In July 2025, Yusuf Tuggar, Nigeria’s minister of Foreign Affairs, stated that Nigeria would not accept the deportation of Venezuelan nationals.

Speaking on Channels TV, Tuggar said, “It will be unfair for Nigeria to accept 300 Venezuelan deportees.”

He added that the recent visa restrictions imposed on Nigerian travelers by the U.S. were “not reciprocal” but a form of political pressure.

President Bola Tinubu has since downplayed the growing rift, insisting that Nigeria’s economy remains stable.

In a September 2025 address, he said his administration had met its projected non-oil revenue target for the year, adding that the country is no longer dependent on local borrowing to finance operations.

“I can brag that Nigeria is no longer borrowing any dime from local banks to run the economy,” Tinubu said. “When I took over, the exchange rate was N1900 to a dollar. It’s N1,450 now, and the naira is stabilising. What we need now is to build the infrastructure for export and import, to create jobs and opportunities for our people. That is my guarantee.”

Meanwhile, the United States recently revoked the permanent resident visa of Nobel Laureate Prof. Wole Soyinka after he declined a rescheduled visa interview fixed for September 11, 2025.  Soyinka later confirmed the revocation, saying, “I am banned, obviously, from the United States. And if you want to see me, you know where to find me.”

Even with the macroeconomic gains made so far since Tinubu’s administration began in May 2023, such as improvements in the Nigerian Exchange Group (NGX) performance, gradual naira stabilisation, and a marginal decline in inflation. Analysts warn that Washington’s threats could lead to massive economic disruption.

On his Truth Social Platform, U.S. President Donald Trump accused Nigeria of allowing the mass killing of Christians, declaring the country a “nation of particular concern”

“Christianity is facing an existential threat in Nigeria. Thousands of Christians are being killed by radical Islamists. The United States cannot stand by while such atrocities are happening,” Trump said.

He added that he had instructed congressional leaders to investigate the matter and warned that the U.S. would cut off all assistance to Nigeria if the killings continue. Trump also threatened possible military intervention, saying, “If we attack, it will be fast, vicious, and sweet, just like the terrorist thugs attack our CHERISHED Christians.”

U.S. Aid to Nigeria: What’s at Stake

The United States is one of Nigeria’s largest development partners, providing aid primarily through the U.S. Agency for International Development (USAID) and the President’s Emergency Plan for AIDS Relief (PEPFAR).

The areas of U.S. assistance to Nigeria include:

Health:

The health sector receives the largest portion of U.S. aid, aimed at improving health systems and combating diseases.

HIV/AIDS: Through the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR), the U.S. is the single largest contributor to Nigeria’s HIV response, providing life-saving antiretroviral treatment to over 1.6 million Nigerians and supporting testing, prevention, and care services.

Malaria: The U.S. President’s Malaria Initiative (PMI) provides insecticide-treated nets, diagnostic test kits, and treatments, significantly contributing to the reduction of malaria deaths in Nigeria.

Tuberculosis, Maternal and Child Health, and Nutrition: The U.S. also supports programs for tuberculosis control, maternal and child health care, and nutrition initiatives.

 Global Health Security: This involves technical expertise and capacity building to prevent, detect, and respond to infectious disease outbreaks like COVID-19, Ebola, and cholera, by training epidemiologists and strengthening laboratory capacity.

Security and Counterterrorism:

The U.S. partners with Nigeria to address security challenges such as Boko Haram and other insurgent groups.

Military Training and Equipment: Assistance includes military training, equipment transfers (such as the A-29 Super Tucano aircraft), and intelligence-sharing.

Law Enforcement and Justice Reform: The U.S. provides technical assistance and training for law enforcement and judiciary professionals to combat issues like banditry, kidnapping, and human trafficking.

Peacebuilding Initiatives: The U.S. supports efforts to enhance accountability in security forces and mitigate drivers of communal violence.

Economic Growth and Development:

Aid in this area aims to promote sustainable and inclusive economic growth.

Agriculture: Through the Feed the Future initiative, the U.S. supports farmers with training, better techniques, and financial assistance to increase productivity and improve nutrition.

Power/Energy: The Power Africa initiative has helped connect millions of Nigerian households and businesses to electricity, leveraging private sector investment in the energy sector.

