News
N54tn budget: Experts blast Tinubu over additional N4.5tn
Some players in the Nigerian economy have shared different views following the decision of the Federal Government to increase the 2025 Appropriation Bill from N49.7tn to N54.2tn on the back of additional revenues generated by key government agencies.
On Wednesday, letters from President Bola Tinubu were read on the floor of the Senate indicating the adjustments in the yet-to-be-passed budget.
The President conveyed the budget adjustment in separate letters sent to both the Senate and the House of Representatives, which were read during Wednesday’s plenary by the Senate President, Godswill Akpabio.
Tinubu presented a N49.7tn budget proposal, themed ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity,’ to the National Assembly in November.
The Federal Government projects a total revenue of N36.35tn for 2025, anchored on improved non-oil revenue generation. This includes expanded tax collections, customs duties, and independent revenue from government-owned enterprises, alongside oil revenue projections based on a crude oil benchmark of $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of N1,500 per USD.
The total expenditure of N49.7tn includes significant allocations to critical sectors while targeting a fiscal deficit of N13.39tn (3.96 per cent of GDP). This deficit will be financed through domestic and external borrowings as well as innovative public-private partnership arrangements.
Tinubu said the increase was driven by N1.4tn in additional revenue from the Federal Inland Revenue Service, N1.2tn from the Nigeria Customs Service, and N1.8tn generated by other government agencies. Following the reading of the letter, Akpabio referred the President’s request to the Senate Committee on Appropriations for urgent consideration.
He also assured lawmakers that the budget would be finalised and passed before the end of February.
President Tinubu had in a letter read on the floor of the Senate and House of Representatives same day premised the request to increase the budget proposal to additional revenue generated by key agencies of government.
According to the letter, the Federal Inland Revenue Service generated N1.4tn, the Nigeria Customs Service generated N1.2tn while the sum of N1.8tn was generated by other government-owned agencies.
The Federal Government said the increase would also support its diversification programme by investing more into the solid minerals sector and infrastructure projects.
The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to journalists after he saw off President Bola Tinubu to the Nnamdi Azikiwe Airport, Abuja, en route to France.
In a letter dated February 3, 2025, addressed to the Speaker of the House of Representatives, Tajudeen Abbas, Tinubu sought an additional N4.5tn to the 2025 Appropriation Bill being considered by the National Assembly.
Explaining the rationale for the adjustment, Bagudu said it was established that the government-owned enterprises, including the Nigeria Customs Service, could contribute more revenue.
He said, “You will recall, Mr President submitted the N49tn budget to the National Assembly, and legislative work commenced.
“The legislative work continued with interactions between the executive and the National Assembly. The National Assembly and the Economic Management Team continued to interrogate all figures.
“In that process, the Senate Committee on Appropriation, Senate Committee on National Planning, and Senate Committee on Finance established that we can generate more revenue by tasking all the institutions to do more, and the Federal Inland Revenue Service confirmed the ability to do more than was submitted.”
He added, “Equally, it was established that the government-owned enterprises could contribute more revenue, as well as the Customs Service.
“So, additional revenue amounting to over N4.5tn was established, and this was taken to the President.
“And guided that this additional revenue should be used further to strengthen the Bank of Agriculture, Bank of Industry, support the diversification programme by putting more money in the solid minerals sector and infrastructure projects.”
However, economist and sustainability expert Marcel Okeke slammed the government for the impromptu increment.
“The world has started doing all that they want to do about Nigeria, on Nigeria, for Nigeria, and with Nigeria based on those figures. We are talking about institutions; analysts all over the world have been using those figures. You may not understand the enormity of this move. Because of the mood that we are in now, people may be clapping that FG saw more money and brought it, but that is not how to do a budget. Who says they will not come back again before the National Assembly finishes the job? My position is that they should have waited and come up with a supplementary budget.”
Chief Economist and Partner at SPM Professionals, Paul Alaje, also raised concerns about the effect of the increased spending on the inflation target of the federal government, which was 15 per cent.
Alaje said, “I think it is straightforward. Number one, FG is claiming that because some agencies of government are now generating more revenue, therefore, they feel we can spend more. Also, I think the real reason is that there seem to be some projects that had been exempted from the 2025 budget, and the government thought it important to add them back to the budget.
