Commentary suggesting that Executive Order 9 (EO9) amounts to the President “making law” misstates both the Constitution and the fiscal question at issue. EO9 does not create law; it enforces constitutional custody of Federation revenues. Section 80(1) of the Constitution (1999, as amended) is mandatory: all revenues or other monies raised or received by the Federation shall be paid into and form one Consolidated Revenue Fund of the Federation. Public revenue cannot lawfully be retained, applied, or warehoused outside constitutional funds. Section 162 complements this rule by requiring revenues accruing to the Federation to be paid into the Federation Account for distribution in accordance with constitutional allocation principles. The order of legality is clear: revenue must first enter constitutionally recognised …
Read More

By Ayo Kehinde The Federal Government of Nigeria is deepening negotiations with Chinese investors to secure up to $5.7 billion in strategic foreign capital as part of efforts to drive industrial growth, strengthen energy capacity and expand domestic production. In a statement issued after a high-level meeting in Abuja, the Federal Ministry of Finance and Coordinating Ministry of the Economy said its Minister, Wale Edun, received a delegation from GCL Group, led by Senator Orji Uzor Kalu, to advance discussions on the proposed investment package. According to the ministry, the $5.7 billion investment proposal will focus on power generation, mineral development and industrial manufacturing, especially projects that can stimulate jobs, boost export capacity and add value to local resources. “The …
Read More

By Ayo Kehinde Nigeria’s combined domestic and external debts rose to N153.29 trillion as of September 30, 2025, representing an increase of N900 billion or 0.59 percent within three months, according to the Debt Management Office (DMO). In a statement released on its website, the debt office said the increase was driven by growth in both domestic and external borrowings of the federal government, the 36 states, and the Federal Capital Territory (FCT).  It explained that as of the third quarter of 2025, total domestic debt stood at N81.81 trillion (about $55.47 billion), while external debt amounted to N71.47 trillion (approximately $48.46 billion). A further breakdown showed that the federal government accounted for the largest share of domestic debt, which …
Read More

By Ayo Kehinde The Federal Government has commenced payments for outstanding capital projects under the 2024 budget, signalling renewed commitment to timely project execution and fiscal accountability. Sunday Dare, the Special Adviser on Media and Public Communication to President Bola Tinubu, who disclosed this on Friday via a post on X, said all Ministries, Departments, and Agencies (MDAs) have been directed to submit their cash plans for the 2025 budget by the close of business on Monday, February 23, 2026. Payment processing will commence immediately thereafter. Dare further noted that the government aims to fully implement the capital components of both the 2024 and 2025 budgets by March 31, 2026, underscoring the administration’s resolve to deliver on infrastructural commitments. The …
Read More