BREAKING: National Assembly extends lifespan of 2024 budget
President of the Senate, Godswill Akpabio, has explained that the impressive performance of the 2024 national budget encouraged members of the National Assembly to extend the lifespan of the 2024 budget beyond December 31 this year.
Akpabio gave the explanation Wednesday in his welcome address during the presentation of the 2025 national budget to the joint session of the federal parliament.
He said, “We have noted the 2024 budget performances of 50% for capital expenditure and 48% for recurrent expenditure respectively.
“Given these great achievements, we have deemed it necessary to extend the life of the 2024 budget to June 30, 2025.
“The enabling law for this extension has already been put in place by this patriotic Assembly, as a testament to our appreciation for the great performance of the budget, ensuring we build upon your momentum.
“We commend your steadfast commitment to collaborate, cooperate and work with the National Assembly to achieve your grand vision for Nigeria.”
As the red chamber planned to start deliberations on the budget proposals, Akpabio warned heads of the various ministries, departments and agencies of the Federal Government to make themselves available for the budget defence.
He said: “Let me take this opportunity to stress the importance of the honourable ministers and heads of extra-ministerial departments being prepared to respond promptly to requests for them to come and defend their sectoral allocation in the exercise of our legislative oversight.
“We have observed concerning the behaviour from some ministers and heads of extra-ministerial departments, who sometimes neglect their duty to promptly submit to legislative oversight, sometimes even disregarding invitations from relevant committees of the legislature.
“It is imperative they understand that we will not condone such breaches of the constitution going forward.”
Akpabio noted that under the President Bola Tinubu administration, Nigerians has “witnessed remarkable strides in economic reforms, aimed at enhancing our nation’s stability and growth”.
According to him, “The courageous decision to remove fuel subsidies, though challenging, showcases your (Tinubu’s) unwavering commitment to redirecting resources to critical sectors such as education and healthcare.
“Your collaboration with the Central Bank has cultivated an environment ripe for investment, and your focus on infrastructure development reflects a visionary commitment to improving the connectivity that fuels our economy.
“Furthermore, your initiatives to strengthen our security framework stand as a testament to your resolve in tackling the pressing challenges of our time.“
The chairman of the National Assembly commended Tinubu’s efforts in the era of security.
“We commend your tireless efforts, along with those of our brave men and women in uniform, for liberating our lands from the grip of terror.
“Today, no community is under the threat of terrorism, a monumental achievement we celebrate together.
“The reduction in kidnapping incidents and the neutralization of over 11,000 terrorists and insurgents is a testament to patriotism, strength and determination,” Akpabio said.
The Senate President said Tinubu’s dedication to fostering international relations paves the way for fruitful partnerships that will propel the nation forward.
He said: “We are witnessing a resurgence in foreign direct investment, made possible by your visionary directives that ease the visa processes for Nigerians travelling to other countries, and at the same time welcome investors and tourists alike to our country.
“Your innovative approaches in our embassies and the Ministry of Foreign Affairs have opened new doors for Nigeria and its people. For this we thank you.”
He said the introduction of social welfare programmes embodies the president’s unwavering belief in uplifting the living standards of our citizens.
“You remind us that our nation is not merely constructed of bricks and mortar, but of the resilience and determination of its people.
“Nigerians are taking notice of your remarkable achievements. You have doubled aggregate government revenues to over NGN 18.32 trillion, reduced debt servicing expenditures from 97% to 68%, fulfilled $7.5 billion in foreign exchange obligations, increased oil production to 1.8 million barrels per day, and launched the Compressed Natural Gas initiative.
“Your administration has processed over N45.6 billion for student payments, signed the National Minimum Wage Law, and raised the national minimum wage to N70,000 a month, all while providing over N570 billion in financial support to the 36 states,” Akpabio said.
He commended the groundbreaking tax reform initiative including the four tax reform bills, namely the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and the Nigeria Tax Bill, 2024.
He said the tax reform bills represented a monumental shift in the country’s fiscal landscape and that its critics haven’t read the proposed legislations.
The Senate President said: “It is disheartening that those who have not taken the time to understand these bills are the loudest critics.
“I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully.
“This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”
Akpabio said the infrastructure renaissance has paved the way for many roads, including the coastal road and crucial arteries in the Abuja capital city and other parts of the country.
