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Tinubu Presents N27.5tr 2024 budget to NASS, Seeks Speedy Passage

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President Bola Tinubu, on Wednesday, presented the Appropriation Bill of the Federal government for the year 2024 tagged ‘Budget of Renewed Hope’ to a joint session of the National Assembly.

This is the president’s first budget presentation to the National Assembly since assuming office on May 29.

The President arrived at the National Assembly for the presentation of the 2024 budget at about 11:09 am accompanied some ministers and aides. and senior officials.

He was led into the chamber of the House of Representatives for the presentation of the N27.5trillion Appropriation Bill to a joint session of the National Assembly which began after the rendition of the National Anthem and opening prayers.

The Federal Executive Council (FEC)on Monday approved N27.5 trillion as the 2024 budget estimate.

It will be recalled that Tinubu had about three weeks ago forwarded the 2024-2026 Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper ( FSP), proposing an expenditure of N26.1 for the 2024 fiscal year.

After two weeks of deliberations and interface with heads of Ministries, Departments and Agencies on the revenue and expenditure projections, the Senate through its Committee on Finance approved the MTEF.

It specifically approved the N26.1 trillion proposed as 2024 budget and other parameters proposed by Tinubu.

It also approved new borrowings of N7.8 trillion, while pegging the oil price benchmark for 2024 at $73.96 and oil production at 1.78 million barrels per day.

Other parameters approved are GDP growth rate of 3.76 per cent, the inflation rate of 21.40 per cent, a suggested benchmark exchange rate of N700 to $1 and a projected budget deficit of N9.04 trillion.

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Tenure Policy: India, Others Reject Tinubu’s Ambassadors

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Some countries, including India, have reportedly declined to accept a number of ambassadors recently nominated by Bola Tinubu, citing diplomatic policies tied to the remaining tenure of the sending government.

Sources within Nigeria’s Presidency and the foreign service disclosed that India has a standing practice of not accepting ambassadors from administrations with less than two years left in office.

One of those affected is career diplomat Ambassador Muhammad Dahiru, who was nominated to serve in New Delhi.

According to officials familiar with the matter, the Asian country is exercising its discretion to delay or reject the request from Nigeria’s Ministry of Foreign Affairs for Dahiru’s acceptance.

“They don’t accept an ambassador from an administration that has less than two years in office. So they are giving us that body language already,” a Presidency source said.

The development follows earlier concerns that several of Tinubu’s ambassador-designates could face resistance from host countries due to the limited time left in the administration’s current tenure.

Under diplomatic protocol, countries must grant formal approval known as agrément before a nominated envoy can assume duties. Without this consent, ambassadors cannot be officially deployed.

Officials say while India’s position is the most explicit so far, other countries may adopt similar approaches, potentially delaying Nigeria’s plan to fully restore ambassadorial representation across its foreign missions.

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Adenuga, Dangote, Otedola, Rabiu Make 2026 Forbes Africa Billionaires List

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Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdulsamad Rabiu have been named among Africa’s richest individuals in 2026.

According to the latest Africa Billionaires ranking released by Forbes, Dangote retained his position as Africa’s richest man, with an estimated net worth of $28.5 billion. He added about $4.6 billion to his fortune over the past year, largely driven by the strong performance of Dangote Cement on the Nigerian Exchange Limited.

Telecommunications magnate Adenuga also retained his place among Africa’s billionaires.

The founder of Globacom and chairman of Conoil Producing remains one of Nigeria’s most influential entrepreneurs with diversified interests spanning telecoms, oil and gas, and banking.

Otedola, chairman of Geregu Power Plc, also featured on the list despite a slight dip in his wealth over the past year. Forbes estimates that the billionaire investor lost about $200 million following the sale of a majority stake in the power generation company at a discount to its market price.

The increase in Rabiu’s net worth was largely driven by the performance of BUA Cement, whose shares rose 135% over the past year, outperforming the broader rally on the Nigerian stock market.

The 23 billionaires on the continent are now worth a combined $126.7 billion, representing a 21% increase from 2025 after they collectively added $20.3 billion to their net worth.

Across the continent, billionaire fortunes were boosted by strong equity market performance, record corporate profits, and improving currency stability in several African economies.

South Africa remains the highest number of billionaires on the list, with seven individuals, followed by Egypt with five, Nigeria with four, and Morocco with three.

No female billionaires from Africa appeared on the 2026 ranking list.

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Israeli Ambassador Accuses Iran of Spreading Terror, Sponsoring Extremist Activities in Nigeria

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Israeli Ambassador to Nigeria, Michael Freeman, has accused Iran of sponsoring extremist activities in Nigeria and other parts of the world, alleging that Tehran supports groups aimed at destabilising countries while pursuing its hostility against Israel.

Freeman made the remarks on Friday while speaking during an interview on The Morning Show on Arise News.

The envoy claimed that Iran is the only country within the United Nations that openly expresses a desire to destroy another sovereign state, referring to repeated threats against Israel.

According to him, the Iranian government has, over several decades, supported militant groups and terror organisations around the world in pursuit of that objective.

Freeman alleged that Iran has backed groups such as Hamas and Hezbollah, adding that Tehran was also behind the October 7 attack carried out by Hamas against Israel.

He further claimed that Iranian activities aimed at spreading instability have been observed across several regions, including Europe, Australia, and parts of Africa.

Speaking specifically about Nigeria, the Israeli ambassador alleged that the Islamic Movement of Nigeria receives backing from the Iranian government.

According to Freeman, statements of support from Iran’s leadership, including posts by Ali Khamenei on social media, have openly indicated such ties.

He said: “The issue here is about Iran. Iran is the only country in the world, in the United Nations, who expressly desires to wipe another country off the face of the earth. Iran has stated its very policy is to destroy Israel. Is to wipe Israel off the map is to make sure they kill every single person and no regime, no country that has an express desire to destroy Israel, and it’s not only an expressed desire.

“We’ve seen over 47 years, they’ve taken all the actions they can in order for that to happen. We’ve seen them sponsor terror organizations. They were behind October the seventh massacre of Hamas. We’ve seen them sponsoring Hezbollah. We’ve seen them acting in Europe. We’ve seen them acting in Australia. We’ve seen them acting in Nigeria.

“We’ve seen these people acting all across the world in order to spread disturbance for them to try and carry out their aim of destroying Israel, and Israel will not allow another country to have nuclear weapons when they’ve expressly stated they want those weapons to destroy Israel”.

“I think that it is well documented. We know that there are certain movements, for example, the Islamic movement of Nigeria is sponsored and is backed by the Iranian regime. This is not me saying this, we’ve seen that documented by the Iranian regime.

The Supreme Leader posted on X his support and his backing there. So that’s very open. And there are other areas as well that Iran is working for, destabilizing, not only Nigeria, but all of West Africa.”

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