Enugu State Governor Peter Mbah has presented a ₦971 billion budget proposal for 2025, reflecting an 86.4% increase from the previous year.

Dubbed the “Budget of Exponential Growth and Inclusive Prosperity,” the proposal includes ₦837.9 billion for capital expenditure and ₦133.1 billion for recurrent costs.

Mbah emphasised the focus on private investment, poverty eradication, and elevating the state’s economy. Notably, ₦320.6 billion is allocated to education, making up 33.2% of the total budget, underscoring its role in driving growth and reducing poverty.

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“Education is both our ‘sword’ and ‘shield’ in this battle to achieve economic growth in our state and banish poverty among our people. This allocation maintains the ambitious direction we set in 2024,” he said.

The governor also announced a dramatic increase in the state’s Internally Generated Revenue (IGR), which rose from ₦37.4 billion in 2023 to ₦144.7 billion by September 2024, marking a 286.2% growth.

Mbah attributed this growth to deliberate measures to reduce reliance on federal allocations. He expressed confidence that the IGR would surpass ₦200 billion by the end of 2024.

The capital expenditure will be funded through a ₦559 billion transfer from the Consolidated Revenue Fund and ₦278.9 billion in capital receipts from external aid, grants, and loans.

The Speaker of the Enugu State House of Assembly, Hon. Uchenna Ugwu, praised Governor Peter Mbah’s leadership and pledged quick approval of the ₦971 billion budget.

He assured the governor that the assembly would expedite the process to maintain the state’s development momentum. In response, Governor Mbah reaffirmed his commitment to fostering inclusive prosperity and laying a foundation for long-term growth in Enugu.

President Bola Ahmed Tinubu will travel to France on Wednesday for a state visit at the invitation of French President Emmanuel Macron, according to the presidency.

A statement issued on Tuesday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed that Tinubu will be officially received on Thursday at Les Invalides, the iconic French military museum, and the Élysée Palace for an elaborate welcome ceremony hosted by President Macron and his wife, Brigitte.

The visit, which spans three days, will prioritize discussions on strengthening ties in key sectors, including agriculture, security, education, health, youth engagement, innovation, and energy transition.

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Onanuga described the visit as a strategic opportunity for Nigeria.

“The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria,” the statement read.

The two leaders will also hold high-level meetings aimed at fostering collaboration in finance, solid minerals, trade, and investment.

A France-Nigeria Business Council session will further explore private sector contributions to economic growth.

The First Ladies of both countries are set to discuss initiatives aimed at empowering women and vulnerable groups, with Brigitte Macron hosting Oluremi Tinubu for talks on the Nigerian First Lady’s Renewed Hope Initiative.

Tinubu and his wife will conclude the visit with a state dinner hosted by President Macron at the Élysée Palace.

The delegation will include senior Nigerian government officials, underscoring the significance of the bilateral engagements.

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, has emphasised the importance of innovation, transparency, and inclusivity in driving Nigeria’s economic growth.

Speaking at the 2nd Annual Lecture of NPO Reports in Abuja, Adedeji outlined key strategies for addressing the country’s economic challenges, focusing on revenue generation and infrastructure development.

He called for the adoption of efficient strategies to unlock Nigeria’s economic potential, including the improvement of tax administration and the establishment of clear frameworks for public-private partnerships (PPPs).

Adedeji further highlighted the role of digital solutions in enhancing transparency, reducing corruption, and increasing efficiency in both tax collection and infrastructure management.

“The government can unlock economic potential, foster innovation, and improve public services by adopting transparent, inclusive, and efficient strategies,” he said. “Collaborative efforts between the public and private sectors, supported by sustainable practices and innovative technologies, will pave the way for resilient and equitable growth.”

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Among his recommendations, Adedeji stressed the need to improve tax collection efficiency, reduce corruption, and ensure effective governance through capacity building for regulatory bodies. He also suggested focusing on high-impact infrastructure projects, such as the Lagos-Calabar highway, which integrates transportation, energy, and water supply.

Adedeji noted that the current administration’s Renewed Hope Agenda aims to generate revenue to improve infrastructure. He concluded by emphasizing that effective strategies are essential to sustain economic growth, improve public services, and enhance the living standards of Nigerians in an era of economic uncertainty.

The event, which addressed the complexities of revenue generation in a constrained economy, featured discussions on the government’s challenges in raising funds amidst the burden on citizens. The publisher of NPO Reports, Semiu Okanlawon, outlined the dilemma of taxing already-overburdened citizens while striving to improve their quality of life.

The lecture offered insights into the ways Nigeria can navigate its economic difficulties through innovative approaches and collaborative efforts between the public and private sectors.