“These developments are not merely about concrete and asphalt; they represent the lifeblood of our economy, connecting our people and fostering growth,” he added.
He urged Nigerians to bear with the president whose economic reforms had imposed hardship on Nigerians but noted that: “We are light-years away from where we began, though some rivers remain to be crossed.
“The pains we feel are not merely the pains of hardship; they are the pains of childbirth. When that season arrives in Nigeria, when this administration births that season, we will rejoice for the struggles endured.
“For now, I ask for your patience and urge all Nigerians to cooperate with the president and maintain faith in his vision.
“Mr. President, while you cannot be everywhere, you have eyes everywhere. We, the distinguished senators and honourable members of the House of Representatives, are your eyes in our constituencies and every corner of Nigeria.
“When our constituents struggle to afford rice, they come to us. When their shoes pinch, they seek our assistance. When the economic alarm sounds, they turn to us.
“Therefore, we are committed to ensuring that you touch the hearts and pulse of Nigerians through these appropriation bills resonating with the sounds of hope and signalling the dawn of Nigeria’s economic rebirth,” he added.
Akpabio ended his speech by leading the members of the National Assembly to sing for the president as they all chorused, “On your mandate we shall stand” to the admiration of the legislatures and the guests.
BREAKING: National Assembly extends lifespan of 2024 budget
FG Plans 2027 Electricity Subsidy Phase-Out, Targets Power Sector Debt
The Federal Government plans to begin phasing out electricity subsidies from 2027 as part of a wider effort to restore financial stability to Nigeria’s power sector, improve electricity supply and prevent the accumulation of fresh liabilities.
Minister of Power Joseph Tegbe disclosed the plan while outlining the government’s reform agenda, saying the administration of President Bola Ahmed Tinubu was working to clear legacy obligations in the electricity market and establish a more sustainable funding structure.
Tegbe said the planned withdrawal of the subsidy should not be interpreted as an immediate increase in electricity tariffs.
The minister has repeatedly stated that there is currently no government policy to increase electricity tariffs beyond their existing levels, stressing that the immediate priority is to improve service, expand access and ensure consumers pay for electricity actually supplied to them.
He also said the government was developing measures to protect vulnerable electricity consumers as the reform progresses.
The planned subsidy phase-out comes against the background of a major financial crisis in the Nigerian Electricity Supply Industry (NESI). The government has had to cover part of the difference between the cost of supplying electricity and the amount recovered through tariffs, while unpaid obligations have accumulated across the electricity value chain.
Recent figures cited by industry reports indicate that the Federal Government covered about ₦358.32 billion of electricity generation costs in the first quarter of 2026 alone.
Between April 2025 and April 2026, distribution companies reportedly issued electricity invoices worth about ₦3.16 trillion, with the government expected to cover about ₦1.86 trillion as subsidy for customers whose tariffs remained below cost-reflective levels.
The burden has added to the financial pressures facing generation companies, gas suppliers and other participants in the electricity market, limiting their ability to maintain equipment, settle obligations and invest in additional capacity.
The government has therefore made power-sector debt reduction a central part of its reform programme.
President Tinubu approved a plan to settle about ₦3.3 trillion in verified legacy electricity-sector debts accumulated between February 2015 and March 2025.
To support the programme, the Federal Government established a ₦4 trillion Power Sector Multi-Instrument Issuance Programme.
The government has so far raised hundreds of billions of naira through the initiative. The second series, valued at approximately ₦728.9 billion, was completed in September, bringing total funds raised under the programme to more than ₦1.1 trillion, according to government officials.
The second issuance comprised about ₦402 billion in cash bonds and ₦326.98 billion in non-cash bonds allocated to participating generation companies. Eleven GenCos took part in the second series, compared with eight in the first.
The debt settlement is intended to restore liquidity to the electricity market and improve the financial position of generation companies, which in turn should help them meet obligations to gas suppliers and invest in maintaining and expanding their plants.
The Federal Government has said resolving the historical debt problem is necessary if the electricity market is to become commercially sustainable and attract new private investment.
The subsidy reform is being pursued alongside measures aimed at improving the physical infrastructure needed to deliver electricity.
The Federal Ministry of Power has identified weaknesses in the national transmission network as one of the major constraints to reliable electricity supply and has established a Technical Working Committee on Grid Stabilisation.
