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FEC approves N47.9trn 2025 Budget

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The Federal Executive Council has given final approval to the 2025 budget to be presented by President Bola Tinubu.

Speaking to State House correspondent shortly after the FEC meeting chaired by President Tinubu at the Presidential Villa on Monday, the Minister of Budget and Economic Planning, Atiku Bagudu said the total 2025 expenditure is projected at forty-seven trillion, nine hundred and sixty billion naira which is an increase of 36.8 per cent from the 2024 estimate.

He said the 2025 Appropriation Bill is pegged on an Oil price benchmark of 75 dollar per barrel, oil production of 2.06 million barrels per day and exchange rate of N1,400 to a dollar.

Bagudu said the total projected revenue for 2025 budget stands at thirty-four trillion, eight hundred and twenty billion naira.

The Minister said that the deficit for the 2025 budget is projected at 13.13 representing 3.89 per cent of the GDP, noting that the Tinubu administration had inherited a deficit of 6.1 trillion naira from the 2023 budget.

Meanwhile, there are indications President Bola Tinubu may not present the 2025 budget to the National Assembly on Tuesday December 17 as earlier scheduled.

The Minister of Information, Mohammed Idris, who cleared the air on the issue while speaking to State House Correspondents said both the Executive arm and the leadership of NASS are still engaging on the day for presentation of the budget.

According to him, it is the prerogative of the National Assembly to give day for presentation of Appropriation Bill.

However, Idris noted that there is an ongoing engagement with NASS and that it is most possible the date for the presentation of the 2025 Appropriation Bill may be Wednesday.

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President Tinubu was initially billed to present the document to NASS on Tuesday.

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Nigeria, Others Get Hit As U.N. To Cut 20% Staff Capacity

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The United Nations Office for the Coordination of Humanitarian Affairs has listed Nigeria and nine other countries as countries to be affected as it will cut 20% of its staff due to a shortfall of $58 million.

The U.N. aid chief Tom Fletcher revealed this as he briefed staff after OCHA’s largest donor – the United States – cut funding.

“OCHA currently has a workforce of around 2,600 staff in over 60 countries. The funding shortfall means we are looking to regroup to an organization of around 2,100 staff in fewer locations,” Fletcher wrote in a note to staff on Thursday, as reported by Reuters.

OCHA works to mobilise aid, share information, support aid efforts, and advocate for those in need during a crisis. It relies heavily on voluntary contributions.

“The U.S. alone has been the largest humanitarian donor for decades, and the biggest contributor to OCHA’s programme budget,” Fletcher said, noting that its annual contribution of $63 million would have accounted for 20% of OCHA’s extrabudgetary resources in 2025.

Since returning to office in January for a second term, U.S. President Donald Trump’s administration has slashed billions of dollars in foreign assistance in a review that aimed to ensure programs align with his “America First” foreign policy.

Fletcher said OCHA would “focus more of our resources in the countries where we work,” but would work in fewer places.

“OCHA will scale back our presence and operations in Cameroon, Colombia, Eritrea, Iraq, Libya, Nigeria, Pakistan, Gaziantep (in Turkey) and Zimbabwe,” Fletcher said.

“As we all know, these exercises are driven by funding cuts announced by Member States and not by a reduction of needs,” he said. “Humanitarian needs are on the rise and have perhaps never been higher, driven by conflicts, climate crises, disease, and the lack of respect of international humanitarian law.”

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U.N. Secretary-General Antonio Guterres last month announced a new initiative to improve efficiency and cut costs as the world body turns 80 this year amid a cash crisis.

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Explosion Kills Seven, Injures Several Commuters In Borno

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The explosion followed an Improvised Explosive Device (IED) planted by Boko Haram terrorists on the dilapidated and deserted road which passes through the Sambisa forest.

According to several sources, the explosion happened while cars on a scheduled military-escorted convoy were transporting passengers from Damboa to Maiduguri on Saturday leaving several others with varying degrees of injuries.

The Maiduguri-Damboa Road links Maiduguri to several local government areas in Southern Borno and has been a hotspot for Boko Haram terrorists for over a decade.

The road was closed to vehicles and commuters until the administration of Babagana Zulum opened the road for passengers to travel to Damboa, Chibok and other LGAs in southern Borno with the help of a military convoy serving as security cover for the commuters.

The convoy traverses the road two times a week after scanning for IED by the military and this has been going on for over two years now.

The injured persons whose numbers are yet to be specified have been conveyed to a hospital in Maiduguri for prompt medical attention.

ALSO READ:  FRSC confirms 25 deaths in Kaduna fatal autocrash
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Nigeria’s oil reserves stand at 37.28bn barrels, gas hit 210.54 tcf – NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025.

The commission also said that Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf).

Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, who stated this said that oil and condensate reserves stood at 31.44bb and 5.84bb respectively, amounting to a total of 37.28 bb.

The News Agency of Nigeria (NAN) reports that the figure is against the 37.50 bb of proven crude oil reserves and proven natural gas reserves 209.26 tcf recorded in 2024.

Komolafe said the Associated Gas and Non-Associated Gas reserves stood at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.

According to Komolafe, the commission in keeping with its mandate as enshrined in the Petroleum Industry Act (PIA 2021), is committed to driving the efficiency and effectiveness of the upstream oil and gas sector.

He assured enhancing the growth of oil and gas reserves towards ensuring sustainable increase in production for shared prosperity, as articulated in the Regulatory Action Plan for 2024 and the Near Term.

“Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2025, as follows:

“Crude Oil and Condensate reserves stands at 31.44bb and 5.84bb respectively, amounting to a total of 37.28bb.

“Associated Gas and Non-Associated Gas reserves stands at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.

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“The Reserves Life Index is 64 Years and 93 Years for Oil and Gas, respectively.

“In view of the above, and in furtherance of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r), and other powers enabling me in this respect, I, Engr. Gbenga Komolafe, CCE, hereby declare the total oil and condensate reserves of 37.28bb.

“And total gas reserves of 210.54 tcf as the official National Petroleum Reserves Position as of Jan. 1, 2025,’’ he said. (NAN)

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