E-Financial
BudgIT Queries Irregularities in FG’s Proposed 2025 Budget
BudgIT, a civic-tech organisation promoting transparency, accountability, and effective service delivery in Nigeria, has said that it has observed certain legacy issues with the federal government proposed 2025 budget.
BudgIT has therefore has called on the National Assembly to proactively address the irregularities, exercise its “Powers of the Purse” responsibly, allow robust public participation in the budget review process, and ensure that the approved budget reflects the needs and preferences of Nigerians through job creation, poverty reduction, and inclusive broad-based economic growth.
The organisation in a statement by Nancy Odimegwu, its communications associate, noted that a review of the performance of the Federal Government budget over recent years has revealed that the Federal Government often falls way off the mark in its macroeconomic assumptions, which pose serious fiscal risks leading to severe budget financing challenges, additional unforeseen government obligations, and a significant increase in public debt.
The government’s inflation projection of 15% in the 2025 fiscal year appears grossly unrealistic, it said, considering that inflation, which stood at 34.6% as of November 2024, has been driven not only by monetary factors such as exchange rate and money supply but also by the constant increase in food and energy prices—both of which the government has not created a clear roadmap to resolving in the short term.
While the oil price projection of $75 per barrel appears feasible given the global outlook of $70 to $73 per barrel, we strongly advise the National Assembly to resist the urge to increase the oil price benchmark to create fiscal space for their budgetary insertions, a practice observed in previous years.
“Recall that in previous years, BudgIT has identified several budgetary insertions made by the National Assembly that deviate from the federal government’s constitutional mandate and priorities and are assigned to MDAs that have neither the capacity nor the mandate to implement the inserted projects. In 2021, BudgIT observed that 5,601 capital projects were added to the Appropriation Bill during the review process by the National Assembly,” it said .
“In 2022, it increased to 6,462 projects across 37 Mother Ministries and 340 MDAs, while in 2024, 7,447 insertions amounting to a staggering N2.24 trillion were found in the budget. While the Constitution grants the National Assembly the authority to appropriate funds, it often modifies the Executive’s proposed budget to distort its original intent and disconnect it from the nation’s long-term development agenda. Many inserted projects usually lack proper conceptualisation, design, and cost estimation, undermining their effectiveness and feasibility. We believe that the legislature must exercise this power with the utmost responsibility. This responsibility, which cannot be overstated, entails ensuring resource efficiency, eliminating waste, and aligning budgetary decisions with the nation’s long-term economic development goals.
“Also, we have observed that the 2025 proposed budget breakdown submitted to the National Assembly for review and approval and published on the Budget Office website omits the breakdown of some MDAs, commissions, and councils, such as the National Judicial Council (₦341.63 billion), and TETFUND (₦940.5 billion). The budgets of over 60 government-owned enterprises (GOEs), including the Nigeria Ports Authority, Nigeria Customs Service, Nigerian Maritime Administration and Safety Agency (NIMASA), etc., were conspicuously absent from the 2025 Proposed Budget.
“Furthermore, a combined ₦2.49 trillion has been allocated to five regional development commissions (Niger Delta: ₦776.53 billion; South West: ₦498.40 billion; North East: ₦290.99 billion; North West: ₦585.93 billion; and South East: ₦341.27 billion) under the umbrella of personnel costs. This approach obscures the true nature of these commissions’ operational expenses. For context, the Ministry of Interior, responsible for overseeing the Nigeria Immigration Service, Nigeria Correctional Service, Nigeria Security and Civil Defence Corps (NSCDC), Federal Fire Service, and their governing board, has a significantly lower recurrent non-debt expenditure allocation of N648.84 billion. This amount covers personnel and overhead costs for the entire ministry and its agencies. Lumping development commission budgets under personnel costs raises concerns about transparency and accountability. It hinders proper scrutiny of how these funds are utilised and whether they effectively achieve their intended development objectives.
“More worrisome is the fact that the 2025 budget notably omits funding for the Lagos-Calabar Coastal Road, a capital-intensive infrastructure project. This omission implies that if funding for this project materialises, it will likely necessitate reallocating funds from other critical projects, potentially hindering their implementation and impacting the budget’s credibility. It is worth noting that President Bola Ahmed Tinubu’s recent pronouncement regarding the retirement package of military generals, which includes the provision of a bulletproof SUV, fully paid foreign medical treatment, $20,000 as estacode for medical trips, and payments for domestic help, contradicts his previous commitments to reduce the cost of governance and welfare packages to top-ranked public officials and civil servants. Such provisions not only inflate the budget and widen the fiscal deficit but may also demoralise lower-ranking military personnel, who lack adequate health insurance and retirement benefits despite their higher exposure to combat risks.
“As the National Assembly reviews the 2025 Proposed Budget, BudgIT appeals to the 360 Honourable Members of the Federal House of Representatives and 109 Distinguished Senators of the Nigerian Senate to prioritise national interest over personal or parochial considerations and ensure that the approved budget stimulates economic activities and macroeconomic stability, allocates resources to foster economic growth and development, equitably distributes resources to reduce poverty and inequality, and caters to the most vulnerable Nigerians.”
The Board of Directors of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, is pleased to announce the appointment of Ayo Adepoju, the current group chief financial officer (CFO), to the Board as Group Executive Director, effective June 4, 2025.
Ayo brings two decades of broad-based leadership experience and deep institutional knowledge as a proud product of the Ecobank Group. His expertise spans financial management, capital markets, strategic planning, capital raising and structuring, treasury management, investor relations, business performance management, governance, enterprise transformation, financial due diligence, internal control, and risk-based audit.
