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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
IGP Orders Officers Display Name Tag On Uniform, Gives Update On State Police

The Inspector General of Police, IGP, Tunji Disu, has ordered all police personnel to always have their name tags on their uniforms for easy identification.
Disu disclosed that only police personnel who are undercover are exempted from displaying their name tags.
Speaking on Tuesday, Disu said: “All police officers should have their name tags. All of us on the high table have our names apart from the undercover among us so if you look at all the Commissioners of Police we have our name tags, so it’s not our standard.
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“All the Commissioners of Police are here and that is why we called this meeting, we have list of things like this that we will want to discuss with the Commissioners of Police, we have told them earlier and we will still let them know that every that happens within their area of jurisdiction falls under their control.”
On the issue of state police, the IGP said: “Since we got the signal that the Federal Government of Nigeria intend to establish State Police and since we are the federal police, we decided to take the bull by the horn and put down our own side of what we believe on how the state police should be run.
“A lot of things were taken into consideration, a lot of comparative analysis was done and it has been transmitted to the National Assembly.”
News
Court Orders SERAP To Pay DSS Operatives N100m For Defamation

The High Court of the Federal Capital Territory has ordered a non-governmental organization, the Socio-Economic Rights and Accountability Project, SERAP, to pay N100 million as damaged to two operatives of the Department of the State Services, DSS, for unjustly defaming them in some publications.
The court also ordered SERAP to tender public apologies to the defamed officers,
Sarah John and Gabriel Ogundele, in two national newspapers, two television stations and its website.
Besides, the organization was also ordered to pay the two operatives N1 million as cost of litigation and 10 percent post-judgment interest annually on the judgment sum until it’s fully liquidated.
Justice Yusuf Halilu of the High Court of the Federal Capital Territory gave the order on Tuesday while delivering judgment in a N5.5 billion defamation suit instituted against SERAP by the DSS operatives.
The judge found SERAP liable for unjustly defaming the two DSS operatives with allegations that they unlawfully invaded its Abuja office, harassed and intimidated its staff, in September 2024.
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In the offending publication on its website and Twitter handle, SERAP alleged that the two operatives unlawfully invaded and occupied its office with sinister motives.
The judge held that the publication was in bad taste especially from an organization established to promote transparency and accountability, as nothing in the publication was found to be truthful.
The DSS staff had listed SERAP as 1st defendant in the suit marked CV/4547/2024. SERAP’s Deputy Director, Kolawole Oluwadare, was listed as the 2nd defendant.
In the suit, the claimants – Sarah John and Gabriel Ogundele – accused the two defendants of making false claims that they invaded SERAP’s Abuja office on September 9, 2024..
Counsel to the DSS, Oluwagbemileke Samuel Kehinde, had while adopting his final address in the mater urged the judge to grant all the reliefs sought by his client in the interest of justice.
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He admitted that although the names of the two claimants were not mentioned in the defamation materials, they had however established substantial circumstances that they are the ones referred to in the published defamation article by SERAP on its website.
The counsel submitted that all ingredients of defamation have been clearly established and the offending publication referred to the two officials of the secret police.
However, SERAP, through its counsel, Victoria Bassey from Tayo Oyetibo, SAN, law firm, asked the court to dismiss the suit on the ground that the two claimants did not establish that they were the ones referred to in the alleged defamation materials.
She said that SERAP used “DSS officials” in the alleged offending publication, adding that the two claimants must establish that they are the ones referred to before their case can succeed.
Similar arguments were canvassed by Oluwatosin Adefioye who stood for the second defendant, adding that there was no dispute in the September 9, 2024 operation of DSS in SERAP’s office.
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He said that since SERAP in the publication did not name any particular person, the claimants must plead special circumstances that they were the ones referred to as the DSS officials.
Besides, he said that there is no organization by name Department of State Services in law, hence, DSS cannot claim being defamed adding that the only entity known to law is National Security Agency.
The claimants had in the suit stated that the alleged false claim by SERAP has negatively impacted on their reputation.
The DSS also stated, in the statement of claim, that, in line with the agency’s practice of engaging with officials of non-governmental organisations operating in the FCT to establish a relationship with their new leadership, it directed the two officials – John and Ogunleye – to visit SERAP’s office and invite them for a familiarization meeting.
