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Tinubu Presents 2024 Budget To National Assembly, Today …As NEC Okays $1bn Loan

President Bola Tinubu will today present the 2024 Appropriation Bill to a joint session of the National Assembly.
This came as the Federal Executive Council on Monday approved the 2024 Appropriation Bill of N27.5trillion.
This is an increase from the N26.01trillion earlier considered by the council.
The President, in a letter of intent that was read at plenary by Senate President Godswill Akpabio, yesterday, signalled his readiness to present the 2024 Appropriation Bill to a joint session of the National Assembly today by 11 a.m.
The Minister of Budget and Economic Planning, Abubakar Bagudu, had earlier on Monday, disclosed the readiness of the President to present the budget to the joint Assembly after the close of FEC’s weekly meeting presided over by Tinubu at the Aso Rock Villa, Abuja.
While disclosing that the Federal Government is projecting N18trillion revenue for the 2024 fiscal year, Bagudu said further details of the appropriation bill would be released when the President presents it to a joint session of the National Assembly today.
According to the Minister, the Medium Term Expenditure Framework passed by the National Assembly is being reviewed by the Council.
Bagudu said “Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President.
“The bill has an aggregate expenditure of N27.5trillion which is an increase of over N1.5trillion from the previously estimated, using the old reference prices.”
He added, “The forecast revenue is now N18.32tn which is higher than the 2023 revenues, including that provided in the two supplementary budgets. Equally and commendably, the deficit is lower than that of 2023. Details of the Renewed Hope Budget will be announced by Mr. President when he makes the presentation to the National Assembly”
The minister also announced some changes made in the MTEF benchmarks by FEC.
“That approved Medium Term Expenditure Framework has the exchange rate of N700 to $1 and equally, the benchmark crude oil price at $73.96 cent. However, in Mr. President’s determination to find more money to fund our priorities, today the Federal Executive Council further revised the Medium Term Expenditure Framework and Fiscal Policy Framework and two of the important decisions were to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96, meaning $4 more than the earlier approval,” he noted.
The minister said the changes “will significantly increase government revenue that the President intends to use in supporting the ministries, departments and agencies in the execution of the eight priority areas, particularly Health, Education, infrastructure, security and other developmental areas.”
Also briefing, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the Council approved $1bn budget support loan from the African Development Bank.
The AfDB loan will have an interest rate of 4.2 per cent for 25 years with an eight-year moratorium, according to the minister.
He said, “The Federal Executive Council approved a $1bn concessionary loan for general budget support and to be used to improve forex availability in the country.
“The $1bn loan from AfDB is a budget support fund for ongoing economic reforms. It is to support government programmes in the power sector, social inclusion, and the fiscal policy reforms as a whole sector policy initiative.”
In October, Edun disclosed that the Federal Government secured a $80m loan from the AfDB to finance various projects in critical sectors of the economy.
He noted at the time that the $80m was to help young people in the knowledge economy, technology, and communications.
The Finance ministuer also spoke on the tax initiatives of the Federal Government.
Edun said, “There was a briefing by the Fiscal Policy and Tax Reform Committee, essentially they’ve been working for roughly 90 days, they’ve been working very well and very effectively, such that they are in a position to have even impacted the economy by coming up with initial reforms, as well as signposting the way forward in terms of very important targets.
“So in a nutshell, the policy on VAT removal on diesel is from them, they are looking to help boost fiscal situation of the government by increasing revenue, particularly tax revenue, through digitalisation, additional efficiency and rationalisation of the range of taxes that we have at the moment.
“They are looking to increase the ratio of tax-revenue-to-GDP to 18 per cent which is the average for Africa; so many countries are above that level. It is actually about the double of where we are now and within a matter of a few years, their target is to reach 18 per cent.”
The minister said the Federal Government was contemplating other economic measures in the short-term, adding that the tax reforms council’s report was well received by the President and other council members.
Edun also stated that the Federal Executive Council approved a total limit of N2tn to be available for use by the Ministry of Finance to go in and out of the market and essentially to, where possible, bring down the interest rate on the current outstanding.
He said this was “in order to keep working hard and maximising the ability of the government to use the markets and to take advantage of different situations and improve situations.”
“So essentially, it will be refinancing and the view is that there will be an opportunity to save about N50bn or more in debt servicing over time by giving back expensive debt refinancing with cheaper funding,” he concluded.
Ahead of the budget presentation, Tinubu had three weeks ago forwarded to both chambers of the National Assembly, the 2024 – 2026 MTEF and Fiscal Strategy Paper where the sum of N26.1tn was proposed as the total expenditure profile for the 2024 fiscal year.
The Senate through its committee on Finance after two weeks of interactive sessions with heads of Ministries, Departments and Agencies on revenue and expenditure projections made for them, approved the MTEF.
