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Nigerian Economy Reacts to Federal Government’s 2025 Budget Increase

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Nigerian Economy Reacts to Federal Government’s 2025 Budget Increase

By Femi Oyewale

 

LAGOS, Nigeria – A wave of reactions has trailed the decision of the Federal Government to increase the 2025 Appropriation Bill from N49.7 trillion to N54.2 trillion, citing additional revenue generated by key government agencies.

On Wednesday, President Bola Tinubu’s letters to the Senate and House of Representatives, detailing adjustments in the yet-to-be-passed budget, were read on the floors of both chambers. Senate President Godswill Akpabio referred the President’s request to the Senate Committee on Appropriations for urgent consideration, assuring that the budget would be passed before the end of February.

 

Tinubu originally presented a N49.7 trillion budget proposal, themed ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity,’ to the National Assembly in November. The budget is underpinned by projected total revenue of N36.35 trillion, driven by improved non-oil revenue collection, expanded tax enforcement, customs duties, and independent revenues from government-owned enterprises. Oil revenue projections are based on a crude oil benchmark of $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of N1,500 per USD.

 

The budget includes significant allocations to critical sectors and aims to maintain a fiscal deficit of N13.39 trillion (3.96 per cent of GDP), which will be financed through domestic and external borrowings as well as innovative public-private partnership arrangements.

Breakdown of Additional Revenue

The budget increment follows the realization of additional revenue from key government agencies: N1.4 trillion from the Federal Inland Revenue Service (FIRS), N1.2 trillion from the Nigeria Customs Service, and N1.8 trillion from other government agencies. The government emphasized that the extra funds would be directed toward strengthening key economic institutions, particularly the Bank of Agriculture and the Bank of Industry. Investments will also be channeled into the solid minerals sector and infrastructure projects to further support economic diversification.

Minister of Budget and Economic Planning, Atiku Bagudu, stated that the adjustment was made after extensive engagements between the executive arm and the National Assembly. “The Senate Committee on Appropriation, Senate Committee on National Planning, and Senate Committee on Finance established that we could generate more revenue by tasking all institutions to increase their contributions,” Bagudu explained.

Mixed Reactions from Economic Experts

Economists and financial analysts have expressed divergent views on the budget expansion.

Renowned economist and sustainability expert Marcel Okeke criticized the adjustment, stating that it was poorly timed. He argued that the changes should have been incorporated into a supplementary budget rather than altering the original budget before its passage.

“The figures that were released in December have already been analyzed and acted upon by global institutions, investors, and analysts,” Okeke stated. “Making last-minute additions portrays a lack of budgetary discipline. It would have been more appropriate to finalize the budget at the right time and introduce necessary changes later via a supplementary budget.”

Chief Economist and Partner at SPM Professionals, Paul Alaje, warned that the increased government spending might derail inflation control efforts. The government is targeting a 15 percent inflation rate in 2025, but Alaje suggested that the expanded budget could stoke inflationary pressures.

“I think it’s straightforward. The government sees additional revenue and believes it can spend more. However, beyond that, there seem to be previously omitted projects that are now being reintroduced into the budget. This level of spending might make the 15 percent inflation target unrealistic,” Alaje cautioned.

Conversely, Tunde Amolegbe, Managing Director of Arthur Steven Asset Management Limited and former president of the Chartered Institute of Stockbrokers, welcomed the development. He asserted that an ambitious budget is essential for infrastructural growth, which is a prerequisite for a productive economy.

“We cannot lift people out of poverty unless we invest in infrastructure. Our budget per capita remains significantly lower than countries with similar demographics. Government spending is crucial in raising the standard of living,” Amolegbe stated. However, he urged fiscal caution, emphasizing that Nigeria must monitor debt-to-revenue and debt-to-GDP ratios to avoid over-leverage.

A leading economist, who spoke on condition of anonymity, criticized the budget increase, suggesting that the widening fiscal deficit—now approaching N16 trillion—could harm the economy.

“With all the borrowing, the government should be looking to reduce the deficit instead of increasing spending. Over the years, we have struggled to meet revenue targets. There is no guarantee we will generate the projected revenue,” the economist stated.

Legislative Support and Next Steps

Despite concerns, the House of Representatives has backed President Tinubu’s proposal, emphasizing that the increase is justified by additional revenue from key government agencies. The budget has been referred to the Committees on Finance and Appropriations for expedited review.

