The Chairman of the All-Progressives Congress (APC) in Edo State, Jarrett Tenebe, has come to the defense of Governor Monday Okpebholo after he faced criticism for a slip-up during the presentation of the 2025 Appropriation Bill to the State House of Assembly on Tuesday. A video of the governor’s budget speech, in which he struggled to accurately state the budget's total amount, quickly went viral on social media.

In the video, Okpebholo appeared flustered as he repeatedly tried to correct himself, saying, “The Edo State 2025 Appropriation Bill of 6 billion… 650… 605 billion… 76 thou… 76 million… Let me take it again. 506 billion… 605 billion… sorry… 776 billion… sorry, it’s confusing me.”

Addressing the controversy, Tenebe dismissed the criticism, calling the governor’s mistake a natural human error. “Social media has been buzzing about the governor’s budget presentation, but mistakes like that happen. Humans make such errors all the time,” he said in a video message shared by Edo Updates on X.com on Wednesday.

Tenebe also defended Okpebholo’s character, suggesting that the incident highlighted the governor’s integrity. He contrasted the current governor with previous leaders in the state, stating, “That is how you know genuine and honest people. Monday is not a thief, so he’s not used to dealing with figures.”

He further urged critics to focus on the governor’s performance rather than his slip of the tongue. “He’s the governor, he’s delivering results, and he will continue to do so. Anyone who doesn’t like him can go to hell and burn to ashes. Period, and thank you,” Tenebe concluded.

On Tuesday, Governor Okpebholo presented a proposed budget of N605 billion for 2025, reflecting a 25 percent increase from the 2024 budget. The Appropriation Bill is titled “Budget of Renewed Hope for a Rising Edo.”

Governor Dauda Lawal of Zamfara State has expressed concern that some financially weaker states may struggle to survive if the tax reform bills currently before the National Assembly are passed and signed into law by President Bola Tinubu. Speaking during a televised program on Tuesday, the governor emphasized the need for careful consideration of the reforms to prevent long-term negative consequences. “Some states may not be able to survive, so this is something that must be carefully studied to avoid hurting ourselves in the long run,” he said.

Governor Lawal noted that the proposed tax reforms have both positive and negative aspects. “The tax issue has many components—some good, some bad. We are analyzing the situation to guide our people on the best path forward. It’s an ongoing process, and we will continue to engage,” he added.

The tax reform bills introduced by the Tinubu administration have been met with widespread controversy, drawing criticism and opposition from various stakeholders. Among these critics are all 36 state governors under the National Economic Council (NEC) and the 19 northern governors, who have openly rejected certain provisions of the bills.

The governor also highlighted the challenges many states might face in meeting the recently proposed N70,000 minimum wage if the reforms are implemented. He explained that reforms are inevitable but cautioned against rushing into decisions that could have unintended consequences. “Systemic reforms are necessary, but we need to be careful not to act hastily in ways that could hurt us later,” he warned.

Governor Lawal specifically pointed to the derivation component of the reforms, which he said could significantly reduce the financial inflows of some states. “If the derivative component is implemented as proposed, it will affect the revenues of certain states, making it difficult for them to pay salaries,” he said.

He stressed the importance of a well-thought-out and unified approach, urging stakeholders to take time to understand the reforms’ implications and adopt a collective stance that safeguards the interests of all states.

The Bank of Industry (BOI) has announced the disbursement of N22.89 billion to 29 manufacturers under the Federal Government’s N75 billion Manufacturing Sector Intervention Fund. This was revealed by BOI Managing Director, Olasupo Olusi, during an interactive session with the Organised Private Sector in Abuja.

In addition to the disbursed funds, Olusi highlighted that 20 more projects, valued at N6.3 billion, are in the process of receiving funding under the same initiative. He described the intervention fund as a pivotal step toward strengthening Nigeria’s industrial sector and fostering economic growth through collaboration and innovation.

“This initiative shows that transforming Nigeria’s industrial landscape requires joint efforts. Achieving sustainable economic growth depends on collaboration, innovation, and addressing systemic challenges,” Olusi stated.

Boosting Small Businesses through Strategic Partnerships

The N75 billion fund is part of a broader strategy to support Small and Medium Enterprises (SMEs) through targeted partnerships. Olusi emphasized that BOI is working closely with private sector organizations to simplify processes and ensure loans are delivered effectively to beneficiaries.

In October 2024, BOI launched an application portal for the N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund. The fund is designed to empower small businesses in Nigeria, offering loans of up to N1 million at a competitive 9% interest rate for a three-year term with no collateral requirements.

Addressing Credit Challenges for MSMEs

Amina Habu Mohammed, a BOI representative, described the MSME fund as a crucial tool for tackling the credit access challenges faced by small businesses across the country.

Solomon Vongfa, National President of the Nigerian Association of Small Scale Industrialists (NASSI), praised the initiative, calling it a “beacon of hope” for MSMEs. He noted its potential to drive economic growth, generate jobs, and encourage innovation. To ensure the fund’s success, NASSI has committed to educating business owners through workshops, seminars, and outreach programs in all 36 states.

The BOI’s commitment to empowering manufacturers and MSMEs reflects its dedication to building a robust industrial sector and promoting sustainable economic development in Nigeria.