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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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WASSCE: RSG Distributes Science Materials To Secondary Schools

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The Rivers State Government has distributed science equipment and materials to all senior secondary schools across the state to support students during the ongoing West African Examinations Council exams and to strengthen practical learning.

Flagging off the distribution at the Rivers State Senior Secondary Schools Board premises in Port Harcourt, on Monday, the State Commissioner for Education, Dr. Peters Nwagor, said the move demonstrates Governor Siminalayi Fubara’s commitment to improving education standards in the State.

 Nwagor said the materials were approved and provided by the state government specifically to boost the teaching and learning of science subjects, describing science education as the foundation for technological advancement, innovation, and national development.

“No society can compete globally without deliberate investment in science and technology,” the Commissioner stated.

He commended the governor for consistently prioritising the education sector by providing tools needed for effective teaching and hands-on learning.

The Commissioner directed principals to ensure that the equipment are used strictly for practical lessons in their schools, warning that any principal or administrator found diverting, hoarding, or selling the materials wil face disciplinary action under public service regulations.

 Nwagor also warned against examination malpractice,  saying any principal found aiding or encouraging malpractices will be decisively sanctioned.

“We must collectively restore the dignity and credibility of our educational system,” he said.

Also speaking, Chairman, Rivers State Senior Secondary Schools Board, Tony Egwurugwu, urged school heads to make judicious use of the materials for students’ benefit.

He thanked the State Government for providing the resources, and assured that monitoring mechanisms would be put in place to ensure the materials serve their intended purpose.

In his own remarks,  a Board Member for Technical Education, Nwisabari Bani Samuel, expressed appreciation to the governor for prioritising education and acknowledged the Commissioner’s role in advancing education development in the State.

He  said the distribution covers all senior secondary schools in the State and is intended to improve students’ performance in both internal and external science examinations.

Akujobi Amadi

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Fubara Hails Workers’ Resilience, Dedication In Rivers …Hails Tinubu’s Economic Reform 

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Rivers State Governor, Sir Siminalayi Fubara,  has commended workers in the State for their resilience, dedication, and invaluable contributions to development in the State.

 

Fubara gave the commendation during the 2026 Workers’ Day celebration at Isaac Boro Park in Port Harcourt, last Friday.

 

Represented by his deputy, Prof. Ngozi Nma Odu, the governor noted that Workers’ Day, which originated from the struggle for an eight-hour workday in the United States, has evolved into a global event recognising the contributions of workers to national growth and development.

 

He described workers as the backbone of sustainable development, saying no society can thrive without their efforts.

 

Fubara commended Rivers workers for their loyalty and commitment to service, noting that workers play vital roles across key sectors, including education, healthcare, infrastructure and industry.

 

He noted that their contributions have enhanced access to quality education and healthcare, supported job creation, and stimulated economic activities across the State.

 

While acknowledging the economic challenges faced by many workers, including the rising cost of living, Fubara assured that the the State Government remains committed to implementing policies that will enhance workers’ welfare and overall well-being.

 

The governor also hailed the bold and daring economic reforms of President Bola Tinubu which, he said, have stabilized the economy, enhanced foreign exchange liquidity, lowered inflation, and achieved significant growth in the nation’s gross domestic product.

 

He noted that, in addition to raising the minimum wage, the President recently approved new welfare incentives for federal civil servants.

 

“Our economy is on an unstoppable positive path under our President, and it can only improve further for the nation and everyone. Let us continue supporting the policies and programmes of Mr President,” he said.

 

Fubara highlighted the importance of workers in revenue generation and governance, noting that taxes paid by workers enable government to provide security and essential social services.

 

He reaffirmed the State Government’s recognition of labour as a critical partner in achieving its development blueprint, appreciating workers’ daily contributions to building a peaceful, secure, and prosperous Rivers State.

 

The governor urged the organised labour to use the occasion to reaffirm its commitment to the progress of the State, while continuing to advocate for democracy, social justice, and improved welfare for workers.

 

He also expressed gratitude to workers for their service to the State and the nation, encouraging them to remain steadfast in their contributions to development.

 

In his address, the State Chairman of the Nigeria Labour Congress, Comrade Alex Agwanwor, commended Fubara for his steadfastness, genuine commitment, and passion for workers in the State.

 

He highlighted key achievements of the administration, including the implementation of the National Minimum Wage Act, the renovation of the State Secretariat, the reopening of the Rivers State Transport Company (RTC), and the consistent payment of end-of-year bonuses to public workers.

