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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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Heartbreak As Pete Edochie Reveals Alexx Ekubo’s Secret Plans For His 80th Birthday!.

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Veteran Nollywood icon Pete Edochie has paid tribute to the late Alexx Ekubo, remembering him as a vibrant and joyful spirit who made a significant impact on the Nigerian film industry. Reflecting on their relationship in an interview with PM News, Edochie shared poignant memories of their brief but meaningful interactions and the unfulfilled plans they had discussed.....KINDLY READ THE FULL STORY HERE▶

Despite meeting him only three times, Edochie noted that Ekubo’s warmth left a lasting impression on him. He fondly recounted a memorable visit where Ekubo arrived at his hotel accompanied by a cow and Ogene drummers to personally invite him to an event. Edochie further expressed his sorrow over the loss of the actor, noting that Ekubo had been actively planning for his upcoming 80th birthday celebration, a milestone that will now be marked by his absence.

In his tribute, the veteran actor also commended IK Ogbonna for his unwavering loyalty, highlighting how Ogbonna stood by Ekubo as a steadfast friend during his life and has continued to honor that bond following his passing. Edochie summarized the loss by stating, “Alexx Ekubo came, he saw, and he left an indelible impression. I met him three times… I was told he had big plans for my 80th birthday celebration next year, but unfortunately, he is gone. IK Ogbonna proved himself a true friend, both in life and in death.”

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Explosive Confrontation! Ebere Blasts Mr. Ibu’s Wife: ‘Being A Legend’s Spouse Is No Excuse To Beg!’

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Comic actor Fred Ebere, widely known as Tenkobo, has publicly rebuked Stella Maris Okafor, the widow of the late Nollywood legend John Okafor (Mr. Ibu), for launching an online appeal for financial aid.....KINDLY READ THE FULL STORY HERE▶

  • The Appeal: Stella recently appeared in a video shared by influencer King Mitchy, pleading for public support to cover rent and school fees.

  • Tenkobo’s Accusation: Ebere, identifying himself as a close associate and family friend, claimed Stella is using her late husband’s reputation to solicit funds unnecessarily.

  • Allegations of Asset Mismanagement: Ebere alleged that members of Mr. Ibu’s family sold off his investments, including houses and landed properties, and he challenged them to account for the resulting funds.

  • Questioning Dependency: He criticized Stella’s reliance on public charity, questioning why she has not pursued her own livelihood or trade, noting that she had allegedly made similar appeals even while her husband was still alive.

  • Defense of Mr. Ibu’s Legacy: Ebere asserted that Mr. Ibu was a responsible investor who planned for his family’s future. He warned potential donors against believing the narrative that the late actor left his family destitute, arguing that such claims unfairly tarnish the late actor’s legacy.

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“We Don’t Demonize, We Expose!” Joshua Bamiloye Fires Back At Critics Of Mount Zion Films!.

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Joshua Mike-Bamiloye, the son of Mount Zion Films founder Mike Bamiloye, has defended his family’s ministry against accusations that it portrays Yoruba culture and spirituality negatively. The criticism surfaced after it was announced that the classic film Agbara Nla would return to cinemas on October 1, 2026, prompting an X user to allege that the ministry has spent decades painting Yoruba traditions as evil while favoring Christianity.....KINDLY READ THE FULL STORY HERE▶

In response, Joshua highlighted the following points:

  • He stated that Mount Zion Films does not demonize Yoruba culture but instead celebrates its language, proverbs, traditions, colors, and royal heritage.

  • He cited the character Abejoye as an example of how a person can maintain deep connections to Yoruba customs and language while embracing Christianity.

  • He rejected the claim that the ministry opposes Yoruba culture with a foreign religion, arguing that their films are framed as a conflict between “Light vs. Darkness,” which he noted has no nationality.

  • He disputed the critic’s argument regarding the ministry’s output, noting that less than 30% of their 200+ films are set in traditional environments.

  • Joshua encouraged the public to watch the films in their entirety to move beyond what he characterized as a narrow lens of cultural grievance.

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