• FEC approves ₦47.5 trillion as estimated 2025 budget
• MultiChoice loses 243,000 Nigerian subscribers
• FG approves of $2.2 billion external loan
• UBA set to raise ₦239 billion in rights issue
• Mike Tyson returns to the boxing ring after 20 years to duel Jake Paul

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss. 

FEC approves ₦47.5 trillion as estimated 2025 budget

The Federal Executive Council (FEC) has approved ₦47.5 trillion as the estimated total budget of 2025 and sent the Appropriation Bill to lawmakers for approval.

Atiku Bagudu, the minister of budget and economic planning, made the announcement shortly after the FEC meeting, which was presided over by President Bola Tinubu.

It was revealed that the FEC also approved the Medium Term Expenditure Framework (MTEF) for 2025-2027, in line with the Fiscal Responsibility Act of 2007.

MultiChoice loses 243,000 Nigerian subscribers

MultiChoice, the parent company of DSTV and GOTV, has announced that they have recorded many subscribers who disconnected their subscriptions to services in Nigeria and Zambia.

The report stated that about 243,009 Nigerians disconnected their subscriptions from the services, 298,000 Zambians discontinued their subscriptions, and 180,000 South African users stopped paying for DSTV and GOTV subscriptions.

This was linked to the rise in Nigerian inflation and constant power outages in Zambia. The company noted that its active subscribers declined by 1.8 million to 14.9 million due to several conditions.

FG approves of $2.2 billion external loan

The federal government has once again sought to borrow from external sources, approving the request of $2.2 billion.

The Minister of Finance, Wale Edun, revealed that the Federal Executive Council (FEC) approving the loan was part of the FG’s external borrowing programme for the 2024 Appropriation Act.

“The financing initiative will combine Eurobond and Sukuk offerings—estimated at $1.7bn and $500m, respectively, to reinforce Nigeria’s fiscal stability,” the minister said.

UBA set to raise ₦239 billion in rights issue

The United Bank of Africa (UBA) has issued 6 billion ordinary shares of 50 kobo each at the rate of ₦35 per share in a rights issue to raise ₦239 billion in its quest to meet the Central Bank of Nigeria’s fresh capital requirements.

The rights issue will enable all existing shareholders to buy one new ordinary share for every five existing shares that the shareholders control.

“UBA’s Rights Issue aims to raise N239.4bn by issuing new ordinary shares to our shareholders. The primary objective of this rights issue is to strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry further,” Tony Elumelu said in a letter.

Mike Tyson returns to the boxing ring after 20 years to duel Jake Paul

Iconic boxing legend Mike Tyson has returned to the boxing ring after 20 years in retirement to battle with YouTuber Jake Paul.

The 58-year-old former heavyweight champion is set to fight with 27-year-old Jake Paul on November 15, 2024, at the AT&T Stadium in Texas, USA.

The much-anticipated battle was initially meant to occur earlier this year but was postponed due to Tyson’s health condition. The battle is said to be one of the biggest boxing matches in modern history as Mike Tyson, who has not fought in any professional ring for almost two decades, would be facing a young Jake Paul.