The National Assembly has postponed plenary resumption from January 28 to February 4, 2025, to conclude ongoing budget defence sessions. Learn more here. The National Assembly has officially rescheduled its plenary sessions from January 28 to Tuesday, February 4, 2025. This decision was taken to accommodate ongoing budget defence engagements. Senate Resumption Postponed In a statement released on Saturday in Abuja, the Clerk of the Senate, Andrew Nwoba, announced the change, titled “Change in Resumption Date.” The statement read: “Dear Distinguished Senators, please be informed that there is a change in the resumption date due to the ongoing budget defence. “It has been rescheduled from Tuesday, 28th January 2025, to Tuesday, 4th February 2025, at 11 a.m. prompt. “Thank you for your understanding and cooperation.” House of Representatives Confirms New Date Similarly, the House of Representatives has also postponed its plenary resumption to February 4. Akin Rotimi, the spokesman for the House, confirmed this in a statement quoting Yahaya Danzaria, Clerk of the House. According to Rotimi: “The House of Representatives has announced the postponement of its plenary resumption, previously scheduled for Tuesday, January 28, 2025. “The new date for resumption is now set for Tuesday, February 4, 2025. “This development was communicated to Honourable Members through an internal memorandum issued by the Clerk of the House of Representatives, Dr. Yahaya Danzaria, Esq., on the directive of the House Leadership.” Reason for the Delay The postponement aims to provide legislative committees more time to finalize budget defence sessions with Ministries, Departments, and Agencies (MDAs). This is part of an effort to ensure a detailed and thorough budgetary review. The House reaffirmed its commitment to delivering on its legislative mandate, emphasizing that the decision reflects a dedication to serving the interests of Nigerians. Conclusion The rescheduling of plenary sessions underscores the importance of a comprehensive approach to the 2025 budget process. Stakeholders have been urged to remain patient and supportive as the National Assembly continues its work to ensure effective governance. Recommendations for Google Indexing READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Gov. Ahmed Ododo of Kogi State has officially signed the 2025 budget appropriation bill, valued at N582.4 billion, into law. The signing ceremony took place on Monday at the Glass House in Lokoja’s Government House. According to Kingsley Fanwo, the state’s Commissioner for Information and Communication, this development marks a significant step toward implementing the state’s financial plan for 2025. Key Highlights of the 2025 Budget: Legislative Support During the signing ceremony, Aliyu Umar, Speaker of the Kogi State House of Assembly, presented the appropriation bill to the governor. He urged the governor to ensure equitable distribution of the budget’s implementation across all state constituencies for balanced development. Gov. Ododo’s action reflects his dedication to shaping Kogi’s financial future, with a vision to positively impact the economy and improve residents’ lives. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Discover how the Naira’s continuous devaluation threatens Nigeria’s 2025 fiscal plan, with inflation, exchange rate fluctuations, and budgetary constraints creating significant challenges. Naira Depreciation Threatens Nigeria’s 2025 Fiscal Targets The sharp decline in the value of the Naira is setting up a challenging fiscal year for 2025, posing a significant threat to the Federal Government’s ability to fund its proposed budget. With a devaluation rate that has reduced purchasing power, experts warn that the N49.7 trillion budget presented by President Bola Tinubu may struggle to achieve the same impact as the N28.777 trillion budget of 2024. Struggles with Exchange Rates and Inflation The Central Bank of Nigeria’s (CBN) monetary policy reforms, aimed at stabilizing the currency, initially improved the Naira’s value but failed to sustain the gains. As of December 2023, the Naira traded at approximately N853 to $1. By December 2024, exchange rates surged to as high as N1,700 to $1, before settling at N1,536.93 to $1 on the CBN’s official platform. In addition to exchange rate volatility, inflation continues to rise. The 2024 inflation target was set at 21%, but the current rate stands at 34.6%. For 2025, President Tinubu aims to reduce inflation to 15%, though achieving this may prove difficult. Key Projections for the 2025 Budget President Tinubu’s 2025 budget, dubbed the “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” is