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Trump says US economy will be in trouble if he’s impeached

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US President, Donald Trump, on Thursday warned that the stock market would crash, if he were removed from office.

Trump, who has been fingered as a co-conspirator in a federal felony, appeared on Fox News to deal with the fall-out from back-to-back court debacles this week, that carry serious legal and political consequences for his presidency.

“I will tell you what, if I ever got impeached, I think the market would crash, I think everybody would be very poor.

“You would see — you would see numbers that you wouldn’t believe in reverse,” he said.

Since Trump came to office in early 2017, the US economic growth has leapt from 2% to a very solid 4% last quarter.

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Beer Sectoral Group and FRSC Warn Drivers on the Dangers of Drunk Driving

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BSG and FRSC
L-R: Executive Officer, Food, Beverage and Tobacco, Manufacturers Association of Nigeria (MAN), Elizabeth Lawal; Corporate Affairs and Regulatory Director, International Breweries PLC, Temitope Oguntokun; Chief Executive Officer, Guinness Nigeria, Girish Sharma; Federal Road Safety Corp (FRSC), (Lagos State Sector), Commander Kehinde G. Hamzat; Chairman Beer Sectoral Group (BSG) and CEO Nigeria Breweries, Hans Essadi; Lagos state secretary National Union of Road Transport Workers (NURTW), Comrade Usman O Teslim and Executive Director, Beer Sectoral Group (BSG), Abiola Laseinde during the launch of the Annual Don’t Drink and Drive Campaign organized by BSG in Partnership with FRSC at Radisson Hotel Ikeja, on Tuesday, 10th of December, 2024.

The Beer Sectoral Group (BSG) of the Manufacturers Association of Nigeria (MAN), in partnership with the Federal Road Safety Corps (FRSC), has reiterated the dangers of drunk driving at the launch of the Annual “Don’t Drink & Drive” Campaign.

The two-day campaign began with a press conference on Tuesday, December 10, at Radisson Hotel Ikeja, and continued with park rallies on Wednesday, December 11.

Both events emphasized the importance of avoiding drunk driving, the consequences of impaired driving, and the critical need for responsible road habits to enhance safety across Nigeria.

Speaking at the press conference, Chairman, BSG and CEO Nigerian Breweries, Hans Essadi, commended FRSC for its dedication to road safety and pledged continued support for initiatives that reduce traffic accidents. He stated: “Each year, countless lives are lost to preventable accidents caused by impaired driving. This campaign is built on three pillars: education, enforcement, and encouraging responsible behavior by all road users.”

Essadi also announced the following day’s park rallies, during which campaign teams visited major motor parks in Lagos—Ojodu, Ojota, and Oshodi. At these locations, they engaged commercial drivers in discussions on the risks of impaired driving, distributed educational materials, and offered voluntary breathalyzer tests.

FRSC Lagos Sector Commander Kehinde G. Hamzat emphasized the importance of defensive driving and passengers’ rights to challenge reckless drivers. He also highlighted FRSC’s new app, which alerts users to speed limits, dangerous roads, and potholes.

The press briefing attracted a diverse group of stakeholders, including executives from BSG, senior FRSC officials, and road safety advocates. Speakers highlighted the campaign’s objectives, shared success stories from previous editions, and renewed their commitment to reducing road accidents caused by impaired driving.

BSG and FRSC
L-R: Corporate Affairs and Regulatory Director, International Breweries PLC, Temitope Oguntokun; Communications and Sustainability Manager, International Breweries, Damian Igwe; Head of Integrated Communications, Nigerian Breweries, Ayodele Alabi; CEO Guinness Nigeria, Girish Sharma; Chairman Beer Sectoral Group (BSG) and CEO Nigeria Breweries, Hans Essadi; Executive Director, Beer Sectoral Group (BSG), Abiola Laseinde and Corporate Relations Director, Guinness Nigeria PLC, Rotimi Odusola during the launch of the Annual Don’t Drink and Drive Campaign organized by BSG in Partnership with FRSC at Radisson Hotel Ikeja, on Tuesday, 10th of December, 2024.

The park rallies saw impactful interactions with drivers and park officials, with many participants pledging to adopt safer driving habits. The campaign reinforced the message of accountability and safety through practical demonstrations and community engagement.

The 2024 “Don’t Drink & Drive” Campaign exemplifies the effectiveness of partnerships in addressing critical societal issues. BSG and FRSC reaffirm their shared commitment to reducing alcohol-related crashes and ensuring safer roads for all Nigerians.

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AXA Mansard supports MSME customers, offers free exhibition stand at fair

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AXA Mansard -

As part of continued commitment to support its Small and Medium Enterprises (SMEs) customers, AXA Mansard Insurance Plc has planned to offer some selected Micro Small and Medium Scale Enterprise (MSME) customer’s free exhibition stands at the Made by Nigerians Fair.

