandates the Commission to prepare its election budget at least one year before the general election.”

On the 2026 fiscal year, Amupitan disclosed that the Ministry of Finance provided an envelope of N140bn, stressing, however, that “INEC is proposing a total expenditure of N171bn.”

The breakdown includes N109bn for personnel costs, N18.7bn for overheads, N42.63bn for election-related activities and N1.4bn for capital expenditure.

He argued that the envelope budgeting system is not suitable for the Commission’s operations, noting that INEC’s activities often require urgent and flexible funding.

Amupitan also identified the lack of a dedicated communications network as a major operational challenge, adding that if the commission develops its own network infrastructure, Nigerians would be in a better position to hold it accountable for any technical glitches.

Speaking at the session, Senator Adams Oshiomhole (APC, Edo North) said external agencies should not dictate the budgeting framework for INEC, given the unique and sensitive nature of its mandate.

He advocated that the envelope budgeting model should be set aside.

He urged the National Assembly to work with INEC’s financial proposal to avoid future instances of possible underfunding.

In the same vein, a member of the House of Representatives from Edo State, Billy Osawaru, called for INEC’s budget to be placed on first-line charge as provided in the Constitution, with funds released in full and on time to enable the Commission to plan early enough for the 2027 general election.

The Joint Committee approved a motion recommending the one-time release of the Commission’s annual budget.

The committee also said it would consider the NYSC’s request for about N32bn to increase allowances for corps members to N125,000 each when engaged for election duties.

The Chairman of the Senate Committee on INEC, Senator Simon Along, assured that the National Assembly would work closely with the Commission to ensure it receives the necessary support for the successful conduct of the 2027 general elections.

Similarly, the Chairman of the House Committee on Electoral Matters, Bayo Balogun, also pledged legislative support, warning INEC to be careful about promises it might be unable to keep.

He recalled that during the 2023 general election, INEC made strong assurances about uploading results to the INEC Result Viewing portal, creating the impression that results could be monitored in real time.

“iREV was not even in the Electoral Act; it was only in INEC regulations. So, be careful how you make promises,” Balogun warned.

The N873.78bn proposed by INEC for next year’s general election is a significant increase from the N313.4bn released to the Commission by the Federal Government for the conduct of the 2023 general election.

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Tinubu Mourns Literary Icon, Biodun Jeyifo

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President Bola Tinubu yesterday expressed grief over the death of a former President of the Academic Staff Union of Universities and one of Africa’s foremost literary scholars, Professor Emeritus Biodun Jeyifo.

Jeyifo passed away on Wednesday, drawing tributes from across Nigeria and the global academic community.

In a condolence message to the family, friends, and associates of the late scholar, Tinubu in a statement by his spokesperson, Bayo Onanuga,  described Jeyifo as a towering intellectual whose contributions to African literature, postcolonial studies, and cultural theory left an enduring legacy.

He noted that the late professor would be sorely missed for his incisive criticism and masterful interpretations of the works of Nobel laureate, Professor Wole Soyinka.

The President also recalled Jeyifo’s leadership of ASUU, praising the temperance, foresight, and wisdom he brought to the union over the years.

Tinubu said Jeyifo played a key role in shaping negotiation frameworks with the government aimed at improving working conditions for university staff and enhancing the learning environment in Nigerian universities.

According to the President, Professor Jeyifo’s longstanding advocacy for academic freedom and social justice will continue to inspire generations.

He added that the late scholar’s influence extended beyond academia into political and cultural journalism, where he served as a mentor to numerous scholars, writers, and activists.

Tinubu condoled with ASUU, the Nigerian Academy of Letters, the Wole Soyinka Centre for Investigative Journalism, the University of Ibadan, Obafemi Awolowo University, Oberlin University, Cornell University, and Harvard University—institutions where Jeyifo studied, taught, or made significant scholarly contributions.

“Nigeria and the global academic community have lost a towering figure and outstanding global citizen,” the President said.

“Professor Biodun Jeyifo was an intellectual giant who dedicated his entire life to knowledge production and the promotion of human dignity. I share a strong personal relationship with him. His contributions to literary and cultural advancement and to society at large will be missed.”

Jeyifo was widely regarded as one of Africa’s most influential literary critics and public intellectuals. Among several honours, he received the prestigious W.E.B. Du Bois Medal in 2019.

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