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How Green Space Recyling’s Yemi Megbope Allegedly Dupes Investor Of N42million

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2 years ago

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Being a sustainability adherent, Joshua Adegbola participated in a seminar organised by the Lagos Business School in 2019 with the hope that the platform would connect him with the right people and ultimately propel him into realising his lifelong ambition – owning a recycling plant.

 

During the seminar, he met Yemi Megbope, who was equally a recycling enthusiast, and thought his prayer had been answered.

 

Yemi Megbope.

 

After the exchange of ideas and an extensive conversation on recycling, Megbope offered Adegbola a stimulant – an invitation to her recycling plant in Ikorodu, Lagos.

 

“I paid a visit to her factory called Green Space Recycling Services Ltd. in Ikorodu in 2019 and was impressed by what I saw. I became so excited that I expressed my desire to set up something similar to hers,” Adegbola said.

 

The N34 million invoice Megbope sent to Adegbola

 

The PSP operator said he began making payments to Megbope in tranches but was forced to ask for a refund when he noticed a grey area in the agreement they had.

 

“When I started having doubts about all the things she told me, I took my money back from her. However, when she gave me assurances that my funds were safe, I started paying the money back to her in tranches,” Adegbola said.

 

“She said there was no problem and that I should reach out to her anytime I was ready.

 

“I asked her what it would cost me to set up a similar recycling centre, especially in the area of getting all necessary equipment needed for the business, and she said she would find out and get back to me.”

 

Adegbola said he reached out to Megbope in June 2020 when he felt he was ready to start the business.

 

“When I told her I was ready, she gave me a quotation of N29.2 million and a list of the equipment that would be transported to Nigeria from China once I made payment,” Adegbola said.

“When she gave me the list, I told her I personally didn’t have that kind of money but there were people that could borrow me.”

 

The moment Adegbola recommenced payment for the equipment he needed, the narrative changed.

 

“After paying a considerable amount out of the N29.2 million she said the equipment would cost me, she reached out to me and said the dollar exchange rate had changed and that I now had to pay N34 million,” Adegbola said

 

“I couldn’t go back at that point, so I had to make the additional payment she requested.

 

“In February 2021, I completed the payment after I was able to raise the money from friends.

 

“Mogbope told me my equipment would arrive Nigeria in March, 2021.

 

“For me to be able to clear the machines when they eventually arrive the Apapa port, she initially told me, it would cost N4.6 million. But later, she said it would cost me N6.6 million.

 

“At the end of the day, the entire amount I paid to Mogbope was N42,080,000 million. It was also agreed that the equipment I ordered would come in ‘two full containers.’”

 

 

 

WHAT ADEGBOLA ORDERED VERSUS WHAT HE GOT

 

 

 

Yemi Megbope

 

The goods did arrive the Apapa port in March, 2021, as Megbope promised. However, they did not come in ”two full containers” as promised and this sent an immediate signal to Adegbola that something was not right.

 

“When the goods arrived, I noticed they were scattered in six different containers,” the PSP operator said.

 

“I also saw that they loaded other peoples’ goods with mine in all six containers. I quickly sensed that the equipment she had ordered on my behalf was not even up to two containers and that was why she had them scattered in other people’s containers.”

 

Just like he had suspected, when the machines were brought out, Adegbola realised that they were not complete.

 

“Without wasting any further time, I decided to confront her about the incomplete machines that were delivered to me,” Adegbola said.

 

“This was when she said the money I paid her could not buy the whole equipment and that she only later decided to buy the most important ones I would be needing among them.

 

“She added that I should still be able to start my plant with the incomplete but key machines that were delivered to me. She even advised me to buy the missing ones locally.

 

“I became so sad because the equipment Megbope handed over to me were not worth N42 million. I also became quite depressed because I knew I had been defrauded.”

 

THE ACTUAL COST OF THE MACHINES MEGBOPE COLECTED N40M FOR AND STILL DID NOT DELIVER

 

Adegbola told us that he decided to do an independent finding online to know the actual cost of the machine Megbope collected over N40 million for.

 

“Luckily for me, I came in contact with the actual Chinese company that Megbope purchased the equipment from and they sent me all relevant correspondents on the inquiry I made,” Adegbola said.

 

“I then requested for an invoice from the company, and when they sent it, the equipment she collected about $100,000 from me for – because as of then a dollar was still being exchanged for N430 – was less than $25,000!