Trade and Investment: The U.S. facilitates trade and investment, viewing Nigeria as a key trading partner and destination for foreign direct investment in Africa.

Governance and Democracy:

The U.S. supports the strengthening of democratic institutions, human rights, and civil society organisations.

Elections: This includes programs to support free and fair elections.

Civil Society Support: The U.S. provides grants and capacity building for local non-governmental organisations and community groups.

Humanitarian Assistance:

The U.S. is the largest bilateral donor of humanitarian assistance to Nigeria, providing significant support to millions of internally displaced persons (IDPs) and conflict-affected populations, particularly in the Northeast. This includes food assistance, basic health services, and logistical support.

Education and Exchanges:

The U.S. offers various educational and professional exchange programs, scholarships (like the Fulbright program), and support for basic education initiatives in Nigeria.

A withdrawal of these programs could have far-reaching consequences, particularly in health and humanitarian sectors where millions rely on the U.S.-funded initiatives.

Tinubu’s Response

In a statement on X (formerly Twitter), President Tinubu reaffirmed Nigeria’s commitment to religious freedom and partnership with the U.S.

“Nigeria stands firmly as a democracy governed by constitutional guarantees of religious liberty,” Tinubu wrote. “Our administration engages openly with Christian and Muslim leaders and continues to address security challenges affecting citizens across faiths.”

He added that labelling Nigeria as “religiously intolerant” does not reflect the country’s reality, emphasising that “religious freedom and tolerance remain core tenets of our national identity.”

Nigeria’s security challenges have persisted for years, including insurgency in the Northeast (Adamawa, Yobe, and Borno States), farmer-herder conflicts in the North Central, secessionist agitation in the Southeast, oil bunkering in the South-South, and banditry in the Northwest.

The Federal Government is reportedly working to resolve the rift with the U.S. swiftly, as President Tinubu is expected to lead a high-level delegation to meet with U.S. Vice President James Vance today, according to media reports.

However, with the signing of four major tax reform bills into law, a new chapter may be underway. On Thursday, President Bola Tinubu signed the Nigeria Tax Reforms Bills, the Nigeria Tax Administration Bill, the Nigeria Revenue Service, and the Joint Revenue Board Bill.

The implementation of these laws is set for January 1, 2026, promising to ease the burden on low-income earners while ensuring higher-income individuals contribute more fairly.

You may have heard the news, but you’re probably still wondering; how does this make my life better? Here’s what it means for you as a business owner or a low-income earner.

Impact of the Tax Reform Bills

1. Fill PAYE Exemption for Low-Income Earners (Up to N1 million Per Annum):

If you earn N80,000 per month, your employer likely deducts Pay-As-You-Earn (PAYE) tax before your salary gets to you.

Under the new law, if your annual income is N1 million or less, you’ll keep your full salary, no more PAYE deductions.

That means more money in your hands to meet daily expenses.

2. Zero VAT on Basic Necessities:

Value Added Tax (VAT) will no longer apply to essential items like food, healthcare, education, and electricity.

This means that when you spend N20,000 on food or electricity, you get full value without losing part of it to VAT.  This is a direct relief for everyday living.

3. Corporate Income Tax Reduced from 30% to 25%:

For businesses, this tax cut means more available capital for operations, growth and hiring. A 5% tax reduction could be the difference between maintaining your current size and expanding into new markets or products.

4. Tax Exemption Threshold Raised from N25 million to N50 million:

Previously, as a business owner, if your business turnover in a year crosses the N25 million threshold, you have to pay tax.

This sometimes discourages businesses from scaling up, as increased turnover means additional costs without definitely increasing the business’ profit.

However, the increased threshold gives you more room to scale your business to profitability without necessarily incurring additional tax costs, encouraging growth and boosting entrepreneurial spirit.

5. No More Mandatory Audited Financial Statements for Small Businesses:

Small and medium enterprises will no longer be required to submit audited financial statements to file tax returns.

A simplified statement of accounts signed by the business owner will now suffice, saving costs on accounting services.

These tax reforms aim to relieve pressure on everyday Nigerians while creating an environment that supports business growth.

