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Biden pushes $6 trillion budget to ‘reimagine’ US economy, beat China

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President Joe Biden on Friday proposed a $6 trillion budget to “reimagine” the US economy and stave off Chinese competition, though driving the United States into record debt — and with Congress first needing to give approval.

Announcing the proposed spending, Biden said a post-pandemic United States “cannot afford to simply return to the way things were before.”

“We must seize the moment to reimagine and rebuild a new American economy,” he said.

The president’s annual budget is more a wish list or a message on his priorities than anything else. Congress ultimately decides what money goes where and the current Congress has only the narrowest Democratic majority.

Opposition Republicans are leery of any big new role for the central government. Even some of Biden’s supporters warn that an economy already set to roar back from the Covid-19 shutdown risks getting swept up into an inflationary spiral.

But the massive plan signals the White House’s determination to put hard numbers on Biden’s campaign to rethink the relationship between government and business in what he says is an existential contest with China.

Under the Biden blueprint, the federal spigot would unleash $6.011 trillion in 2022, with increases gradually rising to $8.2 trillion in 2031. Debt as a percentage of annual GDP would be expected to quickly surpass the level seen at the end of World War II.

The Democrat made clear where the lion’s share of that expected $6 trillion price tag should go.

One huge chunk would be an infrastructure bill originally proposed at $2.3 trillion but since whittled down to $1.7 trillion in negotiations with Congress.

Another $1.8 trillion would go on increased state-funded education and social services — all, Biden argues, part of building a better 21st century workforce.

The overall aim, Biden said, is to grow the US middle class, while positioning “the United States to out-compete our rivals.”

Can it pass?

The budget proposal is being unveiled just ahead of the long Memorial Day weekend and with Congress heading out on a week’s recess.

The timing may dampen the immediate furor on Capitol Hill where many Democrats want Biden to use his control of Congress to push transformational legislation but Republicans are playing hardball in trying to block most of what the president proposes.

Spending priorities are just one area of division.

For example, Republicans are pretty much unanimous in opposing Biden’s broad definition of infrastructure to include green energy and social programs

But there’s even less agreement on how to pay for it.

Biden wants to raise money by ending a corporate tax cut Republicans passed under his predecessor Donald Trump. He also wants to go aggressively after tax loopholes used by the ultra-wealthy and large corporations.

Republicans refuse to accept this and say their own, more modest, infrastructure spending plans could be paid for by reallocating unspent money already budgeted.

Despite the standoff — and the sheer scale of Biden’s mega budget — the White House still has a potential ace up its sleeve in that slim Democratic majority.

Ordinarily, Biden needs at least 10 Republicans to cross over in the evenly split Senate, a tall order at the best of times.

However, if Democrats remain unanimous — which is also not guaranteed — they may be able to pass the budget through a fast-track procedure known as reconciliation.

 

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Oseni mourns ex-Oyo lawmaker Akeem ‘Able’, says Oyo APC has lost loyal progressive

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The lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni, has mourned the death of a chieftain of the All Progressives Congress (APC) in Oyo State and former member of the Oyo State House of Assembly, Hon. Akeem Abimbola Oladipupo, popularly known as Able, describing his demise as a painful loss to the progressive family.

Oladipupo, who represented Ibadan North-West Constituency in the Oyo State House of Assembly, was widely regarded as a grassroots politician and committed party loyalist until his passing.

Oseni, who is also the Chairman, House Committee on Federal Roads Maintenance Agency and the APC candidate for Oyo South Senatorial District, said the late politician’s death had created a vacuum within the party and among those who benefitted from his unwavering commitment to public service.

In a condolence statement issued on Monday by his Media Aide, Idowu Ayodele, and made available to journalists in Ibadan, the Oyo State capital, the federal lawmaker described the late Oladipupo as a dependable progressive, humble political actor and loyal party stalwart whose impact would remain indelible.

He said the deceased dedicated his life to serving humanity, strengthening the progressive movement and supporting the aspirations of many at the grassroots.

Oseni said, “The death of Hon. Akeem Abimbola Oladipupo (Able) came to me as a rude shock. Oyo State and the progressive family have indeed lost a committed, loyal and selfless leader whose passion for service, humility and dedication to the people stood him out.

“He was not just a politician but a bridge-builder, a dependable ally and a grassroots mobiliser who believed strongly in the ideals of our great party. His contributions to the growth of the APC in Oyo State and his service to humanity will remain unforgettable.”

The APC senatorial candidate noted that the late former lawmaker remained steadfast in promoting peace, unity and political development, adding that his simplicity and accessibility endeared him to many across political divides.

According to Oseni, the late politician’s legacy of service and sacrifice would continue to inspire younger politicians and party faithful.

He, however, urged members of the APC, associates and family members of the deceased to take solace in the remarkable life he lived and the positive impact he made during his lifetime.

Oseni also prayed for the repose of the deceased’s soul and for God to grant his family the fortitude to bear the painful loss.

