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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.
Asaba, Nigeria – Operatives of the Delta State Police Command have killed four suspected kidnappers in a gunfight and recovered an AK-47 rifle with a magazine, according to a statement by the state’s Police Public Relations Officer, Bright Edafe.
Edafe said the police had earlier arrested a suspect on March 9, 2025, while he was attempting to buy ammunition for an AK-47 rifle. During interrogation, the suspect revealed the rifle’s location, leading the police to a bush along the railway line in Agbarho. Upon arrival, the gang engaged the police in a fierce shootout, leaving four suspects with fatal gunshot wounds.
The injured suspects were taken to the General Hospital in Ughelli, where they were later confirmed dead. Their bodies have been deposited in the morgue as police intensify efforts to track down other fleeing gang members.
In a separate operation, police operatives arrested a suspected kidnapper in Ibusa, Oshimili North Local Government Area.
Edafe revealed that on March 12, 2025, a resident of Ibusa reported to the police that his friend’s wife had been kidnapped on March 7, 2025, and a ransom was paid. He also disclosed that he was responsible for delivering the ransom and food items to the kidnappers.
Acting on this information, the Divisional Police Officer (DPO) of Ibusa mobilized a team alongside local vigilantes and stormed a bush hideout, leading to the arrest of Abdulahi Isah, a suspected member of the gang.
The suspect is currently in custody, and investigations are ongoing.
President of Dangote Industries, Alhaji Aliko Dangote, has accused the former Ogun State governor, Senator Ibikunle Amosun, of twice demolishing his cement plant in Itori, Ewekoro Local Government Area.
Speaking during a visit to the plant, which is nearing completion, Dangote praised Governor Dapo Abiodun for persuading him to return to Ogun State to resume construction. The billionaire businessman alleged that his project was repeatedly halted under the Amosun administration.
“That factory was demolished twice. We started, and Governor Amosun demolished it. The second time, we started again, and he demolished not only the factory but also the fencing, so we left. But now, because of His Excellency, my brother, Prince Dapo Abiodun, we are back,” Dangote stated.
He highlighted the significance of the plant, which will include two 6,000t/day clinker production lines, reinforcing Ogun State’s status as an industrial hub. Dangote also pointed to his company’s broader contributions to Nigeria’s economic transformation, including making the country self-sufficient in cement and fertilizer production.
Dangote’s investments, he noted, have helped Nigeria shift from being an importer to an exporter of refined petroleum products. His company’s 650,000 barrels-per-day refinery in Ibeju-Lekki is set to meet local demand for petroleum products, while its petrochemical complex has also begun polypropylene production.
The businessman commended Governor Abiodun’s pro-business policies, attributing his decision to resume operations in Ogun State to the current administration’s support.
In response, former Governor Amosun, through his media aide Lanre Akinwale, denied Dangote’s allegations, asserting that the billionaire lacked the necessary approvals for the structures that were allegedly demolished.
“We want to appeal to Alhaji Dangote to avail the public of the requisite approvals for the construction of the structures he alleged were demolished,” Amosun’s camp stated.
The former governor insisted that his administration enforced the law fairly and did not allow any entity, including Dangote, to operate outside established regulations. He recalled that during the commissioning of the Ibese Cement Factory, Dangote had previously praised the Amosun administration for supporting investments in Ogun State.
Amosun emphasized that his tenure attracted over 500 companies to Ogun State, earning it recognition from the World Bank for its Ease-of-Doing-Business policies. He warned against what he described as attempts at blackmail, stating, “Not all Nigerians can be compromised, bullied, or blackmailed. Some of us will continue to uphold high standards, irrespective of whose ox is gored.”
The dispute has reignited conversations on business-government relations in Ogun State, with stakeholders keenly observing the unfolding developments.
Prominent All Progressives Congress (APC) chieftain and youth advocate, Comrade Isaac Balami, has dismissed the criticism surrounding Seyi Tinubu’s recent tour of northern Nigeria as “needless and politically motivated.”
Speaking at a press conference in Abuja on Monday, Balami suggested that negative reactions to Tinubu’s visit stemmed from growing calls for him to contest the Lagos State governorship seat.
Balami praised Seyi Tinubu’s humanitarian efforts, stating that he had consistently engaged in selfless service across the country, irrespective of religious or political affiliations. He argued that instead of being criticized, Tinubu should be recognized and awarded for his contributions to national unity and development.
“The attacks on Seyi Tinubu are unfair,” Balami stated. “His acts of kindness and support for Nigerians, regardless of background, should be commended, not condemned.”
Balami further noted that Tinubu’s philanthropic activities predate his father’s presidency, pointing out that his Iftar outreach initiatives began over a decade ago. He questioned why critics now view his efforts through a political lens.
“Seyi Tinubu’s outreach during Ramadan is no different from what many other prominent Nigerians do. His work during the COVID-19 pandemic was remarkable, and he has even assisted individuals from opposition parties. His actions speak louder than words,” Balami added.
The APC chieftain also criticized claims that Tinubu’s tour was politically motivated, arguing that even if it had political undertones, it would not be unusual. He contrasted Tinubu’s engagement with the people to the perceived aloofness of other children of past and present Nigerian leaders.
Balami urged Nigerians to focus on the positive impact of Tinubu’s initiatives rather than seeking to discredit them. He encouraged young politicians and entrepreneurs to emulate Tinubu’s commitment to social causes.
Seyi Tinubu recently embarked on a tour of northern Nigeria, where he engaged with Muslim communities in the spirit of Ramadan and provided empowerment opportunities to various individuals. The visit sparked mixed reactions, with some critics questioning its motives.
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