Senate President Godswill Akpabio reassured Nigerians that the budget would be finalized and passed before the end of February, ensuring the government remains on track to implement its 2025 economic plans.

As the legislative process unfolds, the nation remains divided over the implications of the expanded budget. While some see it as an opportunity for enhanced economic growth, others fear it could deepen fiscal instability. The coming weeks will be critical in determining how Nigeria navigates this complex financial landscape.

Nigerian Economy Reacts to Federal Government's 2025 Budget IncreaseNigerian Economy Reacts to Federal Government's 2025 Budget Increase

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WFA APPOINTS GLOBAL BRAND EXECUTIVES TO EXPANDED LEADERSHIP COMMITTEE

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WFA APPOINTS GLOBAL BRAND EXECUTIVES TO EXPANDED LEADERSHIP COMMITTEE

 

STOCKHOLM — The World Federation of Advertisers (WFA) has announced the appointment of senior executives from leading global brands to its Executive Committee, in a move aimed at strengthening its global influence and industry coordination.

The appointments were unveiled during the WFA Global Marketer Week held in Stockholm.

The new members, drawn from top multinational corporations, include executives from Driscoll’s, Haleon, IKEA and Nissan. They join an already influential body comprising marketing and corporate affairs leaders from major companies such as Best Buy, Danone, Diageo, Grab, Kenvue and Tata Group.

Also joining the Executive Committee are representatives of key advertiser bodies, including Josh Faulks, Chief Executive Officer of the Australian Association of National Advertisers; Simon Michaelides, Director General of the Incorporated Society of British Advertisers; and O’tega Ogra, Vice President of the Advertisers Association of Nigeria and Senior Special Assistant to the President of Nigeria on Digital Communications, Engagement and New Media Strategy.

WFA President David Wheldon and Deputy President Philip Myers of Ferrero will continue in their roles, alongside all regional vice presidents.

The newly appointed members are:

Jiunn Shih, Global Chief Marketing Officer, Driscoll’s

Silas-Lewis Meilus, Global Head of Media Operations, Haleon

Joel Renkema, Global Head of Insights, IKEA

José Román, Corporate Executive, Global Sales and Marketing, Nissan

Josh Faulks, CEO, AANA

Simon Michaelides, Director General, ISBA

O’tega Ogra, Vice President, ADVAN

Industry observers say the expanded committee reflects WFA’s commitment to deeper global collaboration and stronger representation across regions and sectors within the marketing and advertising ecosystem.

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FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS

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FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS

 

The Chief Press Secretary (CPS) to the Chairman of the Independent National Electoral Commission (INEC), Mr. Adedayo Oketola, has said that a purported X (formerly Twitter) account attributed to the Commission’s Chairman, Prof. Joash Ojo Amupitan, SAN, is fake and part of a coordinated disinformation campaign.

 

In a public statement issued on Monday in Abuja, Mr. Oketola disclosed that a comprehensive, multi-layered forensic investigation conducted by independent cybersecurity experts has conclusively established that the INEC Chairman does not operate any personal X account.

 

He said, “The Independent National Electoral Commission (INEC) , committed to a full forensic investigation, commissioned an independent forensic cybersecurity expert, who conducted a multi-layered forensic and digital investigation using X platform data, internet archive records, OSINT tools, identity forensics and cross-platform analysis.”

 

Oketola stressed that all posts, replies, and screenshots linking him to the handle @joashamupitan are fraudulent, forensically unverifiable, and technically impossible.

 

The controversy began on April 10, 2026, when viral social media posts alleged that the Chairman made a partisan comment — “Victory is sure” — in response to another user, supported by screenshots and purported digital records.

 

However, the CPS said the forensic investigation uncovered clear evidence of fabrication and impersonation, highlighting the following key findings:

 

· No Digital Linkage: There is no connection between the disputed X account and Prof. Amupitan’s verified email addresses or phone numbers, as multiple recovery and verification attempts failed to establish any link.

 

· False BVN/OPay Claims: Data used to suggest ownership of the account only confirms identity and does not establish control of any social media handle, making such claims a logical fallacy.

 

· Timestamp Manipulation: The alleged reply “Victory is sure” was posted 13 minutes before the original tweet it responded to—an occurrence that is technically impossible and definitive proof of fabrication.

 

· No Historical Record: Searches on the Internet Archive’s Wayback Machine showed zero evidence of the account or its alleged activity prior to April 2026.

 

· Non-Existence on X Platform: Live checks confirmed that the alleged reply does not exist and has never existed on the platform.