The company has been paying particular attention to MSMEs because of their significance to the economy.

Earlier, the company has offered different media exposure opportunities to its MSME customers, giving them the platform to introduce their products and services to a wide range of customers for free.

According to the Head, Marketing, AXA Mansard Insurance Plc, Olusesan Ogunyooye, said this is another gesture by the company to show that MSMEs can benefit for having insurance.

He explained that MSMEs are the backbone of any economy, noting that they drive innovation, create jobs, and contribute significantly to national development.

“Our support for these businesses at the MBN Fair reflects commitment to their growth and sustainability.

“We are passionate about helping them reach their full potential by connecting them with resources and opportunities that foster success”.

“By the very nature of insurance, its benefits are in the future and they are uncertain. That has been a main source of discouragement, particularly to MSMEs. Businesses are geared to making money. So, when thinking about Insurance, an average MSME will rather invest the money in the growth of his business first”.

But the risks that businesses face are also real. There are various types of risks businesses have to contend with today. From burglary, to fire, health of employees, and so on. When these risks manifest, they can significantly impact a business negatively. We understand that to get MSMEs to protect themselves and the millions of jobs they create, we must help them strike a balance between growing their businesses and protecting them”.

So, we have come up with different Initiatives to help them grow their businesses. The opportunity to exhibit their products and services to thousands of visitors to the MBN Fair is another in the series of our initiatives. 

“We are convinced that for insurance to grow, we need to help people and businesses see it as a strategic lever to grow their businesses, not a cost that takes away from them. If we get this right, it can’t have a massive impact on our economy because, when MSMEs thrive, the economy will prosper”.

“We have experimented with this model, and we are particularly excited about the responses from our customers. It is a call for us to do more, and we are committed to Nigerian MSMEs”, Ogunyooye explained.

AXA Mansard has been recognised for its various MSME Initiatives. The organization has been recognised by Nairametrics as Best MSME Insurance Company of the Year, and Marketing Edge Magazine as Inclusive Insurance Brand of the Year.

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Gov Mbah Presents Record N971bn 2025 Budget to Enugu House of Assembly

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Enugu State 2025 Budget --
Enugu State 2025 Budget presentation by Governor Peter Mbah

… Crashes Recurrent further to 14% at N133.1bn

… Capital Expenditure rises to N837.9bn

… Again, Education gets over 33% of budget

… Ramps up IGR from N37.4bn to N144.7bn in 2024

…Assembly promises early passage

Governor of Enugu State, Dr. Peter Mbah, has proposed a record N971bn budget bill for the 2025 fiscal year to the Enugu State House of Assembly.

Presenting the estimates entitled “Budget of Exponential Growth and Inclusive Prosperity” at the floor of the House on Tuesday, Mbah said the proposed estimates comprised N837.9bn Capital Expenditure, representing 86 per cent of the budget estimates, and a Recurrent Expenditure component of N133.1bn, representing only14 per cent of the budget.

This topples the record-holding 2024 budget of N521.5bn, consisting of N414.3bn Capital Expenditure, representing 79 per cent of the total budget and N107.2bn Recurrent Expenditure, representing about 21 per cent.

However, like the 2024 budget, the 2025 budget proposal emphasizes huge investment in education as well as basic but critical infrastructure and amenities like roads and bridges, water supply, transport services, energy, modernization and digitization of public services and associated processes, with the Education sector getting a lion-share of N320.6bn, representing over 33 per cent of the total budget for two consecutive years.

Mbah said that this was in line with his administration target of poverty eradication and an inclusive development model, which ensures that no one or segment of the society is left behind.

The governor equally announced a growth in the state’s Internally Generated Revenue, IGR, from N37.4bn at the end of 2023 to N144.7bn in September 2024, representing a radical 286.2 per cent increase in line with the administration’s deliberate effort to wean the state off reliance on FAAC allocations.

Addressing the House, Mbah said, “In crafting this budget, we have sort to continue to lay the right foundation in Enugu to enhance the economy and attract even more private investment.

“In spite of the dreary economic environment across the country, for us here in Enugu, we have elected to remain bullish in our aspirations, and to double down on our commitment to elevate our state to top three status in terms of GDP nationally, and eradicate poverty from our midst.

“Indeed, we see this as a vindication of our previously espoused view that sustainable national growth can really only be driven from the sub-national units to the federal levels, and not the other way round as we have attempted to do to date.

“It is on account of this that we are proposing to the House of Assembly today, a budget with a total envelope of N971,084,000,000.00 as against the budget for 2024 fiscal year which totaled N521,561,386,000.00.

“This represents an 86.4 per cent increase from the 2024 revised budget.

“The budget is broken down as follows: N133,140,000,000.00 as Recurrent Expenditure and N837,944,000,000.00 as Capital Expenditure,” he said.

