Headlines
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
Headlines
Phone Hacking Charge: El-Rufai to Remain in Custody as Court Turns Down Bail Variation Request
The embattled former Governor of Kaduna State, Nasir Ahmad El-Rufai, has lost his battle to get the bail conditions imposed on him by the Federal High Court in Abuja varied.
Justice Joyce Abdulmalik, on Tuesday, refused to relax the bail conditions for the former governor while delivering a ruling in an application by El-Rufai.
El-Rufai, through his lawyer Paul Erokoro (SAN), had applied for a variation of some of the bail conditions earlier granted him, describing them as harsh, stringent, outlandish and difficult to meet.
The senior lawyer argued that the bail terms are too stringent, particularly the requirements for level 17 civil servants with properties in Maitama or Asokoro, as well as verification and attestation letters from the Kaduna State Traditional Council.
However, the prosecution, Oluwole Aladedoye (SAN), opposed the request, insisting that qualified public officers who meet the conditions exist, urging the court to refuse the application.
Delivering the ruling, Justice Joyce Abdulmalik declined the request to vary the bail conditions, holding that there are civil servants who own properties at the said location.
At Tuesday’s proceedings, the Department of State Services (DSS) closed its case against the former governor in the ongoing alleged wiretapping trial before the Federal High Court in Abuja.
At the resumed hearing, prosecuting counsel, Oluwole Aladedoye, informed the court that the prosecution would not be calling further witnesses in the matter, prompting the formal closure of the DSS case.
Following the development, defence counsel, Paul Erokoro told the court that the defence intends to file a no-case submission, arguing that the prosecution has failed to establish sufficient evidence against the former governor.
The defence subsequently sought two weeks to file the application, while the prosecution requested two weeks to respond and do the necessary filing.
Justice Joyce Abdulmalik then fixed September 22 for hearing of the no case submission and the continuation of proceedings.
British Prime Minister and Labour Party leader Keir Starmer on Monday announced his resignation, bringing an abrupt end to a premiership that began with Labour’s landslide general election victory in July 2024.
Starmer made the announcement in a statement outside 10 Downing Street, where he reflected on his time in office and defended his record in government.
“Every decision I have made has been about putting the country I love first,” Starmer said as he confirmed he would step down as both prime minister and leader of the governing Labour Party.
The resignation marks a dramatic political development in the United Kingdom, coming barely two years after Starmer led Labour back to power following more than a decade in opposition.
His departure is expected to trigger a swift leadership transition within the party at a time of heightened political uncertainty.
Addressing supporters gathered outside Downing Street, Starmer described entering No. 10 in 2024 as “the proudest moment” of his life, saying he entered politics with the goal of improving the lives of millions of people.
The outgoing prime minister also highlighted what he considered some of his key achievements, including rebuilding the Labour Party after years of internal divisions and restoring public confidence in the party’s economic and national security credentials.
Starmer said he inherited a Labour Party that was “politically, financially and morally bankrupt” and faced repeated predictions that it was finished as a political force.
He argued that his leadership helped transform the party, including efforts to tackle anti-Semitism and reposition Labour as a credible alternative government.
His resignation has immediately intensified speculation over his successor. Attention has turned to Andy Burnham, who recently won the Makerfield by-election and is due to be sworn in as a Member of Parliament.
Political observers and Labour insiders believe Burnham could emerge as the overwhelming favourite to take over the party leadership. Some party members are already discussing the possibility of a “coronation” process in which Burnham becomes the sole candidate, avoiding a prolonged leadership contest.
If that scenario unfolds, Labour could have a new leader and prime minister in place by September, around the time of the party’s annual conference.
The Independent National Electoral Commission (INEC) has declared the All Progressives Congress (APC) candidate, Biodun Oyebanji, winner of the 2026 Ekiti State governorship election.
Oyebanji secured a landslide victory, polling 319,224 votes to defeat his closest challenger, the Peoples Democratic Party (PDP) candidate, Dr. Wole Oluyede, who garnered 40,543 votes. The African Democratic Congress (ADC) candidate, Dare Bejide, came a distant third with 12,872 votes.
The election, held across all 16 local government areas of the state, was overshadowed by reports of irregularities and widespread allegations of vote buying, drawing strong condemnation from observers.
The official results were announced on Sunday morning by the Chief Returning Officer, Professor Adenike Oladiji, who declared Oyebanji duly elected after meeting the constitutional requirements.
In her declaration, Professor Oladiji stated: “I, Professor Adenike Oladiji, hereby certify that I am the Returning Officer for the Ekiti State Governorship Election held on June 20, 2026, and that the election was conducted in compliance with the provisions of the law. Biodun Abayomi Oyebanji of the All Progressives Congress, having satisfied the requirements of the law and scored the highest number of valid votes cast, is hereby declared the winner and returned elected.”