built on several economic assumptions: The proposed expenditure of N49.7 trillion includes allocations to defense (N4.91 trillion), infrastructure (N4.06 trillion), health (N2.48 trillion), and education (N3.52 trillion). Debt servicing alone will require N15.81 trillion, while other expenditures account for N17.12 trillion. Challenges and Economic Achievements Despite challenges, President Tinubu highlighted some economic improvements during the 2024 budget presentation. Foreign reserves rose to $42 billion, and Nigeria’s economy grew by 3.46% in Q3 2024, up from 2.54% in Q3 2023. Additionally, the trade surplus hit N5.8 trillion, reflecting increased export activity. However, public sentiment remains cautious. The high “Japa” syndrome, where professionals emigrate due to economic hardship, underscores the challenges many Nigerians face. Critical sectors, such as healthcare and ICT, continue to experience significant brain drain. Will the 2025 Budget Deliver? The 2025 budget aims to restore peace and rebuild prosperity, but achieving these goals hinges on addressing macroeconomic issues like inflation and exchange rates. Without bold and effective reforms, the government risks falling short of its ambitious targets. By stabilizing the Naira and curbing inflation, the Federal Government could pave the way for a more sustainable economic future. Only time will tell if the “Budget of Restoration” will fulfill its promises or become another missed opportunity for economic growth. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The newly established Ministry of Steel Development has allocated N2.6 billion for the mobilization of Ajaokuta Steel Company Limited as part of its N24 billion total budget for 2025. This funding was presented by President Bola Tinubu to the National Assembly in the proposed budget. In addition, the Ministry has set aside N250 million for the revitalization of both Ajaokuta Steel Company Limited and the National Iron Ore Mining Company (NIOMCO) located in Itakpe. Ajaokuta Steel Company itself has received a total budget of N6.8 billion, with N6.3 billion earmarked for personnel costs. The company also allocated N2.4 million for overheads, while recurrent expenditures amounted to N6.4 billion, and N3.9 million was set aside for capital investments. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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President Bola Tinubu will present the 2025 budget of N47.96tn to the National Assembly on Wednesday, following final adjustments approved by the Federal Executive Council. The Federal Executive Council (FEC) has approved the 2025 budget proposal of N47.96 trillion. Initially scheduled for Tuesday, President Bola Tinubu will now present the budget to the National Assembly on Wednesday, December 18, after making final adjustments. The postponement was confirmed by a top National Assembly official and corroborated by Minister of State for Agriculture, Sabi Abdullahi, who explained the delay was to ensure “one or two refinements” before the formal presentation. Key Highlights of the 2025 Budget According to Minister of Budget and Economic Planning, Abubakar Bagudu, the approved Medium-Term Expenditure Framework (MTEF) provides the foundation for the budget. The MTEF was earlier endorsed by the Senate on November 22 and outlines macroeconomic assumptions for the 2025-2027 period. Fiscal Strategy and Borrowing Plans The 2025 budget includes new borrowings of N13.8 trillion, representing 3.87% of the GDP. Bagudu emphasized the government’s commitment to maintaining the January-December budget cycle and reassured that late signing would not disrupt implementation. He noted that despite the deficit, improved revenue from non-oil streams and deregulation of the petroleum sector would help close gaps. Debt service for the 2024 budget was reported at 100% performance, reflecting Nigeria’s commitment to meeting its obligations. Why the Delay? The FEC, led by President Tinubu, called for minor amendments to ensure the budget aligns with economic goals. The National Assembly has shown confidence in quickly reviewing and passing the budget due to enhanced cooperation with the Executive. Bagudu reiterated that achieving the 2.06 million barrels-per-day oil production target is realistic, citing ongoing discoveries in Nasarawa and Kolmani regions. Final Thoughts The 2025 budget reflects the Federal Government’s strategic fiscal goals amid economic challenges. Stakeholders are optimistic that the proposed figures and assumptions will drive Nigeria toward sustainable growth. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