“These are some of the factors for the government adding to the 2025 budget, but with this amount in the economy, you should note that the government’s expectation of 15 per cent inflation may remain a mirage.”
Managing Director of Arthur Steven Asset Management Limited, Tunde Amolegbe, sees this as a welcome development that would enable infrastructural growth.
He said, “I have always been an advocate for an ambitious budget because that’s the only way we can improve our grossly inadequate infrastructure before we can even contemplate gravitating towards a productive economy. On a per capita basis, if you look at our budget, we are way below that of countries with similar demographics in terms of population and age. How then do we hope to lift our people out of poverty when the government itself isn’t spending enough to raise people’s standard of living?”
Sounding a note of caution, Amolegbe, a former president of the Chartered Institute of Stockbrokers, affirmed that it is important “that we keep our eye on ratios such as debt-to-revenue and debt-to-GDP to ensure we do not tip into over-leveraged territory.”
A leading economist, who spoke on condition of anonymity, faulted the budget proposal raise, saying it would worsen the economy.
He said, ‘”Why would government raise the budget when its deficit is running to almost N16tn. The deficit is hitting up the economy. With all these borrowings here and there, government should have simply reduced the deficit. By the way, how are we sure the government will even generate up to the budgeted amount. Over the years, have we been generating enough to meet the revenue target? We don’t have that track record.”
Meanwhile, the House of Representatives has thrown its weight behind President Tinubu’s proposal to the National Assembly to increase the 2025 budget proposal from N49.7tn to N54.2tn, saying the development is driven by additional revenue from key government agencies.
After reading the letter on the floor of the Senate and House of Representatives on Wednesday, Senate President, Godswill Akpabio, and the Deputy Speaker of the House of Representatives, Benjamin Kalu, who presided over plenary sessions at the Red and Green Chambers respectively, referred it to the Committees on Finance and Appropriations for quick consideration.
This is even as the Senate President assured Nigerians that the 2025 budget proposal would be passed before the end of February.
In an interview with The PUNCH, the spokesman of the House of Representatives, Akin Rotimi, stated that the parliament had a way of handling such requests.
“We have legislative processes on this and other such matters. The executive proposal has been referred to the House Committee on Appropriations for further legislative action,” he said.
Governor Francis Nwifuru of Ebonyi State has removed the Commissioner for Works, Engr. Stanley Lebechi Mbam, from office with immediate effect.
The governor’s directive was contained in a statement issued on Friday by his Chief Press Secretary, Dr. Monday Uzor.
According to the statement, Mbam was directed to immediately hand over all government property in his possession, including his official vehicle, to the Secretary to the State Government.
He was also ordered to transfer the responsibilities of the Ministry of Works to the Permanent Secretary pending further directives from the state government.
The statement read in part: “The Governor of Ebonyi State, His Excellency, Rt. Hon. Francis Ogbonna Nwifuru, has directed the immediate removal from office of the Honourable Commissioner for Works, Engr. Stanley Lebechi Mbam.
“He is to hand over all government property in his possession, including his official vehicle, to the Secretary to the State Government and transfer responsibilities to the Permanent Secretary in the ministry.”
The governor, according to the statement, assured residents that his administration remained committed to effective governance and improving public infrastructure across the state.
No reason was given for Mbam’s removal.
The development comes months after Nwifuru suspended Mbam and the Commissioner for Infrastructure Development and Concession, Engr. Ogbonnaya Obasi-Abara, in February 2026 over alleged dereliction of duty.
The earlier suspension was also announced by Uzor, who directed the affected commissioners to surrender government property and official vehicles to the SSG.
Mbam’s latest removal has reportedly generated concern within the State Executive Council, particularly amid calls for improved performance by government officials.
Former Commissioner for Information and State Orientation under the administration of former Governor David Umahi, Senator Emmanuel Onwe, had recently called on Nwifuru to overhaul his State Executive Council and ensure that officials who were underperforming lived up to expectations.
The government has not indicated whether Mbam’s removal is connected to the earlier suspension or any specific issue concerning the Ministry of Works.
