Lucky Aiyedatiwa, the Ondo state governor-elect, and Olayide Adelami, his deputy, have presented their certificates of return to President Bola Tinubu.

Speaking to State House correspondents in Abuja on Tuesday shortly after the presentation, Aiyedatiwa thanked the president for his support during the election.

“Yes, coming here today to meet with the president is to express my gratitude to him as the leader of the country and of our party for providing a level playing ground and also, as leader of our party, to present my certificate of return to him,” the governor-elect said.

“So, both of us, myself and my deputy, are full of joy and gratitude to the good people of Ondo state, the leadership of our party, my brother, governors, and the media as well for reporting.

“Today marks the conclusion of the electoral process that started months ago. I cannot but express my gratitude to the people of Ondo state who came out en masse on November 16 to cast their votes for our party.”

He appealed to the opposition parties to collaborate with his administration and present their ideas for the development of the state.

Aiyedatiwa reiterated his commitment to delivering good governance that benefits all sectors of society in the state.

 

He urged the people of Ondo to be patient, noting that the current economic situation in the country is temporary.

“Good governance is what I have to give to the people; I am not just coming in as a fresher; I have been serving the state for the past 10 months,” he said.

“If the opposition parties desire to govern, they should join hands with us. Their offerings can still be communicated through our government for the benefit of all citizens.

“The people of Ondo state are economically aware of national challenges; we need to educate our people that what we are experiencing now is temporary. We must find ways to earn more and meet the rising cost of living.”

The event was attended by notable APC leaders, including Biodun Oyebanji, Ekiti state governor, and Abdullahi Ganduje, national chairman of the All Progressives Congress (APC).

ADDRESS BY DR. PETER NDUBISI MBAH, GOVERNOR OF ENUGU STATE, DURING THE PRESENTATION OF THE STATE’S 2025 DRAFT ESTIMATES OF REVENUES AND EXPENDITURES TO THE ENUGU STATE HOUSE OF ASSEMBLY, HELD AT THE HOUSE OF ASSEMBLY COMPLEX, ENUGU ON November 26, 2024 

Protocols.

