By Aduragbemi Omiyale

All may now be set for the presentation of the 2025 Appropriation Bill to the joint session of the National Assembly by President Bola Tinubu on Wednesday, December 18, 2024.

The exercise was earlier scheduled for today, Tuesday, December 17, 2024, but it was shifted to tomorrow after the 2025 budget proposal of N48 trillion was approved Federal Executive Council (FEC).

The council met on Monday on the 2025 Appropriation Bill and made a few amendments, according to the Minister of Budget and Economic Planning, Mr Atiku Bagudu, who addressed journalists after the meeting yesterday at the Presidential Villa, Abuja.

“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 by the Director of the Budget Office, Tanimu Yakubu.

“The 2025 budget proposal articulates the federal government’s financial plan for the 2025 fiscal year and aligns with the renewed hope agenda and the National Development Plan, 2021–2025, as earlier approved in the medium-term expenditure framework and fiscal strategy paper,” the Minister informed newsmen

Mr Bagudu disclosed that the framework is based on a benchmark oil price of $75 per barrel, an exchange rate of N1,400/$1 and crude oil production of 2.06 billion barrels per day.

He disclosed that based on these parameters, the total projected revenue for the year is N34.820 trillion out of which the expenditure is projected at N47,960 trillion, higher than the 2024 figures by 36.8 per cent, with the deficit projected at N13.13 trillion, to be financed by borrowing.

Also addressing members of the press after the meeting was the Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, who announced that the N13 trillion deficit would be financed through borrowing.

By Adedapo Adesanya

The Naira depreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday after the National Bureau of Statistics (NBS) disclosed that the inflation rate increased in November 2024 to a multi-year high of 34.60 per cent.

The local currency lost N12.10 or 0.79 per cent against the greenback yesterday to trade at N1,545.10/$1 compared with last Friday’s closing rate of N1,533.00/$1, according to data from the FMDQ Securities Exchange.

The NBS on Monday indicated that inflation rose by 0.72 per cent on a month-on-month basis to a year-high of 34.60 per cent in November 2024.  In the preceding month, the rate was 33.88 per cent.

Analysts at Coronation Plc noted, “The month-on-month core inflation measure eased to 1.38 per cent from 2.14 per cent in October, following the NNPC downwards review of petrol price in November.”

However, it warned that “Persistent inflationary pressures continue to pose significant challenges to businesses and households. Elevated production costs have translated into higher operating expenses for businesses, many of which have been passed on to consumers through increased prices. This dynamic erodes household purchasing power and suppresses consumer demand.”

But it was observed that at the official market, the domestic currency appreciated against the Pound Sterling yesterday by N1.31 to trade at N1,940.88/£1 compared with the previous trading day’s N1,942.19/£1 and against the Euro, it improved by N3.98 to sell for N1,608.87/€1 versus N1,612.85/€1.

At the black market, the Naira, however, declined against the Dollar yesterday by N10 to settle at N1,660/$1, in contrast to the previous trading session’s price of N1,650/$1.

Meanwhile, the digital currency market was largely mixed as investors awaited interest rate cuts by the US Federal Reserve this week while a stronger Dollar affected riskier assets.

Ripple (XRP) gained 4.5 per cent to sell at $2.52 as it announced the RLUSD stablecoin set to officially launch on Tuesday and the bullish sentiments surrounding the launch could further boost the price of the coin.

Further, Bitcoin (BTC) increased its value by 1.5 per cent to finish at $106,876.37, Ethereum (ETH) jumped by 1.2 per cent to $4,019.57, and Binance Coin (BNB) rose by 0.4 per cent to $718.02.

On the flip side, Solana (SOL) slumped by 3.4 per cent to $215.97, Litecoin (LTC) slid by 3.1 per cent to $117.16, Cardano (ADA) lost 2.2 per cent to quote at $1.06, and Dogecoin (DOGE) fell by 1.3 per cent to $0.4001, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

By Adedapo Adesanya

The oil market slipped on Monday, triggered by weak data from China, the world’s largest oil importer. The market was also affected by investors’ decision to pause further purchases ahead of the US Federal Reserve’s interest rate decision.

As a result, Brent crude futures closed lower by 58 cents or 0.8 per cent to settle at $73.91 a barrel as the US West Texas Intermediate (WTI) crude traded at $70.71 a barrel after losing 58 cents or 0.8 per cent.

Chinese retail sales were slower than expected, pushing the need for the Chinese government to ramp up stimulus ahead of possible US trade tariffs under a second Donald Trump administration.

Retail sales, which is a gauge of consumption, grew at its weakest pace in three months at 3.0 per cent last month, much slower than a 4.8 per cent rise seen in October.

Market analysts noted that China’s economic policies have been amazingly consistent in promoting manufacturers over consumers despite clear signs of lasting weakness.

Chinese policymakers have started outlining their plans for 2025 in recent weeks, in that face that Mr Trump’s return to the White House will place considerable strain on the world’s second-largest economy.

The Chinese central bank may further cut the amount of cash that banks must hold as reserves, however, credit numbers out last week showed past easing had done little to boost borrowing.

The Chinese outlook contributed to the decision by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ to postpone plans for higher output until April.

OPEC+, which pumps about half the world’s oil, planned to start unwinding cuts from October 2024 but a slowdown in global demand and rising output elsewhere forced it to postpone the plans on several occasions.

Traders also took profits while awaiting the US Federal Reserve’s decision on interest rates this week, where it is expected to cut interest rates by a quarter of a percentage point at its December 17-18 meeting.

The meeting will also provide an updated look at how much further the US central bank will likely reduce rates in 2025 and perhaps into 2026.

Lower interest rates can stimulate economic growth and increase oil demand.

Oil prices were further pressured by the US Dollar, which rose to a nearly three-week high and impacted commodities like crude oil, which is priced in the American currency.