The committee is expected to work with the Transmission Company of Nigeria and the Nigerian Independent System Operator to address transmission bottlenecks, ageing infrastructure and recurring system collapses.
The government’s plans include strengthening critical transmission corridors, expanding grid redundancy and modernising control and monitoring systems.
Tegbe has also outlined plans to improve metering, tackle electricity theft and reduce technical and commercial losses across the power value chain.
The government has linked the reforms to its wider objective of ensuring that consumers are billed more accurately and that electricity companies can recover the revenue required to maintain their operations.
The minister has also reported improvements in generation and electricity availability in some areas, but stressed that generation alone cannot resolve Nigeria’s power problems.
For electricity to reach consumers consistently, power must be generated, transmitted, distributed and properly paid for. Weaknesses in any part of that chain can undermine improvements elsewhere.
The government is therefore pursuing reforms across generation, transmission, distribution and metering, rather than relying solely on additional generation capacity.
The planned 2027 electricity subsidy phase-out will be a major test of those reforms. Government support has helped keep tariffs below the cost of supplying electricity for some categories of consumers, but the resulting financial burden has contributed to recurring liabilities in the sector.
The challenge for the government will be to reduce that burden without worsening the difficulties faced by households and businesses, particularly low-income consumers.
Tegbe has said vulnerable Nigerians will be protected and that the subsidy transition will be accompanied by efforts to improve electricity services.
For now, the Federal Government is combining the planned subsidy reform with debt settlement, grid investment, metering and measures to improve the commercial operation of the electricity market.
The success of the policy will ultimately depend on whether the government can translate those measures into more reliable electricity, improved service delivery and a financially sustainable power sector while limiting the impact of the transition on vulnerable consumers.
FG Plans 2027 Electricity Subsidy Phase-Out, Targets Power Sector Debt
Former Abia Road Workers Ask Governor Alex Otti for Fair Wages and Job Promotions
Staff members integrated into the state civil service appeal for standard living wages after 12 years on entry-level pay.
A group of 16 road maintenance workers in Abia State is appealing to Governor Alex Otti to review their monthly pay and grant them long-awaited job promotions.
Speaking through their representative, Ikedichi Orisa, in Umuahia on Friday, the workers explained that they still earn between ₦21,000 and ₦23,000 each month, the same entry-level amount they received when they were hired in 2014.
After the state government closed the road maintenance agency known as ABROMA, authorities transferred the staff members into the Abia State Ministry of Works. The employees expressed deep gratitude to Governor Otti for ending years of missed paychecks left behind by the previous administration.
However, administrative delays have kept them tied to an old payment system, preventing them from receiving regular promotions or standard public sector wages.
To resolve the issue, the Commissioner for Works recently contacted the State Civil Service Commission and civil service administrators to review the employees’ files. In addition, the workers explained that rising prices make it difficult to purchase groceries, pay for healthcare, and cover daily travel expenses.
By sharing their story, the staff members hope state leaders will step in to modernize their work records and provide fair, dignified wages that reflect their years of dedicated public service.
Former Abia Road Workers Ask Governor Alex Otti for Fair Wages and Job Promotions
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele
Federal Workers Urge Finance Ministry to Pay Delayed Allowances, Promotion Arrears
Union representatives encourage quick dialogue and timely payments to ensure fair compensation and workplace peace across public agencies.
Civil service representatives across Nigeria have reached out to the Federal Ministry of Finance, requesting the swift release of delayed workplace benefits and overdue promotion pay.
Writing on behalf of public servants, Joint National Public Service Negotiating Council Secretary Olowoyo Gbenga reminded government officials that honoring pay agreements on time preserves mutual trust and maintains stable public offices.
Earlier this year, authorities successfully released two months of wage awards following collaborative discussions in August. Nevertheless, two vital financial issues remain unresolved. First, workers are waiting for the full rollout of an approved 40 percent allowance that reflects the national ₦70,000 minimum wage standard.
Second, many employees who earned career promotions in Batches 7 and 9 have yet to receive their back pay due to administrative payment delays.
Because workplace morale directly affects public services that support all communities, union leaders urged the government to remove bureaucratic roadblocks quickly. They explained that fair, timely payments help staff members manage living costs and support their families.
By resolving these outstanding payments without delay, officials and employees can continue working together constructively to deliver reliable public services for everyone.
Federal Workers Urge Finance Ministry to Pay Delayed Allowances, Promotion Arrears