The claimants added that in carrying out the directive, John and Ogunleye paid a friendly visit to SERAP’s office at 18 Bamako Street, Wuse Zone 1, Abuja on September 9 and met with one Ruth, who upon being informed about the purpose of the visit, claimed that none of SERAP’s management staff was in the country and advised that a formal letter of invitation be written by the DSS.
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John and Ogundele, who claimed that their interactions with Ruth were recorded, said before they immediately exited SERAP’s office, Ruth promised to inform her organisation’s management about the visit and volunteered a phone number – 08160537202.
They said it was surprising that, shortly after their visit, SERAP posted on its X (Twitter) handle – @SERAPNigeria – that officers of the DSS are presently unlawfully occupying its office.
The claimant added, “On the same day, the defendants also published a statement on SERAP’s website, which was widely reported by several media outfits, falsely alleging that some officers from the DSS, described as “a tall, large, dark-skinned woman” and “a slim, dark skinned man,” invaded their Abuja office and interrogated the staff of the first defendant (SERAP).
John and Ogundele stated that “due to the false statements published by the defendants, the DSS has been ridiculed and criticised by international agencies such as the Amnesty International and prominent members of the Nigerian society, such as Femi Falana (SAN)”.
“Due to the false statements published by the defendants, members of the public and the international community formed the opinion that the Federal Government is using the DSS to harass the defendants.”
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They added that the defendants’ statements caused harm to their reputation because the staff and management of the DSS have formed the opinion that the claimants did not follow orders and carried out an unsanctioned operation and are therefore, incompetent and unprofessional.
The claimants therefore prayed the court for the following reliefs: “An order directing the defendants to tender an apology to the claimants via the first defendant’s (SERAP’s) website, X (twitter) handle, two national daily newspapers (Punch and Vanguard) and two national news television stations (Arise Television and Channels Television) for falsely accusing the claimants of unlawfully invading the first defendant’s office and interrogating the first defendant’s staff.
“An order directing the defendants to pay the claimants the sum of N5 billion as damages for the libellous statements published about the claimants.
“Interest on the sum of N5b at the rate of 10 percent per annum from the date of judgment until the judgment sum is realised or liquidated.
“An order directing the defendants to pay the claimants the sum of N50 million as costs of this action.”
News
[OPINION] Tinubu: Borrowing Is Leprosy

By Suyi Ayodele
“Neither a borrower nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry.” William Shakespeare, Hamlet (Act 1, Scene 3)
Nigeria has shifted from incurring debt as an instrument of policy to embracing it as a condition of survival. It is a dangerous evolution—made worse when President Bola Ahmed Tinubu appears to regard debt not as leprosy, but as ornament.
Greek philosopher, Plutarch (before AD50-after 120), wrote a piece titled: “That We Ought Not to Borrow.” What the old Greek philosopher said in the piece, published in Vol. X of the Loeb Classical Library edition of the Moralia, 1936 (Pg. 315-339), shows that borrowing is worse than leprosy in all ramifications. Plutarch’s piece summarises the Greeks’ attitude to borrowing.
Incidentally, every arguement he posted in the material aligns with the African’s philosophy of a borrower ending up a broke person. Our elders, right from the beginning of time, say: Àì l’ówó l’ówó kìí jé ká ní owó l’ówó (being broke makes one to be more broke).
They say this because the broke man goes a-borrowing and ends up using the little he has to service his debts thus ending up without money. A man without money is a sad man. That confirms the age-long axiom of he who goes a-borrowing goes a-sorrowing.
President Tinubu, on Tuesday last week, at an engagement with all the movers and shakers of events from Plateau State, said to those critical about the rate of borrowing by his administration that “borrowing is not leprosy.” He added that whenever the occasion arose for him to borrow, he would not hesitate to do so.
Maybe we should allow Tinubu to speak: “If we have to borrow money, we will, because borrowing is not leprosy; we just have to work hard to be able to repay it.” To the President, going by these uttered words, what matters is the ability to pay. And to pay back the countless debts incurred by his administration, Nigeria and Nigerians must work hard.