For low-income earners and small business owners, it’s an opportunity to save more, grow more and worry less about tax complexities.

President Ahmed Bola Tinubu assented to the Investments and Securities Bill (ISB) 2025, which effectively repeals the Investments and Securities Act No. 29 of 2007 and enacts the Investments and Securities Act (ISA) 2025.

Reacting to the new law, Uwaleke, in a ThisDay report, said that it will incentive capital market growth in the country, describing it as a welcome development that promises to modernise Nigeria’s investment and securities laws, improve regulatory oversight, protect investors, and support emerging financial technologies.

The Professor of Capital Market recalled that the replacement of ISA 2007 with the ISA 2024 had taken several years primarily on account of legislative, political, and economic factors.

“Notwithstanding the long delay, Nigeria can now boast of a modernised and globally aligned regulatory framework, which has addressed key issues such as digital assets, investor protection, and financial market infrastructure, all geared towards boosting investor confidence and strengthening the capital market in Nigeria,” Uwaleke said.

However, against all odds, he walked away confirmed as the Minister of Communications, Innovation, and Digital Economy. Why? Because President Bola Tinubu saw something others refused to acknowledge—talent beyond controversy.

At a special Iftar dinner at the Presidential Villa, Senate President Godswill Akpabio recounted how lawmakers initially opposed Tijani’s nomination.

“One senator quoted from the internet where he described all Nigerian senators as ‘morons.’ I had to stop proceedings and ask, ‘Did you write this?’ He admitted, ‘Yes, because that was how I felt then.’ So I asked, ‘And you have the audacity to stand before us and expect us to confirm you?’”

That admission alone could have ended the matter. But Akpabio said the Senate ultimately chose to trust Tinubu’s judgment. “We confirmed him because we knew you must have seen something special in him. You are never wrong when it comes to your judgment of people.”

Tinubu himself acknowledged that Tijani’s appointment was a tough sell. His own close associates objected. “When I picked him, it was tough. My very close confidantes, who had read his comments on social media, came to me and said, ‘No, never.’ But I said, ‘Yes, he is talented. Because he criticises me and pours abuse on the parliament, it does not mean he has nothing to offer. Maybe his frustration at that time will drive him to contribute more to governance. And today, he is doing that, and I am very proud of him.”

For Bosun Tijani, the appointment was unexpected. He had built a reputation as an outspoken tech entrepreneur and critic of government inefficiencies. “Before my appointment, I had never met Mr President,” he admitted.

“But after my confirmation, he told me, ‘I have looked at your records and activism, and I have seen there is something in you. I am giving you the opportunity to represent your country and contribute to making it a better place.’”

While many anticipated a stern rebuke, Tinubu’s response took even Tijani by surprise. “I was expecting a proper scolding because of my records, but the magnanimity of the President is one that I experienced for the very first time in my life.” He recalled a moment when someone tried to remind Tinubu of his past remarks. The President simply responded, “Shut it.”

The irony of Tijani’s appointment is not lost on anyone. A man who once questioned the competence of Nigerian lawmakers now has a seat as one of the country’s most important ministries. 

But if his performance so far is any indication, Tinubu’s gamble may have paid off. Akpabio, once sceptical, now describes him as “one of the best-performing ministers in the cabinet.”

Tijani’s journey is a lesson in political pragmatism and second chances. It also shows a rare moment in Nigerian politics where competence trumped sentiment. 

Talent, even when wrapped in controversy, can still find its place in governance.

Olarinre will represent Oyo State, while Muhammed will serve as the representative for the North-West geopolitical zone.

The announcement was made by Mrs Eno Olotu, director of Information and Public Relations at the Office of the Head of the Civil Service of the Federation (HCSF), in a statement released on Wednesday in Abuja.

The statement revealed that the appointments were the result of an absolute and transparent selection process aimed at ensuring merit and competence in the civil service.

According to Olotu, the newly appointed officials are expected to bring their expertise and experience to their respective roles, enhancing the efficiency of public service delivery and alignment with developmental objectives.

“The new permanent secretaries are urged to bring wealth of their experiences and expertise to their roles, which will further strengthen the delivery of public services and support the government’s development agenda,” she stated.