 

“This meant that the actual cost of all the equipment was within the region of N15 million.

 

“How could she have collected almost triple the actual amount from me and still not deliver all the equipment I needed? I was really mad.”

 

“Despite making over N27 million off me, she still chose not to deliver the complete equipment. Is that not wickedness?”

 

THE MEETING

 

Adegbola told our correspondent that he later scheduled a meeting with Megbope to allow both parties fashion out a solution on the matter.

 

“In the meeting, I told her my findings and the actual amount the Chinese company told me the equipment cost and she gave an excuse that she didn’t go to China herself,” Adegbola said.

 

“She also claimed she made the purchase through an intermediary.

 

“I then asked her, ‘You claimed to have used an intermediary, yet after swindling me this much, you still did not deliver all I requested for?’”

 

Adegbola said he insisted that Megbope get in touch with the intermediary so he could speak to him directly but she became evasive.

 

“I told her I paid for two containers so that my equipment wouldn’t get mixed up with those of others. It was clear she had my equipment scattered in different containers because of the fraud she wanted to perpetrate,” he said.

 

 

 

THE FAILED PROMISES THAT FOLLOWED

 

Adegbola said he had been asking Megbope to deliver the outstanding equipment since March, 2021, but she had continued to give him excuses.

 

In February, he got his lawyer to write her a demand letter.

 

 

 

First Demand Letter Adegbola Wrote to Megbope

 

“In February 2022, I got my lawyer to write her a letter demanding that she address my concern by making the other outstanding equipment available,” Adegbola said.

 

First Demand Letter Adegbola Wrote to Megbope

 

“Her lawyer wrote us back that the reason I did not get all the complete equipment was that there was ‘a mix up from China’. He also said they would be delivered soon. Till date, however, there has been no further response from them.

 

“I later asked her to pay me the equivalent of the outstanding equipment so that I could make the purchase on my own but she still did not respond.”

 

Adegbola said he wrote another letter to Megbope in September but still did not get any favourable response.

 

Message Between Agebola and Megbope

 

“She later sent me a series of WhatsApp messages to ask me where I would want her to deliver the items to. I sent the address to her and to her lawyer also,” Adegbola said.

 

“Till we speak, she still has not delivered them.”

 

Another Demand Letter Written in March

 

Adegbola said he had been getting messages from his creditors to repay the loans he collected from them between 2020 and 2021.

 

I don’t know why she doesn’t want me to flourish,” Adegbola said.

 

“The loan that I secured in order to pay her for the equipment has now risen to over N80 million because of the interest I am supposed to pay on it. It has continued to accumulate interest at a compounding rate.

 

“She has killed my business and I know she is after my life. One of the things that can throw a man into depression is debt, especially when it is an unserviceable debt.

 

“Every day, I wake up, go about my business and come back home to an ever-increasing debt, and this is because Megbope has decided to hold on to what could have brought forth the income I could have used in repaying the debt.

 

“It’s been over 20 months since I made the payment to her.”

 

 

 

REVELATION FROM THE SOURCE

 

Final Demand Notice Issued in October

 

Adegbola said he later reached out to a Chinese contact who also knew about the development.

 

What the Chinese contact revealed to me was disturbing,” Adegbola said.

 

“He told me that Megbope sold my equipment to another person. I also was able to establish that she paid around N15 million for the equipment and kept over N27 million for herself. Yet she did not supply all she was supposed to supply to me.

 

“I challenged her to bring out the list of equipment she ordered and the prices that were given to her by the manufacturers, but she never released the actual price list to me. She only sent me the total sum I was to pay.”

 

Adegbola said that apart from the N27 million fraud, Megbope had also refused to deliver essential machines like a rising tank, three screw loaders and one hot washing tank to him.

 

“It has been a tormenting journey. It is an episode that can make you lose your mind,” the PSP operator said.

 

‘OUR LAWYERS ARE ALREADY SORTING ISSUES OUT’

 

When contacted Megbope for comments on the matter, she said her lawyer was already working with Adegbola’s lawyer to get the issue resolved.

 

“He already told a lawyer to write to me on the issue. I have also contacted mine and they are already exchanging correspondence,” Megbope said.

 

When she was further asked whether she would like to react to the allegation levelled against her, she said she preferred to allow her lawyer do his job.

