Business
Preparations for 2025 Appropriation Bill Have Started — Budget Office
The Federal Government has begun preparations for the 2025 national budget, urging ministries, departments, and agencies (MDAs) to include only line items relevant to their mandates. This initiative emphasizes the importance of aligning projects with the economic priorities of the current administration.
Director-General of the Budget Office, Tanimu Yakubu, made the announcement during a training session on the Government Integrated Financial Management Information System (GIFMIS) budget preparation subsystem in Abuja. He expressed concerns about the quality of Nigeria’s national budget, highlighting the need for better relevance and execution of budget proposals.
“The quality of our national budget has been a long-standing concern, with stakeholders often questioning the effectiveness of our budgetary proposals,” Yakubu stated. “Today’s training offers a critical opportunity for all MDAs to reflect on their roles in the budget process, ensuring that our 2025 proposals are robust and aligned with national priorities.”
Yakubu urged all MDAs to remain focused on their statutory mandates, emphasizing that the executive budget proposals must be coherent and purpose-driven, reflecting the government’s vision for security and development.
He acknowledged previous complaints regarding the allocation of projects outside the primary mandates of government parastatals. In 2023, Tracka, a service delivery platform by BudgIT, reported that over 687 projects worth N112 billion were improperly allocated to agencies beyond their mandates.
Addressing Nigeria’s economic challenges, Yakubu noted that the current administration faces significant fiscal constraints due to insecurity and limited resources, which hinder efforts to reverse economic decline. He underscored the importance of utilizing technology to enhance budgetary efficiency.
“The GIFMIS Budget Preparation Subsystem Training Session provides us with an invaluable opportunity to acquire the tools necessary to enhance our budgetary processes,” he concluded. “This technology-driven system is designed to improve efficiency, eliminate bottlenecks, and promote accountability.”
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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