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SERAP Demands Reduction of N9.4bn Presidency Expenses, N344bn NASS Budget

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Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas “to cut the proposed budget of N9.4bn on travels, refreshment/meals, and foodstuff/catering materials for the presidency, and the proposed N344.85bn for the lawmakers, and to use the savings to address the budget deficit.”

SERAP urged Mr Akpabio and Mr Abbas “to request President Bola Tinubu to present a fresh supplementary appropriation bill, which reflects the reduced presidency budget and National Assembly budget, for the approval of the National Assembly.”

SERAP asked Mr Akpabio and Mr Abbas “to promptly disclose the detailed breakdown of the proposed National Assembly budget of N344.85bn, including the details for personnel cost, salaries and allowance of lawmakers.”

SERAP also urged Mr Akpabio, and Mr Abbas “to invite the heads of the alleged corrupt ministries, departments and agencies [MDAs] to explain the whereabouts of the missing billions of naira of public funds, as documented in the recently released 2021 audited report by the Office of the Auditor-General of the Federation.”

In the letter dated 21 December 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “Any proposed unnecessary spending by the presidency and the National Assembly would amount to a fundamental breach of the Nigerian Constitution 1999 [as amended].”

SERAP said, “the proposed huge spending is neither necessary nor in the public interest, especially in the face of the country’s dire economic situation and the level of proposed borrowing to fund the 2025 budget.”

The letter, read in part: “The National Assembly has transparency obligations to disclose the details and breakdown of the proposed budget for the lawmakers. We urge you to publicly commit that the National Assembly will reduce and not increase its proposed budget of N344.85bn for 2025.”

“While the presidency budget for ‘rehabilitation and repairs of fixed assets’ in the 2024 budget was N14bn, the budget for the same item in the 2025 budget is N26bn, an increase of about N12bn.”

“Should the National Assembly and its leadership fail to reduce the unnecessary spending and tackle the systemic corruption in MDAs, SERAP would consider appropriate legal action to compel the National Assembly to discharge its constitutional oversight and fiduciary responsibilities.”

“The National Assembly seems to budget the same amounts in the 2025 budget for the same budget items in the 2024 budget.”

“It would be a grave violation of the public trust and constitutional oath of office for the members of the National Assembly to approve unnecessary spending for themselves and the presidency.”

“Many Nigerians will find it quite odd, unfair and unjust that the government and lawmakers are spending so much money on many of these items in the middle of a public borrowing crisis.”

“The proposed spending could be better allocated to improve access of Nigerians to basic public goods and services.

“Cutting unnecessary spending by the presidency and the National Assembly would show that the National Assembly can discharge its constitutional responsibility of amplifying the voices of Nigerians.”

“It will also show that the body is acting in the best interest of the people. Nigerians have a right to honest and faithful performance by their public officials including lawmakers, as public officials owe a fiduciary duty to the general citizenry.”

“Holding to account the MDAs which are reportedly responsible for the missing billions of naira of public funds would contribute to addressing the widespread and systemic corruption in MDAs.”

“In the consideration of the proposed 2025 budget, the National Assembly under your leadership has a responsibility to ensure the interest of the well-being and prosperity of Nigeria and its citizens.”

“The National Assembly also has constitutional and fiduciary responsibilities to ensure that any proposed budgets for the presidency and the lawmakers reflect the current economic realities in the country, address the debt crisis, and prevent retrogressive economic measures.”

“Persistent borrowing is neither sustainable nor fair to the Nigerian people. The National Assembly has constitutional oversight and fiduciary duties to ensure a responsible budget spending.”

“The proposed spending figures by both the presidency and the National Assembly highlight the lack of political will to cut the cost of governance.”

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BINATONE Announces Special One Month Black Friday Deals!

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Global Appliances Nigeria Limited, manufacturers of Binatone products has, announced an exciting Black Friday deals.

 

The company’s Managing Director, Mr Prasun Banerjee, said the offer cut across Its Full Range of Smart Home Appliances.

“Binatone, one of Africa’s most trusted appliance brands for over 52 years, is delighted to announce its Black Friday Mega Sales offering amazing discounts across all key supermarkets and leading electronic stores nationwide” Mr Banerjee said in a statement.

The promotion will be from November 6th to december 6th, 2026.

During this period, Mr Banerjee said customers will have a full month to enjoy unbeatable prices on a wide range of Binatone products.

“From energy solutions to kitchen essentials, Binatone will bring exceptional value and innovation to every Nigerian home this festive season,” he added.

According to him, this year’s Black Friday promotions will feature exciting offers across multiple categories stressing that Shoppers can enjoy great discounts on stand fans equipped with mosquito-repellent and air-freshness features, including the newly introduced AD 1601 AC/DC Fan, which can be linked to a solar panel for clean, free air.

“The rechargeable fan range, available in three models with replaceable lithium-ion batteries, recharges in just four hours and provides up to ten hours of cooling—enough to last the whole night,” Mr Banerjee added.

For kitchen lovers, he said the KC6000 Yam Pounder/Fufu Maker promises quick, hygienic, and effortless meal preparation while the air-fryer series, available in three models, requires just a teaspoon of oil to make crispy, tasty, and healthy fries.

“Binatone’s cool-touch kettles, models CEJ 1799 and CEJ 1700T, come with elegant digital displays and are designed for safety and convenience, he added.

To protect valuable home appliances, he disclosed that Binatone’s power range offers stabilizers in 2 KVA and 5 KVA capacities and surge-voltage protectors in 13 A30 A ratings—ideal for air conditioners.

