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FULL TEXT Of Tinubu’s Speech At 2025 Budget Presentation To National Assembly

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In fulfilment of one of my constitutional duties and with an unyielding commitment to rebuilding Nigeria towards ensuring that we remain steadfast on the journey to a prosperous future, I hereby present the 2025 Budget to the Joint Session of the 10th National Assembly.

On this day, before this hallowed chamber, I present to you the 2025 Budget at a time when our country is at a crucial point in its development trajectory.

The 2025 Budget Proposal again reinforces our administration’s roadmap to secure peace, prosperity, and hope for a greater future for our beloved nation. This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.

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The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway. It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness. I thank every Nigerian for embarking on this journey of REFORMS and TRANSFORMATION with us.

The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy. That there have been difficulties and sacrifices. They will not be in vain. And we must keep faith with the process to arrive at our collectively desired destination.

We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.

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The 2025 budget that I present today is one of restoration. It seeks to consolidate the key policies we have instituted to restructure our economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get our manufacturing sector humming again and ultimately increase the competitiveness of our economy.

We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.

The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory.

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READ ALSO:JUST IN: Tinubu Presents N49.7tn 2025 Restoration Budget

Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly, I report today that our economy is responding positively to stimulus. Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.

The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.

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Global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.

Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.

Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.

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Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.

These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.

I am happy to inform this National Assembly that our administration attained remarkable milestones in implementing the 2024 Budget. In 2024, we achieved:

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14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter.

21.60 trillion naira in expenditure, representing 85 percent of our target, also in the third quarter.

While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt.

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READ ALSO: JUST IN: Tinubu Arrives N’Assembly To Present 2025 Budget

The 2025 Budget seeks to, restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction and promote equitable income distribution and human capital development.

Our budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.

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The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.

In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget. Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing. A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.

This is an ambitious but necessary budget to secure our future. The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).

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These projections are based on the following observations: reduced importation of petroleum products alongside increased export of finished petroleum products, bumper harvests, driven by enhanced security, reducing reliance on food imports, increased foreign exchange inflows through Foreign Portfolio Investments and higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.

Our budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.

Highlights of the 2025 Budget Allocations; Defence and Security: N4.91 trillion; Infrastructure: N4.06 trillion; Health: N2.48 trillion and Education: N3.52 trillion

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As we embark on implementing the 2025 Budget, our steps are deliberate, our decisions resolute, and our priorities are clear. This budget reflects a renewed commitment to strengthening the foundation of a robust economy, while addressing critical sectors essential for the growth and development we envision.

READ ALSO: JUST IN: FEC Approves 2025 Budget Proposal Eith N47.96trn Expenditure Plan

Security is the foundation of all progress. We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory.

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The government will continue to provide our security forces with the modern tools and technology they need to keep us safe. Boosting the morale of our men and women in the armed forces will remain our government’s top priority.

The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation. Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty. Our people should never live in fear—whether on their farmlands, highways or cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities.

When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy. Under this programme, we are accelerating investments in energy, transport, and public works. By leveraging private capital, we hope to complete key projects that drive growth and create jobs. We have already embarked on key legacy projects: Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output.

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Our people are our greatest resource. That is why we are making record investments in education, healthcare, and social services:

Our administration has so far disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). In the 2025 Budget, we have made provision for 826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions.

We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 Budget and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians. This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.

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Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We are supporting our farmers with funding and inputs to reignite productivity. Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.

Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly and fellow Nigerians, our 2025 budget proposal is not just another statement on projected government revenue and expenditures. It is one that calls for action.

Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them. We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.

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The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned on us as a nation.

As your President, I remain committed and resolute to continue to lead the charge.

This 2025 budget proposal lays the foundation for peace, prosperity, and much-needed hope. It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved.

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It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly the 2025 Budget of the Federal Government of Nigeria titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity.

May God bless our Armed Forces and keep them safe. May God bless the Federal Republic of Nigeria.

Thank you.

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Bola Ahmed Tinubu, GCFR
President, Commander-in-Chief of The Armed Forces,
Federal Republic of Nigeria

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Ex-soldiers Fume Over Lifetime Benefits For Sacked Service Chiefs

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The sacked Chief of Defence Staff, General Christopher Musa, and two other service chiefs, Chief of Air Staff, Air Marshal Hasan Abubakar, and Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, are set to receive generous retirement benefits.