The selection process for these appointments involved multiple stages including candidates required to be Grade Level 17 officers who had served in the Federal Civil Service for at least two years.

Those who met the criteria underwent a written examination set and evaluated by serving and retired permanent secretaries.

A list of qualified candidates was then compiled by the Career Management Office (CMO) within the Office of the Head of the Civil Service of the Federation, before being further scrutinised by a Committee of Permanent Secretaries under the supervision of the Independent Corrupt Practices Commission (ICPC) and the Department of State Services (DSS).

In response to the appointments, the Head of the Civil Service of the Federation, Mrs. Didi Walson-Jack, commended President Tinubu for prioritising professionalism and transparency in the civil service.

She described the move as a demonstration of the administration’s focus on ensuring an effective public service. “These appointments reflect the administration’s dedication to fostering a competent and results-oriented public service that meets the needs of Nigerians,” she said.

This appointment follows similar ones made in December 2024, when the Federal Government named eight new permanent secretaries from different states and geopolitical zones to fill various vacancies.

Earlier in June 2024, another set of eight permanent secretaries had been appointed from regions including Akwa Ibom, Anambra, Bauchi, Jigawa, Ondo, and Zamfara.

The president said his administration will support businesses in the financial technology sector that provide payment infrastructure services for Nigerians and Africans.

Flutterwave, a leading Fintech company founded by young Nigerians and headquartered in Lagos, operates in the U.S., Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries.

Olugbenga Agboola, the CEO; Adeleke Adekoya, a co-founder; Oluwabankole Falade and Mitesh Popat, represented Flutterwave at the meeting. Ms Oluseun Olufemi-White represented Alami Capital as its CEO.

Mr Wale Edun, minister of Finance and Coordinating Minister of the Economy led the delegation to meet President Tinubu.

Dr. Armstrong Ume Takang, the managing director and chief executive of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, the director general/ chief executive officer of the National Information Technology Development Agency (NITDA), also attended.

President Tinubu said Nigeria is genuinely open to business, and as President, he is determined to remove all obstacles to allow companies to thrive.

He commended Flutterwave’s commitment to building capacity in the digital economy sector, especially as it is being made possible by energetic, young Nigerians. He said he is honoured to be the President of a country with such a youthful and resourceful population.

He said the leadership Flutterwave provides in the digital world is what Nigeria needs today to grow its economy and make life easier for most of its population.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said Flutterwave has made significant progress since its establishment 10 years ago. It has created jobs and helped diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.

The CEO of Flutterwave, Agboola, said the company has made it easy for Nigerians to pay for some global services with Naira and provided payment platforms for Nigerians in the diaspora who are willing to send money to families and relatives in the country.

He said Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians.

He said the company seeks to be listed on the Nigerian Exchange and solicited the President’s support.

The Managing Director and Chief Executive of MOFI, Dr.  Armstrong Ume Takang, said that as Africa’s biggest economy, Nigeria must demonstrate its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans.

He said Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries.

He suggested supporting Galaxy Backbone’s hosting services to enable it to handle companies like Flutterwave.

During his first presidential media chat on Monday night, Tinubu said:

“I have no regrets whatever removing subsidies. It was necessary.”

Tinubu expressed confidence in his security architecture, saying he has no reason to sack or probe his security chiefs.

Here are ten (10) key takeaways from President Tinubu’s first Presidential Media Chat:

1. Has no regrets removing subsidy  

Declaring that he had no regrets removing fuel subsidy, he insisted that his controversial tax reforms had come to stay, in spite of opposition from some quarters. Though, he hinted that the government might be open to negotiation on the aspect of the tax reforms dealing with Value Added Tax (VAT).

He said his government’s reforms, though coming with unintended painful consequences, were not intended to inflict pain on Nigerians, but to lead the country to the glorious future that the people crave.

The president blamed palliative organisers for the recent stampedes that caused several deaths in different parts of the country.

Despite spiraling inflation, Tinubu said he did not believe in price controls. He said the market should be supplied, while allowing the forces of demand and supply determine prices.

The president said his administration had met its financial obligations without resorting to the Nigerian National Petroleum Company Limited (NNPCL) for funding.

2. Tinubu says borrowing not a crime

Tinubu defended his government’s huge appetite for loans, saying borrowing for infrastructure is not a crime.