 

“When lawyers are having conversations, it is always better to allow them do their job. At the end of the day, the legal route is like the ultimate [sic],” she said.

 

After the conversation Megbope had with our reporter, she again reached out to Adegbola in November 2022, promising to deliver the equipment in one week. But she failed again in making good the promise.

 

 

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Former banker, Femi Olushakin, others arraigned for alleged armed robbery

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8 hours ago

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December 21, 2024

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A former banker turned businessman, Olufemi Olalekan Olushakin alongside two others on Thursday were arraigned before the Chief Magistrate’s Court in Ibadan, Oyo State for alleged robbery.

 

Olushakin —now at large— and the two suspects — Ayomide Akanbi and David Adewale— were alleged to have conspired to commit felony to-wit armed robbery and thereby committed an offence contrary to and punishable under Section 6 (B) of the Robbery and Firearms (Special Provision) Act Cap RII Vol. 14 Laws of the Federal Republic of Nigeria 2004.

 

In the case with Charge number: MI/1672C (Commissioner of Police, Oyo State Vs. Ayomide Akanbi, M, 32 and David Adewole, M, 47): “Count 1: That you (1) Ayomide Akanbi ‘M’ (2) David Adewole ‘M’ and one Olusakin Olufemi Olalekan ‘M’ now at large on 13th December, 2024 at about 5:00pm at Global Signature Hotel, New Gbagi Road, Ibadan in the Ibadan Magisterial District did conspire together to commit felony to-wit Armed Robbery and thereby committed an offence contrary to and punishable under section 6 (B) of the Robbery and Firearms (Special Provision) Act Cap R II Vol. 14 Laws of the Federal Republic of Nigeria 2004.

 

“Count 11: That you (1) Ayomide Akanbi ‘M’ (2) David Adewole ‘M’ and one Olusakin Olufemi Olalekan ‘M’ now at large on the same date, time and place in the above Magisterial District while armed yourselves with guns and some other dangerous weapons did attack one Akinola Dare ‘M’ and also dispossessed him of cash sum of Two Million, One Hundred and Forty Thousand Naira (N2,140,000.00) only, property of Global Signature Hotel Limited and thereby committed an offence contrary to and punishable under Section 1 (2) of the Robbery and Firearms (Special Provision) Act Cap R II Vol. 14 laws of the Federal Republic of Nigeria 2004.”

 

The Police Prosecutor, Inspector Kefas Usman told court that Olushakin —a former branch manager with a second generation bank and now Chairman of LAC Autos & Spare Ltd.— alongside Akanbi, Adewale and others on the night of Friday, December 13, allegedly forcefully gained entrance into Global Signature Hotel in Ibadan by disarming the security men at the gate.

 

Usman stated that the suspects made forceful and unlawful entry into the hotel, went straight to the control room, destroyed the CCTV memory and cut off the CCTV machine.

 

“After vandalizing it, they went to the POS machine, took the machines of the company, went to the manager of the hotel, one Dare Akinola, at gunpoint took him to the cash registry to collect all the sales of the week including room sales, lodgment, bar & hall payment totalling over N2,140,000 (Two million, One hundred and forty thousand Naira).

 

“They went to all the rooms, rounded up all the customers, and forcefully asked them to transfer money into Olushakin’s personal account during the robbery.

 

“At gunpoint, they gathered everybody to the reception, laid them down at gunpoint and in fear of their lives, the customers made cash transfers to Olushakin’s accounts, they vandalized some other things, took the lodgment book, computers, and other equipment.”

 

The Chief Magistrate, Mrs. Giwa Babalola, ordered that the suspects should be remanded at the Agodi Correctional Center in Ibadan.

 

She adjourned the case till January 29, 2025 for further mention.

 

However, with Olushakin’s absence during the arraignment, the Oyo State Police Command has launched a manhunt for him with a bounty of N5 million placed on him to the public for anybody with useful information leading to arrest.

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Oyo Stampede: Ooni’s ex-wife Naomi Silekunola, others arrested as police confirm 35 minors dead.

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2 days ago

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December 19, 2024

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Oyo State Police Command has confirmed the arrest of organisers of the children’s funfair at Islamic High School, Basorun, Ibadan on Wednesday which resulted in a tragic stampede claiming the lives of 35 children.

