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N54.2 trillion budget: Peter Obi questions Tinubu govt on transparency, accountability
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.
News
President Tinubu Designates Joseph Tegbe New Minister of Power
Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).
President Bola Ahmed Tinubu has nominated Mr Joseph Olasunkanmi Tegbe as Minister of Power, subject to confirmation by the Senate.
The nomination has been transmitted to the Senate for screening and confirmation in accordance with the Constitution.
The nomination follows the resignation of the former Minister, Adebayo Adelabu, who stepped down from office to pursue elective office.
Mr Tegbe, from Oyo State, is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors.
He is a former Senior Partner and Head of Advisory Services at KPMG Africa, where he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance.
He has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.
He is at present the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), where he is responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.
The NCSP also coordinates engagements with public sector stakeholders to advance economic and social development in line with FOCAC objectives.
Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).
His nomination is expected to strengthen further ongoing efforts to reform the power sector, enhance grid stability, and attract sustainable investment in line with the Renewed Hope Agenda.
The President expects the Minister-Designate, upon confirmation, to bring his extensive expertise to bear to advance critical reforms and deliver improved outcomes for Nigerians in the power sector.
News
Egbin Shutdown Throws Lagos Into Darkness, says NISO
Egbin Power Station, which is the largest electricity-generating plant on the national grid and a major contributor to daily power supply in Nigeria, experienced a major operational disturbance.
The Nigerian Independent System Operator (NISO) said on Thursday power supply to the Lagos region is currently restricted due to a sudden shutdown of the Egbin Power Station and the forced outage of the Osogbo–Ikeja West 330kV transmission line, thereby limiting the evacuation of available generation into the Lagos load centre.
NISO said that the dual disruptions has created a significant supply gap, forcing authorities to ration electricity to prevent a total system collapse.
NISO explained that at approximately 8:21 p.m. on April 28, 2026, Egbin Power Station recorded a total loss of generation, dropping from about 641MW to zero output.
This incident was caused by the failure of the plant’s central compressor, in addition to a malfunction of the circulating water pump system, which necessitated an immediate shutdown of all generating units to safeguard the facility.
Egbin Power Station, which is the largest electricity-generating plant on the national grid and a major contributor to daily power supply in Nigeria, experienced a major operational disturbance.
News
Tinubu designates Rabiu Umar new CEO of NMDPRA
Umar is a seasoned executive with over 25 years of experience across the energy, manufacturing, and infrastructure sectors, and a proven track record in strategic leadership, operational transformation, and large-scale project delivery..
President Bola Ahmed Tinubu has approved the removal of Mr Saidu Mohammed as the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In a State House statement issued on Wednesday signed by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the President also approved the nomination of Rabiu Abdullahi Umar as the new Chief Executive of the NMDPRA, with the appointment subject to Senate confirmation.
The decision, according to the statement, was made pursuant to the Petroleum Industry Act 2021 and is aimed at strengthening regulatory effectiveness in the midstream and downstream petroleum sector in line with the Renewed Hope Agenda.
Umar is a seasoned executive with over 25 years of experience across the energy, manufacturing, and infrastructure sectors, and a proven track record in strategic leadership, operational transformation, and large-scale project delivery.
He is a graduate of Accounting from Bayero University and an alumnus of Harvard Business School.
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