The benefits include bulletproof vehicles, domestic aides, and lifetime medical care.

Their exit follows President Bola Tinubu’s appointment of new service chiefs on Friday.

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General Olufemi Oluyede has been named the new Chief of Defence Staff, while Major-General W. Shaibu takes over as Chief of Army Staff.

Air Vice Marshal Sunday Kelvin Aneke becomes the new Chief of Air Staff, and Rear Admiral I. Abbas the Chief of Naval Staff. The Chief of Defence Intelligence, Major-General E.A.P. Undiendeye, retains his position.

The President’s Special Adviser on Media and Public Communication, Sunday Dare, said in a statement on Friday that the removal of the service chiefs was in furtherance of the Federal Government’s ongoing efforts to strengthen Nigeria’s national security architecture.

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According to the Harmonised Terms and Conditions of Service for Officers and Enlisted Personnel in the Nigerian Armed Forces, signed by President Tinubu on December 14, 2024, the service chiefs are entitled to substantial retirement packages upon disengagement.

The document stipulates that each retiring service chief will receive a bulletproof SUV or an equivalent vehicle, to be maintained and replaced every four years by the military.

They are also entitled to a Peugeot 508 or an equivalent backup vehicle.

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Beyond the vehicles, the package includes five domestic aides — two service cooks, two stewards, and one civilian gardener — along with an aide-de-camp or security officer, and a personal assistant or special assistant.

They will also retain three service drivers, a service orderly, and a standard guard unit comprising nine soldiers.

READ ALSO:JUST IN: Tinubu Sacks CDS Musa, Names New Army Boss

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The benefits extend to free medical treatment both in Nigeria and abroad, as well as the retention of personal firearms to be retrieved upon their demise.

However, while officers of lieutenant-general rank and equivalents are entitled to international and local medical care worth up to $20,000 annually, the benefits for the service chiefs, though not stated in the document, are believed to be considerably higher.

The HTCOS reads, “Retirement benefits for CDS and Service Chiefs: The following benefits shall be applicable: one bulletproof SUV or equivalent vehicle to be maintained by the Service and to be replaced every four years. One Peugeot 508 or equivalent backup vehicle.

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‘’Retention of all military uniforms and accoutrement to be worn for appropriate ceremonies; five domestic aides (two service cooks, two stewards, and one civilian gardener); one Aide-de-Camp/security officer; one Special Assistant (Lt/Capt or equivalents) or one Personal Assistant (Warrant Officer or equivalents); standard guard (nine soldiers).

“Three service drivers; one service orderly; escorts (to be provided by appropriate military units/formation as the need arises); retention of personal firearms (on his demise, the personal firearm(s) shall be retrieved by the relevant service); and free medical cover in Nigeria and abroad.”

However, the policy specifies that such entitlements apply only if the retired officers have not accepted any other appointment funded from public resources — except when such an appointment is made by the President of the Federal Republic of Nigeria.

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In such cases, the officers, according to the document, will only receive allowances commensurate with the new role rather than a full salary.

Retired soldiers protest lavish perks

Reacting, some retired soldiers decried what they described as the luxurious benefits and entitlements reserved for service chiefs and senior military officers.

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They lamented that junior personnel continued to suffer neglect and unpaid entitlements despite years of service to the nation.

READ ALSO:BREAKING: Tinubu swears In New INEC Chairman, Amupitan

The retired officers expressed frustration over the disparity in welfare and treatment between senior and junior ranks within the military.

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One of the leaders of the discharged soldiers demanding their owed entitlements, Sgt. Zaki Williams, expressed frustration over the entitlements reserved for the service chiefs.

Speaking in an emotional tone, Williams, who claimed to be speaking for more than 700 soldiers in his group, said many retired non-commissioned officers had been abandoned despite dedicating their lives to defending the country.

He said, “I don’t really understand how our people in Nigeria do things. The people at the top always do things to favour only themselves. They don’t care about the poor or the junior ones who sacrificed everything.”

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The retired sergeant recalled that government officials had made several promises to improve their welfare, but none had been fulfilled.

“Since the day they made those promises to us, we went back home and didn’t hear anything again. Everything just ended there. We’ve been waiting till now, but nothing has happened,” he added.

