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2024 budget: Why we settled for N800/$ benchmark– Minister

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Minister of Budget and National Planning, Atiku Bagudu

2024 budget: Why we settled for N800/$ benchmark– Minister

The Federal Government, yesterday, explained why it settled for N800 to a dollar benchmark in the 2024 budget, saying it was aimed at addressing uncertainties.

Speaking to State House correspondents, Minister of Budget and National Planning, Atiku Bagudu, said that before settling for the initially projected exchange rate of N750 to the dollar (later raised by the National Assembly to N800), the government thoroughly assessed and scrutinised the average performance of the naira.

“For budgeting purposes. You don’t use the spot rate of anything. Oil price can go to $120 today, maybe there is a shortage, maybe there is a collision between two ships that will block a channel. It would be foolish to use that as a reference price, I should take a period, maybe six months to one year and say let me observe this average behaviour, so you don’t use spot prices. So, it is the same with the exchange rate,” the Minister said.

He explained that “much as we are hoping that it would soon come below, but at the time you are doing the budget you will take a view on average performance. And that’s what we took.”

The minister also said that President Bola Tinubu respected the National Assembly in allowing further raise in the exchange rate considering his high respect for institutions and democracy.

The minister noted that the Federal Government was sure that with the measures it is currently taking, there will soon be a significant increase in the supply of foreign exchange into the economy.

The Budget Minister, who also spoke on the level of borrowing to fund the deficit in the 2024 budget, said the difference between this year’s borrowing compared to 2023 remains significant.

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“In 2023, the budget anticipated a borrowing of close to N14 trillion. This year’s budget is N9.1 trillion. So, we think that is significant, because 2023 took us to about 6.11 per cent of our GDP as borrowing. This year is 3.8 per cent. So, the quantum had decreased,” Bagudu added.

He further explained that the Federal Government within the 2024 fiscal year intends to operate strictly within the dictates of the fiscal responsibility law, which provides for the Central Bank of Nigeria (CBN) to lend to the government through its Ways and Means window, only five per cent of the total budget.

“We will not go outside the law and borrow from ways and means. The fiscal responsibility law says, in every one year, the CBN can lend the government up to five per cent of its budget for the year. If you go out of that, you’re going outside the lawful limit, and that’s what the Minister of Finance and Coordinating Minister of the Economy was very clear we are not going to do. We are not going to resort to borrowing outside the law.
“Also, our revenue projections are designed to ensure that everyone earns his job. This is a country that had once produced more than two million barrels a day. So why are we behaving as if we can’t achieve that again? The first thing is to task people and ensure that people begin to run around to earn their job. So that’s the basis of confidence and optimism,” Bagudu noted.

Meanwhile, President Tinubu, yesterday met with the Minister of Steel Development, Shuaibu Abubakar Audu, and the Minister of Defence, Mohammed Badaru, during which he received a briefing on investment prospects in the steel sector.

The President emphasised that a revitalised steel development industry is both a catalyst for robust economic growth and a doorway to immense opportunities for Nigeria’s massive pool of talented entrepreneurs.

“We will remain unyielding in our determination to build a Nigeria where every citizen has an equal opportunity to prosper and achieve their dreams. New investments in steel production will spur the growth of so many sectors. Industrialisation will be a reality in our country with sufficient energy and steel. Nigerian steel will undergird our economy and other economies in our region in future years. I am glad that members of my cabinet have adopted my approach to attracting new investments and job opportunities for our people. Hard work is the only true pathway. We will not relent,” the President stated.

2024 budget: Why we settled for N800/$ benchmark– Minister

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Omoda and Jaecoo Race Past 1.4m Sales, Expand Push into AI, Electrification

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Omoda and Jaecoo Race Past 1.4m Sales, Expand Push into AI, Electrification

 

Omoda & Jaecoo have surpassed 1.4 million cumulative global vehicle sales in just three and a half years, marking a major milestone in their international expansion as the automotive brands step up investments in electrification, artificial intelligence and autonomous mobility.

The achievement, announced following the 2026 International User Summit held in October in Wuhu, China, underscores the brands’ rapid growth and ambitions to strengthen their position in an increasingly technology-driven global automotive market.

With operations spanning 79 markets worldwide, Omoda & Jaecoo are now looking beyond vehicle sales to develop an integrated mobility ecosystem built around intelligent technologies, alternative powertrains and improved customer experiences.

