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FG needs N700bn yearly to maintain roads – Minister

The Minister of State for Works, Mohammad Goronyo, has raised alarms about the inadequate budgetary allocation to the Federal Roads Maintenance Agency. He said the agency needs over N700bn yearly to maintain federal roads nationwide. He emphasized that the current funding does not match the scale of the agency’s responsibilities, which involve maintaining and repairing […]

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Nigeria generated N50tn from crude oil in 2024

Nigeria’s crude oil revenue In 2024 surged to approximately N50.88 trillion. Data from the Nigerian Upstream Petroleum Regulatory Commission revealed that the country produced a total of 408,680,457 barrels of crude oil that year. A report by Statista Research Department on January 9, 2025, revealed that the average price of crude oil in 2024 was […]

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FG sets N6.58tn revenue target for Customs in 2025

The Federal Government has set a revenue target of N6.58 trillion for the Nigeria Customs Service in 2025. This was disclosed by the Comptroller-General of Customs, Bashir Adewale Adeniyi, on Tuesday. Adeniyi also revealed that the NCS collected a record N6.11 trillion in 2024, exceeding its N5.08 trillion revenue target by N1.03 trillion, which is […]

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FG confident of reaching N36tn revenue target

The Federal Government is optimistic about meeting its N36.35 trillion revenue target for 2025, citing ongoing economic reforms under President Bola Tinubu’s administration. This was disclosed by the Minister of Budget and Economic Planning, Abubakar Bagudu, during a hearing at the National Assembly Joint Committees on Finance, where the 2025 Appropriation Bill was discussed, according […]

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Tinubu administration inherited near-collapsed economy – Edun

The Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, revealed that the Bola Tinubu administration inherited a near-collapsed economy but is making steady progress through bold, targeted reforms. During a briefing with the Senate Committee on Appropriations about the 2025 Appropriation Bill, Edun said that the administration’s economic stabilization strategy, emphasizing progress […]

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Tinubu’s subsidy removal saved 19 states from bankruptcy – Presidency

The Presidency has attributed the success of President Bola Ahmed Tinubu’s subsidy removal policy to rescuing over 19 states from the verge of bankruptcy. The policy, part of wider economic reforms, has helped channel funds previously spent on fuel subsidies toward stabilizing state finances and fostering long-term economic growth. The Special Adviser to the President […]

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FG sets aside N175.13m for NELFUND in 2025 budget

The Federal Government, in its proposed N49.74 trillion 2025 budget, has earmarked N175.13 million for the Nigerian Education Loan Fund. Established under the Student Loan Act, 2024, NELFUND aims to provide financial assistance to eligible Nigerian students pursuing higher education. This N175.13 million allocation to the NELFUND is part of the 2025 Federal Government’s final […]

FG adds E-Gates to Nnamdi Azikiwe airport
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FG budgets N2.5bn for Lagos airport boarding bridges

The Federal Government has allocated N2.5 billion in the proposed 2025 budget, for installing passenger boarding bridges at Lagos airport. This is part of the N105.95 billion set aside for the Federal Ministry of Aviation and Aerospace Development, with N93.03 billion dedicated to capital projects. The project is designed to improve passenger convenience and boost […]

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FG hit 1.8mbpd oil production via foreign investments – Minister

The Minister of State for Petroleum Resources, Heineken Lokpobiri, revealed that the Federal Government attracted foreign investors to increase oil production to 1.8 million barrels per day. This marks a rise from one million barrels per day in 2023, including condensates. This was disclosed by Lokpobiri in a statement by on Monday. The oil minister […]

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FG borrowings may exceed N13tn target – Report

Borrowings by the federal government in 2025 could exceed the planned N13 trillion to address the budget deficit. According to Afrinvest Research’s 2025 Outlook Report, net issuances of at least N13.7 trillion may be required to close the gap between projected expenditure and revenue, with a potential Eurobond issuance also on the table. The 2025 […]

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FG can keep current VAT formula 100% – Oyedele

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has suggested that the current Value Added Tax structure might remain unchanged due to the controversies it has generated. Oyedele disclosed this on Sunday during an interview on Arise TV while discussing the tax reforms proposed by President Bola Tinubu. In […]

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FG allocates N105bn to aviation, plans Kebbi refund

The Federal Government has allocated N105,953,496,365 to the aviation industry in the 2025 budget, marking an increase from N63,317,450,275 in 2024. The FG’s budget also includes a plan to refund N4bn to the Kebbi State Government for the construction of Sir Ahmadu Bello International Airport, Birnin Kebbi. This, however, contradicts advice from stakeholders urging the […]

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