Williams said the situation had left many of his colleagues demoralised and divided over whether to continue pressing for their entitlements.

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Some of us said we should protest again, but others refused. We told them that day that we were not going for another protest. If the government wants to help us, they should help us. If not, we’re done,” he said.

He also accused senior military officers of frustrating efforts by the defence ministry to address the concerns of retired personnel.

According to Williams, life after service has been extremely difficult for most of them who retired voluntarily or were discharged without compensation.

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READ ALSO:Tinubu Approves Tenure Extension For Surveyor-General

How can someone retire after years of service and still not get their entitlement? Many of us can’t even build a house. The senior officers have houses, cars, and everything good, but the rest of us have nothing,” he said.

He added that the little compensation given to some was not enough to rebuild their lives.

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“If they give you N2m today, what can you really start with it in this country? You have children, family, and responsibilities, yet you can’t even afford a plot of land,” he said.

Expressing disappointment, he said most junior officers had lost faith in the system.

“We’ve handed everything over to God,” he said quietly. “We’ve cried and done our best. They promised us, but in the end, it’s still zero. We haven’t seen anything. That’s why many of us are now silent.”

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Another retired soldier, Abdul Isiak, lamented that promises made to retired personnel had remained unfulfilled, leaving many struggling to survive.

He said, “All you said they would give to them would be done promptly, and they are more than what we need to sustain our lives. This is very unfair. We have suffered a lot, and they’re yet to give us our entitlements after leaving the service. What is our offence? Is it because we are junior officers?”

The former sergeant said the senior officers continued to enjoy generous retirement packages while lower ranks were denied their due benefits.

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We are preparing for another protest for them to pay us. This is very bad,” he said.

(PUNCH)

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Alleged Misappropriation: MFM Accuses UK Agency Of Discrimination

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The Mountain of Fire and Miracles Ministries International has accused the UK Charity Commission of bias and being discriminatory in its report that alleged the church engaged in financial mismanagement.

MFM denied that its UK branch’s accounts were frozen due to financial mismanagement by its trustees.

According to a report by The Cable, the UK Charity Commission had frozen assets belonging to MFM over transparency concerns.

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The commission said it opened an inquiry after financial concerns were identified, including the alleged misappropriation of charity funds.

The inquiry found that trustees in the MFM charity wing could not demonstrate that they had adequate oversight or control over more than 100 bank accounts operated by individual branches.

READ ALSO:UK Police Hunt Asylum Seeker Mistakenly Freed For Sex Offence

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But reacting to the allegations in a statement on Saturday by its spokesperson, Dan Aibangbe, the church described the commission’s action as “a gross distortion of facts and a deliberate mischaracterisation of a closed chapter.”

MFM insisted that no wrongdoing or fraud was ever found against its trustees.

“The issues raised were related to administrative governance, not a finding of fraudulent activity by the trustee body. This matter is old and not a fresh development. It is misleading to present it as a current scandal,” the church said.

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In the statement titled ‘A Point-by-Point Rebuttal: Setting the Record Straight on the MFM–UK Charity Commission Matter,’ the church said none of its bank accounts were frozen, describing such claims as “a complete fabrication.”

The statement added, “No bank accounts belonging to MFM were ever frozen. The commission’s report identified no evidence of systemic financial misconduct by the trustees. The entire process was a display of overreach, not an exposure of fraud.”

READ ALSO:UK Is A Home, Not Hotel, Kemi Badenoch Tells Immigrants, Starmer’s Govt

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MFM maintained that the Charity Commission acted “not on concrete evidence but on rumours and gossip,” claiming that the regulator’s expectations of uncovering large-scale fraud proved unfounded after it gained access to the church’s financial records.

“When the Commission examined the records, it found nothing of the sort. Rather than close the case honourably, it embarked on a fault-finding mission, highlighting minor administrative discrepancies to justify its intrusion,” it added.

The church further described the commission’s actions as part of a pattern of procedural flaws, recalling that MFM had previously challenged the regulator’s methods in a British court and secured a judgment against what it described as “improper procedures and overreach.”

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MFM disclosed that following the probe, the Charity Commission appointed an interim manager to oversee MFM’s UK operations, but the individual’s five-year tenure was more about revenue generation than stewardship.

