GRBusiness
National Assembly raises 2018 budget to N9.12tn
The National Assembly has raised the 2018 budget by over N508bn, bringing it to N9.12tn.
The original estimates presented to the legislature on November 7, 2017 by President Muhammadu Buhari totalled N8.612tn.
The new budget size was contained in the report of the joint Senate and House of Representatives Committee on Appropriation laid before lawmakers in Abuja on Tuesday.
The crude oil benchmark price of the budget was also increased from $45 to $50.5.
The benchmark alteration confirmed a story by The PUNCH on May 1, 2018 that lawmakers had proposed to increase the benchmark because of the steady rise in the global price of crude.
From about $50 per barrel in November 2017 when Buhari laid the budget estimates, lawmakers noted that the crude oil price had jumped to around $80.
At the House of Representatives, the Chairman, Committee on Appropriation, Mr. Mustapha Bala-Dawaki, presented the report to the House session, which was presided over by the Deputy Speaker, Mr. Yussuff Lasun, on Tuesday.
Lasun announced that the budget would be passed today (Wednesday).
He asked members to pick copies of the report as early as 8am and read it, preparatory to the consideration and passage of the budget.
“Get your copies as from 8am so that by afternoon, we will begin to pass the budget. This announcement is very important, because we will adjourn the House on Thursday to go for the APC congresses”, the deputy speaker informed his colleagues.
There are other changes to the original document as contained in the National Assembly report, different from Buhari’s proposals.
In the President’s estimates, the recurrent expenditure was captured as N3.494tn. But in the new report, it was raised to N3.516tn.
Similarly, the development fund for capital expenditure was raised to N2.869tn from the N2.652tn proposed by the President on November 7.
The provision for statutory transfers also rose to N530.421bn from N456bn.
Debt servicing provision rose to N2.203tn from N2.014tn. The new figure includes the N190bn for the “Sinking Fund.”
However, the naira/dollar exchange rate was retained at N305 to $1.
The daily crude oil production was also retained at 2.2 million barrels.
Also, the Senate on Tuesday received the report on the 2018 Appropriation Bill from the Committee on Appropriations and might pass the budget today (Wednesday).
The Chairman of the committee, Senator Danjuma Goje, laid the report before the Senate at the plenary on Tuesday.
The Chairman of the Senate Committee on Media and Public Affairs, Senator Aliyu Sabi-Abdullahi, had on different occasions said the budget would be passed after the report was presented.
‘We’ll pass remaining parts of PIB in July’
Meanwhile, the ad hoc committee of the House on the Petroleum Industry Bill started a public hearing on the three remaining parts of the PIB on Tuesday.
The committee, which, is chaired by the Chief Whip of the House, Mr. Alhassan Ado-Doguwa, presented the three bills.
They are the Petroleum Industry Fiscal Bill, 2018; Petroleum Producing Host and Impacted Communities Bill, 2018; and Petroleum Industry Administration Bill, 2018.
The National Assembly has already passed the Petroleum Industry Governance Bill, 2017, now awaiting the assent of Buhari.
The Speaker of the House, Mr. Yakubu Dogara, who opened Monday’s hearing, disclosed that by July, the three bills would have been passed.
“We are ready to pass these bills before proceeding on our annual recess. The commitment is there to make a break from the delays of the past years,” Dogara assured the session.
On his part, Ado-Doguwa gave reasons why the current 8th Assembly opted to split the PIB into four parts.
He explained that in the past, the PIB suffered setbacks because all the issues were rolled into one bill.
Ado-Doguwa recalled that some of the issues generated controversies and resulted in the entire bill being rejected.
He stated that this time round, the issues were separated in the four bills so that they would be adequately addressed on their merits.
He added, “You are aware that the PIGB has since been passed by this legislature. These remaining three bills are already on course and we are looking forward to passing them as well.
“In this way, we will have separate bills, each addressing a particular oil industry issue in order to avoid the pitfalls of the past.”
