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Finance Minister Edun Stresses The Need For Productive Borrowing To Fund Nigeria’s 2024 Budget

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the Nigerian government requires additional borrowing to finance its budget, despite some Ministries, Departments, and Agencies surpassing their revenue targets.....KINDLY READ THE FULL STORY HERE▶

Edun made the remark during a session with the Senate Joint Committees on Finance, National Planning, and Economic Affairs, discussing the 2025-2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper.

The Minister emphasized that borrowing must be productive, efficient, and aligned with Senate approvals for budget funding.

“Although revenue collection has improved, there is still a need for better performance. In the meantime, we must borrow productively, sustainably, and effectively, not only for infrastructure but also for social services such as health, education, and social safety nets to support the most vulnerable,” Edun explained.

Minister of Budget and Economic Planning, Senator Atiku Bagudu, echoed similar sentiments, explaining that the N35.5 trillion 2024 budget’s borrowing plans are aimed at addressing the N9.7 trillion deficit.

“While some agencies have exceeded their revenue targets, borrowing remains necessary to properly fund the budget, particularly to address the deficit and support productivity for the most vulnerable,” Bagudu stated. He also highlighted the long-term development goal of achieving a GDP per capita of $33,000 by 2050.

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, informed the committee that the EFCC had recovered over N197 billion since January 2024, adding that with stronger efforts, the country could generate enough funds to cover its budget needs.

The Comptroller General of the Nigeria Customs Service, Bashir Adeniyi, reported that Customs had generated N5.352 trillion, exceeding its N5.09 trillion target for 2024. He also revealed a N6.3 trillion revenue target for 2025, with a 10% increase projected for the subsequent years.

Additionally, Mele Kyari, CEO of the Nigerian National Petroleum Company (NNPCL), shared that the company surpassed its N12.3 trillion revenue target for 2024, generating N13.1 trillion. For 2025, NNPCL plans to remit N23.7 trillion into the federation account.

Similarly, Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), informed the Senate committees that FIRS had exceeded its revenue targets across various tax categories.

Meanwhile, the Senate recently approved President Bola Tinubu’s N1.77 trillion loan request to partially finance the N9.7 trillion budget deficit for 2024. The loan was approved after the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada, presented its report.

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Regret And Revelation: Disqualified BBNaija Housemate Nomy Drops Bombshell On What She’d Do Differently!

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Following her recent disqualification from the Big Brother Naija Season 11 house due to repeated infractions of Big Brother’s rules, former housemate Nomy has broken her silence for the first time. During an interview conducted on the platform , she offered a sincere apology to her supporters for letting them down, emphasizing that her rule violations and subsequent exit were never intentional.....KINDLY READ THE FULL STORY HERE▶

Reflecting on her journey and the massive wave of public backing awaiting her outside the house, Nomy expressed profound gratitude, noting that discovering she had an entire nation rooting for her brought immense joy. She admitted that had she realized the true depth of the love and support she commanded from viewers nationwide while still in the game, she would have exercised much greater caution and done everything within her power to avoid disqualification and secure a spot in the grand finale, though she ultimately accepted that her path unfolded the way it was meant to.

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‘They Killed My Nimota, Now They Want Her House’: Grieving Mother Drops Bombshell Accusation

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The grieving mother of the late actress and influencer Nimmy Ferrari has publicly appealed for assistance from Nigerians, alleging that her daughter’s paternal relatives are attempting to seize the newly completed house of the deceased and block her burial there. In a video address, she claimed that she single-handedly funded Nimota’s upbringing and university education without any financial support from the father, who she also accused of failing to contribute during Nimota’s hospitalization and inflicting a head injury on her during a past argument over tuition fees.....KINDLY READ THE FULL STORY HERE▶

Explaining that Nimota was the only surviving child out of the five she had with the father, she stated that she approved the burial at Nimota’s property to preserve her legacy since she had no children of her own. Emphasizing that she has her own home and no personal interest in the property, she urged the public to intervene, alleging that the paternal family intends to sell off the house despite having invested nothing into the late actress’s life.

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Tragedy In The Music World: ‘Ogologomma’ Hitmaker Papi Urhobo Passes Away After Battle With Illness

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Stephen Ebihor, widely known as the musician Papi Urhobo, has passed away on September 8 following an illness. The cultural platform Urhobo Worldwide announced his death via an Instagram statement on Tuesday, describing him as a cherished entertainer, colleague, and friend. While confirming the loss, the organization urged the public, fans, and colleagues to withhold sharing unverified news or premature burial details until the family releases an official statement. They also expressed gratitude for past support and requested prayers for his grieving wife and children.....KINDLY READ THE FULL STORY HERE▶

Prior to his passing, Ebihor had openly discussed his medical struggles stemming from an accident that caused a cracked bone and severely impaired his mobility, prompting him to seek financial help from Nigerians for corrective surgery. He later expressed gratitude to those who contributed funds toward his medical care. Ebihor earned broad acclaim across the Nigerian music scene for his memorable vocal contribution to “Ogologomma,” a standout track from Timaya’s 2007 debut studio album, True Story, which played a key role in both artists’ early industry success. He is survived by his wife and children, with official funeral arrangements pending an announcement from his family.

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