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It is not what Tinubu said that worries me. My concern is the metaphor he deployed – “leprosy”. That is the worst of all contagious diseases. Anyone who contracts leprosy is usually isolated. Leprosaria, in ancient days, were built in the deep forest. This is why it is said that: A kìí kó ilé adétè sí ìgboro; inú igbó ni adétè ńgbé (no one builds the house of a leper in the city; lepers live in the forest).
The idea of the forest in this ancient saying itself depicts graphic metaphors of a pariah, isolation, and of an individual who lives with ultimate shame. So, when our President deployed that metaphor, its meaning goes beyond the theatrical message his audience thought they heard and clapped for. What Tinubu told his audience is that Nigeria had not borrowed to that level when it would become an isolated nation, a leprous entity that nobody would dare touch with a 10-feet pole! We may soon get there, anyway! Back to ancient Greek.
Ancient Greek philosophy never supports borrowing. Rather, it considers borrowing, which usually comes with heavy interest, as another form of servitude. The borrower, in the Greek mindset, is not just a slave to the lender; he is equally considered a weakling and one with the base of all moral values. Plato, Aristotle, and other ancient philosophers believed that a borrower, especially a reckless one, is an ‘unnatural and socially corrosive” individual. Any borrowing that imposes heavy interest on the borrower, they said, is ‘predatory.’ (See: “Lending and Borrowing in Ancient Athens,” by Paul Millett, Cambridge University Press, Cambridge, 2022).
This is the summary of Plutarch’s work, where he argues that taking loans comes with its own degree of disgrace and leads to “a voluntary loss of freedom and a sign of folly.” A simple review of Plutarch’s essay says: “That We Ought Not to Borrow” (Greek: De vitando aere alieno) is a famous essay….that argues against debt, describing it as a form of slavery to lenders that causes stress and ruins financial freedom. Plutarch advises avoiding loans, whether rich or poor, arguing it is either unnecessary or impossible to repay.”
In an October 5, 2021, piece on this page with the title: “Buhari and the chronic debtor-wife of Osin”, I expressed worry at the rate at which the administration of General Muhammad Buhari was taking loans. I warned that Nigerians would be left in pain and sorrow at the end of the day. The introductory paragraph of the said article is worth repeating here:
“Permit me to call this Buhari regime Onígbèsè Aya Osin (The chronic debtor-wife of Osin). Osin is the Yoruba deity of royalty. According to the legend, Osin married a shameless woman who owed virtually everyone in the community. In our tradition, once a person’s behaviour is off the mark of our acceptable mores, norms and traditions, we give such a person a descriptive name. This wife’s reputation followed her everywhere she went. ‘Onigbese’ is the Yoruba word for chronic debtor; ‘Aya’ is wife. Her cognomen is an exercise in character portrayal. She is known as Onigbese Aya Osin, who buys pangolin without paying, and buys porcupine on credit. She sees the woman hawking a hedgehog; she runs after her empty-handed. She uses the money from antelope to pay for deer. Yet, she fries neither for her husband nor cooks for her concubine. Her first child is sold into slavery to service her debts; her lastborn is pawned off for her indebtedness. When she talks, she accuses her husband of not covering her shame whereas, she neither informs the husband nor takes permission from him before buying bush meat on credit.”
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Whatever we saw in the Buhari administration that informed the above has since paled into insignificance in the administration of Tinubu. This government borrows with reckless abandon! That is troubling. And unlike Buhari, who was decent about it, the current set of Onígbèsè in the Aso Rock Villa adds arrogance to the charade. This is why, when he had nothing more to tell us all, Tinubu said that our level of indebtedness had not reached the leprosy stage where no nation would want to touch us.
Whatever Tinubu said during the encounter, his spokesman, Bayo Onanuga, further amplified. In his criticism of the borrowing spree of this government, Peter Obi, the 2023 Labour Party (LP) presidential candidate, said that “Borrowing is not only leprosy, but a killer cancer when it is borrowed for consumption and not production as it is in Nigeria today.” He further lamented the nation’s “Debt that is not tied to measurable economic value; debt that does not translate into jobs, growth, or improved living standards for the Nigerian people.”
Onanuga, responding to Obi, said that the opposition politician was “bringing up the same old arguments again with your sensationalist approach.” Like his master, Onanuga stressed that “…Every sovereign nation borrows money, and as President Tinubu correctly pointed out, borrowing is not a disease. If you really want to know, the government has been taking loans to pay for important infrastructure projects, not to spend on everyday things. The fact that we are getting money and have lenders who are willing to lend shows that our country is trustworthy and able to pay back the money.”
