Business
Edun: 80% of 2024 capital budget already implemented
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced that approximately 80% of the capital component of the 2024 budget has been executed.
The National Assembly extended the budget’s implementation period to December 2025. Edun shared these updates during a closed-door meeting with the House of Representatives Committee on Appropriation, where discussions focused on the performance of the 2024 and 2025 budgets.
“Overall, implementation is at about 80 per cent. As you know, the National Assembly extended the 2024 budget till December, and so, it is still running,” Edun told journalists after the meeting.
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He highlighted that the 2025 budget prioritizes grassroots initiatives and critical infrastructure, such as roads and irrigation systems, to directly benefit Nigerians.
“As is customary, we reviewed the budget performance, looked at 2024, basically, overall it’s around 80 per cent. And as you know, the budget for 2024 was extended by the National Assembly till December, so it is still running, it is still a work in progress,” he added. Edun emphasized ongoing efforts to ensure that grassroots-focused projects receive adequate attention and resources.
The minister clarified that no discussions about additional spending or a supplementary budget for 2025 took place. Abubakar Bichi, Chairman of the House Committee on Appropriations, stressed the meeting’s importance, noting public concerns about budget implementation.
“We have engaged with the Ministers of Finance and Budget; both acknowledged the concerns and assured us of their commitment to work harder so that Nigerians can begin to see visible results from the budget,” Bichi said.
Bichi added that the National Assembly is committed to its constitutional oversight role to ensure effective budget execution and service delivery.
“Our members are seriously concerned, and the ministers have promised that before the end of this year, Nigerians will witness significant changes and developments. They have given us their word, and we will be monitoring closely,” he said.
Senator Atiku Bagudu, Minister of Budget and National Planning, noted that the committee praised the achievements of President Bola Tinubu’s administration and appreciated the Executive’s collaborative relationship with the National Assembly.
“The National Assembly has supported all major reform initiatives of this administration, including the recent tax reforms, which are already yielding results. Our engagement today helped to identify areas where improvements are still required,” Bagudu said.
Plans have been unveiled to significantly increase the capacity of the Dangote Refinery, more than doubling its current output from 650,000 to 1.4 million barrels daily.
Aliko Dangote, who heads the Dangote Group, shared these development plans during a media engagement held in Lagos on Sunday, with First Bank’s Chairman, Femi Otedola, present at the event.
READ ALSO: Dangote Refinery alleges marketers demand ₦1.5trn subsidy
The expansion is intended to position the facility as the world’s largest refinery, exceeding the capacity of India’s Jamnagar facility.
Construction activities for this ambitious project are set to commence immediately, according to the announcement.
The project will require approximately 65,000 construction workers, with Nigerian citizens comprising 85 percent of this workforce.
Additional improvements include increasing the facility’s electricity generation capability from 500 megawatts to 1,000 megawatts.
The refinery will also upgrade its fuel production standards to Euro 6 specifications, representing an improvement from the current Euro 5 level.
Plans are underway to offer the refinery’s shares publicly through the stock exchange in 2026, enabling Nigerian citizens to acquire ownership stakes.
Dangote expressed gratitude to President Bola Tinubu for governmental backing of the initiative.
The complete expansion timeline is projected at three years.
Finance Minister Wale Edun presided over the swearing-in of George Elombi as African Export-Import Bank’s new leader on Saturday.
The investiture occurred at the Afreximbank Legacy Conference held in Egypt’s capital.
Edun called upon the incoming President to pursue a transformative agenda for continental integration and economic advancement, noting the significance of this leadership transition for both the bank and Africa.
READ ALSO: Edun: 80% of 2024 capital budget already implemented
“Elombi, you are no stranger to this institution. You now assume leadership at a defining moment, a time when Africa’s destiny is being rewritten through resilience and innovation,” Edun said.
“Your appointment represents continuity, renewal, and a seamless transition from the solid foundation laid by your predecessor sitting right next to you. It is a bold leap toward the future we all envisage.”
Speaking on behalf of President Bola Ahmed Tinubu and Nigeria’s citizens, Edun emphasized the importance of maintaining the institution’s core mission of fostering African economic independence.
“Mr. President, your ascension is a testament to the founding philosophy that inspired this great institution. You are called not just to lead a bank, but to steward a vision, a vision of a self-reliant, integrated, and prosperous Africa,” he declared.
Edun noted his previous role four months prior at the bank’s 32nd Annual Meetings, where he presided over the unanimous election of Elombi as the institution’s fourth president and board chairman.
He remarked that: “This appointment is not merely a change in leadership; it is the dawn of a new era, a moment that reaffirms Afreximbank’s central role in shaping Africa’s financial sovereignty, its trade future, and, indeed, as Aliko Dangote rightly said, its manufacturing future.”
The Central Bank of Nigeria (CBN) has rolled out a comprehensive order requiring commercial banks and financial entities to reimburse clients for unsuccessful ATM withdrawals within 48 hours, aiming to bolster customer safeguards and rebuild trust in financial services.
This instruction appears in a fresh draft paper called “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria,” released on Saturday.
READ ALSO: New CBN Limit: PoS agents can’t withdraw past N1.2m daily
Musa I. Jimoh, from the Payments System Policy Department, signed the draft, which was sent to banks, payment providers, card networks, and standalone ATM managers, seeking input by October 31, 2025.
The plan demands immediate reversal of botched “on-us” deals—those at a customer’s own bank’s machines. If tech glitches block quick fixes, manual payouts must occur within 24 hours.
For “not-on-us” cases at rival banks’ ATMs, full refunds are due in 48 hours.
“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.
Banks and operators must install tech for automatic fixes on incomplete or failed deals, sparing users from lodging formal gripes. Any held funds from botched payouts need prompt reconciliation and return.
The central bank highlighted that this tackles ongoing issues like delayed reimbursements, subpar support, and user dissatisfaction, while updating payment networks and matching international norms.
The rules will also revamp ATM placement and oversight across the country. Banks and card providers must ensure one machine per 5,000 active cards, with rollout goals of 30% by 2026, 60% by 2027, and 100% by 2028.
All ATM additions, moves, or shutdowns require CBN greenlight in advance.
For safety and ease, machines need skimmer-proof tech, video monitoring, and placement in bright or sheltered spots. They must meet Payment Card Industry security rules, keep transaction records, and show active support contacts.
No less than 2% of ATMs should have features for the sight-impaired.
Additionally, ATMs must release money prior to card return, permit no-cost PIN updates, print receipts for all deals except checks, show fees upfront, and only output crisp notes. Emergency power is mandatory to avoid blackouts.
Outages are limited to 72 hours straight; beyond that, operators must announce causes and projected fixes publicly.
The CBN will monitor adherence via regular checks, site visits, and required monthly reports on ATM sites and counts. Non-compliant entities face penalties, though specifics weren’t detailed.
The bank explained the changes stem from rising failed deals, online threats, and service declines, stating “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”
Industry players can offer suggestions before the guidelines are finalized, with rollout slated before year-end.
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