The federal government has proposed N47.9 trillion as the total expenditure in the 2025 budget.

Atiku Bagudu, the minister of budget and economic planning, told journalists on Thursday, after the federal executive council (FEC) meeting presided over by President Bola Tinubu.

Vaguely said the council approved the medium-term expenditure framework (MTEF) for 2025-2027.

He said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day (bpd)

The budget minister said the exchange rate was pegged at N1,400 per dollar, noting that the government is targeting a gross domestic product (GDP) growth rate of 6.4 percent.

Ondo state government has declared Friday a public holiday to enable civil servants and others to travel to various communities to exercise their civic responsibilities.

This was contained in a statement on Wednesday evening signed by O.F. Ayodele, Permanent Secretary, Office of the Head of Service.

The statement reads, “The 2024 Governorship Election in Ondo State has been scheduled by the Independent National Electoral Commission (INEC) to be held on Saturday, 16th November 2024.

The National Security Adviser (NSA), Mallam Nuhu Ribadu, has said the administration of President Bola Tinubu will prove to the so-called new terrorist group ‘Lukarawa’ in the North-western part of the country that things have changed, and that the group will be flushed out of Nigeria.

Ribadu made the statement while representing President Tinubu at the opening ceremony of the 2024 Comptroller-General of Customs Conference, on Wednesday, in Abuja.
The NSA said that, without deferring to politics which would always be played, progress has been made in many sectors in Nigeria since President Tinubu was sworn in on May 29, 2023.

“We will chase the so-called Lukarawa out of our country. We’ll put critics to shame and shut their mouths in no time. Boko Haram, which has been ravaging our country, is now on the run. Its members are now moving to other neighbouring countries because Nigeria is no longer conducive for their operations,” he said.
He also said signs that things are getting better with the economy are there for all to see, citing increased crude oil production in the Niger Delta and the fiscal reforms by the Central Bank of Nigeria (CBN) as part of such efforts.

“Crude oil production has hit 1.8 million bpd and the Central Bank has been sanitized; no one is taking a dime from the CBN. When we promised that we’ll fix this country, we will do so because President Tinubu has never been a failure,” he said.
In the text of the president’s speech, delivered by the NSA, President Tinubu said he set out with a clear and unwavering vision to strengthen Nigeria’s economic base and deliver positive growth and development for the benefit of all, promising that 18 months later, the vision remains unchanged.

“In pursuing this vision, we have built upon existing foundations while introducing necessary reforms to adapt to our evolving economic realities. Our focus has been on strengthening what works, refining what needs improvement, and introducing new initiatives where gaps exist.

“We recognised that specific economic policies, though useful in their time, needed to be realigned with current global economic dynamics to better serve our national interests and the well-being of our people.”

The president commended the NCS for keying into his vision by strengthening Nigeria’s position as a trade-friendly nation through strategic reforms, particularly in export promotion and port efficiency, and stressed that the service has contributed significantly to Nigeria’s improved global ranking and ease of doing business.

According to the president, the theme of this year’s NCS conference, “NCS Engaging Traditional and New Partners with Purpose” couldn’t have come at a better time, as it reflects his administration’s broader vision of fostering strategic partnerships and collaborative approaches to governance and economic management. He said the Nigeria Customs Service has shown remarkable progress in revenue generation, enhancing the government’s capacity to fund critical national development projects.

The president also said Nigeria is determined to deepen its integration into global value chains and strengthen its position as a reliable trading partner: “Our commitment to sustainable economic reforms, trade facilitation, and creating an enabling business environment is firm and irreversible. We see our international partnerships as crucial catalysts in our journey towards becoming a more competitive player in global trade, particularly as we position ourselves to harness the opportunities presented by expanding regional and continental markets.”