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Breaking: Full Details of President budget presentation at National Assembly. “Let us work together to serve for the benefit of the people of our beloved country” Say Tinubu
In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly.
This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.
Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion to economic development and to the greater welfare of our people.
It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.
I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.
It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy. The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.
The third was to secure a second supplementary budget, this time to enable us to keep our promises to promote national security, invest in infrastructure and provide much needed support to the most vulnerable households in our society.
In swearing-in my cabinet and reflecting on the unique challenges facing us, I invited the Ministers to imagine that we are attempting to draw water from a dry well. Today, I stand before you to present our Budget of Renewed Hope; a budget which will go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this Administration. The budget we now present constitutes the foundation upon which we shall erect the future of this great nation.
PREVAILING ECONOMIC ENVIRONMENT
Economic conditions remain challenging both abroad and at home. Despite lingering Post-Covid supply and production bottlenecks, armed conflict in various parts of the world and restrictive monetary policies in major economies, we expect global growth to hover around 3.0 percent in 2024. This relative low rate has significant implications for our economy due to our current reliance on importation.
Distinguished Senators, Honourable Members: despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.
Inflation has trended upward due to weak global conditions. To contain the rising domestic prices, we will ensure effective coordination of fiscal and monetary policy measures, and collaborate with sub-national governments to address structural factors driving inflation in Nigeria.
The Budget proposal meets our goal of completing critical infrastructure projects which will help address structural problems in the economy by lowering the costs of doing business for companies and the cost of living for the average person, The Honourable Minister of Budget and Economic Planning will provide full details of this proposal.
PERFORMANCE OF THE 2023 BUDGET
Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percent of GDP.
As of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.
Despite the challenges, we continue to meet our obligations.
THEME AND PRIORITIES OF THE 2024 BUDGET
Distinguished Senators, Honourable Members, permit me to highlight key issues relating to the budget proposals for the next fiscal year. The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed Budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.
Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.
Human capital is the most critical resource for national development. Accordingly, the budget prioritizes human development with particular attention to children, the foundation of our nation.
To improve the effectiveness of our budget performance, government will focus on ensuring value for money, greater transparency and accountability. In this regard, we will work more closely with development partners and the private sector.
To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.
A stable macro-economic environment is important to catalyse private investment and accelerate economic growth. We have and shall continue to implement business and investment friendly measures for sustainable growth.
We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024.
In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium term expenditure framework is Nigeria’s commitment to a greener future.
Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources.
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By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.
As we approach COP 28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition.
It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.
Together, we will strive for Nigeria to emerge from COP 28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship.
Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.
After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.
Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.
Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.
Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.
The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.
Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households. In addition, efforts will made to graduate existing beneficiaries toward productive activities and employment.
We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.
Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure.
We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.
Distinguished Senators and Honourable Members, this Budget presentation would be incomplete without commending the patriotic resolve of the 10th National Assembly to collaborate with the Executive on our mission to renew hope and deliver on our promises to the Nigerian people. I assure you of the strong commitment of the Executive to sustain and deepen the relationship with the National Assembly.
As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.
I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs which are in line with the sectoral mandates of MDAs and which are capable of realizing the vision of our Government should be included in the budget.
As a Government, we are committed to improving the lot of our people and delivering on our promises to them. The 2024 Budget has the potential to boost performance, promote the development of Micro, Small and Medium-sized Enterprises, enhance security and public safety, and improve the general living conditions of our people.
In closing, I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.
It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2024 Budget Proposals of the Federal Government of Nigeria, titled The Renewed Hope Budget.
I thank you most sincerely for your attention. May we collectively chart the course towards a brighter and cleaner future for our great nation.
May God bless the Federal Republic of Nigeria.
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Oyetola Seeks Stronger State, Private Sector Partnership to Unlock Blue Economy Potential
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Diri Advocates Stronger Coastal State Action
The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has called for stronger collaboration between the Federal Government, state governments, the private sector and development partners to accelerate the implementation of Nigeria’s National Policy on Marine and Blue Economy, describing sub-national participation as critical to unlocking the sector’s vast economic potential.
Speaking on Thursday at the Second Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy held at Eko Hotel and Suites, Victoria Island, Lagos, Oyetola said Nigeria had moved beyond policy formulation and must now focus on implementation capable of delivering measurable economic benefits.
The engagement, themed “From Policy to Action: Mobilising Sub-National Governments for Effective Implementation of Nigeria’s National Policy on Marine and Blue Economy,” brought together government officials, diplomats, development partners, industry leaders, academics and representatives of state governments.
