The execution of Nigeria’s N54.99 trillion budget suffered a major setback as the crude price dropped to $66 per barrel from $70 per barrel, indicating a 5.7 percent decrease, yesterday. This was even as Nigeria’s oil output, including condensate and foreign exchange, stood at 1.8 million barrels per day and more than N1,500 per dollar,…
BudgIT on Monday said its findings revealed that the National Assembly inserted 11,122 projects worth N6.93 trillion into the 2025 budget. BudgIT, a civic tech organization focused on public finance transparency, said the development has once again raised serious concerns about political manipulation and fiscal abuse. “We have combed through the 2025 FG Budget, and…
The World Bank, yesterday, described the Budget 2025 key assumptions of 2.1 million barrels per day oil production and $73 per barrel price as ambitious given the current production level of 1.6mbpd and $60pb price at the international market. The Federal Government however disagreed, saying that the assumptions were based on the potentials of the…
GISTSMATE MEDIA reports that President Bola Tinubu has signed into law the N54.99tn 2025 Appropriation Bill. Tinubu signed the budget in the presence of principal officers of the National Assembly and other top government officials in a small ceremony in his office at the State House, Abuja, on Friday. The bill was passed by the…
The Federal Government has allocated N1.99bn to procure diesel for the electric power generators for the State House in 2025. This comes amid delays in the FG’s solar power project initially slated to come on stream between December 2024 and January 2025. Sunday PUNCH gathered that the FG disbursed N88.75m for diesel within the first…
The National Assembly has passed the sum of N54,990,165,355,396 Appropriation Bill into law for the 2025 fiscal year. The 2025 Budget was passed on Thursday by the both chambers of the National Assembly after due consideration. The passage of the bill followed a recent revision by President Bola Tinubu, who raised the budget from an…
GISTSMATE MEDIA reports that President Bola Tinubu has raised the country’s proposed 2025 annual budget to N54.2 trillion from N49.7 trillion. The increase in the proposed budget size is through separate letters forwarded to both the Senate and the House of Representatives. The president in the letter read during plenary in the Senate by Senator…
Peter Obi, presidential candidate of the Labour Party in the 2023 elections, has criticised the federal government for omitting a “non-existent” North Central Development Commission (NCDC) from the 2025 budget proposal. In a post published on X, Obi said the omission of the north-central commission undermines the need for balanced development and peace in the…
As the National Assembly begins deliberations in the 2025 budget presented by President Tinubu on Wednesday, December 18, a member of the House of Representatives, Bello El-Rufai, has called on Ministries, Departments and Agencies to stop buying new vehicles and cutleries every year. Speaking on the floor of the house on Thursday, December 19, El-Rufai…
Nigeria’s president and vice president would be spending a total of N9.36 billion on refreshments and local and foreign trips, the 205 appropriation bill has shown. President Bola Tinubu had on Wednesday presented the N4.97 trillion bill to lawmakers of the National Assembly for passage. The bill has since passed its second reading. However, details…