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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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Wema Bank Rewards 273 Customers in 5 for 5 Rewards Campaign

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One month after launching Season 5 of its flagship 5 for 5 Rewards campaign, Wema Bank has rewarded 273 customers with a total of ₦17.96 million, demonstrating the strong early impact of its refreshed customer rewards platform and reinforcing its commitment to rewarding everyday banking.

 

Launched on May 2, 2026, as part of the Bank’s 81st anniversary celebration, this season of the campaign introduced a more structured and inclusive rewards framework designed to encourage positive financial habits while recognising customer loyalty across the Youth, Women and Mass Market segments.

The season opened with a special anniversary activation at Ikeja City Mall, where 81 customers received ₦81,000 each, resulting in ₦6.56 million in rewards on launch day. Since then, the campaign has continued to reward customers through daily and monthly draws, with an additional 192 winners emerging within the first month.

Across the Youth segment, 37 students have received rewards worth ₦4.4 million, including 20 students who received ₦50,000 PocketMoni rewards and 17 university students who received ₦200,000 each in Tuition Support.

The Women segment also recorded strong participation, with 12 customers receiving ₦150,000 each through the #SelfCare category, while the Mass Market segment recorded the highest number of winners. Within the first month, 120 customers received daily cash rewards, and 23 customers won ₦200,000 each in the monthly draw, bringing total rewards in the category to ₦5.2 million.

Commenting on the campaign’s early impact, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said; “At Wema Bank, we believe loyalty should be rewarded in ways that are meaningful, transparent and accessible. The response to Season 5 of the 5 for 5 Rewards campaign has been encouraging, and seeing hundreds of customers benefit within just one month reinforces our belief that everyday banking should create everyday opportunities.

Beyond rewarding transactions, we are encouraging positive financial habits while delivering real value to our customers. He added; “This is only the beginning. With more reward categories, more winners and more opportunities still ahead, we remain committed to creating meaningful impact for our customers and ensuring more Nigerians experience the value of banking with Wema.”

Customers can participate by opening or reactivating a Wema Bank account, funding it with a minimum of ₦5,000, maintaining an average monthly balance of ₦5,000, and completing at least five transactions every month using the ALAT app, Wema or ALAT cards, or *945#.

With over ₦170 million earmarked for rewards between May and December 2026, thousands more customers are expected to benefit as the campaign continues, reaffirming Wema Bank’s commitment to rewarding loyalty, promoting positive financial behaviour and delivering value beyond banking.

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MAN Raises SSB Tax Alarm Says 1.5m Jobs On The Line

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The Manufacturers Association of Nigeria (MAN) has warned that plans to significantly increase excise duties on sugar-sweetened beverages (SSBs) could threaten a sector responsible for about 33 per cent of the nation’s manufacturing output and over 1.5 million direct and indirect jobs.

 

In a statement on Tuesday, Director General of MAN, Segun Ajayi-Kadir, speaking on behalf of operators in the Non-Alcoholic Drinks (NAD) sector, urged the Federal Government to adopt a balanced, evidence-based and coordinated approach to excise taxation.
The warning follows proposals contained in the Customs and Excise Tariff etc. (Consolidation) Act Amendment (CETA) Bill 2025, which seeks to replace the current specific excise rate of N10 per litre on sugar-sweetened beverages with a percentage levy based on retail prices.

Ajayi-Kadir said the proposed measure, if implemented, could undermine industrial growth, job creation, investor confidence and broader macroeconomic stability.

According to him, the non-alcoholic drinks industry remains one of the most resilient segments of Nigeria’s manufacturing sector, supporting extensive value chains across production, logistics, agriculture, retail and micro, small and medium enterprises (MSMEs).

“The sector currently accounts for approximately 33 per cent of manufacturing output and sustains over 1.5 million direct and indirect jobs. Any fiscal policy that significantly increases the tax burden on the industry will have far-reaching consequences across the economy,” he said.
Ajayi-Kadir noted that manufacturers in the sector already remit between 40 and 45 per cent of their gross revenues in taxes, placing them close to the upper limit of sustainable taxation.

While acknowledging government efforts to address non-communicable diseases (NCDs), he argued that policy interventions should reflect Nigeria’s consumption realities and be guided by empirical evidence.

He stated that Nigeria’s annual per capita sugar consumption stands at about 7.1 kilogrammes, which is within levels recommended by the World Health Organisation (WHO), adding that beverages account for only a small proportion of overall sugar intake.
“There is no conclusive empirical evidence identifying sugar-sweetened beverages as the primary driver of non-communicable diseases in Nigeria, which are widely recognised as being influenced by multiple factors, including genetics, lifestyle, environment and broader dietary habits,” he said.

The MAN DG further expressed concern that the proposed amendment could conflict with the recently introduced Fiscal Policy Measures (FPM) 2026–2028 framework, creating uncertainty for investors and weakening medium-term industrial initiatives such as the Nigeria First Policy and the Nigeria Sugar Master Plan (NSMP II).

He also argued that introducing a retail price-based excise system alongside the existing per-litre charge would create legal, administrative and enforcement challenges, given that Nigeria’s current excise framework is based on ex-factory or ex-warehouse pricing.

Ajayi-Kadir urged the government to pursue a coherent and predictable excise regime that supports revenue generation and public health objectives without jeopardising industrial growth, employment and economic stability.

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Bitcoin Drops Below $60,000, First Time Since October 2024

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Bitcoin dropped below $60,000 on Friday, its lowest level since October 2024, just before Donald Trump’s election which propelled it to a record high.

 

The currency fell by about 6 percent around 1615 GMT, to $59.7709, before paring its losses slightly.

The election of Trump, a staunch advocate of cryptocurrencies, to the White House in November 2024 for a second term sparked a wave of enthusiasm in the sector, sending the price of bitcoin soaring to nearly $110,000.

 

AFP

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