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Poor Budget Funding: Nigeria May Return To Recession -Senate Warns Buhari

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The Senate on Tuesday frowned at what it described as poor funding of the 2017 budget by the executive arm of government, warning that recession may return to Nigeria in full swing if the trend continues.

The Senate which resumed plenary sessions after about 8 weeks recess said only about ten per cent of the N7.4 trillion 2017 budget has been implemented so far notwithstanding that the fiscal year is barely three months to the end.

To tie loose ends on budget implementation, the Senate, however, summoned the Ministers in charge of Finance, Kemi Adeosun and her counterpart in Budget and National Planning, Senator Udoma Udo Udoma for appearance to explain reason behind for poor implementation of the 2017 budget.

The Senate took this decision after adopting a motion moved by Senator Yahaya Abdullahi tagged “Stabilizing and sustaining post recession growth of the economy”

Presenting the motion, the Senator expressed dismay against what he described as poor funding of the Budget, stressing that the sum of N310 billion released by the government was a far cry from what was required for effective implementation.

He lamented that the sum of $9 billion had been spent by government so far for the purpose of stabilising the naira.

Senator Yahya lamented also that failure to expeditiously fulfill all righteousness on budget implementation with correct release of require funds may drag the Nigerian economy back to recession.

The Senate, however “urged the budget managers to remain focused and ensure that the current weak growth of a mere 0.55% is built upon and increased substantially in the months and years to come”

It further urged the fiscal and monetary authorities to come together and harmonize fiscal and monetary policies with a view to drastically reducing the high interest rate that has adversely affected borrowing for investment by the real sector of the economy;

The motion also “urged fiscal authorities to drastically reduce the accumulation of domestic debt in order to free the market for better access by the private sector”

Senator Barau Jibril (APC, Kano State) who seconded the motion asked that the managers of the nation’s economy be put on their toes so that they would not be complacent.

He said the failure to release money to fund the budget has become a serious threat to the economy.

Senator Dino Melaye (APC, Kogi West) in his contribution said, “Our economic managers are just joggling the economy using ways and means to manipulate it”

He added, “If it is true that the foreign reserve has grown from $25 billion to $34 billion, why are we incapacitated in funding the 2017 budget? We must say the truth.

“We must go back to the drawing board and take key decisions. We must engage in massive production and we must engage in massive spending too. What we have done is not a geniune approach to addressing the problem of the economy and getting outbof recession.”

Senator Biodun Olujumi representing Ekiti State said Nigeria is only technically out of recession but still languishing in economic quagmire.

He lamented that barely three months to the end of the year, the 2017 budget had not recorded 10% implementation. According to her, the major problem is that the economic managers were yet to develop a viable economic blue print.

Senator Gbenga B. Ashafa (Lagos East) the Senate expressed concerns that since the 2017 budget was assented to by the President, only about N310 Billion Naira has been released by the Federal Government to Ministries, Departments and Agencies as funding for capital projects.

He said the amount is far too low to stimulate the economy to address the Nigeria’s economic challenges;

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OLOJO FESTIVAL: Nigeria bigger than all of us, Ooni tells politicians

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Monarch begins seven-day seclusion, prays for peace, unity

The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has urged Nigerian politicians to put the interest of the country above their political differences, saying Nigeria is bigger than any individual or political interest.

The monarch spoke on Sunday shortly before commencing a seven-day spiritual seclusion ahead of the 2026 Olojo Festival in Ile-Ife, Osun State.

The annual seclusion is part of the traditional rites preceding the Olojo Festival, one of the major cultural celebrations associated with Ile-Ife and the Yoruba people.

The Ooni, who is also the Co-Chairman of the National Council of Traditional Rulers of Nigeria, said his period in seclusion would be devoted to prayers for Nigeria, particularly for peace, unity and sustainable development.

“I am appealing to our politicians. They might have differences, but we should know ultimately that Nigeria is bigger than all of us,” the monarch said.

“It is very important for our political leaders to always look inwardly on how to better the lot of the average Nigerians.”

The Ooni urged political leaders to avoid words and actions capable of threatening national cohesion, reminding them that political power was temporary.

“Some have ruled this country before as political leaders, and others will come after them,” he said.

He said his prayers would also cover Nigeria’s democratic process, particularly as the country prepares for the next general elections.

The monarch commended President Bola Tinubu over what he described as non-interference in the activities of the Independent National Electoral Commission, saying such a practice could strengthen public confidence in the electoral process.

He also commended Osun residents for participating in the recently concluded governorship election, saying the outcome demonstrated the ability of citizens to determine their leaders through the ballot.

According to him, Nigerians should continue to have the opportunity to freely choose their leaders without actions capable of undermining the democratic process.

The Ooni’s seven-day seclusion, which began on Sunday evening, will also provide him with an opportunity to prepare spiritually for the sacred rites of the Olojo Festival and deepen his connection with the ancestors.

The exercise precedes the annual wearing of the sacred Aare Crown, one of the major highlights of the festival.

A statement by the Senior Media Officer of the Ooni’s Palace, Sodiq Lawal, issued on behalf of the Director of Media and Public Affairs, Otunba Moses Olafare, said the seclusion marked the beginning of the spiritual phase of the 2026 Olojo Festival.

