‘I Never Condemned FG’s Borrowing’ – Speaker Abbas He said debt can support growth if managed prudently with oversight and transparency. His office stressed Nigeria met 2025 revenue targets without reliance on new loans. The Speaker of the House of Representatives, Tajudeen Abbas, has refuted reports claiming he condemned the Federal Government’s borrowing, insisting that … Read more
Kaduna Assembly commits to programme-based budgeting for 2026. UNICEF conducts training to enhance lawmakers’ budgeting skills. Focus on child development sectors: education, health, water, and social protection. The Kaduna State House of Assembly has announced plans to implement programme-based budgeting in the 2026 fiscal year to better address citizens’ needs. According to Eko Hot Blog, … Read more
FG collects ₦20.59tn in 8 months Govt eyes $1.75bn new World Bank loans Economists warn total debt could hit ₦180tn The Federal Government plans to increase its borrowing despite a remarkable 40.5 per cent surge in revenue for the first eight months of 2025. According to a statement by Presidential Adviser Bayo Onanuga, the government’s … Read more
Tinubu’s Economic Moves Starting to Pay Off – Financial Analyst Nataro says early indicators suggest a gradual turnaround in Nigeria’s fiscal direction Observers say the coming months will be crucial in determining whether the early signs of progress translate into broader economic relief for citizens Economic reforms introduced by President Bola Tinubu are starting to … Read more
As the world prepares to welcome the New Year, various stakeholders in Nigeria, including those from the manufacturing, academic, security sectors, local government unions, and the Ijaw National Congress, have called on President Bola Tinubu to take steps toward improving the economy in 2025. While acknowledging the challenges of 2024, which they described as “tough” … Read more
President Bola Ahmed Tinubu has reiterated that his administration’s tax reforms are permanent and will remain a key part of Nigeria’s economic policy. The President made this assertion on Monday night during a presidential media chat aired by the Nigerian Television Authority (NTA). EDITOR’S PICKS Sanwo-Olu Donates N75M to Support Legionnaires and Families of Fallen … Read more
Over 20 children have reportedly lost their lives in a tragic stampede during a Christmas celebration organized for children in Ibadan, the Oyo state capital. EKO HOT BLOG gathered the event, which was said to have been hosted by a popular broadcaster’s radio station, promised gifts for attendees. According to online reports, several children were … Read more
Nigeria’s President, Bola Ahmed Tinubu on Wednesday delivered the 2025 budget proposal to a joint session of the National Assembly. The full text of his speech during the budget presentation is provided below. PRESENTATION BY HIS EXCELLENCY, PRESIDENT BOLA AHMED TINUBU, GCFR OF THE 2025 BUDGET OF RESTORATION: SECURING PEACE, REBUILDING PROSPERITY TO A JOINT … Read more
The Federal Executive Council (FEC) has approved the 2025 budget proposal, with President Bola Tinubu set to present the N47.96tn appropriation bill to the National Assembly on Wednesday. Originally scheduled for Tuesday, the presentation was postponed to allow for final refinements, as confirmed by the Minister of State for Agriculture, Sabi Abdullahi. EDITOR’S PICKS PDP … Read more
Nigeria’s broad Money Supply (M²) surged by 48.3% year-on-year (YoY) to reach N107.7 trillion in October 2024, up from N72.6 trillion in the same period of 2023, according to the Central Bank of Nigeria (CBN) Money and Credit Statistics report released yesterday. EKO HOT BLOG reports that despite this increase, M² experienced a month-on-month (MoM) … Read more
The Senate has temporarily halted discussions on the controversial Tax Reform Bills, directing its Committee on Finance to pause public hearings pending resolutions to public concerns. This decision was announced during Wednesday’s plenary, presided over by Deputy Senate President Jibrin Barau. A special committee has been set up to engage the executive arm and address … Read more
President Bola Tinubu’s Senior Special Assistant on Media and Publicity, Temitope Ajayi, has outlined how the controversial Tax Reform Bills are designed to enhance states’ revenue generation and economic growth. The bills – the Nigeria Tax Bill 2024, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board (Establishment) Bill – have … Read more
The Nigerian Senate has formed a committee to address the unclear aspects of the widely debated Tax Reform Bills, with the goal of providing a comprehensive report before the public hearing on the legislation. EKO HOT BLOG reports that the committee will be chaired by the Minority Leader, Senator Abba Moro (PDP, Benue South). The … Read more
President Bola Tinubu has directed the Ministry of Justice to collaborate with the National Assembly to address concerns raised about the contentious Tax Reform Bills. This directive comes amidst nationwide debates and protests, with critics claiming the proposed reforms could disrupt fiscal federalism by centralizing tax authority and diminishing state revenues. EDITOR’S PICKS Japa: Russia … Read more
Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has explained the reasoning behind the proposal to rename the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS). EKO HOT BLOG reports that the name change is part of the Nigeria Revenue Service Establishment Bill, currently before the National … Read more
The Senate has passed four tax reform bills for second reading during Thursday’s plenary session. Following the approval, Senate President Godswill Akpabio referred the bills to the Finance Committee, chaired by Senator Sani Musa (APC, Niger East), for further legislative work and a report back within six weeks. Before deliberating on the bills, the Senate … Read more
The House of Representatives on Wednesday directed its Committees on Finance and Petroleum (Upstream and Downstream) to investigate reports from the Revenue Mobilisation Allocation and Fiscal Responsibility Commission alleging that the Nigerian National Petroleum Company Limited (NNPCL) withheld ₦8.48 trillion as claimed subsidies for petrol. EDITOR’S PICKS Japa: Russia Opens Doors to Migrants Amid Workforce … Read more
Disagreements emerged among National Assembly members on Monday over President Bola Tinubu’s requests for foreign loans, despite significant revenue surpluses reported by federal agencies for the 2024 fiscal year. The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, revealed during an interactive session with the National Assembly’s joint Committees on Finance, Budget, and … Read more
President Bola Tinubu has submitted a request to the National Assembly for approval of a fresh external borrowing plan amounting to ₦1.767 trillion. The loan is intended to partially bridge the ₦9.7 trillion budget deficit in the 2024 appropriation act. The Speaker of the House of Representatives read the president’s request during Tuesday’s plenary. If … Read more
President-elect Donald Trump revealed on Tuesday that Elon Musk and Vivek Ramaswamy will head a newly created “Department of Government Efficiency” in his second term. Trump praised the two men, stating, “Together, these two wonderful Americans will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure … Read more