General News
Economy: FG projects N26trn In 2024 as debt servicing gulps N8.25trn
The Federal Government is projecting N26.01 trillion as expenditure for the 2024 fiscal year.
Of the amount, N8.25 trillion is being projected for debt servicing.
The Federal Executive Council (FEC) chaired by President Bola Tinubu on Monday approved the Medium-Term Expenditure Framework (MTEF) for 2024 – 2026.
Minister of Budget and National Planning, Abubakar Bagudu, told journalists after the meeting that the administration would maintain the January–December budget implementation cycle.
“The aggregate expenditure is estimated at N26.01 trillion for the 2024 budget, which includes statutory transfers of N1.3 trillion non-debt recurrent expenditure of N10.26 trillion. Debt service estimated at N8.25 trillion as well as N7.78 trillion being provided for personnel pension cost,” Bagudu said.
The minister explained that increase in the debt service was because of “N22.7 trillion Ways and Means was securitised, meaning it became a federal government debt at nine per cent.”
Bagudu stated that FEC benchmarked Dollar at N700 while the price of crude was projected at $73.96 per barrel. The production of 1.7 million barrels of crude per day and 21 per cent interest rate were some of the parameters of the 2024 Budget.
He said that the budget would be presented to the National assembly before the end of the year since President Bola Tinubu was already engaging with the legislative arm towards getting their buy-in.
The budget minister said that the budget was expected to consolidate on the various economic reforms initiated by the present administration aimed at improving the standard of living of Nigerians and attracting investors.
Also, the second FEC meeting took up the issues of economy and the agreement reached between government and the labour unions early this month to avert an industrial action.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said that the meeting approved the application for financing from the World Bank’s International Development Association (IDA).
He said that the country was able to access $1.5 billion from the IDA, which is the virtually free or zero-interest lending arm or financing arm of the World Bank.
“Nigeria has been able to make the kind of macro-economic moves to take the tough decisions to restore balance in the economy in the government’s finances that has warranted support.
“This had engendered support from the multilateral development banks.
“It is on this basis that the world bank is willing to consider and to process on our behalf $1.5 billion of concessional financing, relatively cheap financing and financing that will be dispersed relatively quickly,” he said.
Edun said that another $80 million financing from the African Development Bank was approved by the FEC for the Ekiti Knowledge Zone (EKZ) project aimed at empowering the youth in the sector of Knowledge Economy through technology and communications generally.
He said: “This is basically to support young people and their quest to take on technology to use it to be employed to be trained and to benefit from being part of the knowledge economy.
“This is being part of the technological wave that is present very much in Nigeria, which is becoming a bigger and bigger share of the economy.”
Minister of Labour and Employment, Simon Lalong, said that FEC gave approval for the agreement between labour and the government during the October 2 meeting.
“Presidential approval was given after analysing the agreement to provide for industrial harmony. Similarly, the 30 days implementation timeline agreed on was also approved by FEC,” he said.
General News
Clergy Urged To Put Members’ Welfare Above All Else
At a solemn ordination service in Abuja, senior church leaders have called on pastors to make the well-being of their congregations a top priority, following the example of Jesus Christ.
Speaking during the priesthood ordination and installation of a Sub Dean at the Cathedral Church of Advent, Life Camp, Abuja, the retired Bishop of the Anglican Diocese of Okene, Rt. Rev. Emmanuel Ajulo, described pastors as shepherds charged with the care of their flock. He urged them to shun worldly distractions and focus on meeting the spiritual and material needs of their members.
Bishop Ajulo also encouraged the newly ordained priests to remain faithful to their calling by teaching God’s word without compromise.
In his charge, the Primate of the Church of Nigeria, Anglican Communion, Most Rev. Henry Ndukuba, urged the new clergy to preach the undiluted gospel and foster religious harmony wherever they serve. He expressed confidence that their new roles would help promote peace and unity in society.
The service also featured prayers for national leaders and divine intervention in addressing the current global economic challenges.
General News
1,000 Prayer Warriors Storm Ilorin for Tinubu, Nation’s Deliverance
In a dramatic show of faith and patriotism, over 1,000 fiery prayer warriors from across Nigeria will descend on Ilorin, Kwara State, this Saturday, lifting their voices in intense intercession for President Bola Tinubu’s success and Nigeria’s survival in the face of biting economic woes and mounting insecurity.
The spiritual siege, themed “Walking in Domini”, is the maiden convention of the Organisation of African Instituted Churches (OAIC), with its Kwara State Chairman, Evangelist Thomas Adeboye, vowing that “heaven will hear and respond to Nigeria’s cry.”
Aside from marathon prayers, the gathering will roll out free medical outreach to locals across Kwara’s LGAs, a gesture aimed at touching both body and soul.
Adeboye, lamenting Nigeria’s “troubling economic and security realities”, called for a nationwide prayer uprising, insisting that Tinubu has shown the will to revive the nation but needs massive divine backing to succeed.
“Banditry, a collapsing economy, and political tension demand we seek God’s face like never before,” he declared. “We will storm heaven for wisdom for the President and governors to steer Nigeria to safety.”
The convention will also feature awards to distinguished personalities, soul-lifting worship, fiery sermons, and unity-driven lectures—all capped with thunderous prayers for Nigeria’s redemption.
Adeboye urged the President to ensure every policy has “a human face,” stressing that Nigerians must not only endure but also enjoy the fruits of governance.
With the OAIC promising to reaffirm believers’ authority in Christ and rally spiritual boldness in the face of national challenges, Ilorin is set to become the epicentre of a powerful spiritual warfare for Nigeria’s destiny.
General News
Nigerian Anglicans Condemn Lesbian Archbishop of Wales, Deepening Global Anglican Rift
…Church leaders accuse Welsh counterparts of “spiritual decadence” and “abandonment of faith”
The Church of Nigeria (Anglican Communion) has issued a forceful condemnation of the election of Rt. Rev. Cherry Vann, an openly lesbian cleric, as the Archbishop of Wales. The move is the latest in a series of developments that have deepened divisions within the global Anglican Communion over sexuality and doctrine.
In a statement from Primate The Most Rev’d Henry Ndukuba, the church denounced the election as a “serious departure from biblical teaching” and a sign of “spiritual decadence” and “an outright abandonment of the faith once delivered to the saints.”
Archbishop Ndukuba warned that Bishop Vann’s elevation compromises the Anglican Church’s global mission and could obstruct evangelism. He compared the situation to the controversial tenure of Most Rev. Katherine Jefferts Schori, former Presiding Bishop of the U.S. Episcopal Church, who also faced intense criticism from conservative Anglicans for her progressive views.
The Primate accused Bishop Vann of being complicit in the “ongoing crisis” around same-sex issues, stating that the election is a “clear revelation that many who claim to be members of the body of Christ cannot endure sound doctrine” (2 Timothy 4:3–4).
The Church of Nigeria called on Anglicans worldwide to reject “rebels” and “apostates” and to instead support conservative bodies like the Global Anglican Future Conference (GAFCON).
“The Church of Nigeria (Anglican Communion) condemns, unequivocally rejects, and will not recognize the election of Rt. Rev. Cherry Vann as Archbishop of Wales,” Ndukuba declared. He concluded with a solemn warning that without repentance, the Church in Wales risks losing “complete relevance” and its leaders will face judgment.
