Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
By Akinola Ajibade
President Bola Tinubu yesterday( Wednesday) announced $49.7 billion Budget Proposal for 2025.
In the Budget Presentation are Security and Defence, Infastructure, Education & Health. These are some of the sectors with high allocation They were presented before a joint session of joint session of the National Assembly.
According to the President: " It is with great pleasure that the presentation was done before the distinguished session of the National Assembly. In the 2025 budget titled, The Restoration of Peace, building of property, , Tinubu said as he concluded his 30 minute at 1.10 pm on Wednesday, the budget as the name implies would bring back hopes of many Nigerians.
While making his presentation, he defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
“The 2025 budget seeks to restore macro-economic stability enhance the business environment, foster inclusive growth, employment and poverty reduction, promote equitable income distribution and human capital development,” Tinubu said.
“In 2025, we are targeting N34.8tn in revenue to fund the budget. government expenditure in the same year is projected to be ₦49.7tn including N15.81tn for debt servicing.
“N13.0tn or 3.89% of GDP will make up the budget deficit. This is an ambitious but necessary budget to secure our future.
“The budget projects inflation will decline from the current rate of 34.6% to 15% next year (2025) while the exchange rate will improve from approximately N1,700 per dollar to N1,500 per dollar.”
Tinubu’s 2025 ₦49.7tn budget proposal was about N20tn higher than that of 2024. In December 2023, Tinubu presented his first 2024 budget proposal of N27.5tn, before the National Assembly. The Senate increased the bill by N1.2tn and approved N28.7tn for the 2024 Budget.
‘Reforms Yielding Results, No Reversals’
For the 2025 budget, the President pegged crude oil production at 2.06 million barrels per day for 2025. He also projected that the importation of finished petroleum products would reduce in 2025 while the exportation of refined petroleum products would increase.
He expressed his commitment to economic renewal and thanked all Nigerians for embarking on the journey of reform and transformation in the last 18 months.
The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.
Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.
Call For Action
Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.
“Our nation faces an existential threat from corruption and insecurity…These challenges are surmountable when we work collaboratively. We must rewrite the narrative of this nation.
“The time for lamentation is over. The time to act is now.”
Tinubu was accompanied to the budget presentation by the Secretary to the Government of the Federation (SGF), George Akume; and the Chief of Staff to the President, Femi Gbajabiamila; among other top government officials.
The presentation was expected to take place on Tuesday but that was moved to Wednesday after a meeting of the Federal Executive Council (FEC) held on Monday at the Presidential Villa in Abuja.
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