It specifically approved the N26.1tn proposed as 2024 budget and other parameters as proposed by the President.
It also approved the new borrowings of N7.8tn, pegs benchmark oil price for 2024 at $73.96 and oil production volume per day at 1.78m barrels.
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We’ll Comply With Supreme Court Judgement, Fubara Assures …As CJ Inaugurates Judges’ Quarters

Rivers State Governor, Sir Siminalayi Fubara, has assured that his administration will implement, to its fullest, the recent judgment of the Supreme Court of Nigeria on the political crisis in the State.
The Governor maintained that what is important, in all of the happenings that had been witnessed, has been the protection of the interest of Rivers State because it must be above whatever personal interest that anybody could hold and canvass.
Governor Fubara gave the assurance during the inauguration of the new Judges’ Quarters, a housing facility completed by his administration for Judges indigenous to Rivers State by birth or marriage, at Old GRA, in Port Harcourt City Local Government Area, yesterday.
The Governor explained: “It has not been an easy 16 months, but what is important is the interest of our State, which must be above our personal interest. I want to say it here, very loud and clear to everyone, the Supreme Court has given a judgment, my administration is going to implement the judgment to its fullest. The reason is clear: It is not about me, it is about the good of this State.”
Governor Fubara alluded to the quantum of loss, in terms of money expended, in prosecuting the political crisis, on both sides, which has gone to waste, regrettably.
Such financial resources and other efforts, he said, would be more profitable, if they were synergised, and channeled to courses that promoted the genuine well-being and good of the State, adding that something more assuring would have been showcased.
Governor Fubara stated: “Thank God where we are today, I can assure you publicly that, any day, any time, I have not gone back on that my statement: that nothing (no price) is too big to pay for peace in this State, because at the end of the day, it is about our people. It is not about me, I will leave office but the good work that I have done will speak for me and will defend my generation.”
Commenting on the project, Governor Fubara emphasised that it further shows that his administration takes the issue of welfare, particularly of judicial officers, seriously, explaining that his administration inherited the project and with reports from the Ministry of Justice and some concerns from the Judiciary, it became imperative to continue with it.
He said, “We give glory to God that today, we have completed this project, and we are willing and ready to hand it over to the lucky judges who are going to live here so that they can perform their duties effectively.”
Governor Fubara pointed to the need for proper maintenance of the housing facility and the entire premises so that it can offer required satisfaction, maximally, and assured the Executive’s readiness to provide support in that regard.
Performing the inauguration, Chief Judge of Rivers State, Justice Simeon Amadi, recalled how he laid the foundation stone of the project, which was initiated by the immediate past administration on May 22, 2023, and thanked Governor Fubara for continuing and completing the project, which now represents another milestone and great accomplishment for the Rivers State Judiciary.
He added, “We are pleased with this landmark achievement, which represents the continuation of the policy of providing befitting residential accommodation for judges of Rivers State on owner-occupier basis or monetary ground in lieu there-off. This is backed by the Rivers State Housing Scheme for Judicial Officers Law No. 10 of 2021 passed by the Rivers State House of Assembly, and signed into law by the immediate past Governor of Rivers State.
“The Rivers State Government, in the past years, has been in the fore-front in ensuring that judges are quartered while in service, and in recent years, has gone further to allocate official quarters to judges on the basis of owner-occupier or monetary ground of a fixed sum in lieu there-off.
“The policy of providing official accommodation for judges on owner-occupier basis or monetary ground in lieu there-off has reduced greatly the pressure on judicial officers who hitherto struggle to build retirement home while in service with limited resources. Such pressure and desire to own retirement home in time past was a major concern and have its own impact on job performance”, he added.
In her address, the Solicitor-General and Permanent Secretary, Rivers State Ministry of Justice, Mrs Ibiwari Clapton-Ogolo, explained that the Rivers State Housing Scheme for Judicial Officers, Law No. 10 of 2021 established a housing scheme for judicial officers who must be indigenes of Rivers State either by birth or marriage.
Mrs Clapton-Ogolo said: “The scheme provides for ownership of a decent accommodation in the state by every judicial officer who is an indigene of Rivers State or married to an indigene of Rivers State or monetization of the accommodation, subject to the approval of the government.
“In accordance with the above law, today, the Honourable Chief Judge of Rivers State will commission seven duplexes of five bedrooms, which are exquisitely furnished. Our judges deserve nothing less. I pray that these duplexes will not just be a living houses for our judges, but homes where our judges will find peace and rest as they discharge their duties, as judges, to God and to men,” she added.
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Fubara Assures Residents Of Adequate Response To Fire Outbreaks In PH …Commissions Rebranded Borokiri Fire Service Station, Vehicles

Rivers State Governor, Sir Siminalayi Fubara, has said that the Borokiri Fire Service Sub-Station in the Old Port Harcourt Township will serve as a local-level fire disaster management resource centre to provide quick response to emergencies and ensure protection of lives, property, and the environment from fire disasters.