“The company’s newly launched Power Stations, available in 1.8 KVA and 2.4 KVA variants, provide portable, plug-and-play power with solar-charging capability, ensuring reliable backup power for homes, small offices, and outdoor use”

He disclosed that customers will also find irresistible discounts on Binatone’s dry and steam irons, garment steamers, and microwave ovens thar are perfect for everyday household needs.

“The breakfast-essentials range features pop-up toasters, sandwich makers, and juicers designed to make mornings easier,” he stated. He announced that the high-powered blender collection includes durable, unbreakable jugs capable of smoothly blending hard nuts and beans.

“Additionally, Binatone has introduced the Tefal Cookware Range, offering premium non-stick pots and pans for healthy cooking, along with Freeplay solar-powered lanterns and torches, ensuring every home remains bright and energy-efficient

“Binatone’s Black Friday celebration is our way of thanking loyal customers for their trust over the years,” Mr Banerjee added.

“We are bringing quality, affordability, and innovation together, thus making this season the perfect time to upgrade your home.

”All Binatone products comes with a two-year warranty, giving customers additional peace of mind and assurance of lasting quality.

“Don’t miss these amazing Black Friday offers, available for a limited time at all major supermarkets, electronic stores, and online platforms across,” he stated.

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Wema Bank’s Top 21 Hackaholics 7.0 Grand Finale Finalists Emerge

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Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, has unveiled the Top 21 finalists for Hackaholics 7.0, who will compete at the grand finale scheduled for Friday, November 6, 2026, in Lagos. Themed Festival of the Future, the grand finale will bring together innovators, technology leaders, startup founders, investors and key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.

 

The Top 21 finalists are: Dynalimb, Harthiq, Acceede, Vhorde, URI, Trarrk, SocialSign, RaverPay, All-Arbitrates, CitizensGage, Craft-Planet, FOID, PayByPalm, Niteonn, Nexa-AI, Neural-Forge, MamaAlert, JolliFlow, Becca, CropiQ and Middleman.

Hackaholics is Wema Bank’s youth and start-up-focused initiative, designed to provide young innovators with a platform to transform creative, technology-driven ideas into practical solutions to real-world challenges and gain a competitive edge in the global technology and digital space. Since its launch in 2019, the initiative has recorded over 21,000 applicants, engaged more than 50,000 participants, supported over 10,000 startups across three countries and developed more than 100 solutions from scratch.

The 7th edition, which commenced on July 1, 2026, attracted 5,329 participants and generated 1,632 innovative ideas and solutions across seven pitch-centre locations: Uyo, Kano, YabaTech, Benin, Ibadan, Enugu and Lagos. Following the nationwide tour, 59 participants emerged from the various centres, with the Top 21 selected through a rigorous, multi-stage evaluation process.

The Hackaholics 7.0 grand finale week will feature a three-day programme of strategic engagement and innovation-focused activities. On Wednesday, November 4, the finalists will participate in the Pre-Pitch, where they will present refined versions of their solutions. This will be followed by the Ecosystem Tour on Thursday, November 5, powered by Wema Bank, offering participants the opportunity to visit leading institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the final competition. The programme will culminate in the grand finale on Friday, November 6, where outstanding innovators will be recognised and celebrated.

Through Hackaholics, Wema Bank continues to demonstrate its commitment to advancing Nigeria’s innovation ecosystem by identifying emerging talent, creating opportunities for young innovators and supporting the development of solutions to real-world challenges. The initiative reinforces the Bank’s role in empowering the next generation of innovators and building an ecosystem where ideas can thrive and possibilities become reality.

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Sanusi Warns FG Against Spending Without Restraint

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Emir of Kano, Alhaji Muhammadu Sanusi II, has implied that the Federal government may not be able to achieve it’s economic reform dream if it maintains it’s present expenditure rate, declaring that Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.

 

Speaking virtually to the audience at the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tank, on Tuesday, the monarch said reform must go beyond removing fuel subsidies and liberalising the exchange rate, describing it as a comprehensive package that needed to address many other areas.

He said government needed to make clear spending priorities, choosing between roads, electricity, agriculture, and technology based on available resources.

The Emir also raised concerns about the size of government expenditure, saying Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.

He said the World Bank had pointed out that in the first half of this year Nigeria’s debt service consumed 124 per cent of federal government revenue.

Sanusi warned that the country needed to urgently address the sustainability of its debt and pursue structural reforms that had not yet been made.

The former CBN boss said every $10 billion spent on roads was $10 billion taken away from electricity and agriculture, stressing the need for deliberate choices.

Sanusi acknowledged that Tinubu’s economic reforms had produced measurable progress, citing improvements in GDP growth, inflation, and foreign reserves.

He said GDP growth has risen from an average of 0.9 per cent under the previous administration to 4.5 per cent, describing the change as progress that deserved recognition.

“I think moving from an average growth rate of 0.9 per cent to 4.5 per cent is progress. Moving from inflation of over 30 per cent to 14.5 per cent is progress.”

“Moving from the point where in 2023 the central bank’s reserves were maybe negative to where we are now having reserves of $55 billion is progress.”

He, however, stressed that issues such as poverty, hunger, maternal mortality, malnutrition, education and healthcare remained serious concerns that the reforms has not yet addressed.

Sanusi said the government should have designed social safety net policies to soften the impact of reforms on vulnerable Nigerians from the beginning.

The former CBN boss also advised the government to tolerate constructive criticism,warning the Federal Government against treating every comment about it’s workings as an attack on President Bola Tinubu.

“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.

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