I read Onanuga’s position, and I wondered if ‘silence is no longer golden’, as we were told, especially when one does not have something intelligent to say! How can borrowing become an ornament that a government should wear like a medal, the way Onanuga deodorised it? So, if every nation of the world wants to lend us money, we should take all the loans with reckless abandon, the way the government, the ‘old activist’, is defending does? And, if we may ask: what are the “important infrastructure projects” Onanuga is talking about?
Do they include the $2.7 billion borrowed from the World Bank by this administration in 2023, part of which is the $700 million loan taken for adolescent girls’ secondary education that we have nothing to show for except the daily kidnapping of our school boys and girls up North? Or the preposterous $750 million loan for power sector recovery, only for the Aso Rock Villa to detach itself from the National Grid?
Can we also ask Onanuga if his “important infrastructure projects” for which this government took a World Bank loan of $4.25 billion in 2024, include the $1.57 billion loan to strengthen human capital, improve health for women and children, and build climate resilience, without anything to show for it? What about the $357 million, $57 million, and $86 million loans for rural road access and agricultural marketing projects, in a country where bandits, herdsmen and terrorists don’t allow farmers to go to their farms?
Is the 2025 World Bank loan of $2.695 billion, part of which $500 million was said to have been for education under the HOPE Education loan, or the $253 million and $247 million for NG-CARES, also part of Onanuga’s “important infrastructure projects?” What sort of awkward reasoning governs this nation?
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Can someone please help tell those in power and their defenders that figures don’t lie! According to the Debt Management Office (DMO), Nigeria’s total public debt in 2015 was approximately N12.12 trillion to N12.6 trillion ($63–$64 billion). Various independent reports confirmed that figure, which is said to include both domestic and external debt stocks, representing the total liability at the time the administration of President Goodluck Ebele Jonathan ended in May 2015.
But by December 31, 2023, according to the DMO, the nation’s total public debt was N97.34 trillion (US$108.23 billion). Again, the figure includes the external and domestic debt of the Federal Government, the 36 state governments, and the Federal Capital Territory.
Fast forward to the three-year-old administration of President Tinubu, Nigeria’s total public debt is projected to exceed N159 trillion (approx. $110 billion, “driven by a N68.32 trillion budget that relies heavily on borrowing. The government has allocated roughly ₦15.81 trillion for debt servicing (interest and fees) in 2026 alone, highlighting a severe debt service burden on the economy.”
Pray, what do you call a disease that makes a government spend over 80% of its revenue to service debt, if not ACUTE LEPROSY? What can be more cancerous than a government which borrows to satisfy the President’s fantasies at the expense of good living conditions for the citizenry? How do you describe a government which goes a-borrowing to finance its own budgets if not a leprous and cancerous government?
And since Onanuga has deliberately chosen not to understand why the government he defends has “lenders who are willing to lend” as he posted in response to Obi, I suggest, and very strongly too, that he takes a simple tutorial in Plutarch, who posits that “…the Persians regard lying as the second among wrong-doings and being in debt as the first; for lying is often practiced by debtors; but money-lenders lie more than debtors and cheat in their ledgers, when they write that they give so-and‑so much to so-and‑so, though they really give less…” This is why Onanuga and his ilk will be eternally wrong in their celebration of “lenders who are willing to lend.”
The Greek philosopher adds in the piece that, while he had “not declared war against the money-lenders”, he must point it out “to those who are ready to become borrowers how much disgrace and servility there is in the practice and that borrowing is an act of extreme folly and weakness.”
In concluding the piece, “That We Ought Not to Borrow”, Plutarch cautions thus: “Have you money? Do not borrow because you are not in need. Have you no money? Do not borrow, for you will not be able to pay….therefore in your own case do not heap up upon poverty, which has many attendant evils, the perplexities which arise from borrowing and owing, and do not deprive poverty of the only advantage which it possesses over wealth, namely freedom from care; since by doing so you will incur the derision of the proverb: I am unable to carry the goat, put the ox then upon me.” May the cosmos give us the grace to learn from ancient wisdom!
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