On sources of revenue, he said, “In the area of our revenues, we estimated that total Recurrent revenues during 2025 will amount to N692,179,000,000 as against the approved revised provision for 2024 of N383,789,000,000.00.

“The Recurrent revenues for 2025 are broken down as follows: opening balance – N32,000,000,000; Internally Generated Revenue, IGR – N509,947,000,000; statutory revenue – N48,749,000,000; exchange rate differential – N26,559,000,000; and Value Added Tax, VAT – N74,924,000,000.

“With the total Recurrent Expenditure at N133,140,000,000.00, this translates to a Net Recurrent Revenue of N559,039,000,000.00, which is thus transferred to the Capital Development Fund.

“The total Capital Expenditure for the year 2025 is projected at N837,944,000,000.00 as against N414,334,120,000.00 for the 2024 Revised Budget. The Current Capital Expenditure estimate will be funded from the sum of N559,039,000,000.00 to be transferred from the Consolidated Revenue Fund, and the Capital receipts of N278,905,000,000.00 to be realized as follows: External and Internal Aids and Grants – N15,000,000,000; other receipts – N80,202,000,000; Domestic Loans/Borrowings receipts – N55,000,000,000; and International Loans/Borrowings – N128,503,000,000.”

Meanwhile, in terms of broad sectors, the Economic Sector got a lion share of N462bn, representing 55.1 per cent of the Capital Expenditure, followed by the Social Sector with N345.7bn, representing 41.2 per cent.

In terms of specific sectors, Education got 33.2 per cent, the largest chunk, in sync with Mbah’s effort to eradicate poverty and graduate the state to a knowledge-based economy.

“As we must all know by now, Education is both our ‘sword’ and ‘shield’ in this battle to achieve economic growth in our state and banish poverty and want among our population. Consequently, we are maintaining the ambitious direction we charted in 2024 by voting a total of N320,609,059,000,00 for that sector. This represents 78% of the social sector of the budget and 33.2% of our Capital Expenditure this year,” he stated.

The governor explained that the 2025 budget would also focus greatly on health, road infrastructure, transport, agriculture, and water sectors, among others.

“There can be no economic growth without quality healthcare. This is why we are spending N45,830,896,000.00 on the sector this year.

“In the area of Works and Infrastructure, we will continue our relentless advance towards our target to build or refurbish all key roads across the state by 2031. In line with this, we will spend a total of N213,120,267,000.00 in 2025.

“Food inflation is a major component of core inflation in Nigeria. Consequently, food production is critical to moderation of the currently high levels of inflation in the Country. As a result, we will be spending up to N82,300,761,000.00 in the agricultural and agro-industrialisation sector this year.

In the area of Transport, we will be spending a total of N41,132,463,000.00 to expand Enugu Air with the acquisition of 4 additional aircraft. In addition, we will be consummating the concessioning of the Akanu Ibiam international airport as well as the construction of an international cargo terminal. We will also be floating a new taxi scheme in collaboration with the private sector to modernize urban and inter-urban transportation for Ndi Enugu.

2024 Budget Performance

Giving a breakdown of the state’s IGR and overall performance of the 2024 budget, the governor noted a remarkable increase in the state’s IGR since the inception of this administration, explaining that while the state’s IGR stood at N26.8bn in 2022, the administration it by 39 per cent to N37.4bn at the end of 2023.

However, as at September 2024, the state’s IGR had drastically increased to ₦144.7bn, representing a 286.2 per cent increase, expressing confidence that ti would surpass 200billion by the end of the year.

“In terms of budgetary performance, the total revenue realised in the state as at October 2024 came to N459,851,309,396.47, which comes to a budget performance of 88%. Of this amount, N178,354,494,502.47 related to Statutory Receipts, while N136,700,000,000.00 related to Capital Receipts and N144,796,814,894.00 to Internally Generated Revenue.

“As at October, these inflows had been applied to Expenditure with N382,427,929,564.00 as Capital Expenditure and N76,546,090,116.18 as Recurrent Expenditure. These translated to a budget performance of 88%. Additional revenues and Expenditure are still expected before the end of the year, with IGR envisaged to surpass the N200 billion mark.

“While we may make bold to say that our progress in this past year is commendable given the odds that were arraigned against the state economy, we are not yet ready to rest on our oars,” Mbah said.

Meanwhile, the Speaker of the State Assembly, Hon. Uchenna Ugwu, has promised early passage of the budget by the House to sustain the governor’s development strides.

“He exhibited his leadership mantra, tomorrow is here.

“Because you have demonstrated enormous capacity; because you have exhibited enormous potential of the very fabric of our state’s economy, I want to assure you that the House of Assembly shall expeditiously consider this and give you the legal framework to continue flying high,” Hon. Ugwu stated.

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