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‘We Borrow Based On Your Approvals,’ FG Tells Lawmakers

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Ekwutosblog has gathered that the Federal Government has given insight into why it was exceeding revenue targets and still borrowing, telling the National Assembly that it did that based on the approvals of both the Senate and the House of Representatives.

This was disclosed during an interactive session Federal Government’s revenue generating agencies had with the Senator Sani Musa (APC, Niger East) led National Assembly’s joint Committees on Finance, Budget and National Planning on 2025-2027 Medium Term Expenditure Frame Work, MTEF, and Fiscal Strategy Paper, FSP, today.

At the one-day session that lasted over four hours in Room 231, Senate wing, the revenue generating agencies made their separate presentations on 2024 budget performance and revenue projections for N49.7 trillion 2025 budget.

Senate’s query
The Nigeria Customs Service, NCS; Nigerian National Petroleum Company Limited, NNPCL, and Federal Inland Revenue Service, FIRS, all exceeded their revenue targets.

They raked in a combined revenue of N36.952 trillion, which is way above the target for the 2024 fiscal year.

At the end of their presentations, members of the Committees took them up on why the Federal Government was still seeking for foreign loans despite the high increase of internally-generated revenues.

Senator Adamu Aliero (PDP Kebbi Central) was the first to ask: “What is the Federal Government doing with excess revenues generated by the various agencies in view of its unending request for foreign loan approval?”

In his response, the FIRS boss noted that loans being requested by the executive were already part of the appropriation act.

Bagudu and Edun react
Also responding, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, explained that the lawmakers should not forget that the borrowing plans contained in the N35.5 trillion 2024 budget were primarily meant to fund the deficit which is N9.7 trillion.

Bagudu said: “Despite revenue targets surpassing by some of the revenue generating agencies, government still needs to borrow for proper funding of the budget, particularly in the area of deficit and productivity for the poorest and most vulnerable.

“We have a long term development perspective plan agenda 2050 aiming at GDP per capital of $33,000.”

On his part, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, explained to the lawmakers that borrowing was still needed for proper funding of the budget despite increased revenues made by some agencies.

 

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Putin Hails Trump On Inauguration As US President For Second Time, Says Russia Willing To End War

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Russia President Vladimir Putin has congratulated Donald Trump as he is being inaugurated as the 47th President of the United States.

Putin on Monday, 20th of January 2025 revealed he was open to dialogue with the new U.S. administration on Ukraine and nuclear arms. He also indicated that Moscow was ready to discuss nuclear arms control and wider security issues.

In a video broadcast, Putin noted that he was interested in a long-lasting peace in Ukraine rather than a short-term ceasefire with the country.

He made the comments during the Russia’s Security Council meeting that was shown on state TV. According to him, “We see the statements by the newly elected president of the United States and members of his team about the desire to restore direct contacts with Russia,” said Putin.

“We also hear his statement about the need to do everything possible to prevent World War Three. We of course welcome this attitude and congratulate the elected president of the United States of America on taking office. “As for the resolution of the situation (in Ukraine) itself, I would like to emphasise that the goal should not be a brief ceasefire, not some kind of period of respite that would allow a regrouping and rearmament of forces, but a long-term peace based on respect for the legitimate interests of all people and all peoples who live in the region.”

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Court remands suspect over alleged assassination attempt on Lokpobiri

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Yenagoa—A Magistrate’s Court sitting in Yenagoa, Bayelsa State, has ordered the remand of a 35-year-old man, Susaine Morgan, over an alleged assassination attempt on the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri on new year day.

The suspect is also facing charges of unlawful possession of two assault rifles (AK-47).
He was reportedly apprehended at the minister’s residence in Ekeremor town, Ekeremor Local Government Area of Bayelsa State.

The remand warrant, issued by the state Commissioner of Police, Francis Idu, and filed by Police Prosecutor, Stella Jerry-Friday, was approved to allow the suspect’s detention for 30 days at Okaka prison.

This is to enable the investigating team of the police to track and arrest six others now at large.
The charge sheet read: “The defendant was arrested on January 1, 2025, at Senator Lokpobiri’s residence for conspiring with others to commit armed robbery, attempted kidnapping, and for being in possession of two AK-47 rifles.”

The police prosecutor explained that the request for suspect remand was necessary due to the limited power of the police to detain the suspect without a court order.

“The suspect’s detention will prevent interference with the ongoing investigation, especially as six other suspects remain at large,” a police source said.

According to security report, seven of the suspects gained access into the residence of the minister by mingling with the crowd of visitors who came to pay homage.

But information got to the military personnel stationed at the residence of the presence of armed persons among the visitors.

“Due to the large crowd, the soldiers could not open fire but ordered everyone to lie down. It was only the arrested suspect, who was with the bag conveying the weapon, that got arrested. Others mingled with the crowd and escaped,” the source stated.

The other suspects reportedly fired shots as they fled the community, attacked a filling station and carted away N400,000.

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42 Executive Orders By Trump On the First Day

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Here is the list of all 42 Executive Orders, Memoranda, and Proclamations Signed by President Donald Trump

1.Declaring a National Emergency at the Southern Border

2.Designating Mexican Drug Cartels as Foreign Terrorist Organizations

3.Reinstating the ‘Remain in Mexico’ Policy
4.Ending Birthright Citizenship for Children of Illegal Immigrants

5.Defending Women from Gender Ideology Extremism

6.Eliminating Diversity, Equity, and Inclusion (DEI) Programs in Federal Agencies

7.Withdrawing from the Paris Climate Agreement

8.Declaring a National Energy Emergency

9.Reversing Electric Vehicle Mandates

10.Implementing ‘Schedule F’ for Federal Employees

11.Relocating U.S. Space Command Headquarters to Alabama

12.Pardoning Individuals Convicted in Relation to January 6 Events

13.Halting Federal Funding for Abortion Services

14.Suspending Security Clearances for Officials Linked to Hunter Biden Scandal

15.Establishing a Federal Bitcoin Reserve

16.Releasing Classified Documents on JFK, RFK, and MLK Assassinations

17.Reversing AI Regulation Policies

18.Imposing Tariffs on Imports from China, Mexico, and Canada

19.Reinstating the Ban on Transgender Military Service

20.Prohibiting Transgender Women from Participating in Women’s Sports

21.Halting Government Offshore Wind Leases

22.Renaming the Gulf of Mexico to the Gulf of America

23.Reverting Mount Denali to Mount McKinley

24.Freezing Federal Workforce Hiring

25.Easing Regulations on Oil and Gas Production

26.Pausing Congress’ TikTok Ban to Seek a U.S. Buyer

27.Reversing Biden-Era Immigration Policies

28.Pulling Out of the World Health
organisations

29.Eliminating Federal Funding for DEI Programs

30.Establishing the Department of Government Efficiency (DOGE)

31.Reinstating the ‘Muslim Ban

32.Ending Birthright Citizenship

33.Reforming the Criminal Justice System

34.Banning Critical Race Theory in Federal Agencies

35.Demanding Increased NATO Contributions

36.Confronting China on Trade Practices

37.Ending the War in Ukraine

38.Supporting Law Enforcement

39.Promoting School Choice

40.Restricting Refugee Admissions

41.Increasing Federal Focus on Fentanyl Trafficking

42.Launching a National Infrastructure Plan.

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