The festival celebrates Ile-Ife’s indigenous traditions and ancestral heritage and attracts traditional rulers, cultural enthusiasts, visitors and members of the Yoruba diaspora.

The public ceremonies are expected to follow the spiritual rites and culminate in the Ooni’s emergence in the sacred crown.

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Tinubu vows intelligence-led rescue of abducted Oyo pupils, teachers

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President Bola Tinubu on Monday assured residents of Oyo State that ongoing efforts to rescue abducted pupils and teachers in Oriire Local Government Area would be intelligence-driven, coordinated and sustained.

The President said the Federal Government would deploy every lawful means, including kinetic and non-kinetic measures, to ensure the safe return of the victims abducted during the May 15, 2026 attack in Esiele and Yawota communities.

“Our rescue efforts will be intelligence-led, careful, coordinated, and sustained. We will deploy every lawful tool available, both kinetic and non-kinetic, to ensure our children and teachers are safely returned home,” Tinubu stated in a statement posted on his X handle on Monday.

The President also expressed sorrow over the killing of a school teacher during the abduction and extended condolences to his wife, Mrs Mary Oyedokun, and the bereaved family.

“I also extend my deepest condolences to Mrs Mary Oyedokun, the wife of the late school teacher and her family. Their sacrifice will not be forgotten, and his family will not be abandoned,” he said.

Tinubu stressed that children should never be exposed to the trauma of abduction, noting that no parent should endure the pain associated with such incidents.

“No child should be taken from the safety of a classroom. No parent should have to endure this anguish,” the President added.

He assured affected communities that efforts to secure the release of the abducted pupils and teachers would remain sustained and intelligence-driven.

The statement comes amid growing concerns over insecurity in schools and rural communities following the abduction, which prompted the Federal Government to dispatch a high-powered delegation to the affected communities in Oriire Local Government Area.

The delegation included the Chief of Staff to the President, Femi Gbajabiamila; the National Security Adviser, Nuhu Ribadu; the Minister of Defence; and the Inspector-General of Police, Kayode Egbetokun, alongside other senior government and security officials.

Tinubu further disclosed that he had approved additional security measures, including the deployment of a specialised security unit equipped with advanced rescue capabilities to intensify efforts towards the safe return of the victims.

“I have also directed the deployment of a specialised security unit with advanced rescue capabilities to intensify efforts to secure the safe return of the abducted pupils and teachers,” he stated.

The President also revealed that the Federal Government, in collaboration with the Oyo State Government, was mobilising 1,000 forest guards to improve surveillance in forest corridors frequently exploited by criminal elements.

According to him, the initiative would be complemented by broader operational measures aimed at strengthening rescue operations and preventing future attacks.

Tinubu added that a request for the establishment of a military base in the affected area was receiving urgent consideration as part of efforts to bolster security.

Authorities have continued rescue operations amid rising concerns over the safety of schools and rural settlements, insisting that efforts remain focused on securing the release of the abducted victims and preventing a recurrence.

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48 alleged terror financiers named by FG {SEE FULL LIST}

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The Federal Government, on Saturday, published a list of 48 individuals and entities allegedly linked to terrorism financing in Nigeria, naming suspects with reported ties to outlawed groups including the Indigenous People of Biafra, Ansaru, and the Islamic State West Africa Province.

The list was released by the Nigeria Sanctions Committee as part of intensified efforts to disrupt financial networks sustaining terrorist activities across the country.

In a statement accompanying the publication, the committee said the designation of the individuals and organisations was in line with Nigeria’s legal and international obligations to combat terrorism financing.

“The Nigeria Sanctions Committee has approved the designation of the following individuals and entities for their alleged involvement in terrorism financing,” the statement read.

It added, “The action is pursuant to relevant laws and regulations aimed at identifying and freezing assets of persons and organisations linked to terrorist activities.”

The committee explained that the move was targeted at dismantling the financial backbone of insurgent and extremist groups operating within and beyond Nigeria’s borders.

Among those listed are individuals reportedly associated with the Indigenous People of Biafra, a proscribed separatist group; Ansaru, a faction linked to Al-Qaeda; and the Islamic State West Africa Province, one of the most active terrorist groups in the region.

Security experts have repeatedly stressed that cutting off funding sources remains a critical strategy in weakening terrorist operations.

Speaking on the development, a senior government official familiar with the process said the publication sends a strong signal about Nigeria’s resolve to confront terrorism at its roots.

“This is not just about naming names; it is about choking the financial lifelines of terror networks. Once funding is disrupted, their operational capacity is significantly weakened,” the source said.

The committee further noted that relevant authorities and financial institutions have been directed to take necessary steps in enforcing sanctions, including the identification and freezing of assets linked to the designated persons and entities.

“The public is also advised to remain vigilant and report suspicious financial activities to appropriate authorities,” the statement added.

The Federal Government reiterated its commitment to safeguarding national security, insisting that individuals or groups found culpable would face the full weight of the law.

As of the time of filing this report, detailed breakdowns of the sanctions and timelines for enforcement were yet to be made public.

 

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