The summit, themed “DRIVE TO THE NEXT VIBE,” brought together customers, media representatives and business partners to showcase the brands’ latest innovations, future product plans and expanding research and development capabilities.

One of the major attractions was the global debut of the OMODA X, a futuristic cross-off-road vehicle designed to combine urban practicality with a bold, adventure-inspired exterior. Its unveiling was accompanied by a global user co-creation initiative, allowing participants from different markets to contribute ideas and interpretations of the new model.

The initiative reflects the company’s growing emphasis on customer participation in product development and brand building.

Intelligent mobility technology also took centre stage, with demonstrations of the Super Intelligent Valet Parking system (SIVP), which features automated vehicle summoning, parking-route planning and obstacle avoidance.

Another innovation, the Super Intelligent AI Space (SIAS), showcased voice-controlled cabin technology capable of processing multiple requests through a single instruction. The system also demonstrated personalised digital experiences, including music recommendations based on users’ moods.

On electrification, the Super Hybrid Marathon provided an opportunity to assess vehicle performance across urban roads, highways and mountainous terrain.

According to the manufacturer, the OMODA 5 NEXT SHS-H recorded fuel consumption of 4.5 litres per 100 kilometres and achieved a maximum driving range of 1,015 kilometres during the exercise.

The company said the evaluation went beyond fuel efficiency to examine power delivery, cabin insulation and passenger comfort under varying driving conditions.

Beyond conventional vehicle development, Omoda & Jaecoo also outlined their ambitions in autonomous transportation through a purpose-built Level 4 Robotaxi programme.

The initiative involves proposed cooperation with UAE-based K2 and is designed around an integrated service model covering digital bookings, vehicle dispatch, cabin preparation, autonomous journeys and fleet maintenance.

The summit also highlighted the wider technology ecosystem associated with the brands through AiMOGA, which unveiled Mobo, a home companion robot, and opened global pre-orders.

Designed to recognise family members, remember individual preferences and support everyday interactions, Mobo illustrates the company’s ambition to extend artificial intelligence and robotics beyond the automotive environment into domestic life.

Supporting these initiatives is increased investment in research and innovation. Omoda & Jaecoo disclosed that research and development expenditure by its parent company, Chery, reached RMB 6.672 billion in the first half of 2026, representing a 28.3 per cent increase over the corresponding period in 2025.

The latest sales milestone follows the brands’ achievement of their first one million cumulative global sales earlier in 2026, highlighting the pace of their expansion across international markets.

For Omoda & Jaecoo, the next phase of growth will depend not only on expanding their geographical footprint but also on translating technological innovation into practical benefits for customers.

Although some of the technologies unveiled at the summit remain at different stages of development and commercial introduction, the event offered a glimpse into the brands’ long-term strategy as competition increasingly shifts towards intelligent vehicles, electrification, connectivity and autonomous mobility.

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National Assembly Fires State Police Bill to Tinubu as 29 States Defy Status Quo

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Tinubu Reappoints INEC Commissioner, Nominates Six Others Ahead of 2027 Elections

National Assembly Fires State Police Bill to Tinubu as 29 States Defy Status Quo

 

ABUJA — Nigeria’s long-running debate over the establishment of state police has reached a significant legislative milestone following the endorsement of the proposed constitutional amendment by at least 29 State Houses of Assembly.

The National Assembly on Wednesday announced plans to transmit the State Police Bill to President Bola Ahmed Tinubu, following the endorsement of the proposal by more than the constitutionally required two-thirds of the 36 state legislatures.

Deputy Speaker of the House of Representatives, Benjamin Kalu, disclosed the development during plenary, describing the support secured from the state assemblies as a major step towards decentralising Nigeria’s policing system.

Kalu said the Clerk to the National Assembly would transmit the bill to the President on Wednesday for the next stage of the process.

“The State Police Bill has received the backing of 29 State Assemblies. Later today, the Clerk to the National Assembly will transmit it to the President for assent,” he said.

Under Section 9 of the 1999 Constitution, a constitutional amendment requires approval from at least two-thirds of the 36 State Houses of Assembly, representing 24 states.

The 29 approvals announced by the Deputy Speaker therefore exceed the required threshold, moving the proposed reform closer to the establishment of state police services across the federation.

The development follows weeks of legislative consultations after the proposed constitutional amendment was forwarded to all 36 state assemblies on September 16, 2026, for consideration and approval.