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu; and the Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, were absent at the hearing on Monday.
Commenting on their absence, Dogara said it showed the seeming lack of interest of the executive arm of government in having the PIB in place.
“I can see that the minister and the NNPC boss are not represented here. That is not a problem. On our part, we have resolved that before we break for our annual recess, we will pass these bills”, the speaker said.
FG has capacity to implement N9.1tn budget – Experts
Finance and economic experts said that the N9.1tn budget size was implementable.
Those who spoke to one of our correspondents in separate telephone interviews were the Registrar, Institute of Finance and Control of Nigeria, Mr. Godwin Eohoi; a former Director-General, Abuja Chamber of Commerce and Industry, Mr. Chijioke Ekechukwu; and a developmental economist Odilim Enwagbara
Eohoi said in view of the fact that oil prices had been on the upward trend in recent times coupled with the aggressive tax revenue drive of the Federal Government, implementing a budget of that size would not be too difficult.
He stated, “It will be possible to finance the budget of N9.1tn because looking at the oil price, it was at $50 to a barrel when the budget was presented, but now it’s selling for above $70 per barrel. So, it is still within acceptable limit for the lawmakers to raise the benchmark to $50 per barrel.
“There are other windows available for the government to generate more revenue considering the aggressive drive to raise tax revenue from six per cent of the GDP to 15 per cent. So, I think the budget is implementable by the government.”
Enwagbara said at N9.1tn, the Federal Government’s budget was still low compared to the country’s GDP size.
He noted that for the budget to make any significant impact, it must be raised to about 10 per cent of the GDP.
He stated, “Nigeria’s budget is for consumption and what they did is to increase the capital portion of the budget. But I believe we should also raise the budget benchmark price from the $50 proposed by the lawmakers to $80 per barrel to enable us to deploy more revenue to fund the budget.
“The budget should be increased further to about 10 per cent of our GDP because we have one of the lowest budgets in the world. When South Africa is budgeting about $200bn, Nigeria has about $28bn budget for the year, this is very low for us as a country.”
Ekechukwu, on his part, stated, “The increase in the budget figures by the National Assembly can be absorbed by the expected revenue from oil and other sectors.
“This revenue expectation does not obliterate the deficit end of the budget, which will still be funded by debts. Much as the debt profile of Nigeria is rising every day, the debt to the GDP ratio is still not above any tolerable benchmark.
“As far as the increase is not arising from indiscriminate and arbitrary increase for selfish gains, the budget will be implementable.”
An economic expert and Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said the expected increase in revenue on the back of rising oil prices should either be used to reduce government borrowing or be channelled entirely to capital projects rather than increasing recurrent expenditure, debt servicing and statutory transfers.
He stated, “If the government is projecting an increase in revenue, that increase in revenue should have been used to bring down the amount that it is going to borrow in the fiscal year, and subsequently bring down the debt service costs. That way, the government would have had a more prudent fiscal budget.
“What will be the motivation for increasing the statutory transfers? It simply means that more money is going to the National Assembly, because part of the statutory transfers goes to the National Assembly, the judiciary and some agencies of government that are self-accounting. I think ordinarily, everybody in the National Assembly should be focused on having a more prudent financial position for the Federal Government.”
Source: Punchng.com
The International Monetary Fund has urged Nigeria to revise its ₦54.99 trillion 2025 budget downward in response to weakening oil revenues.
It also recommends continued tight monetary policy and high interest rates until inflation further slows.
These suggestions may appear sound within orthodox economic models, but for most Nigerians, they are a recipe for deeper suffering.
Yes, inflation has decelerated—from an average of 31% in 2024 to 22.97% by May 2025. But that improvement hasn’t reached the dinner table.
Food prices remain brutal. Over 33% of Nigerians are officially unemployed, and more than 130 million people live in multidimensional poverty.
Behind every number is a family skipping meals, a child pulled out of school, or a shopkeeper forced to shutter their store.
