Politics
Senate demands performance report on 2024 ,…Expectations for 2025…May Delay Presentation of 2026 budget
By Hassan Taiye
Strong indication emerged Thursday in the Senate that presentation of budgetary proposals for 2026 fiscal year by President Bola Tinubu to the National Assembly will not happen soon.
This is as the Senate through its committee on Finance , directed the managers of the Nation’s economy to in two weeks time , furnish it with documented performance report on the 2024 budget implementation and expectations for the implementation of capital component of 2025 budget .
The Chairman of the Committee , Senator Mohammed Sani Musa ( Niger East), gave the directive after about one and half hours closed door meeting the, committee had with the Minister of Finance , Wale Edun , Accountant General of the Federation , Samsudeen Ogunjimi and Director – General of the Budget Office , Tanimu Yakubu .
According to him , the committee resolved that presentation of Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper ( FSP ) for 2026 to 2029 fiscal years , can only follow after submission of the requested reports to it by the economy managers on the 23rd of this month .
He said : ” We have had the position at which the 2024 budget is, and what the position also of the 2025 budget. And the expectations we are having for the ministry to, as a matter of urgency, bring the MTEF for 2026 to 2029. And the minister has briefed us, and we have collectively agreed that we are making progress, but we need to make more progress.
“We have heard from the Accountant General, we have heard from the Director of Budgets, where we are with the budgets. The payments that have so far been released, the warrants that have so far been signed. And also, regarding the 2025 authority to incur the expenditure for agencies to be able to release their capital projects.
“We have all heard that, and we have agreed that we are making progress. And we expect that, with what Mr. President has done just this week, sending a letter to the National Assembly, requesting for more approvals to loans, to be able to see that the 2025 budget is also taking adequate care of.
“We have all agreed that we will want documented evidence of the performance of 2024, and our expectations for the 2025 budget, before we start talking about the MTEF for 2026.
“And the Honourable Minister of Finance has agreed to oblige us to give us that progress report. And we have agreed to reconvene, because this meeting is just adjourned. We are going to reconvene on the 23rd of October”
Earlier before the Committee went into closed door session with the economy managers , while the Minister of Finance and Coordinating Minister of the economy, Wale Edun said high performance is being recorded in the implementation of the capital component of 2024 budget and good performance for 2025 , the DG budget office said otherwise .
According to the DG budget office , during the two fiscal years ( 2024 &2025), budgetary implementation were somewhat turbulent as some of the underlying assumptions were not met .
He said : “We have indeed had a turbulent year — one in which most of the assumptions underpinning the 2024 and 2025 budgets turned out differently from projections.
“Oil revenue, assumed at $75 per barrel, fell short by between $10 and $15 due to global price fluctuations. Inflation also rose beyond projections, affecting borrowing costs and debt service performance, which significantly exceeded targets.
“Furthermore, the unforeseen fiscal implications of the Petroleum Industry Act (PIA) 2022 have compounded our challenges.
” Under the Act, 30% of gross oil revenue and 30% of oil and gas profits are retained for upstream operations, while the Federal Government also bears the NNPC’s operating costs. This has reduced the Federation Account allocation by nearly 70% of what used to accrue.
“In addition, crude oil output has been lower than projected in the MTEF approved by the National Assembly”.
Politics
Tinubu Assures Investors Nigeria Is Open for Business, Welcomes Coca-Cola’s $1bn Plan
By Francis Wilfred
President Bola Tinubu has assured local and international investors that Nigeria remains open for business, saying his administration is implementing reforms aimed at creating a more predictable, competitive and investment-friendly environment.
Speaking through the Secretary to the Government of the Federation (SGF), Senator George Akume, at the 75th anniversary celebration of the Nigerian Bottling Company (NBC) in Abuja on Monday, the President said the government is addressing key challenges facing businesses under the Renewed Hope Agenda.
“Our message to investors, both Nigerian and international, is clear: Nigeria is open for business,” Tinubu said,
He noted that reliable infrastructure, efficient logistics, access to foreign exchange, stable regulations and a supportive tax system are critical to attracting investment and expanding production.