3. No plan to shrink large cabinet

He passed a vote of confidence on his cabinet, and dismissed suggestion to trim the cabinet size.

Speaking to Nigerians as part of his parting shots at the end of the media chat, Tinubu said, “I seek your understanding. I understand the trouble you’ve been through: the economic problems. It is just 18-month that I’ve taken the reign. We’ll maintain focus. Let’s believe in ourselves and in our country. Tomorrow will bring a glorious dawn.”

Tinubu assured Nigerians that 2025 would usher in economic prosperity and growth, emphasising that he understands the plight of the people.

He said, “2025 is a very promising year. Let me thank Nigerians for having confidence in me to be the president of the Federal Republic of Nigeria. I’m very proud of that.

“I don’t want you to think that I will take it for granted at any given time. It is all about service. I will do it with all my heart. I seek your cooperation all the time.”

4. Security | Corruption | Probes

Tinubu told the Presidential Media Chat panel anchored by Dr Reuben Abati of ARISENEWS TV that leaders of the country’s security services deserve commendation, not probe.

He said, “I’m not probing service chiefs. You cannot disrespect the institution because of threat of war, without investment in technology, in weaponry and training.

“There might be leakages here and there. We put a very effective control mechanism in place to monitor our budget releases, and those funds have been judiciously used.

“Consider the welfare of our service men and women, consider it. They are living and are operating in a very serious conditions. We have huge country, a very huge world, and lot of forests, unoccupied spaces.

“Give them credit for what they are doing. I am proud of what they are doing to date. No need to probe. I have confidence in my security architecture. It is very, very unfortunate that, you know, two decades of wanton killing.

“I remember when I jumped into the campaign. I had to stop the campaign to pay condolences to Maiduguri, Katsina, Kaduna, Yola. Today, you can still travel the roads. Before now, it was impossible.

“It takes one incident to mess up an organised environment. It takes one. You cannot say the military is not prepared. When the 9th Brigade Battalion was attacked, you can’t laugh at your nation because of that.

“The enemies, with faith and without, are watching what you are doing. You have to be prepared 100 per cent, 24 hours of the day, to make sure that people are safe.

“Today, that is not the story any longer. People can leave Kaduna and still go towards Kafancha by road. Well, the road may not be that smooth. I’m not saying it won’t. Gradually, we will get there.”

5. Defends Removal of Fuel subsidy 

The president stressed that he had no regrets removing fuel subsidy at his inauguration on May 29, 2023. He said failure to do so would have amounted to the country spending the lives of its future generations.

Tinubu stated, “We were spending our future, We were spending our generations when we claimed we were giving subsidy to Nigerians on petrol. We were not investing.

“We were just deceiving ourselves. That reform (fuel subsidy removal), is necessary. I could see the small glass crashing back. This is the way out. The fact that we give out fuel, allow all the attacks. We cannot spend our future generations’ investment up front.”

Asked if he thought the removal should have been done in phases, Tinubu said it might have worked that way, too.

He stated, “Please, no matter how you cut it or you slice it in segments, you stay out of the middle of the deal. So, cut your coat, stick it to your side. It’s what we have to manage.

“We have no choice but to pull the handbrake. Otherwise, we are headed for slippery slopes. That could result in financial disaster, not just for us, but our children and grandchildren. Where is the inheritance? Where is the pathway to prosperity?”

The president, who cracked a joke about one of his friends who had stopped driving limousine cars since the fuel subsidy was removed, urged Nigerians to live within their means.

6. Insists on Tax reforms 

On the controversial tax bills, Tinubu said, “Tax reform is here to stay. We cannot just continue to do what we were doing yesteryears into this economy. We cannot retool this economy with the old broken boat. I believe I have that capacity (to govern this country). I believe so.

“That’s why I went into the race. I have focus, lots of focus, on what Nigeria needs and what I must do for Nigeria. It’s just not going to be Eldorado for everybody. But the new dawn is here. I’m convinced. You should be convinced. You (the media) should help propagate that conviction.”

7. Claims government meeting obligations without recourse to NNPCL funds 

The president scored his government high with the results already being recorded based on the economic reforms being implemented.

