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Nigeria Requires More Borrowing for Budget Funding – Finance Minister
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasized the necessity for Nigeria to increase borrowing to finance its budget, even as some government agencies have surpassed their revenue targets. Edun made this statement during an interactive session of the Senate Joint Committees on Finance, National Planning, and Economic Affairs on the 2025-2027 Medium-Term Expenditure Framework/Fiscal Strategy Paper.
Edun stated that borrowing must be strategic and productive, highlighting the importance of funding infrastructure, social services, health, education, and safety nets for vulnerable populations.
“The revenue effort has been commendable but needs to improve further. In the meantime, borrowing is required to meet budgetary needs and achieve sustainable growth,” he said.
Senator Atiku Bagudu, Minister of Budget and Economic Planning, supported this position, noting that borrowing is essential to address the N9.7 trillion deficit in the N35.5 trillion 2024 budget. He cited Nigeria’s long-term Agenda 2050, which targets a GDP per capita of $33,000, as a guiding framework for economic planning.
Meanwhile, several government agencies reported exceeding their 2024 revenue targets. The Economic and Financial Crimes Commission (EFCC) recovered over N197 billion, while the Nigeria Customs Service collected N5.352 trillion, surpassing its N5.09 trillion target.
Similarly, the Nigerian National Petroleum Company Limited (NNPCL) generated N13.1 trillion, exceeding its N12.3 trillion projection for 2024. The agency aims to remit N23.7 trillion to the federation account in 2025.
The Federal Inland Revenue Service (FIRS) also reported surpassing revenue targets across multiple tax components, contributing to the government’s overall fiscal effort.
Despite these achievements, the Senate recently approved a $2.2 billion loan request from President Bola Tinubu. This external borrowing plan aims to partially fund the 2024 budget deficit and ensure the implementation of critical economic programs.
This development underscores Nigeria’s ongoing efforts to balance revenue generation with borrowing to address fiscal challenges and drive economic growth.
The Pan Niger Delta Forum (PANDEF) has called on President Bola Tinubu to prevail on the minister of the Federal Capital Territory, Nyesom Wike to retract his publicly disparaging remarks made recently against the socio-political body.
PANDEF described as regrerrable and embarrassing comments by Wike in the aftermath of the group’s visit to Tinubu at the State House, Abuja, on Tuesday, March 11, 2025, even to the extent of insulting the late former Federal Commissioner for Information and South-South Leader, Chief Edwin.
Recall that the FCT minister had, on Thursday, during a media chat, described PANDEF as “the worst organisation anybody can rely on”, while also calling the board of trustee members of the body “political merchants”.
In a statement signed by PANDEF Chairman on Saturday in Abuja, Ambassador Godknows Boladei Igali, urged President Tinubu as the father of the nation, to prevail upon the Honourable Minister to retract his inflammatory statements and extend due respect to these eminent.
Igali clarified that the meeting with the president provided a valuable platform to discuss pressing issues of national and regional importance. Adding that “PANDEF remains unwavering in its commitment to peace, stability, and equitable development in the Niger Delta. We will continue to engage with great vigour, all relevant stakeholders in pursuit of lasting harmony in Rivers State and the broader South-South region.”
His words: ^To set the record straight, PANDEF the foremost socio-political body representing the South-South regions, composed of some of Nigeria’s most distinguished personalities. The delegation to Mr. President included chairpersons of at least four of the six SouthSouth states’ traditional councils, senior traditional rulers of major ethnic groups, former governors, past presiding officers of the Senate, prominent entrepreneurs, academics, and high-ranking retired military officers.
“It is, therefore, highly regrettable and totally unacceptable that a serving minister in the Federal Government would exhibit such brazen disrespect towards individuals of this standing. This attitude perhaps explains his continued refusal of the Minister to engage with the Peace and Reconciliation Committee, which PANDEF constituted as far back as October 2024, despite repeated attempts to reach.