The minister said the National Policy on Marine and Blue Economy had provided a strategic framework for harnessing Nigeria’s oceans, inland waterways, fisheries and coastal resources, but stressed that its success depended on coordinated action across all levels of government. He noted that many of the country’s blue economy assets were located within states and communities, making sub-national governments indispensable partners in driving investment, creating jobs, improving food security and promoting environmental sustainability.
Oyetola said reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda had strengthened stakeholder engagement, attracted investment, improved maritime safety and enhanced the competitiveness of Nigeria’s ports. He cited the 2025 Container Port Performance Index by the World Bank and S&P Global Market Intelligence, which ranked Tin Can Island Port as the tenth most improved port globally and Lagos Port Complex, Apapa, as the twelfth most improved between 2020 and 2025. He added that ongoing port modernisation and plans to develop new deep seaports in states including Akwa Ibom, Bayelsa, Cross River, Lagos and Ondo would further strengthen Nigeria’s position as West Africa’s preferred maritime hub.
The minister also noted that improved port operations had contributed to Nigeria recording a national trade surplus consistently since 2024. On inland waterway safety, he said the ministry had intensified collaboration with relevant agencies and state governments, distributed life jackets nationwide and urged states to replace unsafe wooden passenger boats with modern fibre boats. He further called on coastal states to align their development plans with the national policy while encouraging private investment in fisheries, aquaculture, maritime transport, tourism, shipbuilding, renewable energy and marine biotechnology.
Delivering the keynote address, Bayelsa State Governor, Senator Duoye Diri, commended President Tinubu for establishing the Federal Ministry of Marine and Blue Economy, describing it as a strategic step towards diversifying Nigeria’s economy. He said Bayelsa followed suit by creating its own Ministry of Marine and Blue Economy in June 2024 to drive the blue economy component of the state’s A-S-S-U-R-E-D Prosperity Agenda.
Diri said the state ministry had commenced major fish production at the Bayelsa Aquaculture Village in Yenegwe, where an operational hatchery was breeding high-quality catfish fingerlings and juveniles to boost food security and create jobs. He added that the state had expanded its marine transport fleet and was aggressively pursuing the development of the proposed Agge Deep Seaport as the next maritime gateway for the Niger Delta.
The governor also proposed five key pathways for coastal states to maximise opportunities in the blue economy: establishing dedicated ministries of marine and blue economy, enacting enabling legislation, properly mapping and securing their maritime domains, investing in credible data collection and analysis, and developing skills, markets, innovation hubs and logistics infrastructure.
In his presentation on private sector investment and industrialisation, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the successful implementation of the National Policy on Marine and Blue Economy would depend largely on sustained private sector participation. He noted that the policy targets the creation of three million jobs within its first four years, annual sectoral growth of seven per cent and the reservation of at least 50 per cent of new jobs for young people aged between 18 and 35.
Dangote, who was represented by the Managing Director of Dangote Port Operations, Simeon Akin Omole, said industrial transformation required policy consistency, quality infrastructure, access to finance and investor confidence. He identified infrastructure-led industrialisation, value-chain development and stronger public-private partnerships as the three pillars needed to unlock the sector’s enormous potential.
He said the Federal Government’s approvals for major deep seaport projects in various parts of the country would stimulate industrial clusters incorporating agro-processing, petrochemicals, shipbuilding, cold-chain logistics and maritime technology, while also boosting Nigeria’s competitiveness.
Dangote further identified the fisheries value chain as a major investment opportunity, noting that despite rising domestic production, Nigeria still imported fish worth nearly one billion dollars annually due to a significant supply deficit. He said investments in aquaculture, hatcheries, feed production, processing, cold-chain logistics and export infrastructure could reduce imports, conserve foreign exchange, create more than 500,000 jobs and position Nigeria as a leading exporter of fisheries products.
He also stressed that public-private partnerships should go beyond financing arrangements to become strategic collaborations involving government, investors, research institutions and coastal communities. According to him, coastal industrial clusters supported by modern ports, Special Economic Zones and digital infrastructure would attract long-term investment and accelerate industrialisation.
Goodwill messages were delivered by the Deputy Governor of Akwa Ibom State, Senator (Dr) Akon Eyakenyi, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun, representatives of the governors of Ondo and Borno states, and private sector operators, all of whom pledged continued support for the successful implementation of Nigeria’s marine and blue economy agenda.
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L-R: Bayelsa State Governor, Senator Duoye Diri; Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, and Deputy Governor of Akwa Ibom State, Senator (Dr) Akon Eyakenyi, at the Second Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy held at Eko Hotel and Suites, Victoria Island, Lagos, on Thursday.