The Deputy Governor,

The Right Honourable Speaker,

The Secretary to the State Government

Principals Officers of the State House of Assembly

Honourable Members of the State House of Assembly

The Chairman, PDP Enugu State Chapter

Members of Enugu State Executive Council

Chairmen of Boards and Parastalals

Permanent Secretaries, Clerk of the House

Gentlemen of the Press

Ladies and Gentlemen,

1. On December 5, 2023, when we rendered the 2024 budget before this hallowed chamber, we came convinced of the huge social and economic potential of this State. Hence our decision to set ambitious goals for ourselves from the onset. Today, having run this race now for about 17 months we are more than ever convinced that we were not mistaken. We have seen enough to confirm our belief that our vision to grow Enugu’s GDP from $4.4b to $30b is patently achievable. Yes, Enugu State can be one of the top three economic pillars of Nigeria, and no citizen of this state need suffer poverty or penury. It is this  enthusiasm which has informed our budget for next year, which aims at ensuring that no geographical, social or economic segment or sector of this great State is left behind.
2. I am, as a result, deeply pleased to present to this August gathering of our esteemed House of Assembly today the Multi-year budget for2025-2027. As the second budget by this administration, we see this as a valuable opportunity to double down and consolidate upon the achievements made in our first year.
3. In our view nothing could better exemplify our commitment to the mandate Ndi Enugu gave us about One and a half years ago, than this annual event of accountability that is the budget speech. It is a responsibility we sort wholeheartedly and one we can only discharge with joy and appreciation.
4. Over the last year, the Nigerian economy which our State economy is inextricably linked to experienced  Gross Domestic Product (GDP) growth of about 3.49% in the third quarter.  
5. Other economic indicators have however, maintained negative trends so far this year. Inflation has most recently hit 33.88% and the Naira Dollar exchange rate is currently running at about N1,750 to the US Dollar. Related to this, the Monetary Policy Rate, which drives the cost of money in the economy have been most recently revised upwards to 27.25%. While, these negative trends may still be challenges to our overall economic growth, the improving GDP growth is perhaps a sign that the worst may be over and we are about to see more aggressive growth in the future.
6. In Enugu, for our own part, we were able to largely meet our development targets.
7. In the very important area of Education, we were able to award contracts for the development of all of our smart green schools across the State. These schools are at various stages of completion in 245 wards while we are still seeking suitable sites for 15 urban schools due to the built up nature of the wards where they are located. We envisage that all 260 of these schools will be completed, equipped, staffed and ready for classes by the commencement of the new school year in September 2025. We have also made extensive investments in developing Centres of Experiential learning where teachers will be trained and retrained to prepare them for the modern methods and facilities in use at the smart schools.
8. To provide senior secondary education to graduates from the Smart Schools, we are developing model secondary schools across the 17 Local governments of the State. We have also commenced work on the reconstruction of our technical schools across the State, in recognition of the need to build a strong work force of technical workers to support our ambitious development goals.
9. Mr Speaker and Honorable members, In the Healthcare sector, we have commenced construction of 260 of the type II, primary health Centre in each of the wards in the  State, We have also commenced the completion of the Enugu International Hospital on Rangers Avenue in Independence layout. This hospital will upon commissioning reverse the trend of indiscriminate medical tourism that has plagued our Country, by providing world class medical services using cutting edge medical equipment such as we typically travel to East and West to find.
10. We have also recently re-equipped and commissioned 3 type III primary health centres in Adani, Uzo uwani Local Government Area, Agbogugu, Awgu LGA, and Nara, Nkanu East LGA. These are the highest levels of facilities, in the Primary Healthcare system ranking just below the full scale General Hospitals. With the new standards of facilities we have just installed in these hospitals, they will be able to provide surgical services, initial kidney and cardiac care as well as highest levels of gynecological and Obstetric care to our expecting mothers across the State.  At the tertiary level, we are expanding the facilities at the Parklane Teaching Hospital with the construction of 2 blocks of high-rise buildings. One will provide additional office spaces and accommodation for the students, while the other will house medical services departments.
11. In the Power sector, we have finally commenced our journey towards building an independent power grid for Enugu State, with the effective handover of regulatory powers by the National Electricity Regulatory Commission (NERC) to our own regulator, the Enugu State Electricity Regulatory Commission (EERC). In line with this, the Enugu Electricity Distribution Company (EEDC) has now incorporated and licensed a new vehicle Main Power Limited to manage the distribution of power in Enugu State. I would like to take this opportunity to commend the Company for the deep sense of partnership they have displayed throughout this transition process. We look forward to continuing to work with them to evolve a power sector in Enugu that will be the envy of the entire Country.