News
SEDC to Launch 50,000-Hectare Agro-Mechanisation Project in Enugu to Tackle Unemployment, Insecurity
The South-East Development Commission (SEDC) has concluded arrangement for the kick-off the zone-wide 50,000-hectare agro-mechanisation project in Enugu community meant to tackle insecurity, unemployment and food insecurity.
The SEDC zone-wide 50,000-hectare agro-mechanisation, which is meant to be established in each of the 15 senatorial zones of the five South-East states, would commence at a pilot scheme level on Sept. 22.
This is contained in a statement issued by the media aide to the Governor of Enugu State, Chief Uche Anichukwu, on Wednesday in Enugu.
The Managing Director of the Commission, Mr Mark Okoye, disclosed this during a community engagement at the pilot project site in Nomeh Unateze community in Nkanu East Local Government Area of Enugu State on Tuesday.
Okoye said the SEDC had, following its establishment in 2024, used the first year to do extensive studies and design a blueprint that cuts across different areas of the South-East economy.
He said the agro-mechanisation projects, remained a major part of the commission’s blueprint, explaining that it would address insecurity, unemployment, and food security.
According to him, so, what we are here for is one of our flagship initiatives, which is called the South-East Agro Mechanisation Programme or the South East Agro Development Programme.
Okoye said that the SEDC was committed to develop up to 50,000 hectares of land and that would be used for mechanised farming across the region.
“We are here for a pre-assessment, pre-flag-off visit to see the area, understand the level of work that needs to be done and ensure that contractors can start mobilising so that once we hit the site we start running.
“Because a big part of what we are looking at is how to address food insecurity and unemployment, ensuring that we are producing what we put on the table.
“We are starting with pilot programmes where we are taking 200 to 300 hectares of farmland across 15 senatorial zones and developing them to standard farms.
“Where you not only have cassava, maize, some of our staple crops, but also some cash crops. In some areas, there will be the centres for learning and centres for productivity,” he said.
Okoye said that Gov. Peter Mbah would flag off the project on Tuesday, adding the SEDC team came to assess the area, meet with the community and ensurr that all the plans are in place.
“And within the second we put this investment here, at least N4 billion or N5 billion of added investment will come in,” he said.
Okoye commended President Bola Tinubu for addressing the long yearning by the South-East for a commission to mobilise resources and coordinate development in the region.
He urged the people to reciprocate the numerous gestures by supporting the Tinubu to continue the development efforts post 2027.
He further revealed that the commission would soon roll ou an investment agency to help mobilise local and Diaspora investments for the region’s speedy development.
A community leader in the community, Chief Uche Anichukwu, described the agro-mechanisation project as one of the blessings of the APC, Tinubu and Mbah administrations to Enugu State in general and Nomeh Unateze in particularly.
Anichukwu, who is also media aide to the Governor of Enugu State, said that the Nenwe-Nomeh-Mburubu-Nara road, with a spur to Oduma, had created ready and multiple access to market for the proposed agricultural project.
Speaking, Chairman, Nomeh Unateze Town Union Caretaker Committee, Dr Chukwudi Anyianuka, and other community stakeholders, reiterated their support for the project.
They commended Tinubu and Mbah for siting the project in their community.
“We are very happy. We cannot wait to see it actualised and we promise that we are going to provide everything that is necessary to make sure that this is established.
“The Commission has taken a methodical approach to regional development.
“Rather than the pitfall of throwing money at development challenges, it undertook a study of the region and came up with a master plan, which includes this initiative, to reinvent the South-East,” Anyianuka added.
Also present at the interactive session were the members of the traditional council of Nomeh Unateze and community heads.
…As Onitsha South Mayor Empowers Workers
By Okey Maduforo, Awka
Maintenance and rehabilitation works at the recently closed First Niger Bridge are being hampered by poor lighting during night shifts and inadequate sanitary facilities at the site.
Recall that before the closure of the bridge, the Minister of Works, Engr. Dave Umahi, had disclosed that efforts would be made to carry out some of the rehabilitation works at night.
However, some of the workers at the site said poor lighting was affecting effective monitoring of activities on the bridge, while the poor sanitary condition of the area was also posing a threat to their health.
The workers made the complaints during a working visit to the bridge by the Mayor of Onitsha South Local Government Area, Chief Emeka Orji.