One of the most damaging constraints in today’s economy isn’t the lack of money—it’s the inability to access it. Most banks avoid lending to those who need credit most.
When they do, they slap on interest rates of 27% to 30% and demand collateral far exceeding the value of the loan. It’s a system that locks out the very people who could drive recovery.
Credit is the oxygen of an economy. Without it, farmers don’t plant, factories sit idle, and markets shrink.
Former U.S. Federal Reserve Chair Ben Bernanke—an expert on financial crises—once observed that the core problem isn’t always overspending, but when capable people can’t borrow. Nigeria is falling squarely into that trap.
There is a way out. By reallocating just 3% of the national budget—₦1.65 trillion—the government could establish a national loan guarantee fund.
This fund would cover the first ₦10 million in loan risk per borrower, giving commercial banks the confidence to extend credit to those who actually produce.
With an average loan size of ₦1 million, such a move could unlock financing for 1.65 million small-scale farmers, cooperatives, and traders. Even if just two-thirds of those efforts succeed, that’s over a million new jobs.
The revenue return is clear. Increased employment expands the tax base. New businesses generate more goods, services, and local demand. Social safety nets face less pressure. That ₦1.65 trillion doesn’t vanish—it circulates, stimulates, and ultimately strengthens the economy.
Meanwhile, the IMF’s warning about Nigeria’s fiscal deficit possibly rising from 4.1% to 4.7% of GDP amounts to a difference of roughly ₦660 billion. That figure is modest compared to the trillions lost annually to inefficiencies and leakages.
It’s also less than what a single thriving sector—such as agriculture, construction, or telecoms—can contribute if properly enabled.
If austerity deepens poverty and chokes productivity, then even those advocating restraint today will soon label the country “unstable” tomorrow. But the burden won’t fall on spreadsheets. It will fall on people.
Nigeria doesn’t need to blindly follow rigid templates drawn up in distant boardrooms. It needs a tailored approach that empowers its own citizens.
The economy cannot grow if credit is frozen. The people cannot thrive without opportunity. And the nation cannot progress on fiscal neatness alone.
We don’t need applause from global observers. We need access—for those ready to build, employ, feed, and innovate. Let’s open the gates, not seal them.
Abidemi Adebamiwa is the Managing Editor @ Newspot Nigeria
Transport
Enugu Air, CNG Buses, Transport Terminals Take off in May
… Govt set to develop tourist sites, reports SANDRA ANI
… Work starts on Nnamdi Azikiwe Stadium, Awgu Games Village in earnest
The Enugu Air, CNG Mass Transit Programme, and the ultramodern transport terminals all built from scratch by the Governor Peter Administration are to be launched for operation before the second anniversary of the government.
The government has also approved the development of the state’s tourism industry, while total transformation of the Nnamdi Azikiwe Stadium and Awgu Games Village will start in June to get them ready for the National Sports Festival to be hosted by the state in 2026.
These were made known by the Commissioner for Transportation, Dr. Obi Ozor; Commissioner for Culture and Tourism, Dame Ugochi Madueke; Commissioner for Works and Infrastructure, Engr. Gerald Otiji; and Commissioner for Youth and Sports Development, Barr. Lloyd Ekweremadu after the State Executive Council meeting at the Government House, Enugu, at the weekend.
Briefing Government House Correspondents, Ozor said, “We are starting off with the initial three aircraft and two of the aircraft are already on ground. The third one will be on ground by the end of this month. We are hoping to start the commercial operations before the second year anniversary of this administration.
“You have also seen buses for the mass transit programme across the state. 50 of them are already parked at Okpara Square, and an additional 50 will be joining that fleet in the next few weeks. The 100 of them will be going into commercial operations before the end of this month, which is the second year anniversary.
“Also, the bus terminals, two at Holy Ghost, one each at Gariki, Abakpa and Nsukka, will also be commissioned and go into commercial operations before the 29th of May, this year.”