 

Comrade Agwanwor noted that workers, as drivers of productivity, understand the challenges involved in building a prosperous Rivers State, stressing that they are well-equipped to contribute meaningfully to the growth and development of the State.

 

“We have resolved not to continue complaining and lamenting while challenges persist. Instead, we must take the initiative, step out of relative obscurity, and rediscover the mission and destiny of our dear state,” he said.

 

 

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Fubara Pledges Support For Corporate Organisations In Rivers …Says PPP Business Model Responsible For NLNG’s Success

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Rivers State Governor, Sir Siminalayi Fubara, has pledged the  continued  support of his administration for the Nigeria Liquified Natural Gas (NLNG) Limited.

Fubara gave the assurance while receiving the new Managing Director and Chief Executive Officer of the NLNG, Mr Adeleye Falade, who paid him a courtesy visit at Government House, Port Harcourt.

He assured that his administration would continue to contribute its own quota in support of the NLNG.

According to him, the success of the organisation is equally the success of the government of Rivers State and the success of the Federal Government.

“Our duty is to make sure that we support whoever is operating in our state. We are the ones here. If we don’t support you and you don’t succeed, we also will not succeed and Mr President will also not succeed.

“So, the success of your establishment is the success of our state, and overall success of Nigeria. So you can count on our support. Wherever you think  we need to come in to support you, please do not hesitate to call upon us.

“You just mentioned here that your predecessor left a handover note showcasing the level of support that he got from the state. It is not going to be different in your own case. I can  assure you that.  I will also ensure that other units of the government will  liaise with you when necessary. So even if you can’t get to me, you can always get to them and if there is anything we can do to help your establishment succeed, we will do it for you,” he said.

The governor attributed the success of the NLNG to the Public Private Partnership ( PPP) business model adopted by the Federal Government and the multinational oil companies.

The NLNG is jointly owned by Nigerian National Petroleum Corporation (NNPC) with 49%, Shell Gas B.V. with 25.6%, Total LNG Nigeria Ltd with 15%, and Eni International with 10.4%.

The partnership model allows for shared risks, costs, and expertise in the LNG sector.

The governor noted that the NLNG has not only survived the difficult business environment but has made sustained progress in the nearly three decades of its existence.

According to him, the decision of the Federal Government to allow the multinational oil companies who have the  needed expertise to run the establishment while government plays a supervisory role over it has largely been responsible for its  success.

“I’m very proud to say that if there is one establishment that has shown resilience, that has survived in the face of all the political issues prevalent in this country, it is the NLNG. And what is the reason? The reason is very simple. Government has no business in business. That is the truth. Leave the business for those people who can operate it. Let the government play its supervisory role to ensure that there is compliance with  the laws;  ensure that standards are maintained and also ensure that the right people with the needed  expertise are at the helm of affairs. That’s all. I think that is the reason why we still record a lot of successes in NLNG,” he said.

In his opening remark, the new NLNG boss, Mr Adeleye Falade, who led other top officials of the company on the visit, expressed appreciation to the governor for granting them audience, and appealed to the State Government to continue to support the organisation.

“We appreciate the opportunity to meet with you and deepen this important relationship.We deeply value the support the Rivers State Government continues to extend in fostering an enabling operating environment for businesses. NLNG remains deliberate in its contribution to Nigeria’s development, and Rivers State, our primary host, continues to be central to that commitment,” he said.

Falade said the company has continued to work with its host communities to strengthen their  capacity to identify, prioritise, and deliver sustainable development initiatives that create lasting impact.

According to him, communities including Amadi-ama, Abua, Ekpeye, Okrika, Kalabari, and Emohua have continued to benefit from this model.

He said that beyond community infrastructure, the NLNG  has sustained investments in economic empowerment through initiatives such as Vocational Innovation and Business Empowerment Scheme (VIBES) and  Micro Small and Medium Enterprise (MSME) schemes.

These, he said, were designed  to support small businesses, build capacity, and stimulate local enterprise across the state.

Among officials of the company who accompanied the Managing Director were General Manager, External Relations and Sustainable Development, Dr Sophia Horsfall; Manager, Government Relations, Mr Abdul Umar; Manager, Community Relations, Dr. Yemi Adeyemi; Head of Government Relations, Mr Mike Igoni; Head of Community Liaison and Engagement, Chief Ifeanyi Umeh.

Others are Technical Assistant to Executive Leadership, Mr Hassan Saleh; Senior Media and Publicity Advisor, Mr Emma Nwatu; Government Relations Advisor, Miss Homa Nmegbu; Senior Government Relations Advisor, Mrs Kate Allison, and Audio -Visual Advisor, Mr Dawood Ahmed.

 

 

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