As a distinguished finance executive, he has been instrumental in shaping the Group’s financial transformation, capital strategy, and long-term resilience. Since joining Ecobank in 2012, he has held several key leadership positions, including Group Financial Controller, Group Head of Business Performance and Analytics, and currently Group CFO.
Over the years, Ayo has led numerous strategic initiatives, including landmark capital market transactions such as Eurobonds, Basel III-compliant instruments, and sustainability-linked debt. These efforts have significantly enhanced Ecobank’s presence in international capital markets and strengthened transparency and investor engagement.
Prior to joining Ecobank, he worked at PricewaterhouseCoopers (PwC) in London and Lagos, serving in the Financial Services Practice.
Commenting on the appointment, Papa Madiaw Ndiaye, Chairman of the Ecobank Group, stated: “On behalf of my fellow directors, I commend Ayo for his outstanding performance and warmly welcome him to the ETI board. His proven leadership has fostered trusted relationships with the Board and made this appointment both natural and strategic for the Group’s future.
“I believe that Ayo embodies Ecobank’s renewed talent philosophy, a homegrown leader with global exposure and a compelling track record.
“His intellect, integrity, and impact-driven leadership have long been evident. His appointment to the Board is a testament to our belief in recognizing and elevating excellence from within.”
Jeremy Awori, Group Chief Executive Officer, added: “Ayo has played a critical role in strengthening Ecobank’s financial resilience and enabling sustainable business growth.
“His ability to manage complexity, innovate in financial strategy, align finance with enterprise-wide transformation, and lead collaboratively has made him a critical member of our executive team. I look forward to deepening our partnership as we drive forward our Growth, Transformation and Returns strategy.”
Ayo holds a First-Class Honours degree from the University of Lagos and is a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Management Accountants (CIMA), UK. He also holds an MBA from Warwick Business School and a Ph.D. in Organizational Leadership from Regent University, USA.
He has completed executive education programs at Wharton, London Business School, and most recently in 2024, the Advanced Management Program at Harvard Business School. An official member of the Forbes Finance Council, he is also a published author and respected thought leader in finance and organizational strategy.
This appointment reinforces Ecobank’s continued commitment to nurturing internal talent and promoting leadership excellence across Africa.
In a strong demonstration of its commitment to community development and poverty alleviation, leading financial institution, Fidelity Bank Plc has donated food packs to over 1,500 individuals in Ihie Town, Etche Local Government Area of Rivers State, through its Food Bank initiative.
Speaking at the donation event, the Regional Bank Head, Rivers/Bayelsa 1 & South Commercial, Fidelity Bank Plc, Mr. Ibisiki Eretoru, noted that the success of the bank is essentially linked to the well-being and prosperity of the communities in which it operates.
“The Food Bank Initiative is our way of contributing to the well-being of our host communities through regular food support. Each month, with the support of our network of dedicated partners, we distribute food packs to individuals and families across the country,” Eretoru said.
He further highlighted that the Fidelity Food Bank initiative, launched in April 2023, is part of the bank’s broader corporate social responsibility drive aimed at combating hunger and improving livelihoods across Nigeria. The initiative also perfectly aligns with the United Nations’ Sustainable Development Goal 2 which aims to achieve zero hunger.
“To date, we have distributed over 200,000 food packs through similar outreaches aimed at supporting individuals, strengthening businesses and transforming entire economies,” Eretoru added.
The food distribution in Ihie town was executed in partnership with The Reach Nigeria Foundation, a non-profit organization focused on sustainable development. Speaking at the outreach, the Foundation’s CEO, Benedicta Ibiyemie Ayarete, said that the community was selected due to its need for food support during the post-planting and pre-harvest period.
“Though Ihie is an agrarian community, we identified it as needing food support at this time. The peaceful nature of the community also makes it a viable location for Fidelity Bank to sustain and grow its presence. We are proud to be part of the meaningful impact of this outreach on the people,” she explained.
Expressing his gratitude, the paramount ruler of Ihie community, His Royal Highness, Eze Richard Amadi, commended the bank’s timely intervention, describing it as “a stitch in time” and a noteworthy effort that addresses the needs of the people.
Also speaking at the event, Chairman of the Ihie Community Development Committee, Mr. Stephen Asoh, expressed appreciation to Fidelity Bank, highlighting the positive difference the donations will make in the lives of many residents.
One of the beneficiaries, Mike Okere, praised Fidelity Bank for the initiative and called on other financial institutions to emulate the bank’s approach to community engagement and impact.
The Fidelity Food Bank continues to be a beacon of hope for underserved communities across Nigeria, reflecting the bank’s unwavering commitment to social responsibility and inclusive growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Nigeria Deposit Insurance Corporation (NDIC) has called for comments from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.
The proposed revision launched by IADI in May 2025, is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape.
Specifically, the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned from the banking turmoil in March 2023, which is the most significant systemic stress event since the 2007-09 global financial crisis.
The IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them.
The Core Principles are also used by the International Monetary Fund (IMF) and the World Bank in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance systems and practices.
The first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009 while the document is subjected to periodic revision order to keep it up-to-date with evolving trends on the global financial system landscape.
As a founding and committed member of IADI, NDIC recognises the importance of the ongoing revision and hereby invites stakeholders and the general public to actively participate in the process by reviewing the document on the lin
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