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Economy: FG projects N26trn In 2024 as debt servicing gulps N8.25trn

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Atiku Bagudu

 

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.

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Nigerian Anglicans Condemn Lesbian Archbishop of Wales, Deepening Global Anglican Rift

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Anglican Church logo

…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.

 

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Anglican Church Urges Government To Prioritize Citizen Welfare

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Anglican Church in Service

The Primate of the Church of Nigeria Anglican Communion, Most Reverend Henry Ndukuba, has called on political leaders to prioritize the welfare of citizens.

During a recent church service in Abuja, Ndukuba noted that many Nigerians are struggling with challenges brought on by the global economic downturn. He urged state and local governments to implement new initiatives to lessen the impact on their communities.

The Primate also stressed that the federal government must effectively monitor its programs to ensure that Nigerians fully benefit from the nation’s democratic gains. He argued that if the current administration can effectively tackle corruption, the country would significantly benefit from the economic policies of President Tinubu’s government.

Ndukuba concluded by asking the congregation to continue praying for those in authority, remain committed to national unity, and show love and support for the less privileged. He also tasked the newly inducted members of the Church Mothers’ Guild with aggressively spreading the gospel.

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Hardship: A Veil Of Sorcery And Darkness Over Nigeria – Pastor Enenche”

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Pastor Paul Enenche

Senior Pastor of Dunamis International Gospel Centre, Dr. Paul Enenche, has expressed deep concern about the current situation in Nigeria.

Enenche stated that the nation is under an evil spell due to the economic hardship affecting the country. He described Nigeria as being covered by a “blanket of sorcery and darkness,” leading many citizens to endure poverty and hardship in silence.

“There’s a blanket of sorcery and darkness over this nation—an evil spell making people tolerate what should provoke outrage,” he wrote.

In a post on his official X account on Thursday, the cleric highlighted the economic struggles faced by many Nigerians, noting that an increasing number of church members now line up after services not for spiritual counselling or prayer, but to help with basic needs such as rent, school fees, food, and medical bills.

“People are suffering. Pastors are exhausted. Members now queue after service not for prayer, but for assistance,” he lamented.

He also criticised political leaders for their insensitivity and failure to address the dire situation across the country.

“Yet, the leaders act as though nothing is wrong. This is not normal—it is witchcraft. It is a spell of patience in captivity, leading to a demonic tolerance of suffering.”

Calling for divine intervention, Enenche declared, “Let every evil spell over this land be broken! Let those misruling with arrogance and mocking the people’s pain face divine judgment. They shall not see the celebration of their wickedness.”

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