12. Very early in our journey as an administration, we identified Security as fundamental to the achievement of our governance vision, and established the Distress Response Squad. We have not wavered from that position in the slightest, so in the course of 2024, we have built up arguably the most extensive CCTV camera network, using AI enabled cameras to cover all areas of the State, as well as completed the construction and equipment of a world class command and control centre from where we are able to monitor all parts of the State and track criminal elements to facilitate their arrest and prosecution. We have also procured over 100 patrol vehicles mounted with wide angle AI enabled street cameras to boost the operations of the DRS, as well as procuring over 500 communication radios, helmets and body cameras for personnel. These additions are billed for a ceremonial launch in the coming weeks. Enugu State is already very uncomfortable for criminal elements, but with these imminent enhancements to our security network, I can only say to Ndi Enugu that ‘ the best is yet to come’.         
13. Our campaign to build or enhance up to Enugu’s Roads has continued to build steam, we have expanded the scope of our roads work from the initial 90 urban and inter-urban roads by awarding an additional 141 urban and 20 gateway roads.
14. These roads include the urban roads which cover all the zones in Enugu such as Independence layout, Emene, Thinkers Corner, etc., and the rural/ cross country roads and gateways such as the Abakpa-Ugwogo-Opi road which we are converting into an ultra-modern dual carriageway and the statewide ring road networks connecting Ama-Iwollo-Umulokpa-Adani-Ogurute and Ete.
15. In the Transport sector, we are on the verge of commissioning  our four ultra-modern transport terminals in Holy Ghost, Abakpa, Gariki and Nsukka. These terminals are expected to be commissioned by December 22 this year.
16. We are also on the verge of launching the Enugu Air Airlines in a few weeks time. In the same vein, we have completed all payments and are awaiting the arrival of over 200 dual fuel (Diesel and CNG) , high capacity urban mass transit buses. These include 50 which were formally in disrepair, which we have entered an agreement with ANAMMCO to refurbish. In our view, this particular element of our transportation intervention bears some emphasis. Beyond expanding our fleet of modern city buses, it supports domestic industry and helps boost high quality job creation in the State. It aligns with our strategy for to introduce a new and more organised transport system which will enhance the ease of movement across the City.
17. In the area of Tourism development, we are poised to finally commission the Enugu International Conference Centre (ICC) and very soon thereafter reopen the Presidential Hotel. We have also flagged off the construction of the all new over 300 room five Star ICC hotel adjacent to the Conference Centre. To stimulate tourism within the State and complement these initiatives, we are developing a number of tourism sites in the State including 5 sites namely the Magical Miliken Hill theme park (on which our development partners are currently working) the Awhum water falls and Cross, the Nsude pyramids and the Ngwo Pine Forest where we will be installing a zipline system. In addition we will be developing 5 urban recreation parks within Enugu City to enrich the leisure options available to residents and visitors.
18. We have also backed our commitment to Agriculture by commencing our journey towards the mechanization of farming in the State with the acquisition of 200, 75 horse power, Danish-made tractors. These are the first batch of a fleet which will ultimately get to 1,000 units. They will be available for use across the State through a Tractor leasing Company which we will be reactivating shortly.
19. We have also taken major steps in the areas of reactivating major government owned enterprises in the State either by attracting private investment to activate them or by directly funding their reactivation. Some of these entities include Enugu United palm Products Limited (EUPPL), where we have attracted over N100billion in private investment, Niger Gas, Sunrise Flour Mills where an investor is injecting over N40billion, Tractor Leasing Company etc. We have also initiated an investment in the establishment of a DNA Learning Centre in the State which will provide leading edge DNA and forensic services as well as research services making our State a major National hub in the area of the life Sciences.
20. In terms of budgetary performance, the total revenue realised in the State as at October 2024 came to N459,851,309,396.47, which comes to a budget performance of 88%. Of this amount N178,354,494,502.47 related to Statutory Receipts, while N136,700,000,000.00 related to Capital Receipts and N144,796,814,894.00 to Internally Generated Revenue.
21. As at October, these inflows had been applied to expenditure with N382,427,929,564.00 as Capital Expenditure and N76,546,090,116.18 as recurrent expenditure. These translated to a budget performance of 88%. Additional revenues and expenditure are still expected before the end of the year, with IGR envisaged to surpass the N200 billion mark.
22. While we may make bold to say that our progress in this past year is commendable given the odds that were arraigned against the State economy, we are not yet ready to rest on our oars.
23. Mr Speaker, Honorable Members, distinguished Ladies and Gentlemen, it is with great enthusiasm and pleasure that I present to you our budget of ‘Exponential Growth and Inclusive Prosperity ’for 2025. In crafting this budget, we have sort to continue to lay the right foundation in Enugu to enhance the economy and attract even more private investment.  
24. In spite of the dreary economic environment across the Country, for us here in Enugu,  we have elected to remain bullish in our aspirations, and to double down on our commitment to elevate our State to top three status in terms of GDP nationally, and eradicate poverty from our midst. In deed, we see this as a vindication of our previously espoused view that sustainable national growth can really only be driven from the sub-national units to the Federal levels, and not the other way round as we have attempted to do to date.
25. It is on account of this that we are proposing to the House of Assembly today, a budget with a total envelope of  ₦971,084,000,000.00 (Nine Hundred and Seventy One Billion, Eighty Four Million Naira) as against the budget for 2024 fiscal year which totaled ₦ 521,561,386,000.00. This represents an 86.4% increase from the 2024 revised budget. The budget is broken down as follows:

