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Understanding the Significance of Nigeria’s 2025 Budget: Insights from Adetilewa Adebajo.
In a recent interview with Arise Television, Adetilewa Adebajo, a prominent Nigerian financial expert and CEO of CFG Advisory, provided critical insights into the newly signed 2025 budget, amounting to N54.99 trillion. This budget, recently approved by both chambers of the National Assembly and signed into law by President Bola Ahmed Tinubu, represents a substantial increase from the previous year’s N27.5 trillion allocation.
Adebajo emphasized a particularly noteworthy aspect of the budget: the non-allocation of funds for the fuel subsidy, a decision that marks a significant departure from previous fiscal strategies. In 2024, the fuel subsidy consumed approximately N4 trillion, creating substantial fiscal pressure. Adebajo highlighted that this shift is crucial, stating, “For the first time in a long while, no funds were allocated to fuel subsidy. I think this is something very important.”
The 2025 budget also outlines key economic parameters, including an exchange rate benchmark of N1500 per dollar, an interest rate set at 15 percent, and a crude oil production target of 2.06 million barrels per day at a benchmark price of $75 per barrel. These figures reflect the government’s intent to stabilize the economy and promote sustainable growth.
As Nigeria navigates its economic challenges, Adebajo’s insights underscore the importance of fiscal reform and the potential for a more resilient economic framework, free from the burdens of extensive subsidy allocations. The implications of this budget will undoubtedly shape Nigeria’s financial landscape in the coming year.
Abuja, Nigeria – Chief of Defence Staff (CDS), General Christopher Musa, has accused certain Benue State residents of aiding perpetrators of the recent Yelwata community attack, which resulted in numerous fatalities.
During a press briefing, General Musa stated that the assailants received shelter, sustenance, and intelligence from local individuals, including the location of an Internally Displaced Persons (IDP) camp. He expressed concern over the lack of prior warnings received by security forces.
President Bola Tinubu has mandated the full mobilization of Nigerian security forces to apprehend those responsible and ensure justice. General Musa urged communities to report suspicious activities and emphasized that security is a collective responsibility.
Furthermore, the CDS called on the Federal Government to address Nigeria’s porous borders, citing the influx of arms and fighters from conflict zones as a major security risk. He suggested studying Pakistan’s border security model.
General Musa conveyed condolences to the victims and reaffirmed the military’s commitment to restoring peace through a “Whole-of-Society” approach.
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has committed to facilitating the relocation of Apo mechanic traders and dealers to the Wassa district. This announcement was made during the inauguration of a committee tasked with overseeing the relocation process.
The committee, chaired by the Minister himself, includes key FCT officials. Wike acknowledged the failures of past administrations to fulfill similar promises but assured that President Bola Tinubu’s administration is dedicated to completing the relocation.
A site visit to Wassa with the Apo mechanics leaders has been scheduled for June 27th. Minister Wike emphasized the importance of unity among the traders and dealers, assuring them that the administration aims to ensure their satisfaction at the new site. He stated the commitment of President Tinubu’s administration to fulfill this promise.
Niger has announced plans to nationalize the Somair uranium mine, currently operated by French nuclear firm Orano. This decision marks a further departure from France, Niger’s former colonial power, and a potential realignment with Russia. The military government, in power since a 2023 coup, accuses Orano of unfairly benefiting from the mine’s output since its launch in 1971. Orano, which holds a 63% stake in Somair, disputes the allegations and has threatened legal action, citing a “systematic policy of stripping mining assets.” This move follows Niger’s earlier removal of Orano’s operational control over key mines in the country. The nationalization reflects a broader trend in West Africa, with Mali and Burkina Faso also pursuing similar policies under military rule. The situation is further complicated by existing arbitration processes between Orano and Niger, including a recent lawsuit filed by Orano.
CDS Alleges Complicity in Yelwata Massacre, Calls for Border Security Overhaul.
FCT Minister Pledges to Relocate Apo Mechanics to Wassa District.
