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We’ll Finance N13trn Budget Deficit Through Borrowing, Says Finance Minister

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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

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NAF Releases Identities of Ondo Plane Crash Victims

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The Nigerian Air Force (NAF) has released the identities of the people who died in the crash involving an NAF ATR 42 aircraft in the Igbokoda area of Ondo State, on Monday.

The aircraft, NAF 931, was carrying five crew members and 20 passengers when it crashed during a routine mission from Benin to Lagos.

In a statement, Air Commodore Ehimen Ejodame, NAF spokesperson, said no survivor had been found following the accident, which prompted the immediate activation of search-and-rescue operations in coordination with relevant authorities.

Those killed include five crew members: Squadron Leader MI Aburime, the flight captain; Squadron Leader AP Man-Ugwueje, co-pilot; Flight Lieutenant IS Bako, co-pilot; Warrant Officer Abubakar A, aircraft technician; and Corporal Uguru HC, aircraft technician.

The 20 passengers were identified as Flight Lieutenant TL Lazarus; Flight Lieutenant M Akinloye; Flying Officer IM Adeshina; Master Warrant Officer Onwuka F; Master Warrant Officer Matini BA; Warrant Officer Nuhu FS; Flight Sergeant James RB; Flight Sergeant Mohammed AI; Sergeant Ani AE; Sergeant Izibenikien SI; Sergeant Alafuka C; Sergeant Mbadugha AN; Lance Corporal Ugwuba FC; Lance Corporal Eledan GE; Mrs Ezeh Nneka; Godstmine Tarabina; Joy Micheal; Sunday Micheal; Ukeme David; and Gideon Omotola.

The Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, expressed profound condolences to the families, loved ones and colleagues of those who lost their lives in the crash.

Aneke described the incident as a deeply painful moment for the Nigerian Air Force and the country, while assuring the bereaved families of the Service’s full support during the difficult period.

He has also directed a comprehensive investigation to establish the circumstances surrounding the crash.

Meanwhile, a condolence register has been opened at the Headquarters of the Nigerian Air Force in Abuja for senior government officials, members of the diplomatic corps, heads of security agencies and other well-wishers wishing to pay their respects and sympathise with the families of the deceased and the NAF.

The statement was signed by the Director of Public Relations and Information, Headquarters Nigerian Air Force.

Daily Trust

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Tinubu Declares Three Days National Mourning over Ondo Military Aircraft Crash

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President Bola Tinubu has declared a three-day national mourning over the Ondo military aircraft crash and is also calling for a probe into the incident.

He also directed that flags should be flown at half-mast throughout the country as a mark of respect to the officers.

In a statement on Monday, presidential spokesman Bayo Onanuga said Tinubu “extends his deepest condolences to the family of the 25 passengers and seven crew members involved, the Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, and all officers, airmen and airwomen of the Nigerian Air Force.”

A military source confirmed to Channels Television that all 32 persons on board the aircraft died in the crash.

The passenger aircraft was on a “routine mission” from Benin City in southern Nigeria to the economic hub of Lagos when it went down at Igbokoda in Ondo State shortly after 9:00 am (0800 GMT), the President and the Air Force said.

“This is a painful moment for our Armed Forces and for the entire nation. Our Air Force personnel put their lives on the line every day to secure Nigeria. Their sacrifice will never be forgotten,” Tinubu was quoted as saying.

“I commend the Nigerian Air Force for activating an immediate Search and Rescue operation following the accident. I pray for the repose of the souls of the gallant officers and for Almighty God to grant their families and the Nigerian Air Force the fortitude to bear the unfortunate loss.

“I assure the Nigerian Air Force of the continued support of our administration as they continue their vital role in securing our nation. I also commend the swift response of first responders and the Ondo State Government at the crash site,” the president said.

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CAF Confirms Lagos As Host City for 2026 Awards

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The Confederation of African Football (CAF) has confirmed that the 2026 edition of its annual awards ceremony will take place in Lagos, Nigeria, on December 7.

The decision was reached at a virtual meeting of the CAF Executive Committee (EXCO), chaired by the organisation’s president, Patrice Motsepe, on Friday, 2 October.

The meeting also approved the CAF Competitions Calendar for 2026–2030, alongside amendments to the regulations governing the continent’s interclub competitions.

Nigeria will host another major CAF event, the organisation’s Ordinary General Assembly, on 21 November.

The 2026 CAF Awards will bring together leading footballers, coaches, clubs and administrators to celebrate outstanding performances in African football.

The ceremony recognises achievements across men’s and women’s football, including the Player of the Year, Coach of the Year, Goalkeeper of the Year, Young Player of the Year and Club of the Year categories.

Nigeria has enjoyed considerable success at the awards, particularly in the men’s and women’s Player of the Year categories.

Ademola Lookman won the men’s award in 2024, following Victor Osimhen’s triumph in 2023, making them the first Nigerian pair to secure consecutive victories in the category since Nwankwo Kanu and Victor Ikpeba achieved the feat in 1996 and 1997, respectively.

The 2024 ceremony, held in Marrakech, Morocco, also saw Nigeria’s Super Falcons named Women’s National Team of the Year, while goalkeeper Chiamaka Nnadozie received the Women’s Goalkeeper of the Year award.

At the 2025 edition held in Rabat, Morocco dominated the ceremony during a historic night in Rabat, with Achraf Hakimi (Morocco/Paris Saint-Germain) and Ghizlane Chebbak (Morocco/Al Hilal) winning the Men’s and Women’s Player of the Year awards, respectively.

Yassine Bounou (Morocco/Al Hilal) and Nigeria’s Chiamaka Nnadozie (Brighton & Hove Albion) claimed the Men’s and Women’s Goalkeeper of the Year honours, and Othmane Maamma (Morocco/Watford) and Doha El Madani (Morocco/AS FAR) were named Men’s and Women’s Young Players of the Year, respectively.

Beyond the awards announcement, the EXCO approved significant changes to the regulations governing the CAF Champions League and CAF Confederation Cup.

Under the revised rules, players will be permitted to represent more than one club during a single CAF interclub season, a change that could provide clubs with greater flexibility in managing their squads.

The committee also approved an increase in the number of players clubs can register, setting the maximum at 40 players at any point during the season.

Clubs will additionally be allowed to replace four players during the final registration window, provided those players have not featured in any CAF interclub match during the season.

Another significant amendment concerns disciplinary proceedings. All disciplinary matters will now be referred to the CAF Disciplinary Board, removing that responsibility from the Interclub Committee.

The changes are expected to influence how clubs approach player recruitment, registration and squad management in continental competitions.

The EXCO also approved the dates for the 2026 CAF Women’s Champions League, with the final tournament scheduled to run from 1 to 15 November.

The competition, which brings together the leading women’s club sides from across Africa, has become a major platform for the development and visibility of women’s football on the continent.

Nigeria’s Edo Queen’s participation in this year’s competition is presently being challenged following the annulment of their victory at the WAFU B tournament after a protest by Ampem Dakoa.

In another decision, CAF confirmed that Senegal will host the 2026 Beach Soccer Africa Cup of Nations from 28 November to 6 December.

The West African country, which won the previous edition, will host the tournament as it seeks to defend its continental title.

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