 

In a statement released on Thursday, the command’s spokesperson, Osifeso Adewale, disclosed that Prophetess Naomi Silekunola, the main sponsor of the event and former wife of the Ooni of Ife, Oba Adeyeye Ogunwusi, has also been taken into custody.

 

 

Sequel to the Stampede incident recorded on Wednesday 18/12/2024 at the Islamic High School, Basorun, Ibadan venue of the family event Organized by Wings Foundation and Media partners Agidigbo Fm, the Oyo State Police Command wishes to inform the good people of the State that (8) Persons have since been arrested for their various involvements,” the statement said.

 

“These persons include the main event sponsor, Prophetess Naomi Silekunola ’f’ age 31yrs, Fasasi Abdulahi, ’m’ age 56yrs (School Principal Islamic High School, Ibadan), Genesis Christopher, ’m’ age 24yrs, Tanimowo Moruf,’m’ age 52yrs, Anisolaja Olabode, ‘m’ age 42yrs, Idowu Ibrahim, ‘m’ age 35yrs and Abiola Oluwatimilehin, ’m’ age 25yrs.

 

 

“So far (35) Thirty-Five Minors have been documented Dead while (6) Six others are critically injured and on various Medical Interventions.

 

 

In furtherance of the above, the case has since been transferred to the Homicide Section of the State Criminal Investigation Department, Iyaganku with the Deputy Commissioner of Police in charge leading the investigations.

 

 

“So also, residents around the axis are advised not to panic as they would witness high-level patrols and visible Police presence to prevent hoodlums from taking advantage of the unfortunate situation.”

 

The command said it sympathised with all the families of those affected by the tragedy and assured that justice would be served accordingly.

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Tinubu presents 2025 budget to National Assembly

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3 days ago

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December 18, 2024

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… PRESENTATION BY HIS EXCELLENCY, PRESIDENT BOLA AHMED TINUBU, GCFR   OF   THE 2025

BUDGET OF RESTORATION: SECURING PEACE, REBUILDING PROSPERITY   TO   A JOINT SESSION OF THE NATIONAL ASSEMBLY ON WEDNESDAY 18TH DECEMBER, 2024

 

PROTOCOLS: — The Vice President, Senator Kashim Shettima — Senate President, Distinguished Senator Godswill Akpabio — Right Honourable Speaker, Tajudeen Abbas — National Chairman of our great party, Excellency, Abdullahi Umar Ganduje — State Governors here present — Distinguished Leaders and Members of the National Assembly — Senior Government Officials here present — Gentlemen of the press,   My Fellow Nigerians,

1. In fulfilment of one of my constitutional duties and with unyielding commitment to rebuilding Nigeria towards ensuring that we remain steadfast on the journey to a prosperous future, I hereby present the 2025 Budget to the Joint Session of the 10th National Assembly.

2. On this day, before this hallowed chamber, I present to you the 2025 Budget at a time when our country is at a crucial point in its development trajectory.

3. The 2025 Budget Proposal again reinforces our administration’s roadmap to secure peace, prosperity, and hope for a greater future for our beloved nation. This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.

4. The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway. It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness. I thank every Nigerian for embarking on this journey of REFORMS and TRANSFORMATION with us.

5. The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy. That there have been difficulties and sacrifices. They will not be in vain. And we must keep faith with the process to arrive at our collectively desired destination.

6. We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.

7. The 2025 budget that I present today is one of restoration. It seeks to consolidate the key policies we have instituted to restructure our economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get our manufacturing sector humming again and ultimately increase the competitiveness of our economy.

8. We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.

9. The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory.

CURRENT ECONOMIC REALITIES AND PROGRESS

10. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly, I report today that our economy is responding positively to stimulus. Our objective is to further stimulate the economy through the implementation of targeted fiscal stimulus packages through public expenditures and specific non-inflationary spending.

11. The reforms we have instituted are beginning to yield results. Nigerians will soon experience a better and more functional economy.