According to him, “When you look at the petroleum revenue, I can tell you, pushed me to my brag mode. In the last three months, I have not taken a penny from the NNPCL before I meet my other obligations.

“That’s excellent. That’s excellent. I repeat, without falling back to the old order, without going into ways and means, I’ve met all obligations.”

He, however, refused to speak on the VAT component of the tax reforms when asked to make some comments on it.

“Why do you want to know that today? Tax matters are subject of debates, reviews, negotiations, not huge concessions. That’s all I’m going to say about that. I don’t mind much energy,” he said.

The president said no amount of time would satisfy the critics, and he needed to take action, nevertheless.

8. Blames organisers for stampedes during palliative/aid distributions in Oyo, Abuja & Anambra 

On the tragic incidents that claimed the lives of many people due to stampedes at the distribution of palliatives by some non-governmental organisations in Oyo Anambra states, and the FCT, Tinubu described the development as sad, and blamed the organisers of the events

He also warned that anyone or group that did not have enough palliatives to give should not call many people to a single place.

Tinubu said, “I’ve never experienced this kind of incident, because you have to organise, you have to discipline, and if you don’t have enough to give, don’t attempt to give or publicise it.

“Every society, even in America, they have food banks; they have hungry people. In Britain, they have food banks, they have warehouses, they are organised, they take time to be on the queue and take turns to collect.

“It’s unfortunate, we just have to learn from our past mistakes. It’s a reflection in our bus stops, where we don’t even want to be on queue before we rush into the vehicle.

“It is very sad, but we continue to learn from our mistakes. To me, I see this as a very grave error on the part of the organisers. However, it doesn’t kill our happiness, but this shouldn’t be.”

Tinubu announced during the Presidential Media Chat that he had reduced debt service from 98 per cent to about 68 per cent and defended the country’s borrowing appetite, arguing that it is not a crime to borrow.

He pointed to ongoing infrastructure project and other investments enabled by borrowing.

The president said he had confidence in his cabinet and would not reduce its size, saying he believes that the ministers are doing what they need to do.

He said his cabinet should be given credit for what it was doing, and there was no need to investigate the members.

Tinubu, who said the country was moving forward despite criticisms from some quarters, described the proposed 2025 appropriation bill as budget of restoration and hope, adding that the country remains on the path of recovery.

He admitted that healing the country was not feasible within a year and asked Nigerians for patience with his government.

Among other things, the president said there was no need to embark on expenditure when revenue remained a challenge, adding that Nigerians must learn to manage in the situation.

9. Insists reforms are necessary for growth 

Explaining that the ongoing reforms were not designed to inflict pains on the people, but “we want this country to grow”, the president stressed the need for the country to produce more for consumption locally, as well as export.

He said improved security would help farmers to return to their farms to boost food production, saying there is need to further encourage the manufacturing of drugs in Nigeria, and put up incentives to harness other potential.

On food security, the president said the country had all it took to turn disaster to prosperity, and all that was needed was to “remove conflicting elements”.

Tinubu said during the Presidential Media Chat there was need to embrace commodity exchange, but he kicked against price control mechanism to rein in inflation, saying he would rather that prices were left to market forces to determine than control them.

10. He doesn’t believe in price control

“I don’t believe in price control. We just need to continue to supply the market,” he said, explaining that demand and supply would eventually reach an equilibrium and find their real bearing.

He made this statement during his presentation of the N47.9 trillion budget proposal to a joint session of the National Assembly on Tuesday.

Additionally, the President noted that the exchange rate is expected to improve from approximately N1,700 per dollar to N1,500.

“The Budget projects inflation will decline from the current rate of 34.6% to 15% next year while the exchange rate will improve from approximately N1,700 per dollar to N1,500 and base crude oil production assumption of say 2.06 and 2.5 million barrels per day,” Tinubu said.

He said the budget projections are based upon observations such as reduction of petroleum products importation, increased export of finished petroleum products, bumper harvest driven by enhanced security, and reducing reliance on food imports, among others.

Tinubu listed highlights of the budget to include defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, and education – N3.5tn, among others.

Nigerians are grappling with economic hardship following the incessant increase in inflation and the volatile exchange rate that has seen the dollar exchange as high as N1,700 in recent days.