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L-R: Chairman, Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun; Permanent Secretary, Federal Ministry of Marine and Blue Economy; Mrs. Fatima Mahmood; Executive Governor of Bayelsa State, Senator Douye Diri; Minister of Marine and Blue Economy; Dr. Adeboyega Oyetola and Deputy Governor of Akwa Ibom State, Senator (Dr.) Akon Eyakenyi, at the Second Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy held at Eko Hotel and Suites, Victoria Island, Lagos on Thursday.
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Update : Adeyemi Matthew Is a Fraudster Plotting to Implicate Chief of Staff, Says Onanuga
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…says Gbajabiamila first reported fake presidential agency to DSS, Police
…adds police file eight-count charge against suspect, two accomplices
The Presidency on Wednesday described Adeyemi Adeniyi Matthew as a con artist with a long record of elaborate scams, warning politicians and the public against using his claims to falsely implicate the Chief of Staff to the President, Femi Gbajabiamila.
In a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency said Matthew had been parading himself as Director-General of a fictitious Presidential Foreign Intervention Promotion Council, also referred to as the Presidential Economic Advisory Council.
Onanuga said the Office of the Chief of Staff to the President was, in fact, the first to alert security agencies to the activities of the illegal body after complaints from the Nigerian Investment Promotion Council that another so-called government agency appeared to be working at cross-purposes with it. NigeriaCurrent Affairs
According to the statement, the Chief of Staff had, in a letter dated October 17, 2025, asked the Department of State Services and the Police to investigate “fraudsters and impostors” forging appointment letters purportedly issued from his office.
The forged documents, the Presidency said, carried fake signatures, reference numbers and seals, and were being used to claim appointments into non-existent bodies, especially the so-called Presidential Foreign Intervention Promotion Council.
Gbajabiamila’s petition also alleged that Adeyemi Matthew operated from an office at the Federal Secretariat Complex, Phase III, Abuja, held meetings with Nigerians and foreigners, and requested a note verbale from the Ministry of Foreign Affairs to facilitate United States visas for some of his purported staff.
The Presidency said the Chief of Staff warned the security agencies that the development constituted a serious criminal act capable of undermining the integrity of the Presidency and official government communication.
The statement said the petition was accompanied by copies of the forged appointment letter, a request for a note verbale to the Ministry of Foreign Affairs, and pictures of engagements obtained from the illegal agency’s website.
It further added that the Ministry of Foreign Affairs had also raised concern about the fake agency after Adeyemi Matthew held a meeting with ambassadors at Wells Carlton Hotel and Apartments, Asokoro, on October 10, 2025, without recourse to the ministry.
In a letter dated October 15, 2025, signed by Ambassador Anderson Madubuike, the ministry wrote to the Office of the National Security Adviser and the Chief of Staff requesting clarification on Adeyemi Matthew’s agency, describing his action as a breach of diplomatic practice.
“This act contravenes extant rules and regulations guiding diplomatic practices globally”, the ministry stated.
The Presidency said the Office of the National Security Adviser later wrote to the Office of the Secretary to the Government of the Federation on October 20, while the OSGF, on October 29, wrote to the Chief of Staff seeking clarification following inquiries from government and non-governmental bodies.
The statement explained that Gbajabiamila had already sent a clear rebuttal to the Foreign Affairs Ministry two days earlier, stating that he never issued any appointment letter to Adeyemi Matthew as Director-General of the fake council.
He said the Chief of Staff could not have appointed anyone into a non-existent agency, adding that appointments and appointment letters are the responsibility of the Office of the Secretary to the Government of the Federation, not the Chief of Staff.
In another response to the OSGF on November 5, 2025, Gbajabiamila again denied knowledge of Adeyemi Matthew and the fake agency, saying Matthew and the so-called Presidential Foreign Investment Promotion Council were unknown to his office.
The Presidency said the Police, acting on the Chief of Staff’s October 17 petition, arrested Adeyemi Matthew on October 27, 2025, at the Abuja office where he allegedly operated the scam.
Police investigators also searched the office and Adeyemi Matthew’s residence in Suleja, recovering documents and exhibits.
In his statement to the Police, Adeyemi Matthew allegedly claimed that one Dolapo Babatunde Tanimola assisted him in procuring the fake appointment letter. Police later discovered that Tanimola had died in a fire incident at Kachi Hotel, Abuja, on October 22, five days before Matthew’s arrest.
According to Onanuga, the Police established that Adeyemi Matthew’s purported agency was fictitious, that he forged his appointment letter and other recovered documents, and that he falsely paraded himself as a government appointee.
The Police also found that he falsely solicited a note verbale from the Ministry of Foreign Affairs to secure United States visas for himself and his purported staff.