“The interim manager showed no genuine interest in the church’s ministry, never visiting a single MFM branch in the UK throughout his tenure. Yet, he charged the church a staggering £2 million for his ‘services’—a colossal fee for a process that yielded no evidence of wrongdoing,” the church said.

READ ALSO:UK Cuts Post-study Work Period For Foreign Students

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“The five-year ordeal was not about protection but predation. What the Commission spent half a decade attempting to prove could have been resolved through cooperative guidance in a single month.”

The church emphasised that the concerns identified by the Commission were administrative in nature, arising largely from the rapid growth of MFM’s UK operations, which had outpaced its volunteer-run governance framework.

The most powerful testament to the church’s integrity is this: not a single penny was mismanaged by the trustees,” Aibangbe said. “The issues raised were purely related to governance and record-keeping in a fast-growing organisation, not the diversion or theft of funds.

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“Crucially, the leadership was already aware of the administrative gaps and had started taking steps to professionalise its governance structure. The Commission’s premature and heavy-handed investigation punished the church for being a victim of its own success,” the church added.

READ ALSO:UK Links Nigeria, Others To Poisonous Alcoholic Drinks

Describing the investigation as “a biased, costly, and ultimately baseless persecution,” MFM said the experience reflected deeper prejudices against African-founded churches operating in the UK.

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The church said it remains committed to transparency and accountability but called for fair treatment of faith-based organisations, regardless of their ethnic or cultural origins.

“The entire ordeal reeks of discriminatory and arrogant oversight,” Aibangbe said. “It was a display of institutional overreach, leveraging state power to burden and punish a thriving faith community.

“The truth has prevailed, and the church marches on—stronger and wiser,” it added.

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Resident Doctors Declare Nationwide Strike

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The Nigerian Association of Resident Doctors has declared that it would embark on a nationwide indefinite strike starting from November 1, following the expiration of a 30-day ultimatum earlier issued to the Federal Government.

NARD President, Dr. Muhammad Suleiman, disclosed this in an exclusive interview with our correspondent on Saturday.

Suleiman stated that the association’s National Executive Council reached the decision after reviewing the government’s response to their demands during its virtual emergency meeting.

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He noted that the strike notice would be formally issued within 24 hours as mandated by the NEC.

READ ALSO:NMA, NERD, Others React To UK Restriction Of Doctors’ Migration

The NEC of NARD has declared total and indefinite strike action starting November 1st of 2025. As a matter of fact, the NEC said all the 19 points are our minimum demands, and there is no going back. The notice for the strike will be out maybe later today or tomorrow,” Suleiman said.

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The looming strike is expected to heavily impact services in hospitals across the country where resident doctors form the backbone of clinical care.

NARD had on September 26 given the Federal Government one month to address a series of unresolved issues affecting the welfare and training of resident doctors and medical officers across the country.

NARD noted that resident doctors and medical officers across the country continued to endure excessive and unregulated work hours, spanning several consecutive days, which endanger both their health and patient safety.

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READ ALSO:FG Introduces Chinese Language Into School Curriculum

The association also raised concern over the nonpayment of the outstanding 25 per cent and 35 per cent upward review arrears of CONMESS, which should have been settled by the end of August 2025, despite several engagements with the Federal Government.

NARD described as unjust the dismissal of five resident doctors from the Federal Teaching Hospital, Lokoja, saying the action came amid widespread burnout and the ongoing migration of medical professionals abroad.

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Other grievances include the non-payment of promotion arrears owed to medical officers in various federal tertiary hospitals and the failure of the government to pay the 2024 accoutrement allowance, despite repeated assurances from the Ministry of Health.

It also cited bureaucratic delays in upgrading resident doctors’ ranks following successful completion of postgraduate medical examinations. The association said these delays have led to non-payment of new salary scales and accumulated arrears.

READ ALSO:FG Introduces Chinese Language Into School Curriculum

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It further decried the exclusion of resident doctors from the specialist allowance, despite their vital role in delivering specialist-level clinical care to patients nationwide.

Similarly, NARD faulted the exclusion of medical and dental house officers from the civil service scheme, a policy that has denied them rightful emoluments, professional recognition, and timely payment of salaries.

The association also condemned the downgrading of newly employed resident doctors from CONMESS three Step three to CONMESS two Step two, which has resulted in salary shortages and arrears in several federal hospitals.

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