NEWS
Loans Necessary For Budget Despite High Revenue Collections – Wale Edun
The Nigerian government is pushing ahead with new borrowing plans to fund its 2024 budget deficit, even as several federal agencies report exceeding their revenue targets.
During a presentation at the Senate Joint Committees on Finance, National Planning, and Economic Affairs, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, defended the need for additional loans.
He stated that borrowing must be “productive and efficient” and based on Senate approval to ensure proper budget funding.
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Minister of Budget and Economic Planning, Senator Atiku Bagudu, echoed this position, noting that the ₦35.5 trillion 2024 budget includes a ₦9.7 trillion deficit. According to Bagudu, borrowing is necessary to address this gap.
Despite the government’s borrowing plans, key agencies presented strong revenue performances that raised questions about the necessity of additional loans.
The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede revealed that the EFCC has recovered over ₦197 billion in 2024.
He stated, “If the government works hard and derives the requisite collection from International Oil Companies (IOCs), the country would have enough to fund the budget.”
Also the Nigeria Customs Service Comptroller General, Bashir Adeniyi announced that Customs exceeded its ₦5.09 trillion target for 2024, collecting ₦5.352 trillion.
Adeniyi projected ₦6.3 trillion in revenue for 2025, with plans to increase targets by 10% annually for 2026 and 2027.
The Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mele Kyari reported that NNPCL surpassed its ₦12.3 trillion revenue projection for 2024, generating ₦13.1 trillion. For 2025, the company aims to remit ₦23.7 trillion into the federation account.
Additionally, the Federal Inland Revenue Service (FIRS), Chairman, Zacch Adedeji confirmed that FIRS exceeded its revenue targets across various tax components.
Biztellers reports that the Senate had on Thursday, approved President Bola Tinubu’s request for a ₦1.77 trillion ($2.2 billion) loan to partially finance the 2024 budget deficit.
The decision followed a report from the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada.
Deputy Senate President Barau Jibrin presided over the voice vote that secured the loan’s approval. The request, submitted earlier in the week, is part of a broader external borrowing plan tied to Nigeria’s fiscal strategy.
The loan request has drawn sharp criticism from opposition figures and public commentators.
Former Vice President Atiku Abubakar called the government’s borrowing plans “bone-crushing” and harmful to Nigerians.
“These @officialABAT’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized,” Atiku wrote on his X (formerly Twitter) account.
He accused the government of prioritizing corruption over development, adding, “It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs.
A report by BudgIT, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.”
Atiku also criticized the National Assembly, labeling it “an accomplice once more” in enabling excessive borrowing.
The Governor of Benue State, Rev. Fr. Hyacinth Alia, has assured corps members deployed to the state of their safety, despite rising security concerns across the region.
Speaking on Friday through the Commissioner for Youth, Sports Development and Creativity, Hon. Terkimbi Ikyange, Governor Alia said his administration is working closely with security agencies to ensure the safety and well-being of all National Youth Service Corps (NYSC) members throughout their service year.
“Sadly, our nation is currently bedevilled with security challenges, and Benue State is not exempt,” the governor stated.
“However, let me quickly allay your fears and assure you that, as a government, we are committed to ensuring that your safety is guaranteed throughout your stay in the state.”
He noted that comprehensive protective measures have been implemented across corps lodges and other areas occupied by corps members in the state.
Governor Alia also encouraged the new corps members to take full advantage of the NYSC’s Skills Acquisition and Entrepreneurship Development (SAED) programme, describing it as a “gateway to great opportunities.”
He further urged them to use their God-given talents to contribute meaningfully to the nation’s development.
In her remarks, the State Coordinator of the NYSC, Mrs. Veronica Garba, thanked the governor and the people of Benue for their continued support of the scheme.
She charged the new inductees to actively participate in the four cardinal components of the orientation course: physical training, motivational lectures, sporting activities, and SAED.
The orientation exercise welcomed a total of 1,600 corps members, officially inducted into the programme by Justice Peter Ukande, who represented the Chief Judge of Benue State, Justice Maurice Ikpambeae.
The Federal Ministry of Health and Social Welfare has approved the appointment of a new Acting Director of Administration for the David Umahi Federal University Teaching Hospital (DUFUTH), Uburu.
This was contained in a statement in Uburu on Thursday by the DUFUTH’s Public Relations Officer, Agwu N. O.
According to Agwu, the new appointee is Edith Anih, an indigene of Enugu State with relevant working experience, having worked at the University of Nigeria Teaching Hospital (UNTH), Enugu, where she was Deputy Director of Administration.
It was gathered that the approval was conveyed in a letter dated April 23, 2025, addressed to the Chief Medical Director.
Prior to her appointment, Anih held the position of Deputy Director of Administration at the University of Nigeria Teaching Hospital (UNTH), Enugu.
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He wrote, “Mrs. Anih Edith Ndidi is a seasoned administrator born on May 22, 1973. She is married and hails from Enugu State, specifically Enugu South Local Government Area.
“She holds a Bachelor’s degree in Public Administration and a Master’s degree in Human Resources Management. She is also an associate member of the Institute of Health Service Administrators of Nigeria (IHSAN).
“The Management of DUFUTH extends a warm welcome to the new DA and looks forward to collaborating with her as she brings a fresh perspective to the hospital’s administrative leadership.”
The Federal Government of Nigeria is set to launch a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL), in a major move aimed at enhancing transparency and accountability in the oil and gas sector.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the ongoing Nigerian Investor Forum, held on the sidelines of the IMF/World Bank Spring Meetings in Washington DC.
READ ALSO: Loans Necessary For Budget Despite High Revenue Collections – Wale Edun
Edun explained that the upcoming audit, along with recent changes in NNPCL management, is part of a broader effort to reform the state-owned oil company and rebuild trust in Nigeria’s economic institutions.
Addressing top global investors, including representatives from financial giant J.P. Morgan, Edun outlined a series of bold economic reforms introduced by the administration of President Bola Tinubu.
He said the measures are already yielding positive results and have laid a strong foundation for future growth.
“Our goal is not just to maintain this momentum, but to accelerate it,” Edun said. “We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this.”
According to Edun, Nigeria’s economy grew by 3.84% in the fourth quarter of 2024, with an overall annual growth rate of 3.4%.
He described the government’s economic strategy as “unprecedented,” adding that key indicators such as the budget deficit, trade balance, and exchange rate have all shown signs of improvement.
“We said we would do it, and now we have done it. This time, we’re staying the course,” he emphasized.
The minister also highlighted the government’s focus on agriculture as a critical driver of economic growth, saying efforts are underway to close the food supply gap by empowering local producers.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.
In the area of infrastructure, Edun announced that 90,000km of fibre optic cable has been rolled out to boost internet connectivity, especially for young Nigerians and the tech ecosystem.
Additionally, 4,000km of roads have been earmarked for private sector participation, with the first 1,000km already approved for construction.
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