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We’ll Finance N13trn Budget Deficit Through Borrowing, Says Finance Minister
The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, announced on Monday that the N13 trillion deficit in the N48 trillion 2025 budget would be financed through borrowing.
The minister said this while briefing State House Correspondents after the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
The total projected revenue for 2025 stands at N34.8 trillion, out of which the expenditure is projected at 47.9 trillion, an increase of 36.8 per cent from the 2024 estimate.
The deficit for 2025 is projected at 13.1 trillion, representing 3.89 per cent of GDP.
Edun said the budget was designed within the context of how far and how much progress that have been made under the leadership of President Bola Tinubu, in the last 18 months.
“And even looking at it from an international context, we, like governments around the world, are concerned about how to achieve fiscal sustainability, revenue to expenditure and borrowing that is balanced, to create an environment in which the economy can grow.
“Private sector-led economies such as ours and others, rely on investors to put down their money in various projects, increase productivity, create jobs, grow the economy and in the case of countries such as ours, bring the people out of poverty,” Edun said.
He explained that the Tinubu administration has put in place policies that ensure market pricing of petroleum products, foreign exchange, and efforts had been made to improve the pricing of electricity.
Edun said: “Just recently Shell announced a $5 billion investment, Total announced a multi-billion dollar investment just before that, and there are so many others expressing interest in investing in this country.
“So, progress has been made. There is greater fiscal sustainability and as I said, even the European countries are struggling to achieve some of these critical macroeconomic reforms.
“This budget is based on government spending in critical areas, but also more importantly, encouraging and making room for private sector investment.”
He further stated that the improvements in the economy were encouraging.
“For the first time in about 25 years we have domestic refinement of petrol, not just to produce petrol but also raw materials for industries across a whole range, from pharmaceuticals to building products to textiles,” the minister said.
NAN
The first hostages freed from Gaza under a long-awaited ceasefire agreement are back in Israel. The news sparked jubilant scenes in Tel Aviv where large crowds gathered ahead of their release.
The three freed Israeli hostages – the first of 33 to be released over the next six weeks – are Romi Gonen, Doron Steinbrecher and Emily Damari. They are said to be in good health and are receiving treatment at a medical center in Tel Aviv.
In exchange, 90 Palestinian prisoners and detainees are set to be released by Israel from Ofer Prison in the occupied West Bank.
The Israeli military withdrew from several locations in southern and northern Gaza after the truce began earlier on Sunday, an Israeli military official told CNN.
Displaced Gazans have started returning to their homes, while the aid trucks laden with much-needed supplies have crossed into Gaza. Here’s what we know about how the ceasefire deal will work.
Hamas, despite suffering devastating losses, is framing the Gaza ceasefire agreement as a victory for itself, and a failure for Israel.
One of Hamas’ main goals for taking some 250 people during its brazen October 7, 2023, attack on Israel was to secure the release of Palestinian prisoners held in Israeli jails. As Israel pounded Gaza in response, Hamas vowed not to return the hostages until Israel withdrew its forces from the enclave, permanently ended the war, and allowed for rebuilding.
Source: CNN
The leader of UK’s Conservative Party, Kemi Badenoch, has said she doesn’t want Britain to be like Nigeria that is plagued by “terrible governments.”
Speaking on Thursday at an event organised by Onward, a British think tank producing research on economic and social issues, Badenoch expressed fears that Britain may become like Nigeria if the system is not reformed.
“And why does this matter so much to me? It’s because I know what it is like to have something and then to lose it,” Badenoch told the audience.
“I don’t want Britain to lose what it has.
“I grew up in a poor country and watched my relatively wealthy family become poorer and poorer, despite working harder and harder as their money disappeared with inflation.
“I came back to the UK aged 16 with my father’s last £100 in the hope of a better life.
“So I have lived with the consequences of terrible governments that destroy lives, and I never, ever want it to happen here.”
Badenoch has been in the news of late after she dissociated herself from Nigeria, saying she has nothing to do with the Islamic northern region.
She also accused the Nigeria Police of robbing citizens instead of protecting them.
She said: “My experience with the Nigeria Police was very negative. Coming to the UK, my experience with the British Police was very positive.
“The police in Nigeria will rob us (laughter). When people say I have this bad experience with the police because I’m black, I say well…I remember the police stole my brother’s shoe and his watch.”
President Bola Tinubu has said Nigeria is ready to work with other nations to build a resilient, equitable, and sustainable world for all.
Tinubu spoke in Abu Dhabi, United Arab Emirates, on the second day of the 2025 Abu Dhabi Sustainability Week.
The president spoke on the topic, “From Climate Imperatives into Economic Prosperity: Bridging Africa with the Global Energy Future.”
He declared that no single nation could walk the road to sustainability alone, stressing that global interconnectedness demand collective action, knowledge sharing, and mutual support.
According to Tinubu, “The fight against climate change is not merely an environmental necessity but a global economic opportunity to reshape the trajectory of our continent and the global energy landscape.
“As leaders, stakeholders and citizens of our planet, we stand at a critical juncture in human history. To succeed, we must innovate, collaborate and act decisively as one global community.”
Reiterating his administration’s commitment to reducing carbon emissions, Tinubu assured the audience that the Nigerian government had developed actionable programmes in line with global expectations, bearing in mind Nigeria’s economic and political expectations.
He said, “We have embraced a vision of sustainability that aligns with global aspirations while addressing local realities. Our efforts are anchored on three pillars: Energy Transition, Climate Resilience, and Sustainable Development.
“My administration recognises the importance of reducing carbon emissions and a just transition to clean and renewable energy, promoting environmental sustainability and economic growth.