27. In the area of our revenues, we estimated that total recurrent revenues during 2025will amount to ₦692,179,000,000 as against the approved revised provision for 2024 of ₦383,789,000,000.00. The recurrent revenues for 2025 are broken down as follows:

28. For 2025Fiscal Year, Recurrent Expenditure which is proposed at ₦133,140,000,000.00 is made up of:

29. With the total recurrent Expenditure at ₦ 133,140,000,000.00, this translates to a Net Recurrent Revenue of ₦ 559,039,000,000.00, which is thus transferred to the Capital Development Fund.
30. The total Capital Expenditure for the year 2025is projected at ₦ 837,944,000,000.00 as against ₦414,334,120,000.00 for 2024 Revised Budget. The current capital expenditure estimate will be funded from, the sum of ₦ 559,039,000,000.00 to be transferred from the Consolidated Revenue Fund, and the capital receipts of ₦278,905,000,000.00 to be realized as follows:

31. On a sectoral basis, the Capital expenditure is broken down as follows:

32. To throw more light on the specifics of our fiscal plans for 2025, I will spend some time to unpack the capital expenditure outlined above.
33. As we must all know by now, Education both our ‘sword’ and ‘shield’ in this battle to achieve economic growth in our state and banish poverty and want among our population. Consequently,we are maintaining the ambitious direction we charted in 2024 by voting a total of ₦320,609,059,000,00 for that sector, This represents representing 78% of the social sector of the budget and 33.2% of our Capital Expenditure this year. These funds will be applied towards the completion, equipping and staffing of our 260 Smart, Green basic Schools in readiness to school commencement in the third quarter of 2025. We will also be executing our model senior secondary schools in the 17 local government areas as well as rebuilding and reequipping the Government Technical Schools across the State. Finally, we will also be boosting the capacity of our tertiary schools by enriching their curricula and pedagogy to convert them to experiential teaching.
34. There can be no economic growth without quality healthcare. Not only because economic growth required a healthy work force, but also because private investment required a conducive environment with quality medical and related services. This is why we are spending N45,830,896,000.00 on the sector this year. This will go towards the completion of our new International Hospital, as well as the construction, re-equipment and staffing of the entire healthcare value from our new 260 type II primary Health centres, to the 22 new cottage hospitals and the various general hospitals across the State slated for renovation, refurbishment and re-equipment.
35. In the area of Works and Infrastructure, we will continue our relentless advance towards our target to build or refurbish all key roads across the State by 2031. In line with this, we will spend a total of N213,120,267,000.00 in 2025. Prominent among the projects in this envelope are the completion of the first phases of the New Enugu City for which sales are expected to commence next year, the completion of the ICC 5 Star hotel, the dualisation of the Abakpa -Opi-Nsukka Road, the dualisation of the Enugu Airport to Ebonyi Border road, the completion of the Owo-Amankanu-Ikem road which will open up the Eastern flanks of the State to economic development and many other road and infrastructure projects, such as:
    1. Oduma - Nomeh
    2. Nome-Mburumbu- Nara - Nkerefi
    3. Umabi-Ehuche- Achi with spur to Agbudu - ihe- Owelli - Ogugu-Amodu
36. We kicked off our entry into government in 2023 with our daring achievements in the water sector, but our work in that area is far from done. That is why we plan to spend another N23,223,150,000.00 on this sector this year. This spend would be towards the completion of the second transmission line from Ninth Mile to New Market twin tanks, and the refurbishment of a number of secondary lines to carry water into a number of zones which are yet to get reliable water supply. We will also be commencing work on the Scheme for the Nsukka metropolis, as well as a number of other small rural water schemes across the State.
