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

The Federal Executive Council (FEC) has approved a N47.96 trillion expenditure for the 2025 budget, marking a 36.8% increase from the 2024 estimate.
The decision was made during the Council’s final meeting of 2024, held on Monday in the Council Chambers of the Statesl House, Abuja.
Speaking to State House Correspondents, the Minister of Budget and Economic Planning, Atiku Bagudu, disclosed that the 2025 framework is based on key economic projections, including an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, and an exchange rate of N1,400 to the dollar.
The proposed revenue for 2025 stands at N34.82 trillion, leaving a projected deficit of N13.13 trillion, which is 3.89% of the GDP.
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Bagudu explained that the budget, presented by the Director-General of the Budget Office, Tanimu Yakubu, incorporates amendments directed by President Bola Tinubu.
“Today, the Federal Executive Council approved the budget proposals for 2025 with amendments which Mr president directed following a presentation to the Federal Executive Council led by the Director General of the Budget Office, Tanimu Yakubu.
“The 2025 framework is based on oil price benchmark of $75 per barrel. Oil production of 2.06 million barrels per day. Exchange rate of one 1400 naira (to the dollar).
“All these are already included in the medium term expenditure framework which we have presented here, which have also been approved by the National Assembly.
“So the total projected revenue for 2025 stands at N34.82tn out of which the expenditure is projected at N47.96tn which is an increase of 36.8% from the 2024 estimate. The deficit for 2025 is projected at N13.13tn representing 3.89% of GDP”, Bagudu said.
Meanwhile, the presentation of the 2025 Appropriation Bill to the National Assembly by President Tinubu might not hold on tomorrow (Tuesday).
Reacting to a question after the Council meeting the Minister of Information and National Orientation, Mohammed Idris, disclosed that discussions were ongoing that might lead to the postponement of the budget presentation to Wednesday.
The Minister, who noted that the discussions were yet to be concluded, however said the possibility is there that the budget will be presented to the National Assembly on Wednesday instead of the Tuesday earlier announced by the President of the Senate, Senator Godswill Akpabio.
Akpabio, had, during plenary, last week announced that President Tinubu will present the 2025 budget on Tuesday.
Details shortly…
News
Nigerian Army Promotes 28 Brigadier Generals, 77 Colonels

The Nigerian Army has approved the promotion of 28 Brigadier Generals to the rank of Major General and 77 Colonels to Brigadier General, in a significant reshuffle of its senior leadership.
The decision was announced by the Acting Director of Army Public Relations, Lieutenant Colonel Appolonia Anele, on the Nigerian Army’s X on Friday.
Among those elevated to Major General are Brig Gen O Adegbe of the Defence Intelligence Agency, Brig Gen SM Uba, Director of Defence Information, Brig Gen RE Hedima, Acting Chief of Military Intelligence Army, and Brig Gen RT Utsaha, Deputy Director of Defence Operations.
Others include Brig Gen AM Umar, Commandant of the Warrant Officer Academy, Brig Gen S Sulaiman, Deputy Military Secretary (Army), Brig Gen IO Bassey, Director of Nigerian Army Operations Centre, and Brig Gen CA Ekeator of the Nigerian Army School of Electrical and Mechanical Engineering.
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Also promoted are Brig Gen SY Yakasai, Acting Director Procurement in the Office of the Chief of Army Staff, Brig Gen WL Nzidee of Army Headquarters Department of Army Logistics, Brig Gen SA Emmanuel of the Nigerian Army Signals, Brig Gen SS Tilawan, Acting Commander Sector 3 Joint Task Force, North East Operation HADIN KAI, Brig Gen MO Agi, Desk Officer Tertiary Education Trust Fund at the Nigerian Defence Academy, and Brig Gen IM Abbas, Commander 34 Brigade.
Brig Gen ZA Saidu was promoted posthumously in recognition of his service.
Promotions from Colonel to Brigadier General include officers serving across key army units and institutions, such as the Nigerian Army Resource Centre, Armed Forces Command and Staff College Jaji, Army Headquarters departments, Special Forces Brigades, and several military hospitals.
In his remarks, Chief of Army Staff (COAS), Lt Gen Waidi Shaibu, congratulated the officers and their families, urging them to intensify their professional drive and prove that their elevation is well-deserved.
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He emphasized the need for exemplary leadership, inspiring subordinates through personal conduct, and adopting bold, innovative solutions to address evolving security challenges.
Shaibu further stressed the officers’ sacred duty to uphold their oath of allegiance and maintain absolute loyalty to the Constitution, reinforcing the army’s commitment to defending the territorial integrity of the nation.
The promotions mark a strategic boost to the Nigerian Army’s senior leadership, aiming to strengthen operational efficiency and enhance the military’s response to national security threats.
News
Sanwo-Olu Offers Lagos Rice At N57,000 Per 50kg

