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


… 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.
Transport
Enugu Air, CNG Buses, Transport Terminals Take off in May
… Govt set to develop tourist sites, reports SANDRA ANI


… Work starts on Nnamdi Azikiwe Stadium, Awgu Games Village in earnest
The Enugu Air, CNG Mass Transit Programme, and the ultramodern transport terminals all built from scratch by the Governor Peter Administration are to be launched for operation before the second anniversary of the government.
The government has also approved the development of the state’s tourism industry, while total transformation of the Nnamdi Azikiwe Stadium and Awgu Games Village will start in June to get them ready for the National Sports Festival to be hosted by the state in 2026.
These were made known by the Commissioner for Transportation, Dr. Obi Ozor; Commissioner for Culture and Tourism, Dame Ugochi Madueke; Commissioner for Works and Infrastructure, Engr. Gerald Otiji; and Commissioner for Youth and Sports Development, Barr. Lloyd Ekweremadu after the State Executive Council meeting at the Government House, Enugu, at the weekend.
Briefing Government House Correspondents, Ozor said, “We are starting off with the initial three aircraft and two of the aircraft are already on ground. The third one will be on ground by the end of this month. We are hoping to start the commercial operations before the second year anniversary of this administration.
“You have also seen buses for the mass transit programme across the state. 50 of them are already parked at Okpara Square, and an additional 50 will be joining that fleet in the next few weeks. The 100 of them will be going into commercial operations before the end of this month, which is the second year anniversary.
“Also, the bus terminals, two at Holy Ghost, one each at Gariki, Abakpa and Nsukka, will also be commissioned and go into commercial operations before the 29th of May, this year.”
He added that the government planned to bring in the electric and CNG automotive manufacturing plant into Enugu as well as launch in the next 150 days the Enugu Smart Transport Programme, which would see to the injection of over 2,000 electric vehicles.
Also briefing newsmen, Dame Madueke said funds would be invested in the tourism industry in phases.
“We are going to have it in phases. For the first phase, we are having Awhum Waterfall, Nsude Pyramid where we are going to have the first canopy walkway in the South East. It measures about 600 metres, which will actually be the longest in Nigeria.
“We also have Ngwo Pine Forest where we are having the first zipline in Nigeria. The zipline will measure about 300 metres. In the same Ngwo, we will have a big rotunda and a smaller rotunda. We have the Cross of Hope to be located at Okpatu. The Cross of Hope will be sitting 580 metres above sea level and the cross itself will measure about 50 metres, making it a total of about 630 metres above sea level. The cross will have about 15 floors with a lift.
“At Awhum Waterfalls, we are going to have another canopy walkway and a boardwalk to preserve the ecosystem.
“We equally have the Akwuke/Atakkwu Waterpark and Ovu Lake Golf and Resort at Akpawfu,” she stated.
She explained that all the tourist sites would have experience centres, food courts and renewable energy, adding that tour buses would soon arrive to ensure ease of movement of tourists.
Ahead of the 23rd edition of the National Sports Festival, Enugu 2026, Barr. Ekweremadu said the State Executive Council had equally directed the commencement of work both at the Nnamdi Azikiwe Stadium and Awgu Games Village not later than June.
“We also briefed the council on the progress made in establishing a Lab for Animation for young people in Enugu State, which His Excellency will be commissioning soon. The lab is ready.
“We are similarly working towards empowering over 2,100 young people across the state, who were trained around December last year. This empowerment will be coming up on the 12th of August, being the International Youth Day’” Ekweremadu concluded.
Energy
NNPC, Dangote Strengthen Strategic Partnership
Bot partners reaffirmed commitment to Healthy Competition Towards National Prosperity, reports SANDRA ANI


As part of ongoing efforts to promote mutually beneficial partnerships and foster healthy competition, the Nigerian National Petroleum Company Limited (NNPC Ltd.) and Dangote Petroleum Refinery & Petrochemicals (DPRP) have pledged to deepen collaboration aimed at ensuring Nigeria’s energy security and advancing shared prosperity for Nigerians.
This commitment was made during a courtesy visit by the President/Chief Executive of Dangote Group, Mr. Aliko Dangote, and his delegation to the Group CEO of NNPC Ltd., Mr. Bashir Bayo Ojulari, and members of the company’s Senior Management Team at the NNPC Towers, on Thursday.
During the visit, Dangote pledged to collaborate with the new NNPC Management to ensure energy security for Nigeria.
“There is no competition between us, we are not here to compete with NNPC Ltd. NNPC is part and parcel of our business and we are also part of NNPC. This is an era of co-operation between the two organizations.” Dangote added.
While congratulating the GCEO and the Senior Management Team on their “well-deserved appointments,” Dangote acknowledged the enormity of the responsibility ahead, noting that the GCEO is shouldering a monumental task, which he expressed confidence that, with the capable hands at his disposal in NNPC, the task is surmountable.
In his remarks, the GCEO, Mr. Bashir Bayo Ojulari assured Dangote of a mutually beneficial partnership anchored on healthy competition and productive collaboration.
Ojulari highlighted the exceptional caliber of talent he met in NNPC Ltd., describing the workforce as a dedicated, highly skilled and hardworking professionals who are consistently keen on delivering value for Nigeria.
Expressing the company’s readiness to build a legacy of national prosperity through innovation and shared purpose, Ojulari said NNPC will sustain its collaboration with the Dangote Group especially where there is commercial advantage for Nigeria.
Both executives also committed to being the relationship managers for their respective organisations through sustained productive collaboration and healthy competition, thereby envisioning limitless opportunities for both organizations.
Finance
PAFON 2.0: Experts Highlight Ingredients for Accelerated Financial Inclusion in Nigeria


Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.
This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.


Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.
She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.
“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.
The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.
Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.
In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.
She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.


According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”
Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.
He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”
In his contribution, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.
He said operators should create awareness and design consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.
Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.


According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”
While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.
In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.
Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.
According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.
Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.
He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.
He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.


Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.


He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.
Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.
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