Orji, who was accompanied by the Secretary of the Local Government, Barr. Paul Onuachalla, and executives of the Fegge Community Landlords/Tenants Welfare Association, led by its Chairman, Chief Nnamdi Onugha, provided cooked meals and packs of bottled water to the personnel and workers at the site.
Speaking after the visit, Orji said the gesture was aimed at supporting the workers and showing solidarity with the Federal Government’s rehabilitation efforts on the bridge.
He said, “To support the workers and give them a sense of belonging, that is why we came to appreciate them. We will continue doing so from time to time as part of our Corporate Social Responsibility.”
The Mayor also disclosed that the council had provided facilities, including mobile toilets and water tanks, while arrangements were being made for water tankers to supply water to the tanks.
Orji further stressed the importance of the military presence in Onitsha South, noting that the personnel would contribute to security, rapid response and protection of the bridge, Onitsha South and parts of Ogbaru Local Government Area.
He added that the council would continue to strengthen its collaboration with security agencies to ensure maximum security across Onitsha South Local Government Area.
Earlier, after inspecting the environment with the Mayor, the Officer in Charge, who pleaded anonymity, identified poor lighting at the bridge at night as one of the major challenges confronting the personnel.
According to him, the situation makes it difficult to effectively monitor activities around the bridge, particularly during night shifts.
He also complained about the poor sanitary condition of the under-bridge environment where the personnel camp, saying they had to clean up the area themselves upon arrival.
The officer further appealed for improved accommodation and food support for the personnel.
He, however, commended the Mayor for the visit and assistance, saying the gesture made the workers feel appreciated.
“We feel loved and appreciated. We are happy seeing you around,” he said.
Africa’s richest industrialist, Aliko Dangote, has revealed that he bought his first private jet at the age of 22 and a half.
Dangote made the disclosure on Monday in Lagos during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals on the Nigerian Exchange.
Reflecting on his business journey, the billionaire said he had enjoyed travelling by private jet over the years but was now comfortable using commercial flights.
He also urged wealthy Nigerians to channel more of their resources into productive investments rather than luxury assets.
Dangote particularly appealed to affluent Nigerians who spend huge sums on private aircraft to consider investing such wealth in industries and businesses that could contribute to Nigeria’s economic growth.
“I try as much as I can to encourage people who are riding $900 million aircraft to please go and put that into production. We are not going to be a great nation without doing something productive,” he said.
He stressed that directing private wealth towards productive ventures would help strengthen the economy, create jobs and provide greater opportunities for national development.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has rejected claims that it appropriated or “stole” the idea of Niger Delta Economic and Investment Summit from another organisation whose application was reportedly pending before the Federal Ministry of Trade.
NDCCITMA considers the allegation misleading and wishes to set the record straight.
The concept of Niger Delta Economic and Investment Summit is a broad and widely recognised platform used globally to bring together government, the private sector, investors, businesses, development partners and other stakeholders to deliberate on economic growth and development. The use of the term “Economic Summit” does not, in itself, establish exclusive ownership of the concept by any individual or organisation.
More importantly, the chronology of events does not support the allegation being made against NDCCITMA.
While the said application was reportedly still pending before the Ministry of Trade as at September 2025, NDCCITMA had already gone through the appropriate processes and received approval from the Ministry of Trade in August 2025.
NDCCITMA did not rely on, copy, or appropriate the pending application of any other party in arriving at its name or identity
It is also important to distinguish between a concept and legally protected intellectual property, such as a registered trademark, proprietary material or other enforceable intellectual property right.
NDCCITMA remains committed to conducting its activities in accordance with applicable laws and regulatory requirements.Most importantly, in Suit No: FHC/PHC/CS/57/2026 filed on same subject matter in Portharcourt by the petitioner, the learned Judge had restrained the plaintiff from further interfering with the Summit being planned by the NDCCITMA. NDCCITMA will continue respect the rule of law
We therefore urge the public, stakeholders, the media to disregard any narrative unless such claims are supported by verifiable facts and relevant legal documentation.
NDCCITMA firmly rejects the allegation and maintains that its activities and identity were developed and pursued independently and through the appropriate regulatory channels.
The organisation remains focused on its mandate of promoting commerce, industry, trade, agriculture, investment and sustainable economic development across the Niger Delta region.
Signed:
Management
Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA)
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