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December 18, 2024 President Tinubu Submits N47.9tn 2025 Budget Proposal to National Assembly

President Tinubu Submits N47.9tn 2025 Budget Proposal to National Assembly

President Bola Tinubu has presented the 2025 budget proposal of N47.9 trillion to a joint session of the National Assembly. Lawmakers from the House of Representatives and the Senate convened on Wednesday to receive the President's second budget submission since taking office.

The President was accompanied by the Secretary to the Government of the Federation, George Akume; the Chief of Staff, Femi Gbajabiamila; and other top government officials. The presentation, initially scheduled for Tuesday, was rescheduled to Wednesday following a Federal Executive Council (FEC) meeting on Monday at the Presidential Villa in Abuja. During the meeting, the FEC approved the proposed budget for the upcoming fiscal year.

The Minister of Budget and National Planning, Atiku Bagudu, highlighted key details of the 2025 budget proposal. The expenditure is projected at ₦47.96 trillion, representing a 36.8% increase compared to the 2024 budget. The 2025 Appropriation Bill is based on an oil price benchmark of $75 per barrel, daily oil production of 2.06 million barrels, and an exchange rate of ₦1,400 to the dollar.

The budget presentation underscores the administration’s commitment to addressing economic challenges and setting the country on a sustainable development path.

December 18, 2024 Soludo: Nnamdi Kanu’s Release Won’t Be a Solution for South East Insecurity

Soludo: Nnamdi Kanu’s Release Won’t Be a Solution for South East Insecurity

The Governor of Anambra State, Prof. Chukwuma Soludo, expressed doubts on Tuesday about the potential for the release of the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, to end the ongoing insecurity in the South-East region. He argued that criminals had taken over the Biafran struggle, using Kanu's name and the movement’s cause to carry out organized crime and exacerbate insecurity in the region.

Soludo pointed out that under the guise of agitation, these individuals had shifted to what he called "lucrative criminality," engaging in activities such as armed robbery, kidnapping, cultism, and idolatry. He emphasized that these actions were not part of a legitimate liberation movement but were driven by greed and lawlessness.

During a press briefing at the Governor’s Lodge in Amawbia, Soludo revealed that over 99 percent of criminals arrested in Anambra in the past two years were of Igbo descent, with more than 70 percent being non-indigenes of the state. He stated that the so-called agitators had turned into organized criminal gangs, hiding in forests and kidnapping innocent people for ransom while justifying their actions under the pretext of Biafra. Soludo insisted that these activities were unrelated to the original cause of liberation, explaining that the criminals were motivated by money, not the pursuit of freedom.

Soludo also doubted that Kanu's release would resolve the crisis, as the criminals had seemingly severed any ties to the original agitation. He pointed out that even if Kanu were released, these individuals might not follow him, as their new pursuit was wealth rather than liberation. He questioned the motives of those who kidnapped and killed their own people while claiming to fight for their freedom.

The governor further criticized the complicity of some local communities in supporting these criminals, noting that insecurity persisted because some viewed security agencies as the enemy and the criminals as liberators. He highlighted the troubling reality that in some areas, locals provided food and shelter to criminals hiding in forests. Soludo questioned how the region could effectively tackle insecurity when the perpetrators were seen as heroes by some.

To combat the situation, Soludo announced the launch of ‘Operation Udo Ga Chi’ (Operation Peace Shall Reign), a statewide security initiative set to begin after January 25. The operation would involve 163 branded vehicles for stop-and-search activities, as well as advanced surveillance technology to track criminals and secure the forests. Soludo mentioned that security efforts would include both kinetic and non-kinetic approaches, and forest guards would work with vigilantes and local government authorities to reclaim the forests from criminal elements. He also urged criminals to take advantage of the amnesty offer, which remains open until the end of February.

Soludo called for collective action in tackling the insecurity crisis, urging religious leaders, traditional rulers, and residents to take ownership of their communities and collaborate with security agencies. He emphasized that insecurity must be confronted as a united front and encouraged people to report any suspicious activity. Soludo reiterated his commitment to ensuring lasting peace and security in Anambra, expressing gratitude to the federal government and security agencies for their support in the fight against crime.

December 17, 2024 Bill to Prohibit Use of Foreign Currencies in Nigeria Passes First Reading

Bill to Prohibit Use of Foreign Currencies in Nigeria Passes First Reading

A bill seeking to ban the use of foreign currencies in Nigeria has passed its first reading in the Senate. Titled "A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters," the legislation aims to prioritize the naira for all financial transactions, including salaries and payments.

Sponsored by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation, the bill seeks to curtail the use of foreign currencies like the US dollar and British pound in domestic transactions. Senator Nwoko criticized the practice as a “colonial relic” that undermines the naira’s value and hampers Nigeria’s economic independence.

“The widespread use of foreign currencies perpetuates economic instability and weakens the naira. It is time we prioritise our own currency to achieve true economic sovereignty,” Nwoko said.

If enacted, the law would mandate a shift to the naira for all forms of payments, significantly influencing various sectors and reinforcing Nigeria’s local currency. The bill’s advancement highlights growing legislative efforts to tackle the naira’s depreciation and reduce dependency on foreign exchange.

The Senate will continue deliberations as the bill progresses through subsequent readings and committee reviews.

December 16, 2024 Supreme Court Fines Ex-Presidential Candidate N5m for Filing Frivolous Suits Against Tinubu

Supreme Court Fines Ex-Presidential Candidate N5m for Filing Frivolous Suits Against Tinubu

The Supreme Court has imposed a N5 million fine on Ambrose Albert Owuru, a former presidential candidate, for filing a frivolous and vexatious suit against President Bola Ahmed Tinubu. Owuru, who contested the 2019 presidential election under the Hope Democratic Party (HDP), had filed a fresh suit seeking to remove Tinubu from office. The court dismissed his suit and ordered him to pay the fine to Tinubu.

Owuru, who claimed to be a lawyer, appeared in court on Monday to argue his case but was ordered to remove his wig and gown before being allowed to speak. He attempted to convince the court, but his explanations were dismissed as unconvincing. Justice Uwani Musa Aba-Aji criticized his conduct, calling it unbecoming for a lawyer with over 40 years of experience.

This is not the first time Owuru has been fined by the courts. The Court of Appeal had previously imposed a N40 million fine on him for filing another suit against Tinubu, the Independent National Electoral Commission (INEC), and others.

In his latest suit, Owuru sought to remove Tinubu on the grounds that he was unqualified to hold office as president and had usurped the position unlawfully. He also accused Tinubu of being involved in a drug-related forfeiture case in the United States and claimed that Tinubu was under the control of foreign authorities, disqualifying him from being president. Owuru also requested the court to declare him the rightful winner of the 2019 election and order his immediate inauguration as president.

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