News
Reps express satisfaction with Tinubu’s N47.9 trn 2025 budget
Some members of the House of Representatives have expressed satisfaction with the 2025 Appropriation Bill of N47.9 trillion presented to the joint session of the National Assembly by President Bola Tinubu on Wednesday.
The News Agency of Nigeria (NAN) reports that in the 2025 budget, the sum of N4.90 trillion was allocated to Defence, N4.06 trillion to infrastructure, N2.48 trillion to health and N3.52 trillion to education, among others.
The lawmakers, in their separate reactions after the presentation of the budget, described the budget as a ‘huge improvement’ on the 2024 budget.
The Chairman, House of Representatives Committee on Defence, Rep. Benson Babajimi (APC-Lagos), said that if well-implemented, the budget would meet the expectations of Nigerians.
“It very ambitious, a huge improvement from last year’s budget. It shows the president is bold and a reformist.
“He wants to connect Nigeria with rail and roads; the Sokoto-Badagry expressway project is a game changer; that of Lagos-Calabar is a game changer as well.
“There is a huge improvement in security, budget, health and education. That shows somebody who has a mission and a vision. The renewed hope infrastructure fund he spoke about also will take us to the next level.
“So we believe that it is a good budget, and he has prayed for cooperation from the national assembly.
“To ensure that, the Senate President, Godswill Akpabio, has emphatically said that we will ensure that the budget is ruthlessly implemented; so we are hoping for a renewal of hope in 2025,” he said.
Rep. Abubakar Fulata (APC-Jigawa) also said that all the assumptions in the budget were very satisfactory, except a few areas.
Fulata said that the over 15 trillion set aside for debt servicing out of the entire sum was not very impressive.
He stated that the current price of crude oil was hovering between $73 and $74 per barrel, with the budget predicated on $15 dollars per barrel
“Already, we have a deficit of about $1.5 in each barrel. So I hope that we will be able to raise the money we are expecting to realise.
“We also hope that there will be peace in the Niger Delta so that we will be able to get the 2.06 million barrels per day,” he said.
On his part, Rep. Idem Unyime (PDP-Akwa Ibom) said that the January to December budget circle would not be realised.
He said that though the budget was presented within the stipulated time, the assembly could only consider it after the Christmas holidays.
Unyime said that the assembly would work on the budget and ensure its passage before the end of January 2025. (NAN)
By Abubakar Yunusa
Dangote Petroleum Refinery has slashed its ex-depot price of premium motor spirit (PMS), also known as petrol, to N825.
Esan Sunday, head of media relations and branding communications at Dangote Group, announced the reduction in a statement on Wednesday.
The development comes more than three weeks after the refinery reduced petrol price from N950 per litre to N890.
The new price means that the refinery has significantly cut the ex-depot price by N125 from N950 per litre in January.
“This recent price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos,” the statement reads.
“This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.
“It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians.
“This marks the second reduction of PMS prices in February 2025, following a previous decrease of N60 earlier in the month.
“Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.”
The oil firm refinery also said previous reductions have positively impacted the overall cost of living, benefiting various sectors of the economy.
Dangote refinery added that its high-quality products, which have become a favourite in both domestic and international markets, will remain available nationwide, particularly through its key partners — MRS Holdings, AP (Ardova Petroleum), and Heyden — at market-friendly rates.
The organisation assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand and a surplus for export, thereby boosting the country’s foreign exchange (FX) earnings.
The refinery also called on marketers to support the initiative, ensuring that Nigerians remain the primary beneficiaries of its effort
Abdullahi Ganduje, the national chairman of the All Progressives Congress (APC), says the ruling party had a debt of N8.9 billion when he assumed office.
Ganduje took over from Abdullahi Adamu, who was the national chairman of the APC until his resignation in July 2023.
Speaking during the APC’s NEC meeting in Abuja on Wednesday, the former Kano governor said the expenses were incurred during pre-election legal battles, election cases, and appeals for legislative, governorship, and presidential elections.
“The current NWC inherited debts and legal liabilities to the total tune of N8,987,874,663, arising from various legal engagements,” Ganduje said.
However, the APC chairman said Kareem Kana, the national legal adviser, has been working to reduce the debt burden.
“We still passionately appeal to the national executive committee to intervene accordingly,” he said.
Earlier today, the chairman said the party is making efforts to mend internal divisions and bring aggrieved members back into the fold.
Ganduje explained that the APC had initiated high-level discussions among party leaders and stakeholders to address lingering disagreements and strengthen party unity.
The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of Paul and Peter Okoye of the defunct music group, P-Square, on charges of laundering ₦1.38billion, $ 1 million and £34,537.59.
Jude was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye of the Federal High Court, Lagos, on a seven-count charge
One of the counts read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another count read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Lid to the naira equivalent and remitted into various bank accounts with the intention of concealing that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
He pleaded “not guilty” to the charges.
In view of his plea, the prosecution counsel, Larry Peters Aso, applied for a date for hearing as well as for the remand of the defendant in the correctional facility pending trial.
The defendant’s counsel, Inibehe Effiong, informed the court of a pending bail application. He asked for a short date for the hearing. Effiong also asked that the defendant be remanded in the EFCC’s custody pending the hearing of the application.
Aso objected to the request for the defendant to be remanded in the EFCC custody. He argued that the EFCC custody was already congested with suspects awaiting arraignment. He urged the court to remand the defendant to the correctional facility since he had taken his plea.
Justice Owoeye adjourned the matter till February 28 for bail hearing and April 14 for trial.
He also ordered that the defendant be remanded in the Ikoyi correctional facility.