Governor Fubara gave the assurance while inaugurating the Rivers State Fire Service, Borokiri Sub-Station in the Old Port Harcourt Township in Port Harcourt City Local Government Area, last Thursday.
The Governor stated that fire service stations are essential components of critical services that must be provided by any government for its people as proof of commitment to their safety.
Governor Fubara maintained that the inauguaration of the station, therefore, aligns with what government must do without fun-fare because discharging statutory responsibility to the citizenry is not anything to advertise.
He said: “The purpose of government is to provide services. The purpose of government is to protect lives and property. So, while we are doing those things that we are elected for, and we now start showcasing it, sometimes, it doesn’t make any sense. But, that is what the business has really turned into, which is, whatever you are doing now, you have to showcase so that they will know that you are really working.”
Governor Fubara also said: “Some persons will commission borehole, some will commission all sorts of things, and they do adverts for it. But for us, we have chosen to showcase to the world vital and most needed items of service as a government. What we are showcasing here today is one of the essentials of governance. Fire service station is a very important component in every system.”
Governor Fubara explained that some days ago, he unveiled the modernised and remodelled Headquarters of the Rivers State Fire Service to signal the restorable of stable and regular response to fire disasters across the State.
He said, three days after, he has returned to show to the world a similar word of revitalisation that has been achieved on the Borokiri Sub-Station that will end years of absence of such services available to the residents in that part of the township.
Governor Fubara stated: “Borokiri is a section of the Town, one of the densely populated areas of Port Harcourt City. The essence of rehabilitating this Fire Service Station is to cater to the huge population that is living here.
“We had cases of fire outbreak, from time to time, and we have never adequately responded to them. I strongly believe that after this minute, whatever that would happen, provided it is within the power and jurisdiction of this station, it would be combated adequately.”
Governor Fubara expressed delight over what has been achieved and made available to the people, who are also grateful, and appreciated it with gratitude, exemplified with the joy and excitement on their faces, stressing that this is the reason why his administration will remain resolute, and continue to work to better the lives of all residents in the State.
Performing the inauguaration, former Minister of Transport, Dr Abiye Sekibo, said the project reflects purposeful leadership that has prioritised the wellbeing of the people because they will get assistance to tackling fire incidences when it occurs.
He pointed to the massive rehabilitation work that has been achieved on the long abandoned fire station, which now offers the assurance of more jobs created to engage willing youths to work, adding: “Your Excellency, I was Secretary to the Government in this State, this fire station existed then. I must confess that what I am seeing today is a state-of-the-art fire station. Thank you for your care and for your love.
“This is also an opportunity to expand the possibility of work for our people. When there are instruments to work with, you need people to use them and drive these vehicles to fight the fires. I am sure that our Governor will use this, as a point of reference, to ensure that we have employment within the system that gives our youths something to do.”
Dr Sekibo also said that Governor Fubara carries the collective hope and vision of all Rivers people who are resolute and determined to continue to support him, saying that this is the more reason why President Bola Tinubu should also support Governor Fubara who, as an ally, has continued to work for the success of his administration.
Dr Sekibo also said that, for the first time in 24 years, the Ijaw Nation, which is domiciled in more than 8 local governments of Rivers State, now have the opportunity of governing the State and enjoys massive support of the people.
So far, he noted, the leadership provided by Governor Fubara has been tested in the bold decisions that he has taken to steer the progress of Rivers people, emphasising: “The work our Governor has done in this State in the short time he has been Governor, shows that he prioritizes our interest, and indeed, cares for the unity of this nation.
“This Governor, at a time when our funds are seized, he made sure that there was no problem in this State. He made sure that essential services continued, he didn’t try to create problems for the Federal Government.”
He pointed to how Rivers people have always supported the government at the centre and have not ceased, adding that under the leadership of Governor Fubara, Rivers people are still and will continue to support the President Bola Tinubu-led Federal Government.
He explained: “Mr President, the dear President of Nigeria, our own President Bola Ahmed Tinubu, we, the Rivers people, have always supported the government at the centre. We have always worked with the government at the centre. This Governor, Sir Siminalayi Fubara, has convinced Rivers people that they must stand with their President, and so, we stand with you.
“There might be persons telling you stories, especially when they see people like me, who was a core Atiku man. They will say, don’t you see, it is Atiku people that are with the Governor. There are also Atiku people that are with them there in Abuja. But, the Governor has convinced us that the place to be is to be with our President. So, Mr President, we stand with you. We stand with you because that is the right thing to do. The election delivered you as our President, and so, we stand with you. The election also delivered our Governor, our son, and we stand with him.”