Lagos State Governor Babajide Sanwo-Olu has revealed that the price of rice has dropped significantly in the market, adding that he is personally ready to sell Lagos-produced rice for N57,000 to N58,000 per 50kg bag.
Speaking at the 60th Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria in Lagos on Friday, Sanwo-Olu cited the falling price of rice as evidence that the country’s inflation outlook is improving.
According to a recent report by The PUNCH, the National Bureau of Statistics, in its Selected Food Prices Watch report for September 2025, said that the prices of beans, garri, maize, tomatoes, beef, rice, and other food items witnessed a slight decrease in September 2025.
Also, the latest Consumer Price Index from the NBS indicated a slight easing in food prices, with food inflation declining by 0.37 per cent month-on-month.
Speaking at the event, Sanwo-Olu said, “Clear examples about this time last year, we were struggling to buy a bag of rice, today in the same country, in the same market, you go to the price of a 50kg is under N60,000.”
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Highlighting Lagos production capacity, the governor said he operates the country’s largest rice mill and currently holds a significant stock.
He stated, “In fact, I am the largest… I have the largest rice mill in the country. I’ve got over 200,000 bags, and I was convincing my colleagues a couple of days ago, and I’m ready to sell my… at N57,000, 58,000.”
Sanwo-Olu described the ongoing price decline as a direct benefit to Nigerians, saying, “Real drop in the market. That is real growth, innovation and real growth in our citizens. The reduction in inflation numbers is real and positive.”
The governor linked the improvement in rice affordability to broader macroeconomic reforms and a more disciplined monetary environment, crediting recent changes for stabilising prices and easing pressure on households.
He continued his remarks by commending the Central Bank of Nigeria’s regulatory stance and its impact on inflation, foreign exchange stability, and investor confidence, while assuring the financial sector of Lagos State’s ongoing infrastructural and economic support.
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The governor extended appreciation to President Bola Tinubu for giving the CBN Governor, Olayemi Cardoso, the room to operate.
He said, “I think we should thank the president and commander in chief of the armed forces of the country, for choosing him, but not just for choosing— for allowing him to do the work, for allowing him to play this role.”
Sanwo-Olu reassured the banking industry of Lagos State’s consistent support through infrastructure development, security upgrades, and digital initiatives.
He told the audience, “We are indeed grateful and happy with the level of relationship we have built, the commitment that we continue to give to you in the bank sector through our investment in infrastructure.”
READ ALSO:I Will Snub Gov Sanwo-Olu Again – Mr Macaroni
He referenced the state’s massive rollout of street lighting as part of its urban security plans:
“As you drive back and see how many of the LED solar street lights that we’re placing on your street and your corners.”
The governor also highlighted the state’s recent success in the financial markets, announcing the oversubscription of its latest bond issuance.
He said, “Just a week ago, as typical of Lagos, we raised the largest sub-national conventional bond. The race went to market to raise N200m. The conventional bond was oversubscribed by over 60 per cent.”
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He added that Lagos also floated a green bond:
“On another note, we were also the first to raise the green bond and sub-national.”
Sanwo-Olu urged the banking community to continue upholding ethics, innovation, and customer-centric thinking.
“Commitment is not only to professionalism, but our commitment also must be to ethical conduct. Must also be customer-centric. We must continue to innovate,” he affirmed.
News
FG To Unveil Digital Single Travel Emergency Passport January

LThe Federal Government has announced that the Single Travel Emergency Passport (STEP) will be launched in January 2026, offering a digital solution to assist Nigerians abroad who lose their passports.
Minister of Interior, Dr. Olubunmi Tunji-Ojo, made the announcement on Friday in Abuja during the launch of the ECOWAS Biometric ID Card.
He said the new system will allow citizens to generate an emergency travel document using any mobile device, eliminating the need to visit an embassy in person.
“This initiative will enable Nigerians abroad who lose their passports to generate an emergency travel document using any mobile device without visiting an embassy,” Tunji-Ojo said.
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He urged Nigerians to trust the government’s capacity to tackle national challenges and called for collective support for ongoing security reforms.
The STEP is expected to complement other digital identity initiatives, including the recently launched ECOWAS National Biometric Identity Card (ENBIC), which facilitates travel within West Africa and strengthens border security.
Earlier this month, the NIS announced that it will introduce the Single Travel Emergency Passport to replace the Emergency Travel Certificate.
The NIS explained that the document will be issued at designated Nigerian embassies and consulates and will be valid for a single entry.
The Service said the initiative forms part of wider reforms to strengthen border governance, enhance identity management, and align its operations with international migration standards.
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