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President Bola Tinubu has received the United Nations’ proposed 2027 budget from Nigeria’s Permanent Representative to the UN, Amb. Jimoh Ibrahim.
Ibrahim, who chairs the UN General Assembly’s Fifth Committee on Administrative and Budgetary Matters, presented the seven-volume document to the President after its submission by the UN Secretary-General, Antonio Guterres.
He described the presentation as historic, saying it was the first time in 66 years that Nigeria would chair the committee responsible for the UN’s budget and administration.
“This is the first time in 66 years that Nigeria will chair the Budget and Administrative Committee. It is the first time, and we do not know when it will happen again in history.
“So President Bola Ahmed Tinubu is making history by being able to receive this budget. He is the first Nigerian president in 66 years to receive the UN budget from the United Nations.”
According to the envoy, the proposed regular budget stands at about 3.4 billion dollars, while the peacekeeping budget is about 8.5 billion dollars.
He put the combined figure at about 14 billion dollars, equivalent to between N36 trillion and N40 trillion.
“It is not a small matter for a country to receive the entire UN budget.
“I am happy that the president has received the seven volumes of the proposed budget.”
Ibrahim said the document remained a proposal and would undergo detailed negotiations and approval by member states before implementation.
“It is the proposal submitted to member countries. Thereafter, the budget is discussed in detail, the figures are adjusted, and the final budget is approved before spending commences,” he explained.
He declined to disclose Nigeria’s expected benefits from the budget, saying negotiations with other committee members were ongoing.
“As for Nigeria, I do not want to discuss what Nigeria will get from the budget. That would be going too far, because my colleagues and I are still discussing it,” he said.
Ibrahim also highlighted the scale of UN spending, citing the construction of a 260 million-dollar conference centre in Kenya.
“A lot is happening. As of today, the United Nations is building a $260 million conference centre in Kenya. You can see what that means,” he said.
(NAN)
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Nigeria’s capital importation hits $23 billion, reserves exceed $50bn – Oduwole
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, says Nigeria’s capital importation reached $23 billion in 2025 from over $12 billion in 2024, while foreign exchange reserves exceeded $50 billion.
Oduwole stated this Monday while delivering the keynote address at the Third Annual Lagos Multi-Door Courthouses (LMDC) and Alternative Dispute Resolution (ADR) Stakeholders’ Summit in Lagos.
The summit, held at the Muson Centre, had the theme: “Investor Confidence and ADR: Strengthening Nigeria’s Investment Climate.”
Oduwole said capital importation increased by 83 per cent year-on-year, rising from $5.5 billion in the first quarter of 2025 to more than $10 billion in the corresponding period of 2026.
She added that foreign exchange reserves had risen from more than $40 billion to over $50 billion, strengthening the country’s capacity to absorb external economic shocks.
Oduwole attributed the improvements to reforms introduced by President Bola Tinubu’s administration, including foreign exchange unification, fuel subsidy removal, tax reforms and banking recapitalisation.
She said Nigeria’s economy grew by more than four per cent in 2025 and sustained growth above that level in the first half of 2026.
The minister added that inflation declined from 33.2 per cent in 2024 to 14.63 per cent in September 2026.
She said non-oil exports had exceeded $6 billion, covering products such as cocoa derivatives, fertiliser, cashew, dairy, pulp and paper, and cassava starch.
(NAN)
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