Dr Sekibo advised Rivers people, who felt demoralised by the Supreme Court judgment, to brace up and give unalloyed support to Governor Fubara, who has assured of obeying the ruling to the latter.
In his speech, Rivers State Commissioner for Special Duties, Dr Samuel Anya, said the Rivers State Fire Service, Borokiri Sub-Station was abandoned for years, but quickly added that Governor Fubara has rehabilitated the structures, provided necessary materials, equipment and fire trucks to serve the people better, and guarantee their safety.
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We’ve Strengthened Rivers Fire Fighting Capability – Fubara

Rivers State Governor, Sir Siminalayi Fubara, has said that the modernised fire-fighting units with new buildings, necessary machinery, materials and equipment will strengthen the emergency response capability of personnel to fire incidences in the State.
The Governor pointed to how the provision will drastically reduce, if not eliminate, the vulnerability of Rivers population to fire disasters, as according to him, there will be timely assistance to victims to reduce damage and bolster conditions for sustainable development.
Governor Fubara, who gave the assurance while inaugurating the Rivers State Fire Service Headquarters Station, located by Isaac Boro Park Flyover, in Port Harcourt City Local Government Area, yesterday, said the gesture serves as a consolidation of the promise made, in line with his vision of governance: to provide quality service to the good people of Rivers State.
He explained that some years ago, the State was at the mercy of the multi-nationals that had functional fire trucks to respond to most fire incidences, and pointed to setbacks that greeted some emergencies, adding that the records of losses to fire incidences were colossal.
Governor Fubara said: “We lost the Mile One Market because we couldn’t respond adequately. We lost, even what we call, the Fruit Garden Market because we could not respond. Are we talking about houses, lives that have been lost in this State because of inadequate fire service?”
The Governor insisted that the purpose of governance is to provide such quality social services, protect lives and property, and make living comfortable for the people, asserting that his administration has not failed in those regards, and has continued to intensify the provision of services that have made Rivers people happy.
He said, “And, what we are doing today is to tell the good people of Rivers State, and to showcase to the world, that there is governance in this State. Not governance for the sake of governance, but governance that is purpose-driven, governance that is interested in projects that will change the lives of our people.
“Some days ago, a tanker fell along the Woji-Elelenwo Road. If it were before, lives would have been lost. But immediately, the fire service, not the multi-nationals, it was the Rivers State Fire Service that responded and arrested the situation. What else are we talking about?”
Governor Fubara said Rivers people are very happy with the consistent delivery of infrastructure projects that address the critical problems experienced by the people in the larger society, emphasising that he believed strongly that even if some persons are indulged in clandestine activities, and determined to discredit his administration, Rivers people are happy, indisputably so.
He explained, “We are not interested whether those people who are commissioned to undermine us are unhappy, that is not our business. Our business is about Rivers State and Rivers people. So, like the Commissioner said, we did not just do this for the sake of glamour. You come here, you see a painted house, every facility that is required in a well-built fire fighting facility, is all in this place.”
Governor Fubara said further: “You can image a government that has a fire service and the firemen are not working. It is only at the end of the month you pay them their salaries. You can see that they were not happy and unproductive. But today, they are happy because they have a big responsibility now ahead of them: to ensure that lives and property of the good people of Rivers State are adequately protected. So, I want to thank you for this particular spirit at this moment.”
Governor Fubara commended the Commissioner for Special Duties, Dr Sam Anya, for driving the process to conclusion, and the contractor for delivering the project on schedule, and assured that his administration will continue to ensure the protection of lives and property while defending the Constitution of the Federal Republic of Nigeria.
Governor Fubara also told Rivers people to expect the provision of more basic amenities, unbiasedly, and advised those in charge of the firefighting equipment to safeguard and protect them so that they can serve their purpose maximally.
Providing the project description, Rivers State Commissioner for Special Duties, Dr Samuel Anya, explained that since the first fire service station was built in the 1960s, this was the first time the facility is being remodeled and upgraded, emphasising that certain features were introduced and added to make the station comparable to fire service stations nationally.
He stated: “We have gym, sick-bay, offices and state-of-the-art equipment that we will use to combat fire. Your Excellency, we have also, new fire trucks that you have acquired. Before now, we did not have any truck, and when incidents happen, we have to call the Federal Fire Service or call Agip or Shell Fire Service. But thank God that His Excellency, in his wisdom, has given us state-of-the-art facility, and we don’t need to call any other person again.”
In his address, Head of Local Government Administration, Port Harcourt City Local Government Area, Mr. Clifford Paul, said Governor Fubara has turned the once dilapidated fire service station and its equipment into a modern masterpiece, which represents a significant milestone in the collective commitment towards tackling fire incidences.
Mr Paul stated that it will certainly enhance the capacity of personnel and reinforce their preparedness to respond to emergencies in the event of fire outbreaks.
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