On Monday, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024.

The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.

“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.

Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).

“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Resurrection Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute speech at 1:10 pm on Wednesday.

Earlier in his presentation, the President listed some of the highlights of the budget as defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, and education – N3.5tn, among others.

“The 2025 budget seeks to restore macro-economic stability enhance the business environment, foster inclusive growth, employment and poverty reduction, promote equitable income distribution and human capital development,” Tinubu said.

“In 2025, we are targeting N34.8tn in revenue to fund the budget. government expenditure in the same year is projected to be N47.90tn including N15.81tn for debt servicing.

“A total of N13.0tn or 3.89% of GDP will make up the budget deficit. This is an ambitious but necessary budget to secure our future.

“The budget projects inflation will decline from the current rate of 34.6% to 15% next year (2025) while the exchange rate will improve from approximately N1,700 per dollar to N1,500 per dollar.”

The President also pegged crude oil production at 2.06 million barrels per day.

He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.

The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.

Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.

Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.

“Our nation faces existential threat from corruption and insecurity…These challenges are surmountable when we work collaboratively. We must re-write the narrative of this nation.

“The time for lamentation is over. The time to act is act is now.”

Tinubu was accompanied to the budget presentation by the Secretary to the Government of the Federation (SGF), George Akume; and the Chief of Staff to the President, Femi Gbajabiamila; among other top government officials.

This funding aims to support Nigeria in addressing governance issues in education and healthcare, improve primary healthcare services, and enhance resilience to climate change through better dam safety and irrigation infrastructure.

The approval, made on September 26, 2024, underscores the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience against climate threats. Records reveal that Nigeria has secured a total of $6.52 billion in new financing from the World Bank under President Bola Tinubu’s administration, amid concerns over rising external debt servicing costs.

Earlier this year, the World Bank announced two loan projects to bolster Nigeria’s economic stability and support vulnerable populations. Notably, Nigeria received only about 16% of the total loans approved by the World Bank under Tinubu’s leadership.

This financing package consists of a $1.5 billion loan and a $70 million grant, forming part of broader efforts to enhance key sectors such as education, healthcare, and water management while addressing poverty and boosting productivity.

The $1.57 billion funding is allocated across three major projects. The first, the HOPE-GOV program, will receive $500 million to improve governance in education and health. This program aims to tackle underlying issues in financial and human resource management that have hindered service delivery, enhancing transparency and accountability while ensuring critical services reach vulnerable populations.

Another $570 million is designated for the Primary Healthcare Provision Strengthening Program (HOPE-PHC), which focuses on improving Nigeria’s healthcare system, particularly for women, children, and adolescents. The program aims to reduce maternal and under-five mortality rates and strengthen Nigeria’s health infrastructure. It is expected to benefit around 40 million Nigerians, especially those in underserved areas.

This initiative is funded by a $500 million International Development Association (IDA) credit and a $70 million grant from the Global Financing Facility (GFF), supported by contributions from the UK Foreign, Commonwealth & Development Office (FCDO) and the Children’s Investment Foundation Fund (CIFF).

The remaining $500 million will be allocated to the Sustainable Power and Irrigation for Nigeria Project (SPIN), which aims to mitigate climate-induced challenges like floods and droughts. The SPIN program will enhance dam safety, improve water resource management, and expand irrigation services, benefiting around **950,000 people**, including farmers and livestock breeders. It also includes plans for a master plan for hydropower generation to boost energy production through public-private partnerships.

Dr. Ndiamé Diop, World Bank Country Director for Nigeria, emphasized the importance of investing in Nigerians’ health and education to improve future employment opportunities and reduce poverty. He stated, “Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings while reducing poverty among the most vulnerable.”

He added that the new financing aims to address significant challenges Nigerians face, particularly women and girls, in accessing quality healthcare and services. Diop noted that the SPIN program is timely, as it will protect Nigerians from floods and droughts while increasing hydropower generation, delivering enormous benefits to people and livelihoods.

According to records, out of $4.95 billion in earlier approved loans, only $774.99 million had been disbursed as of July 31, 2024, raising concerns about the pace of project implementation and fund utilization. Data from the Debt Management Office (DMO) indicates that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.