37. Food inflation is a major component of core inflation in Nigeria. Consequently, food production is critical to moderation of the currently high levels of inflation in the Country. As a result, we will be spending up to N82,300,761,000.00 in the agricultural and agro-industrialisation sector this year.  Among other things, this amount will serve to fund the procurement of Tractors for use in the State, most of which will come from the local assembly plant of the Danish investors who established within the State earlier this year. In addition to this, we will be launching our new, modern farm estate projects across the State. This project will entail the earmarking of 200 hectares of land in each of the 260 wards in the State for the cultivation of staple and cash crops such as Cassava, Soya bean, Maize, peppers, vegetables etc. Government will collaborate with the various local governments to provide access to improved farming inputs, extension services and storage to help manage post-harvest losses. We will also work with the programme leadership to ensure improved access to market to assure the farmers of their just rewards for work done. We will also be collaborating with Development partners to establish a Special Agro processing Zone project together with 3 complementary Agro-Transformation Centres in the State.
38. In the area of Transport we will be spending a total of N41,132,463,000.00 to expand Enugu Air with the acquisition of 4 additional aircraft. In addition, we will be consummating the concessioning of the Akanu Ibiam international airport as well as the construction of an international cargo terminal. We will also be floating a new taxi scheme in collaboration with the private sector to modernize urban and inter-urban transportation for Ndi Enugu.
39. Other areas of the government activities which will continue to benefit from our focused activities during the year will be the security sector, where we will continue to boost the capacity of our security agencies both Federal and State with enhanced training and equipment
40. Mr Speaker, We will also invest additional and considerable time and resources towards boosting our capacity to collect internally generated revenues by redoubling our efforts to digitize various elements of revenue collection. In this light, in the next few weeks we should be commissioning the offices of the new Enugu Geographical Information System (ENGIS) which will provide more efficient and effective digital land management services to Ndi ENugu.
41. Mr Speaker and honorable members, as you may be aware, we have been awarded the hosting rights for the National Sports Festival in 2026. Consequently, we will be spending over N13b in upgrading our stadia and games facilities including the Nnamdi Azikiwe stadium where we will include aqautic sports facilities, and the Agwu games villages which will be fully revamped.
42. Speaker and Honourable Members, let me once more seize this opportunity to recognise and commend your tireless support to this administration.It is only trite to mention that the progress we have made in the course of 2024 is due in no small measure to the spirit of understanding you have shown in working with our executive. We appreciate this and do not in any way take it for granted. 
43. Mr Speaker, Honorable members, distinguished Ladies and Gentlemen, Permit me to close by noting that this our budget of exponential growth and inclusive prosperity is engineered to deliver, more jobs for Ndi Enugu, more investment, better government services and improved quality of life for all. We hereby enjoin all residents of the State to continue to accompany us on this journey towards greatness and a return to our historical preeminence. I am convinced that with you all backing us wholeheartedly, there is no mountain too high for us to surmount.
44. Thank you all and God bless you. I wish you all the best of the remaining year, a joyful holiday season and prosperity in the course of 2025.  Our Tomorrow is here!

The Central Bank of Nigeria has issued fresh guidelines for interbank foreign exchange trading via the Electronic Foreign Exchange Matching System, mandating a minimum trade value of $100,000.

The directive, dated 25 November 2024 and signed by Dr Omolara Duke, CBN’s Director of the Financial Markets Department, is part of efforts to ensure transparency, efficiency, and compliance within Nigeria’s FX market.