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Governors Push N100,000 Minimum Wage to Ease Workers’ Economic Burden

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State governors have proposed a new national minimum wage of N100,000 for Nigerian workers as part of efforts to cushion them from the biting effects of inflation and the rising cost of living.

Governor AbdulRahman AbdulRazaq of Kwara State, who is also the Chairman of the Nigeria Governors’ Forum (NGF), disclosed the proposal on Saturday in a post by the state government’s official Facebook page. He said the move aims to improve workers’ welfare while ensuring that government finances remain sustainable.

“State governments recognise the urgent need to improve workers’ welfare in response to the current economic realities facing Nigerians,” AbdulRazaq said.

“We are actively engaging with the Federal Government and organised labour to arrive at a wage structure that is fair to workers and sustainable for government finances.”

The NGF chairman explained that ongoing discussions are focused on balancing the need to boost workers’ purchasing power with the capacity of governments to deliver essential public services and development projects.

“The goal is to improve the living conditions of workers while ensuring that states can continue to meet their obligations and sustain projects that directly impact citizens,” he added.

The proposed N100,000 minimum wage is expected to intensify national debates on salaries, inflation, and broader economic reforms as Nigerians continue to contend with rising food prices, transportation costs, and other living expenses.

Currently, Nigeria’s statutory minimum wage stands at N70,000 per month. Some states, including Lagos, Rivers, and Imo, are already paying above the national benchmark to support workers amid the country’s economic challenges.

Meanwhile, the Nigeria Labour Congress (NLC) has continued to call for a comprehensive review of salaries, insisting that workers deserve a living wage that reflects present-day economic realities rather than merely guaranteeing survival.

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Petrol hits N1,533/litre as cooking gas prices jump nationwide

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The average retail price paid by consumers for Premium Motor Spirit, popularly known as petrol, rose to N1,532.93 per litre in April 2026, representing a 23.69 per cent increase compared to the N1,239.33 recorded in the corresponding period of 2025, findings by the National Bureau of Statistics (NBS) have shown.

The sharp rise in petrol prices came amid mounting inflationary pressure and worsening living costs, with Nigerians grappling with soaring transportation and food expenses that have continued to shrink household purchasing power.

The NBS disclosed this in its Premium Motor Spirit (Petrol) Price Watch for April 2026, released on Friday.

The report further showed that on a month-on-month basis, petrol prices rose by 18.97 per cent from N1,288.54 recorded in March 2026, underscoring persistent volatility in the downstream petroleum market.

A breakdown of prices across states revealed that Yobe recorded the highest average retail price for petrol at N1,599.05 per litre during the review period.

Edo and Bauchi followed closely with average prices of N1,595.74 and N1,589.07, respectively.

However, Niger residents paid the least for petrol at an average of N1,403.89 per litre, while Sokoto and Katsina recorded N1,404.16 and N1,406.28 respectively.

At the zonal level, the South-South recorded the highest average retail price at N1,566.76 per litre, while the North-West posted the lowest at N1,508.81.

The latest petrol price increase comes as millions of Nigerians continue to battle the ripple effects of rising inflation, with higher energy costs worsening transportation fares and the prices of essential commodities.

Similarly, the NBS said the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas, also known as cooking gas, rose by 13.73 per cent month-on-month to N8,706.93 in April 2026 from N7,655.73 recorded in March.
On a year-on-year basis, the price increased by 10.42 per cent from N7,885.60 recorded in April 2025.

Lagos recorded the highest average price for refilling a 5kg cylinder at N9,745.10, followed by Nasarawa at N9,451.70 and Bayelsa at N9,422.74.

In contrast, Anambra recorded the lowest average price at N7,204.76, while Ondo and Ogun followed with N7,239.49 and N7,825.75, respectively.

At the regional level, the North-West recorded the highest average retail price for refilling a 5kg cylinder at N9,025.07, followed by the North-East at N8,847.16, while the South-East posted the lowest average price at N8,224.37.

Also, the average retail price for refilling a 12.5kg cylinder of cooking gas increased by 13.89 per cent month-on-month to N22,382.20 in April 2026 from N19,652.83 in March.

Compared to April 2025, the price rose by 10.43 per cent from N20,268.06.

According to the NBS LPG Price Watch for April, Katsina recorded the highest average retail price for refilling a 12.5kg cylinder at N25,596.71, followed by Kogi at N24,558.25 and Gombe at N24,438.97.

Ogun recorded the lowest average price at N19,564.36, while Bauchi and Anambra followed at N20,178.87 and N20,511.90 respectively.

The North-West recorded the highest zonal average retail price for refilling a 12.5kg cylinder at N23,276.95, followed by the North-Central at N22,865.29, while the South-East posted the lowest average at N21,060.92.

The latest figures signal growing pressure on household energy costs, raising concerns over the implications for inflation and the cost of living in the coming months.

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