The Clerk to the National Assembly, Kamoru Ogunlana, had earlier confirmed that 28 state assemblies had approved the proposal as of Tuesday, November 3, following the verification of reports and accompanying votes and proceedings submitted by the state legislatures.

The proposed amendment seeks to create a constitutional framework for State Police Services, allowing individual states to establish their own police structures alongside the existing Nigeria Police Force.

The proposal has gained renewed attention amid persistent security challenges, including kidnapping, banditry, terrorism and communal violence in different parts of the country.

Supporters of state policing have consistently argued that decentralising the police structure would improve intelligence gathering, strengthen community-based security and enable faster responses to criminal activities.

They also maintain that state-controlled police formations would be better positioned to understand local languages, customs, geographical terrain and security threats.

However, the proposal has continued to attract concerns over the possible misuse of state police by politically powerful governors, inadequate funding, human rights violations and the potential use of security agencies against political opponents.

The debate has therefore centred not only on the establishment of state police but also on the need for effective oversight, accountability and safeguards against political interference.

Although the National Assembly has indicated that the amendment will be forwarded to President Tinubu, the precise constitutional procedure surrounding presidential assent and the final authentication of a constitutional alteration remains an important issue to watch.

The development does not mean that state police operations have commenced. Further formal steps, including the completion and publication of the constitutional alteration and the development of the necessary implementation framework, will be required before the proposed system becomes operational.

Nigeria currently operates a centrally controlled police structure under the Federal Government, with the Nigeria Police Force responsible for policing across the 36 states and the Federal Capital Territory.

The proposed reform is expected to introduce a dual policing arrangement, with federal and state police services operating under their respective legal frameworks.

For now, attention has shifted to the next steps by the National Assembly and the Presidency as the country moves closer to a potentially significant restructuring of its security architecture.

 

National Assembly Fires State Police Bill to Tinubu as 29 States Defy Status Quo

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Tinubu Reveals How He Worked As Taxi Driver In US Before Becoming Nigeria’s President

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Independence Day: Tinubu Unveils Plan to Cut Living Costs, Expand Jobs

Tinubu Reveals How He Worked As Taxi Driver In US Before Becoming Nigeria’s President

 

 

President Bola Ahmed Tinubu has opened up about an aspect of his life in the United States, revealing that he once worked as a taxi driver while struggling to make ends meet before rising to political prominence in Nigeria.

 

The revelation offers a glimpse into the Nigerian leader’s experiences abroad and how his personal journey has influenced his views on education, financial independence and opportunities for young people.

 

Tinubu reportedly made the disclosure while explaining the thinking behind his administration’s student loan programme, drawing from his experiences during his years in the United States.

 

Long before becoming Lagos State governor and eventually President of Nigeria, Tinubu spent part of his life in the United States, where he reportedly engaged in different activities to sustain himself.

 

Among the experiences he recalled was working as a taxi driver, including operating what was described as a gypsy cab.

 

The experience, according to the account, exposed him to the realities of struggling to earn a living and the determination required to overcome financial difficulties in a foreign country.

 

His disclosure has brought renewed attention to his personal history, particularly the challenges he encountered before establishing himself in Nigeria’s political landscape.

 

Tinubu’s reference to his experience abroad also provided an insight into his administration’s justification for introducing the Nigerian Education Loan Fund (NELFUND), which provides financial assistance to eligible students in tertiary institutions.

 

The programme is designed to help students from financially disadvantaged backgrounds access higher education without being prevented by their families’ economic circumstances.

 

By linking his personal experiences to the initiative, the President appeared to emphasise the importance of creating opportunities for young Nigerians to pursue their educational ambitions despite financial limitations.

 

The student loan scheme has remained one of the major education initiatives of his administration, although its implementation and repayment arrangements have generated public discussions.

 

The disclosure has generated interest because it offers another perspective on the personal journey of a president whose political career has largely been associated with elite political circles and high-level governance.

 

For some observers, his account highlights the struggles that can precede success, while also drawing attention to the importance of education, hard work and access to opportunities.

 

Tinubu’s journey from his reported experience as a taxi driver in the United States to Nigeria’s highest political office represents a remarkable chapter in his personal and political history.

 

However, his remarks have also renewed conversations about how personal experiences of hardship should translate into policies that address the economic challenges facing ordinary Nigerians, particularly students and young people.

 

 

Tinubu Reveals How He Worked As Taxi Driver In US Before Becoming Nigeria’s President

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