The statement further disclosed that Adeyemi Matthew operated 34 bank accounts, including nine opened in the names of fictitious agencies identified as FCT Investment Promotion Agency and Public Private Partnership, FIPA-APP, and FCT Investment Promotion Act.
It said Adeyemi Matthew allegedly used fake documents to fraudulently open a Central Bank of Nigeria account by misleading the Office of the Accountant-General of the Federation, though no government money had been transferred into the account. NigeriaCurrent Affairs
Quoting the police investigation report by Assistant Commissioner Kabir Mogaji, the Presidency said Adeyemi Matthew’s conduct amounted to criminal forgery, impersonation and obtaining by false pretence, bringing the Office of the Chief of Staff and the Presidency into disrepute before the public and the international community.
Based on the investigation, the Police filed an eight-count charge against Adeyemi Matthew and two alleged accomplices at the Federal High Court, Abuja, on November 27, 2025. He is expected in court on July 27.
The Presidency said Adeyemi Matthew was on police bail when he recently claimed that the Chief of Staff appointed him as Director-General of the fictitious agency, a claim Onanuga said contradicted his statement to the Police in November 2025.
The fresh claim, according to the statement, prompted the Chief of Staff to issue a disclaimer on June 8, 2026, consistent with earlier advisories that Adeyemi Matthew was an impostor.
“The case of Prince Adeniyi Adeyemi Matthew is a clear case of a con artist who appears to have built a web of false claims to deceive unsuspecting government officials and the public into playing by his scam book,” Onanuga said.
He added that Adeyemi Matthew had a history of fraudulent misrepresentation, recalling that in November 2016, he allegedly paraded himself as an ambassador and President-General of the World Youth Organisation, which he claimed was affiliated with the United Nations.
The statement said Adeyemi Matthew claimed to have been elected in New Delhi, India, and was celebrated by local media until the United Nations denied the existence of such a body.
The Presidency advised politicians and members of the public to disregard Adeyemi Matthew’s claims against the Chief of Staff rather than accepting his narrative without scrutiny.
It urged them to await the trial of Adeyemi Matthew and his alleged accomplices, as well as the court’s judgment, warning that public comments on the matter are sub judice.
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Update : NIMC Records Facilitate Arrest of Seven Boko Haram, ISWAP Commanders – Ojo Reveals
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NIMC database helped arrest seven Boko Haram, ISWAP commanders returning from Hajj – Minister
The Minister of Interior, Dr Olubunmi Tunji-Ojo, said on Friday that Nigeria’s integrated identity management system led to the arrest of seven suspected Boko Haram and ISWAP commanders returning from the 2026 Hajj pilgrimage.
Tunji-Ojo disclosed this at the Presidential Villa, Abuja, shortly after President Bola Tinubu signed the National Identity Management Commission Act 2026 into law, as contained in a statement signed by the President’s aide, Bayo Onanuga.
According to the minister, the suspects were arrested last Thursday at the Katsina airport after returning from Mecca and were subsequently handed over to the Department of State Services.
He said the arrests were made possible through the integration of the National Identity Management Commission database with the Nigeria Immigration Service database and its connection to Interpol.
”I know, sometime ago, the Senate President was alarmed by how some terrorists went on pilgrimage, wondering how they crossed our borders. We inherited a fractured system.
”But I’m happy to tell you that even last week, Thursday, seven of the known commanders of Boko Haram and ISWAP at the point of coming back from Mecca were arrested in Katsina at the airport and were handed over to the DSS.
”This is only possible because NIMC’s ID is already connected with the immigration database, and it’s already speaking to even the Interpol 24/7, and we have been able to automate this,” the minister said.
Tinubu signs NIMC Act into law
Tunji-Ojo said the newly signed NIMC Act would further strengthen Nigeria’s security architecture by accelerating the harmonisation of identity databases and improving inter-agency collaboration.
According to him, the law will enhance the integrity of the National Identity Number system while boosting the country’s capacity to combat identity theft, terrorism, financial crimes and other security threats.
He said that before the current administration, identity management systems were fragmented, noting that services such as passport issuance and driver’s licence processing were disconnected from the national identity database.
”When Mr President came on board, we had a disconnected system within our identity data management system. At that time, getting a passport and getting a driving permit were completely disconnected from our identity database.
”But today, you can’t get a Nigerian passport without pulling data from NIMC,” he stated.
Tinubu signed the NIMC Act 2026 on Friday in the presence of Senate President Godswill Akpabio, Deputy Speaker of the House of Representatives Benjamin Kalu and other senior government officials.
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