“The Honourable Minister (Wike) characterized PANDEF as the worst organization ever” and accused its members of visiting the Presidential Villa merely to solicit financial favors. These statements are not only false but also unbecoming of a public official of his stature.
“PANDEF hereby calls upon Mr. President, as the father of the nation, to prevail upon the Honourable Minister to retract his inflammatory statements and extend due respect to these eminent Nigerians and traditional rulers who were, after all, esteemed guests of the Commander-in-Chief. It is apt to remind that the Minister does not own the Niger-Delta and his errant conduct should not be condoned.
“Notwithstanding this regrettable development, PANDEF remains unwavering in its commitment to peace, stability, and equitable development in the Niger Delta. We will continue to engage with great vigour, all relevant stakeholders in pursuit of lasting harmony in Rivers State and the broader South-South region,” Igali stated.
On efforts to restore peace in River State, Igali restated PANDEF’s commitment for peace in the oil-rich State.
“For the avoidance of doubt, the Peace and Reconciliation Committee, which remains committed to resolving the Rivers State crisis,” Igali stated.
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IPOB’s lawyer accuses Anambra govt of violating citizens’ rights, wants all arrested charged to court
The counsel to the Indigenous People of Biafra (IPOB), Barrister Ifeanyi Ejiofor, has called on the Anambra State Government to either charge to court or release individuals allegedly detained for the past five weeks without trial.
In a statement issued on Saturday, Ejiofor criticized what he described as “violations of citizens’ rights,” emphasizing that the detainees have not been presented before any court or formally charged with a crime.
“Today, March 15, 2025, marks five full weeks since several citizens of Anambra State were arbitrarily arrested and detained in a private facility controlled by the state government. Shockingly, they have not been charged with any offense or brought before any court of law. This is a flagrant violation of their fundamental rights,” Ejiofor stated.
He expressed concern that the detainees were not held by the police, the Department of State Services (DSS), or the military, but instead in an undisclosed facility, without any official explanation from the government.
Ejiofor, who has previously supported the government’s security efforts, urged Governor Chukwuma Soludo to ensure the rule of law is upheld.
“I have always championed active citizen participation in combating insecurity and have publicly urged the government to act against criminal elements. However, this must be done legally and transparently,” he said.
While commending the efforts of the state’s Agụnechemba security outfit, Ejiofor insisted that professionalism and adherence to due process are crucial.
He reaffirmed his support for lawful measures to combat crime but warned that arbitrary detentions could erode public trust in the government’s security strategy.
The Osun State Amotekun Corps has denied allegations of nepotism in its ongoing recruitment of 1,000 cadets, following claims by some dismissed recruits that they were removed in favor of Peoples Democratic Party (PDP) members.
Some affected candidates, seen outside the NYSC camp venue in Osogbo, alleged they were removed due to their affiliation with the opposition All Progressives Congress (APC). Speaking on behalf of the group, a dismissed cadet, Usman, claimed that they had been in camp since Sunday before being replaced by PDP members, some of whom, he alleged, were unfit for training.
However, Amotekun’s Board Chairman, retired Assistant Inspector General of Police (AIG) Wale Abass, dismissed the allegations as baseless. He explained that those removed from the training camp either failed to meet the required standards or did not follow the proper recruitment process.
“The 1,000 cadets invited for training went through a rigorous selection process. They submitted applications online, underwent document verification, and passed physical fitness tests before being invited to camp,” Abass stated.
He further revealed that some unqualified individuals managed to gain access to the camp, while some selected candidates failed to meet the reporting deadline. Those with health issues were also disqualified.
Abass reaffirmed that the Amotekun Corps remains committed to fairness and impartiality in its recruitment process. He described the allegations as an attempt to create confusion and undermine the security outfit’s credibility.
PANDEF Clarifies Visit To Tinubu, Knocks Wike Over Inflammatory Comments
IPOB’s lawyer accuses Anambra govt of violating citizens’ rights, wants all arrested charged to court
Osun Amotekun recruits accuse Adeleke’s govt of nepotism
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