12. Global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.   o Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.   o Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.   o Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.   13. These clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.   2024 BUDGET PERFORMANCE   14. I am happy to inform this National Assembly that our administration attained remarkable milestones in implementing the 2024 Budget. In 2024, we achieved:   o 14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter.   o 21.60 trillion naira in expenditure, representing 85 percent of our target, also in the third quarter.   15. While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt.   PHILOSOPHY OF THE 2025 BUDGET   16. The 2025 Budget seeks to: o Restore macroeconomic stability.   o Enhance the business environment.   o Foster inclusive growth, employment, and poverty reduction.   o Promote equitable income distribution and human capital development.   17. Our budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.   2025 BUDGET OVERVIEW   18. The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.   o In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.   o Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.   o A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.   19. This is an ambitious but necessary budget to secure our future.   20. The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).   21. These projections are based on the following observations:   o Reduced importation of petroleum products alongside increased export of finished petroleum products.   o Bumper harvests, driven by enhanced security, reducing reliance on food imports.   o Increased foreign exchange inflows through Foreign Portfolio Investments.   o Higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.   KEY PRIORITIES: REBUILDING NIGERIA   22. Our budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.   23. Highlights of the 2025 Budget Allocations: • Defence and Security: N4.91 trillion • Infrastructure: N4.06 trillion • Health: N2.48 trillion • Education: N3.52 trillion   24. As we embark on implementing the 2025 Budget, our steps are deliberate, our decisions resolute, and our priorities are clear. This budget reflects a renewed commitment to strengthening the foundation of a robust economy, while addressing critical sectors essential for the growth and development we envision.   Securing Our Nation: 25. Security is the foundation of all progress. We have significantly increased funding for the military, paramilitary, and police forces to secure the nation, protect our borders, and consolidate government control over every inch of our national territory. The government will continue to provide our security forces with the modern tools and technology they need to keep us safe. Boosting the morale of our men and women in the armed forces will remain our government’s top priority.   26. The officers, men, and women of our Armed Forces and the Nigerian Police Force are the shields and protectors of our nation. Our administration will continue to empower them to defeat insurgency, banditry, and all threats to our sovereignty. Our people should never live in fear—whether on their farmlands, highways or cities. By restoring peace, we restore productivity, revive businesses, and rebuild our communities.   Infrastructure Development: 27. When we launched the Renewed Hope Infrastructure Development Fund, it was with the conviction that infrastructure remains the backbone of every thriving economy. Under this programme, we are accelerating investments in energy, transport, and public works. By leveraging private capital, we hope to complete key projects that drive growth and create jobs. We have already embarked on key legacy projects: Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will have a huge impact on the lives of our people and accelerate economic output.   Human Capital Development: 28. Our people are our greatest resource. That is why we are making record investments in education, healthcare, and social services:   o Our administration has so far disbursed 34 billion naira to over 300,000 students via the Nigeria Education Loan Fund (NELFUND). In the 2025 Budget, we have made provision for 826.90 billion naira for infrastructure development in the educational sector. This provision also includes those for the Universal Basic Education (UBEC) and the nine new higher educational institutions.   o We are convinced that Universal Health Coverage initiatives will strengthen primary healthcare systems across Nigeria. In this way, we have allocated 402 billion naira for infrastructure investments in the health sector in the 2025 Budget and another 282.65 billion naira for the Basic Health Care Fund. Our hospitals will be revitalised with medication and better resources, ensuring quality care for all Nigerians. This is consistent with the Federal Government’s planned procurement of essential drugs for distribution to public healthcare facilities nationwide, improving healthcare access and reducing medical import dependency.   Revitalizing Agriculture: 29. Increasing agricultural production is central to our food security agenda, but insecurity has crippled this vital sector. We are supporting our farmers with funding and inputs to reignite productivity. Food security is non-negotiable. In this regard, we are taking bold steps to ensure that every Nigerian can feed conveniently, and none of our citizens will have to go to bed hungry.   30. Distinguished Senate President, Right Honourable Speaker of the House of Representatives, leaders and members of both Chambers of the National Assembly and fellow Nigerians, our 2025 budget proposal is not just another statement on projected government revenue and expenditures. It is one that calls for action. 31. Our nation faces existential threats from corruption and insecurity and suffers from many past poor choices. These challenges are surmountable when we work collaboratively to overcome them. We must rewrite the narrative of this nation together, with every leader, institution, and citizen playing their part.   32. The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.   33. As your President, I remain committed and resolute to continue to lead the charge.   34. This 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope. It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved.   35. It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly the 2025 Budget of the Federal Government of Nigeria titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity.   36. May God bless our Armed Forces and keep them safe. May God bless the Federal Republic of Nigeria.   Thank you.     Bola Ahmed Tinubu, GCFR President, Commander-in-Chief of The Armed Forces, Federal Republic of Nigeria

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