He added that the government planned to bring in the electric and CNG automotive manufacturing plant into Enugu as well as launch in the next 150 days the Enugu Smart Transport Programme, which would see to the injection of over 2,000 electric vehicles.
Also briefing newsmen, Dame Madueke said funds would be invested in the tourism industry in phases.
“We are going to have it in phases. For the first phase, we are having Awhum Waterfall, Nsude Pyramid where we are going to have the first canopy walkway in the South East. It measures about 600 metres, which will actually be the longest in Nigeria.
“We also have Ngwo Pine Forest where we are having the first zipline in Nigeria. The zipline will measure about 300 metres. In the same Ngwo, we will have a big rotunda and a smaller rotunda. We have the Cross of Hope to be located at Okpatu. The Cross of Hope will be sitting 580 metres above sea level and the cross itself will measure about 50 metres, making it a total of about 630 metres above sea level. The cross will have about 15 floors with a lift.
“At Awhum Waterfalls, we are going to have another canopy walkway and a boardwalk to preserve the ecosystem.
“We equally have the Akwuke/Atakkwu Waterpark and Ovu Lake Golf and Resort at Akpawfu,” she stated.
She explained that all the tourist sites would have experience centres, food courts and renewable energy, adding that tour buses would soon arrive to ensure ease of movement of tourists.
Ahead of the 23rd edition of the National Sports Festival, Enugu 2026, Barr. Ekweremadu said the State Executive Council had equally directed the commencement of work both at the Nnamdi Azikiwe Stadium and Awgu Games Village not later than June.
“We also briefed the council on the progress made in establishing a Lab for Animation for young people in Enugu State, which His Excellency will be commissioning soon. The lab is ready.
“We are similarly working towards empowering over 2,100 young people across the state, who were trained around December last year. This empowerment will be coming up on the 12th of August, being the International Youth Day’” Ekweremadu concluded.
Energy
NNPC, Dangote Strengthen Strategic Partnership
Bot partners reaffirmed commitment to Healthy Competition Towards National Prosperity, reports SANDRA ANI
As part of ongoing efforts to promote mutually beneficial partnerships and foster healthy competition, the Nigerian National Petroleum Company Limited (NNPC Ltd.) and Dangote Petroleum Refinery & Petrochemicals (DPRP) have pledged to deepen collaboration aimed at ensuring Nigeria’s energy security and advancing shared prosperity for Nigerians.
This commitment was made during a courtesy visit by the President/Chief Executive of Dangote Group, Mr. Aliko Dangote, and his delegation to the Group CEO of NNPC Ltd., Mr. Bashir Bayo Ojulari, and members of the company’s Senior Management Team at the NNPC Towers, on Thursday.
During the visit, Dangote pledged to collaborate with the new NNPC Management to ensure energy security for Nigeria.
“There is no competition between us, we are not here to compete with NNPC Ltd. NNPC is part and parcel of our business and we are also part of NNPC. This is an era of co-operation between the two organizations.” Dangote added.
While congratulating the GCEO and the Senior Management Team on their “well-deserved appointments,” Dangote acknowledged the enormity of the responsibility ahead, noting that the GCEO is shouldering a monumental task, which he expressed confidence that, with the capable hands at his disposal in NNPC, the task is surmountable.
In his remarks, the GCEO, Mr. Bashir Bayo Ojulari assured Dangote of a mutually beneficial partnership anchored on healthy competition and productive collaboration.
Ojulari highlighted the exceptional caliber of talent he met in NNPC Ltd., describing the workforce as a dedicated, highly skilled and hardworking professionals who are consistently keen on delivering value for Nigeria.
Expressing the company’s readiness to build a legacy of national prosperity through innovation and shared purpose, Ojulari said NNPC will sustain its collaboration with the Dangote Group especially where there is commercial advantage for Nigeria.
Both executives also committed to being the relationship managers for their respective organisations through sustained productive collaboration and healthy competition, thereby envisioning limitless opportunities for both organizations.
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