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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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Trade Fair Board Backs NAFDAC Crackdown

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The Lagos International Trade Fair Complex Management Board (LITFCMB) has condemned the use of its facility for the production of counterfeit products and other illegal activities, pledging to work with regulatory and law enforcement agencies to rid the complex of such practice

 

The board also commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its recent enforcement operation, which led to the arrest of two persons allegedly linked to the illegal revalidation of expired drinks and the production of counterfeit consumables within the complex.

In a statement issued on Wednesday, the Executive Director and Chief Executive Officer of LITFCMB, Veronica Safiya Ndanusa, said the activities were contrary to the board’s commitment to promoting legitimate trade and ethical business practices.

She disclosed that relevant authorities had commenced investigations to establish the facts surrounding the incident and identify measures to prevent a recurrence.

Ndanusa warned that individuals and businesses found culpable of engaging in activities that endanger public health or undermine the integrity of local manufacturing would face the full weight of the law.

“As a body rooted in the principles of ethical business practices, transparency and genuine trade, we strongly condemn any activity that threatens public safety or brings the reputation of the Lagos International Trade Fair Complex Management Board into disrepute,” she said.

“Our facility exists to provide a conducive environment for legitimate businesses to thrive, not to serve as a breeding ground for the production or distribution of counterfeit and substandard products.”

The board chief assured members of the public that the management would collaborate with relevant regulatory and law enforcement agencies to ensure that the complex remained free of illegal activities.

She also urged traders and business operators within the facility to comply with established standards, stressing that the pursuit of profit must never come at the expense of consumers’ health and safety.

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Not The Right Time To Impose New Taxes , Oyedele Warns Governments

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against introducing new taxes or increasing existing tax burdens on vulnerable citizens and productive sectors, warning that such measures could deepen economic hardship.

 

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and World Bank in Bangkok, Thailand, where he presented a communiqué on behalf of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public spending,report quoted Oyedele as urging governments to identify waste, find savings and improve revenue collection before placing additional financial pressure on citizens and businesses.

He said borrowing remained necessary to finance economic growth but stressed that governments must ensure that debt supports job creation and inclusive development.

“Borrowing and debt financing is a necessary condition for growth, and every country emerging, developing must be able to apply debt financing in a way that is overall of positive impact, particularly to stimulate job-rich and inclusive growth,” he said.

The minister also called for available public funds to be prioritised for essential services, including healthcare and education, while private capital could help finance other areas of investment.

On the choice between taxation and borrowing, Oyedele said both options carried consequences and should be considered in the context of their impact on household welfare.

“If you collect taxes, you raise the money now, and that itself has a lot of trade-offs. What taxes are you collecting? You collect taxes from the most vulnerable, and this will deprive them of money to provide food, health, education,” he said.

He argued that excessive taxation could leave low-income households with less money for basic needs, while borrowing also carried future obligations.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” Oyedele said.in the report.

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Fayemi Explains Why America Must Have Nigeria As Partner

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Former Governor of Ekiti State and ex-Minister of Mines and Steel Development, Dr Kayode Fayemi, has warned the United States against slipping into isolationism in its engagement with Africa, insisting that Nigeria remains a must-have strategic partner in the evolving global order.

 

Fayemi maintained this position in Lagos while speaking as a panelist at the Nigeria Moment, a Nigeria–United States Strategic Dialogue organised by the American Business Council in collaboration with the Heritage Foundation.

In his presentation, which focused on why Nigeria is a must-have partner in the changing world order, Fayemi,former chairman of the Nigeria Governors’ Forum (NGF) stressed the need for a more holistic relationship between both countries grounded in transparency, mutual benefit and shared prosperity.

He insisted that Nigeria must be treated as a strategic partner in the emerging world order.

“While welcoming the growing American interest in Nigeria’s vast mineral endowment, Fayemi warned that the partnership must go beyond resource extraction.

“Nigeria must be engaged as a strategic actor and a co-creator in shaping the future of global energy and resource governance, rather than as a testing ground for experiments. A partnership built on mutual respect, shared interests and long-term cooperation offers the strongest foundation for an enduring relationship between Nigeria and the United States,” Fayemi said.

Describing the engagement as a pleasure, Fayemi said the dialogue brought together a distinguished group of policymakers, business leaders and strategic thinkers to reflect on the future of Nigeria-US relations.

He commended the convener of the dialogue, Mr Ayo Otuyalo,for an excellent convening and for bringing together such high-level participants for the important strategic conversation.

The conference featured Governor Babajide Sanwo-Olu of Lagos State as keynote speaker, alongside senior representatives of the Federal Government, including the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; Minister of Power,

Also st the event were : Engr Joseph Tegbe; Minister of Solid Minerals Development, Mr Dele Alake, represented by Engr Simon Nkom; and the Head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyinwa Eyesan among others.

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