According to a new set of guidelines released by the CBN on Tuesday, the EFEMS is designed to streamline interbank FX trading, reduce counterparty risks, and ensure adherence to CBN regulations.

The apex bank has designated Bloomberg’s BMatch as the official order-matching platform for interbank transactions, with trading hours set between 9:00 am and 4:00 pm West Africa Time on business days.

One notable provision in the guidelines is the enforcement of a $100,000 minimum tradable amount, with incremental clip sizes of $50,000.

The EFEMS is also limited to spot FX transactions involving the Nigerian naira and the United States dollar.

The CBN, however, retains the discretion to introduce other currency pairs when deemed necessary.

The guidelines document read, “All trades consummated on EFEMS are binding unless canceled by mutual agreement of both parties with written approval from the CBN.

“The minimum tradable amount is US$100,000.00, with incremental clip sizes of US$50,000.00.

“Participants must set credit and settlement limits for other counterparties in the system. Transactions exceeding these limits will not be executed.

“Participants must have adequate credit and settlement limits set for the CBN as its counterparty bank.

“Participants are required to comply with the Nigerian Foreign Exchange Code and other CBN regulations.”

Participation in the EFEMS is limited to authorised dealer banks licensed by the CBN, while other institutions wishing to join the platform must first obtain prior approval.

Participants are also required to execute agreements with the CBN-approved platform provider, maintain accurate profiles, and operate within prescribed credit and settlement limits.

Withdrawal from the platform must be preceded by a 30-day notice, along with the resolution of any outstanding obligations.

Also, trades conducted via the platform will remain anonymous until matched. Counterparty details will only be revealed once transactions are concluded, in line with settlement protocols.

Transactions exceeding set limits or conducted outside EFEMS parameters must be reported promptly and logged onto the FX blotter within 10 minutes.

The CBN emphasised that it will closely monitor all transactions on EFEMS to ensure market integrity and transparency.

Participants are required to submit daily reports detailing trade volumes, settlement statuses, and counterparties.

The central bank also reserves the right to publish aggregated or disaggregated trade data for market analysis, subject to confidentiality agreements.

Any violations of the EFEMS guidelines or related regulations will attract strict penalties, including the suspension or revocation of access rights.

The CBN further stated that it will periodically review the platform’s operations to ensure efficiency and compliance with its directives.

In a separate document on Tuesday, the CBN announced that the Bloomberg BMatch system will officially go live as the EFEMS for foreign exchange trading on December 2, 2024.

The CBN outlined that all authorised dealers and banks in the interbank FX market are required to deploy the Bloomberg BMatch system for their trading activities.

The system aims to ensure uniformity and seamless trading among market participants while enabling the CBN to effectively monitor market performance and data management.

The central bank urged banks to liaise with Bloomberg representatives to expedite the onboarding process and address any technical or operational issues promptly.

The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) have expressed their heartfelt appreciation to Nigerians for their unwavering support following the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery.

In a statement released on Tuesday, NNPC described the refinery’s restart as a significant milestone in Nigeria’s journey toward achieving self-sufficiency in petroleum refining.

The statement released by the Chief Corporate Communications Officer, Olufemi Soneye, reads, “We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products.

“For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%. The refinery is producing the following daily outputs:

“Straight-Run Gasoline (Naphtha): Blended into 1.4 million litres of Premium Motor Spirit (PMS or petrol)

“Kerosene: 900,000 litres

“Automotive Gas Oil (AGO or Diesel): 1.5 million litres

“Low Pour Fuel Oil (LPFO): 2.1 million litres

“Liquefied Petroleum Gas (LPG): Additional volumes

“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications. Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.

“Additionally, we have made substantial progress on the new Port Harcourt Refinery, which will begin operations soon without prior announcements.

“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation. Malicious attacks on clear progress only undermine the significant strides made by NNPC Ltd and the country.

“Let us move forward together in building a stronger and more self-sufficient energy sector.”