 

· Account Renaming Pattern: On the same day the screenshots went viral, the account was renamed @sundayvibe00, set to private, and labelled a “parody account,” indicating deliberate impersonation and damage control.

 

· Coordinated Multi-Platform Impersonation: At least seven fake accounts across Facebook and Instagram using the Chairman’s identity were identified, pointing to a sustained disinformation effort.

 

“The forensic evidence is comprehensive, multi-sourced, and unambiguous. The posts attributed to Prof. Joash Ojo Amupitan on X are fabricated. The account is a clear case of impersonation,” Mr. Oketola said.

 

Quoting one of the independent investigators, he described the development as “a coordinated digital impersonation and disinformation campaign,” warning that advances in artificial intelligence had made it easier to fabricate misleading content.

 

He urged the public to avoid sharing unverified information, noting that “the fact that content goes viral does not make it authentic,” and called on media organisations to prioritise accuracy over speed.

 

Mr. Oketola said the independent forensic report had been referred to the law enforcement agencies for necessary action. He also appealed to law enforcement agencies to investigate the origin of the fake account and prosecute those responsible under the Cybercrimes (Prohibition, Prevention, etc.) Act.

 

He said, “Media organisations, in particular, have a duty to apply strict forensic verification standards to social media posts and screenshots before publishing them, especially when such content implicates public officials or carries serious consequences for public trust and institutional credibility. Accuracy, not speed, must guide reporting in matters of this nature.”

 

He reiterated that all official communications from INEC are disseminated exclusively through its verified platforms, including its website (www.inecnigeria.org), verified X account (@inecnigeria), official Facebook page, online news portal (www.inecnews.com), formal press statements from its headquarters in Abuja, and official media briefings. Any account purporting to represent the INEC Chairman in a personal capacity, he said, should be treated as fraudulent unless formally verified by the Commission.

 

FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS

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How FirstBank is investing in Its People and Building Future Leaders

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FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers  

How FirstBank is investing in Its People and Building Future Leaders

For an average 9-5er, having a job isn’t enough. You want a career that grows with you, gives you stability, and opens doors to bigger opportunities. People everywhere are looking for workplaces that don’t just pay salaries but actually invest in their staff, helping them learn, lead, and succeed.

That’s exactly what FirstBank is doing. The Bank is building a future where every employee has the opportunity to grow, lead, and thrive. Through its human capital management and development agenda, FirstBank is creating numerous pathways for staff to transform their careers and become tomorrow’s leaders.

Conversion Programme: Turning Opportunities Into Careers

Needless to say that there is no desire for the 9-5er to remain in a temporary role when they can secure a full-time career. With FirstBank’s Conversion Programme, eligible non-core employees who have served for at least one year can transition into permanent positions. This initiative ensures that hardworking staff are rewarded with stability, growth, and the chance to contribute more meaningfully to the Bank’s success.

Leadership Programmes: Grooming the Next Generation

FirstBank has designed three flagship programmes to identify and nurture high-potential talents:

  • FirstBank Management Associate Programme (FMAP): A 24-month fast-track initiative that grooms future middle managers. Upon completion, participants are promoted to Assistant Manager grade, regardless of their previous grade.
  • Leadership Acceleration Programme (LAP): Focused on preparing internal middle-management talents for leadership responsibilities, ensuring the Bank’s succession pipeline remains strong.
  • Senior Management Development Programme (SMDP): A programme for senior managers who are proven leaders in their functions and critical to the Bank’s succession plan.

These programmes are not just training—they are career accelerators, designed to put staff on the fast lane to leadership.

FirstAcademy: Learning With Global Standards

Backing these initiatives is FirstAcademy, FirstBank’s corporate university, accredited by the Chartered Institute of Bankers of Nigeria (CIBN).

Staff also benefit from partnerships with institutions like Rome Business School and Association of Chartered Certified Accountants (ACCA), gaining access to world-class training—often at discounted rates

A Workplace That Values People

FirstBank’s parent company, First HoldCo PLC, was named second in the Best Workplaces in Financial Services in Nigeria. The Bank remains firmly committed to responsible employment practices, ensuring that all colleagues are treated with dignity, fairness, and respect.

The Future Is Human

With these initiatives, FirstBank is showing that its greatest investment is its people. By empowering staff through various growth opportunities, the Bank is not just building a workforce, it is cultivating leaders who will shape the future of banking in Nigeria and beyond.

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