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N54.2 trillion budget: Peter Obi questions Tinubu govt on transparency, accountability

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Presidential candidate of the Labour Party, LP, Mr Peter Obi, says there is no corresponding breakdown of expenditures to justify the increase in the 2025 national budget.

The statement comes after President Bola Tinubu, on Thursday, increased the appropriation bill for the 2025 fiscal year from N49.7 trillion to N54.2 trillion.

Recall that Tinubu announced the increment in separate letters, which he forwarded to both the Senate and the House of Representatives.

Reacting to the development, Obi said that Nigerians need to know how the resources generated are being allocated for the sake of transparency and accountability.

This, he said, was to ensure that they were judiciously spent on the country’s development and the well-being of the people.

In a statement issued on Friday via his X handle, the former Anambra state Governor said Nigerians were still waiting for a detailed account of the execution and expenditures of the Renewed Hope budget passed in December 2023.

Obi further called on the National Assembly to seize this opportunity to obtain and make public the full details of the 2024 budget.

He said: “Yesterday, I read about the increase in the Budget of Restoration to N54 trillion due to increased revenue.“

While the sources of this revenue were detailed, there is no corresponding breakdown of expenditures to justify the increase.

For transparency and accountability sake Nigerians need to know how the resources generated from them are being allocated to ensure that they are judiciously spent on the country’s development and the well-being of the people.

“Such expenditures should be directed toward critical areas of development; education, healthcare, security, and poverty alleviation.“

Furthermore, Nigerians are still waiting for a detailed account of the execution and expenditures of the Renewed Hope budget passed in December 2023 to ensure that it has been properly utilized for the country’s future development and the well-being of its citizens.

“I call on the National Assembly to seize this opportunity to obtain and make public the full details of the 2024 budget of Renewed Hope budget

“Transparency in this regard is crucial for ensuring accountability, learning from past budgets, and making informed decisions for the nation’s progress.

“As we work towards passing the Budget of Restoration for 2025, let us uphold openness, accountability, and the welfare of the Nigerian people.

We owe it to ourselves, our children, and the future of our great nation.

International

JUST IN: Trump Sacks US Ambassador To Nigeria, Others

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The Trump administration has recalled the United States Ambassador to Nigeria, Richard M. Mills Jr., as part of a broader shake-up involving nearly 30 career diplomats serving in ambassadorial and senior embassy posts around the world.

Mills, who assumed his post in Nigeria in July 2024 during the Biden administration, is among the affected envoys who received notices last week that their tenures will end in January 2026. The move aligns with efforts to ensure U.S. diplomatic representatives fully support President Donald Trump’s “America First” foreign policy priorities.

Africa has been the most impacted region, with ambassadors recalled from 13 countries: Burundi, Cameroon, Cape Verde, Gabon, Côte d’Ivoire, Madagascar, Mauritius, Niger, Nigeria, Rwanda, Senegal, Somalia, and Uganda. Other affected regions include Asia (six countries, including the Philippines and Vietnam), Europe (four countries), the Middle East (two countries), and additional posts in South Asia and the Western Hemisphere.

Many of these diplomats were appointed under the previous Biden administration and had initially survived an earlier wave of changes that primarily targeted political appointees. Ambassadors serve at the pleasure of the president and typically hold posts for three to four years, though the administration described the recalls as a “standard process” for any new presidency.

A State Department spokesperson defended the decision, stating: “An ambassador is a personal representative of the president, and it is the president’s right to ensure that he has individuals in these countries who advance the America First agenda.”

The recalls, first reported by Politico, have raised concerns among some lawmakers and the American Foreign Service Association, the union representing U.S. diplomats. The affected career diplomats will return to Washington for potential reassignment but will no longer serve as chiefs of mission in their current postings.

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Tinubu Hails DSS DG Ajayi for Championing Press Freedom in IPI Award Recognition

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President Bola Tinubu has congratulated Mr. Adeola Oluwatosin Ajayi, Director-General of the Department of State Services (DSS), on receiving a commendation award from the Nigerian National Committee of the International Press Institute (IPI) for his outstanding commitment to press freedom.

The prestigious recognition was bestowed on Ajayi during the IPI’s Annual Conference held on December 2, 2025, in Abuja. The organisation praised Ajayi, who assumed office in late August 2024, for demonstrating “an unmistakable commitment to press freedom and respect for journalists and media organisations.

“In a statement, the IPI noted that the award aims not only to acknowledge Ajayi’s commendable record but also to encourage him to build on these efforts and inspire other public officials and institutions to follow suit.

President Tinubu welcomed the honour, commending the DSS chief for promoting press freedom, safeguarding citizens’ rights, and operating strictly within legal boundaries.

He highlighted that under Ajayi’s leadership, the DSS is shifting away from past perceptions of hostility toward the media, instead fostering dialogue and constructive engagement with journalists and the broader public.

The President urged other security agencies and government officials to adopt a similar collaborative approach, treating the media as partners in nation-building rather than adversaries.

He further encouraged the DSS to sustain its positive trajectory, ensuring an enabling environment for journalists to fulfil their constitutional role of holding public officials accountable.

The statement was issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy.

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Business

Heirs Energies Secures $750 Million Financing from Afreximbank for Expansion

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Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank).

The deal was finalized during a signing ceremony in Abuja on December 20, 2025, attended by Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.

This transaction marks one of the largest financings ever obtained by an indigenous African energy firm, underscoring strong confidence in Heirs Energies’ operational track record, governance, brownfield expertise, and future growth potential.

Since taking over operatorship of Oil Mining Lease (OML) 17, Heirs Energies has implemented a rigorous turnaround strategy, emphasizing production recovery, asset integrity, and efficiency gains.

Through targeted interventions and infrastructure upgrades, the company has shifted from acquisition-focused funding to a sustainable capital structure suited to long-term reserve development.

Production has doubled since acquisition, rising from 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d) to more than 50,000 bopd and 120 mmscf/d currently. All gas output is supplied to Nigeria’s domestic market, playing a key role in supporting national power generation.

The company has also overhauled community engagement and upheld top-tier health and safety standards.

The new Afreximbank facility will fund accelerated field development, production optimization, and strategic growth initiatives, all while adhering to strict capital discipline.Tony O. Elumelu, CFR, Chairman of Heirs Energies, commented: “This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital.

It reflects the successful journey Heirs Energies has taken—from turnaround to growth—and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.

”Dr. George Elombi, President and Chairman of Afreximbank, added: “Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth.

This financing reflects our confidence in the company’s leadership, governance, and asset base, and aligns with our mandate to support African champions driving sustainable economic transformation across the continent.

”The deal highlights Afreximbank’s commitment to empowering indigenous operators capable of advancing energy security, sustainable development, and economic value throughout Africa.

With this funding in place, Heirs Energies is well-positioned for its next growth phase, prioritizing operational excellence, responsible resource management, and lasting stakeholder value.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, dedicated to addressing the continent’s energy demands while advancing global sustainability objectives. It emphasizes innovation, environmental stewardship, and community development in the evolving energy sector.

The African Export-Import Bank (Afreximbank) is a Pan-African multilateral institution focused on financing and promoting intra- and extra-African trade, supporting industrialization, trade growth, and economic transformation.

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