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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.
In a distressing incident in Zamfara State, bandits launched a vicious raid on a local community, abducting 20 women and girls. The attack took place early in the morning, catching residents off guard and instilling fear across the area.
According to reports, the bandits stormed the community, armed and determined, and forced their way into homes. The victims, mostly women and young girls, were taken away against their will, leaving families devastated and community members on high alert.
The local authorities and security forces have since responded to the incident, with efforts underway to rescue the abducted individuals and restore peace to the troubled area. However, the situation highlights the persistent security challenges facing Zamfara and surrounding regions, where banditry and kidnappings have become increasingly common.
Residents are appealing to the government for stronger security measures and urgent intervention to ensure the safe return of the victims. The community remains tense, awaiting further updates as the search and rescue operations continue.
This incident is yet another reminder of the urgent need for sustained action to curb banditry and restore safety to vulnerable communities in Nigeria. We at Phindon Magazine will keep monitoring the situation and provide updates as more information becomes available.
Our thoughts are with the families affected by this tragedy. Let’s continue to advocate for peace and security in our communities.
Human rights lawyer and Senior Advocate of Nigeria (SAN), Femi Falana, has issued a strong condemnation of the ongoing trend of renaming streets and public spaces in Lagos State without adherence to constitutional procedures or resident consultation. Falana describes these actions as unlawful and undemocratic.
In a recent statement, Falana specifically criticized the renaming of “Charley Boy Bus Stop” to “Baddo Bus Stop” by the former chairman of Bariga Local Council Development Area (LCDA), Mr. Kolade Alabi. He further cited instances of streets named after President Bola Tinubu, Governor Babajide Sanwo-Olu, and alleged street naming by industrialist Aliko Dangote in honor of the late Mr. Herbert Wigwe and President Tinubu.
Falana asserts that these actions contravene the 1999 Constitution (as amended), which grants local government councils the exclusive authority for naming and numbering streets. He referenced the legal precedent set in Chief Obidi Ume v. Abuja Metropolitan Management Council, which affirmed the Abuja Municipal Area Council’s sole authority over street naming within its jurisdiction.
Falana emphasized that the “usurpation of the exclusive functions of local governments on street naming by certain individuals and Local Council Development Areas in Lagos State cannot be justified under the Nigerian Constitution.” He highlighted the historical significance of the Charley Boy Bus Stop, arguing that its renaming without community consultation represents authoritarianism.
Furthermore, Falana expressed concern over the retention of colonial-era names while targeting names honoring Nigerians with positive societal contributions. He urged local government legislative arms to end arbitrary renaming practices, implement transparent processes with public hearings, and ensure community involvement in such decisions.
Falana concluded by stating that street names should not be altered arbitrarily to cater to the whims of political leaders or promote ethnic chauvinism, particularly in a cosmopolitan city like Lagos.
DAURA, Katsina State – In a gesture of respect and remembrance, Rabiu Musa Kwankwaso, the 2023 presidential candidate for the New Nigerian Peoples Party (NNPP), and former Senate President Bukola Saraki visited the gravesite of the late former President Muhammadu Buhari on Saturday.
Both Kwankwaso and Saraki offered their condolences to the family of the former Head of State in Daura. Images circulating on social media depicted the leaders in prayer at the gravesite.
Buhari, who led Nigeria from 2015 to 2023, passed away in London following a period of illness. His remains were interred in Daura earlier this week. The visits by Kwankwaso and Saraki mark the latest in a series of tributes paid to the late president.
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