Yakubu’s appointment followed the expiration of the tenure of Mr. Ben Akabueze.

The Budget Office of the Federation, situated in the Ministry of Budget and Planning, was established to provide various functions.

This very important ministry is also saddled with the responsibility of catalyzing equitable mobilization and distribution of the Nation’s resources to engender sustainable socio-economic development.

Beyond the above mentioned, it provides efficient and qualitative budget functions to Nigeria, geared towards promoting fiscal sustainability, transparency and accountability in public finance management for national development in line with International best practices.

But what are the critical functions of the Budget Office every Nigerian must know? They are presented below:

1. The Nigerian Budget office is charged with the responsibility of preparing the Executive budget.

2. The Office oversees budget implementation, and budget monitoring.

3. The Ministry of Budget implements fiscal policies of the Federal Government of Nigeria to maintain aggregate fiscal discipline,

4. It also allocates resources in accordance with government priorities, and promotes the efficient delivery of services.

5. The Ministry further performs revenue estimation using current and realistic assumptions on oil production and prices.

6. It also involves estimation of non-oil receipts, and employing realistic macroeconomic indicators to develop a macroeconomic framework used in aggregate fiscal estimates for the Medium Term expenditure Framework.

7. Framework Development for the annual budget is another responsibility of the Ministry.

8. It coordinates the preparation of Medium Term Sector Strategy (MTSS) across the Federal Sector MDAs and ensures that the MTSS significantly drives annual budget estimates with the issuance of Budget Call Circulars (BCC) that clearly links MTEF, MTSS and the annual budget.

Television, radio, and other electronic media outlets are enjoined to plug into the network services of the Nigerian Television Authority and the Federal Radio Corporation of Nigeria (FRCN) for the broadcast.

Although Nigeria returned to democratic rule on 29 May, 1999, former President Muhammadu Buhari, in 2018, declared 12 June as the new date for the celebration of the country’s democracy.

The decision was to posthumously honour Moshood Abiola, the presumed winner of the 12 June, 1993 presidential election.

Before the new date, Democracy Day was celebrated annually on May 29.

This is the second time Nigeria will celebrate Democracy Day since President Tinubu assumed office in May 2023.

The Nigerian government has declared Wednesday as a public holiday to mark the restoration of democracy in Nigeria.

Senator Atiku Bagudu, the Minister of Budget and Economic Planning, made this statement during a press briefing in Abuja on Thursday, providing clarifications on the implementation of the 2024 Appropriation Act.

He stated, “There was a N10 billion provision in the supplementary budget. Right now, we have N60 billions of student loan in the two budgets.”

“We believe that our students should have an additional option,”

The minister mentioned that the government is allocating N100 billion to the agriculture sector, aiming to attract additional funding to facilitate the growth of the mortgage industry.

Besides the agricultural fund, the Minister also stated that the N100 billion for consumer credit will help in revitalising the manufacturing sector which faces serious challenges.

According to him, “Our economy can gain if many people can pay for goods and services over a period of time just as it’s being done around the world. And it will help our manufacturing sector.

“The Consumer Credit is a veritable tool to provide access to goods and services to a lot of Nigerians.

“It has not been implemented. The money has not been withdrawn; the fund is a catalytic fund and it’s expected to grow.”

Recall that following the removal of fuel subsidy in June, federal government promised to facilitate the transition from petrol powered vehicles to CNG being a more affordable alternative.

However, the planned roll out of the vehicles has been marred by severe delays further keeping transport cost elevated for a lot of Nigerians.

Also, in the past one-year federal tertiary institutions across the country have increased tuition fees significantly. In fulfilment of his campaign promise to provide loans to students, President Tinubu signed the Access to Education Act in June commonly styled as the Student Loan Act.

Like other programs, the implementation of the student loan act has been slow. Recently, the senate repealed the act and reintroduced a new bill.

The ceremony witnessed the presence of key figures in the industry, including Olorundare Sunday Thomas, the Commissioner for Insurance.

The Commissioner took the opportunity to address the pressing issues within the insurance sector and shed light on the role of insurance in achieving the ambitious economic vision set by President Asiwaju Bola Ahmed Tinubu.

“One of the things that seem to be lacking in the insurance sector is having to case that needing awareness to give to the people the value that we sell. We are not selling cost, we are selling value, and that is what I think the AdvantageConnect is doing,” Commissioner Thomas emphasised during the launch. He noted the importance of creating awareness about the value proposition of insurance products, especially in a market that may not fully grasp the significance of risk mitigation and financial planning.

The Commissioner expressed his optimism about the newly launched AdvantageConnect aligning with the sector’s plans, particularly in reaching the N1 trillion insurance premium mark this year. He highlighted the comprehensive approach of the product, from conceptualisation to customer maintenance, claims processing, and post-claims services. “Looking at it from the conceptualisation of the product to the maintenance of the consumers, to delivery in terms of claims and even after claims, I think it’s just ideal for our time,” he remarked.

The Commissioner for Insurance went on to emphasise the need for the insurance industry to align with national economic programs. He pointed out that President Tinubu’s vision of achieving a $1 trillion economy within the next seven years requires a collective effort. “We must key into the National program. The regime of his excellence, Mr. President Asiwaju Bola Ahmed Tinubu has a vision of an economy of $1 trillion within the next 7 years. What is the place of insurance in this vision?” The Commissioner questioned. He sees insurance playing a key role in positioning the economy and mitigating risks.

“I believe that launching a product like this is going to place us in a good state to be able to position ourselves and derisk the economy,” Thomas affirmed. He expressed his commitment to supporting initiatives that contribute to the growth of the insurance sector, stating, “It is important for us that we begin to drive this as many initiatives of this nature that I will have the advantage to approve, I will not waste any time to give the needed advantage for you to ride, and we will support you all the way.”

In the context of servicing consumers, he highlighted the importance of delivering value through various insurance products. “It is important that we service the consumers, we must deliver goods and services to these consumers, it is important that we service these consumers. Let them know the value that we are delivering via the different products that we are giving,” he emphasised.