According to Yomi Odunuga, the President said ongoing economic reforms are designed to build a more productive and competitive economy, reduce dependence on imports, strengthen local manufacturing and create jobs for Nigerians.
Tinubu welcomed the Coca-Cola System’s proposed $1 billion investment in Nigeria over five years, announced in 2024, describing it as a strong vote of confidence in the country’s economy.
He said the administration is focused not only on the volume of investment attracted but also on its impact on employment, skills development, technology transfer and local sourcing.
“We are interested not only in the amount of capital that comes into Nigeria, but in what that capital does here,” he said.
The President also praised NBC’s continued expansion of production capacity, including new production lines in Oyo and Kano states, describing such investments as vital to strengthening Nigeria’s industrial base.
He reaffirmed the government’s commitment to improving policies, infrastructure and regulations to support businesses, while urging the private sector to complement government efforts through investment, innovation and job creation.
Tinubu further highlighted the importance of human capital development, commending NBC’s Supply Chain Academy for training over 1,400 young Nigerians and supporting women’s empowerment and community development initiatives.
He urged investors to take advantage of opportunities across Nigeria, expressing confidence that the country can build a stronger economy driven by local production, exports and globally competitive industries.
Politics
Kano Governorship: Accord Party Governorship Candidate Gashash Getting More Endorsement From Kano Electorates.
By Jabiru Hassan.
The movement for Democratic Protection and good governance (MDSG) declared it's full support to the Accord Party Governorship Candidate Ambassador Dr. Mukhtar Gashash in the forthcoming general elections.
In a chat with our correspondent in kano, the national president of the movement, Alhaji Dauda Mohammed Ali, stated that it is time for the people of kano state to bring new steward who is seriously planning to transform the state with highest regard.
He expressed his confidence that Ambassador Dr Mukhtar Gashash will do his best to ensure that kano state becomes more examplary at both sector without bias which is the task previous administrators failed to achieve.
Alhaji Dauda Mohammed Ali reiterated that " this time around, our movement is working day and night to make sure that Kano people mostly youths remained Committed to actualize real change in the state's politics, leadership and transformation under the Accord Party government".
He called on the people of kano state especially the eligible voters to vote Ambassador Dr Mukhtar Gashash due to his Transformation plans for the progress of kano state and it's citizens at both Urban and rural settlements.
Responding to a question about Accord party's strength in kano state, Dauda Mohammed Ali disclosed that in today's democracy, competent candidates should be tipped for an elective positions not the popularity of the political parties stressing that Ambassador Dr Mukhtar Gashash has been found to be the best option for kano state due to his track record on competency, transparency as a real democrat.
Politics
Caught in the middle: Ortom’s silent dance between two camps.
There are growing questions about where Mr. Samuel Ortom, a former Governor of Benue State and a prominent figure in the People’s Democratic Party (PDP), truly stands politically ahead of 2027.
Ortom was a key figure in the divisions within the PDP before the 2023 general elections and was widely associated with support for Mr. Peter Obi, who finished third in that contest. More recently, however, he has publicly expressed support for President Bola Ahmed Tinubu’s administration.
The latest discussion began after a visit by Mr. Peter Obi to Benue State. Reports indicate that a vehicle said to belong to Ortom was used to receive Obi at the Air Force Base airport in Makurdi. It is not clear who authorized the use of the vehicle, and Ortom has not commented publicly on the matter.
During the same visit, Obi was reportedly prevented from travelling to Yelewata, where he had intended to condole with families affected by violence. Obi’s team attributed the blockage to supporters of Governor Hyacinth Alia.
The Governor’s spokesman, Sir Tersoo Kula, denied any involvement by the Governor. He suggested the incident may have been staged to damage the Governor’s reputation, or that it could have resulted from disagreements within Obi’s own support base.
Ortom has not issued a statement clarifying his position on the 2027 elections or on the vehicle in question. Attempts to reach him were unsuccessful at the time of reporting.
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