General
Bill to Establish Budget Management Office Scales Second Reading

By Modupe Gbadeyanka
A bill for the establishment of a budget management office passed second reading at the House of Representatives on Wednesday.
The bill, jointly sponsored by the Speaker of the House, Mr Femi Gbajabiamila, and Mr Henry Nwawuba, will give the new agency the power to take care of planning, presentation, implementation and monitoring of national budgets.
The new office will “prepare the annual budget proposal for presentation to the National Assembly by the President; supervise the implementation of the budget by ministries, departments and agencies of the federal government to ensure compliance with the law and policies of the administration; and evaluate the effectiveness of programs, policies, and procedures of the ministries, departments and agencies of the federal government to ensure consistency with governing priorities.
In addition, it will provide budget function, implement budget and fiscal policies of the Federal Government of Nigeria; improve the budget process by imposing compliance with strict timelines for the budget process in the National Assembly; apply concrete indicators to measure the performance of the annual budget to ensure delivery of the expected development outcomes as set out in various development plans; oversee the implementation of the budgets of the federal government to ensure accuracy and fiscal transparency; approve the withdrawal of statutorily approved funds from the federation accounts to implement the appropriations law of the federal government; provide quarterly reports of budget performance and implementation to the National Assembly; and perform all other functions incidental to the effective management of the budget process in the Federal Government of Nigeria.”
According to the bill’s sponsors, a director-general appointed by the President will oversee the office’s operations in line with the legal framework, including submitting annual reports on budget implementation/performance to the National Assembly.
The bill provides penalties for anyone or organ that hinders the DG or staff of the office from performing the lawful duties as spelt out in this framework when passed into law.
For example, Part V of the bill makes the following provision, “A person who — without justification or lawful excuse, obstructs, hinders, assaults or threatens the Director-General or their members of staff acting under this Act; knowingly submits false or misleading information; or knowingly misrepresents to or misleads the Director-General or a member of his or her staff acting under this Act, commits an offence and is liable, or conviction, to a term of imprisonment not exceeding two years, a fine of N5 million or both.”
Another provision stipulates a jail term of two years or a N1 million fine or both.
“A person who violates sections 25, 26 and 27 of this Bill is guilty of an offence and shall be liable, on conviction, to a term of imprisonment not exceeding two years, a fine of N1,000,000 or both penalty,” another part of the bill said.
General
FG Pledges to Revive Atlantic Refinery Project

By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has expressed dismay over the abandonment of the Atlantic Refinery project in Brass Local Government Area of Bayelsa State, promising to rejuvenate it.
Mr Lokpobiri made this commitment during an inspection visit to Ewa-ama Road, which leads to the Brass Petroleum Products Terminal (BPPT), where he engaged with key community stakeholders.
He assured stakeholders that the federal government would review the project to ensure its eventual completion.
“The federal government remains committed to completing critical infrastructure projects that drive economic growth and improve livelihoods. This project will be thoroughly reviewed to ensure its eventual completion,” he pledged.
The Minister commended the people of Brass for their peaceful disposition despite the challenges posed by the refinery’s abandonment, urging them to sustain the peace.
“Stability is crucial for attracting further investments and development to the region,” he emphasised.
Reaffirming President Bola Tinubu’s commitment to delivering on key development projects, Mr Lokpobiri reiterated that the government remains dedicated to advancing initiatives that will benefit the Niger Delta.
The Minister was accompanied on the visit by Mr Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as part of efforts to assess and fast-track key projects in the region.
General
Obi Urges Transparency, Accountability as 2025 Budget Swells 9%

By Adedapo Adesanya
The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has called for transparency and accountability as a result of the recent increase in the 2025 budget by 9.1 per cent to N54.2 trillion.
Mr Obi, in a message on X, the social media platform formerly known as Twitter, said while the sources of revenue were detailed, there was no corresponding breakdown of expenditures to justify the budget increase.
President Bola Tinubu on Wednesday raised the proposed budget by 9 per cent from N49.7 trillion to N54.2 trillion, citing additional revenues generated by key government agencies such as the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service (NCS), and other government-owned agencies.
Mr Obi, in his message, stressed the need for Nigerians to be informed on how public funds are allocated and spent.
“For transparency and accountability sake, Nigerians need to know how the resources generated from them are being allocated to ensure that they are judiciously spent on the country’s development and the well-being of the people,” Mr Obi said.
He added that budgetary expenditures should be directed toward critical areas of development, including education, healthcare, security, and poverty alleviation, to ensure meaningful impact on citizens’ lives.
“Yesterday, I read about the increase in the Budget of Restoration to ₦54 trillion due to increased revenue.
“While the sources of this revenue were detailed, there is no corresponding breakdown of expenditures to justify the increase. For transparency and accountability sake,” part of the statement read.
He said Nigerians are still waiting for a detailed account of the execution and expenditures of the Renewed Hope budget, which was passed in December 2023, calling on the National Assembly to seize this opportunity to obtain and make public the full details of the 2024 budget of Renewed Hope budget.
He also called on lawmakers and government officials to prioritise openness and accountability to safeguard public trust as preparations begin for the 2025 Budget of Restoration.
“Transparency in this regard is crucial for ensuring accountability, learning from past budgets, and making informed decisions for the nation’s progress.
“As we work towards passing the Budget of Restoration for 2025, let us uphold openness, accountability, and the welfare of the Nigerian people. We owe it to ourselves, our children, and the future of our great nation,” he stated.
General
Fidelity Bank MD Lauds Soludo’s Prudent Spending of Anambra Funds

By Modupe Gbadeyanka
Governor Charles Soludo of Anambra State has been applauded by the chief executive of Fidelity Bank Plc, Mrs Nneka Onyali-Ikpe, for the infrastructural development in the state.
The banker said she was marvelled at the avalanche of projects in the state and how the Governor has managed the scarce funds of the state without borrowing.
“I am very impressed with the quality, size, and finishing of the projects being executed in this state without borrowing from financial institutions,” Mrs Onyali-Ikpe said during a tour of projects in Anambra State on Wednesday.
“I’m blown away by the size of infrastructure that I’m seeing today; the contemporary architecture, the finishing, and the size of it. It is intimidating. I’m excited that we finally have something that befits our state, Anambra.
“I’m interested in knowing how Soludo is building the infrastructure without borrowing money,” the Fidelity Bank chief said.
During the tour, the banking executive, accompanied by the Deputy Chief of Staff and Chief of Protocol to Governor Soludo, also visited the ongoing Anambra State government house and lodge with Amphitheatre, the Solution Fun City, a centre for funfair and celebrations, amongst others.
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