Economy
BudgIt Knocks Finance Ministry, Budget Office for Failure to Publish Quarterly Reports
By Adedapo Adesanya
Nigerian civic-tech organisation advocacy platform, BudgIT, has flayed the Federal Ministry of Finance and the Budget Office of the Federation for failing to publish quarterly budget implementation reports for the fourth consecutive time, a clear violation of the Fiscal Responsibility Act of 2007.
In a release by BudgIT’s Group Senior Communications Associate, Ms Nancy Odimegwu, this omission was described as a breach of law, a departure from established practice, and a setback to transparency reforms championed by previous administrations.
Citing the Fiscal Responsibility Act, 2007, Budgetary Execution and Achievement of Targets, BudgIT said the Minister of Finance is mandated to publish Budget Implementation Reports (BIRs) in mass and electronic media, including the ministry’s website, within 30 days after each quarter.
BIRs reports are expected to detail the implementation of the annual budget and offer critical insights into government spending and the delivery of public goods and services.
However, BudgIT said that the government has not published a single BIR since at least the second quarter of 2024, leaving nearly four reports overdue by the second quarter of 2025.
According to the NGO, the breach marks a sharp contrast to the previous administration, which consistently released at least three BIRs annually.
It said, “Budget Implementation Reports are not only a requirement of the law and established practice, they are an indication of a government’s willingness to be transparent and to provide evidence of its spending.
“The proof of this spending is crucial to assess the quality of implementation of its budget and, more broadly, the quality of the delivery of public goods and services.
“Public sector accounting principles emphasise the need to publish and disseminate financial information as a matter of professional practice and to secure the engagement of the public, a significant stakeholder in public financial management.
“It is troubling that the current administration has ignored the law and refused to publish a key public document.
“It would have been preferred that the current administration build on the foundation of previous governments and, in addition to regular implementation reports, publish and disseminate the Federal Cash Plan Disbursement Schedule, per section 26 of the Fiscal Responsibility Act.
“This poor state of affairs is all the more compelling, considering the current administration has just concluded spending on the 2024 Appropriation (though it is unclear if the 2024 Supplementary.”
It noted that the refusal to publish the reports undermines transparency and accountability.
“Citizens have a right to know how public funds are spent. This is not just a legal obligation but a cornerstone of democracy and adherence to the rule of law.”
BudgIT also criticised the government for neglecting other transparency mechanisms, such as the OpenTreasury.gov platform, which once provided daily, weekly, and monthly federal spending data.
“Perhaps more worrying is the fact that this disposition towards providing public information does not end with Quarterly BIRs but extends to the government’s own public platforms, namely OpenTreasury.gov, which used to be the go-to source of information on daily, weekly, monthly, quarterly and yearly spending of the federal government.
“While the platform was not perfect (several government Ministries, Departments and Agencies; spending data was absent, links were broken, and the data was often not machine-readable), it was largely comprehensive and a demonstration of transparency and the willingness of the government to be held accountable. The government has not updated the platform with new information since January 2025,” it added.
The group expressed concern that the absence of BIRs and updated financial data hampers private sector planning, civil society advocacy, and academic research, while signalling to the international community that Nigeria is deviating from global public finance standards.
BudgIT also urged the government to publish the Federal Cash Plan Disbursement Schedule, as required by Section 26 of the Fiscal Responsibility Act, to build on past transparency efforts, tasking President Bola Tinubu and the ministries to comply with the law and release the overdue reports.
By Aduragbemi Omiyale
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) for the Nigerian private sector in July 2026 contracted to 52.5 points from 53.4 points in June 2026, a statement made available to Business Post has shown.
This occurred despite the business environment sustaining its growth last month, with an increase in new orders experienced, as inflationary pressures softened, and output and employment modestly rising.
The Head of Equity Research West Africa at Stanbic IBTC Bank, Mr Muyiwa Oni, said the PMI indicated that the private sector recorded its slowest since March 2026, as businesses also increased their input purchasing activity to keep up with current demand requirements and prepare for future workloads.
“Nigerian businesses reported improved customer demand in July while better pricing and new product launches also helped them to capture new orders arising from the increase in demand. These factors helped to keep the private sector activity in an expansionary territory, although this moderated when compared to June,” he was quoted as saying.
It was stated that while input costs increased at their slowest pace in five months, panellists reported higher costs for fuel and raw materials. Selling prices also softened in line with the picture for input costs in July.
Headline inflation eased slightly to 15.91 per cent y/y in June from 15.93 per cent y/y in May, snapping three consecutive months of price increases.
Although July inflation is likely to be higher m/m, it is expected to print lower, likely at 15.72 per cent y/y, primarily driven by favourable base effects from the corresponding period of last year, because there are no expectations of the magnitude of m/m inflation witnessed in July 2025 (1.99 per cent) to materialise this year.
“We retain our 2026 growth forecasts at 4.1 per cent as we see the oil sector growing by 3.45 per cent y/y in 2026, from 8.50 per cent y/y in 2025, while the non-oil sector is likely to grow by 4.11 per cent y/y, from 3.71 per cent y/y in 2025.
“The risks to our outlook include country-wide insecurity which may constrain food production, exchange rate pressures resurfacing, extreme-weather related conditions and higher fertiliser prices impacting crop yield, and a volatile global environment which may affect sentiment and constrain capital flows,” Mr Oni noted.
By Adedapo Adesanya
Sahara Upstream, a Nigeria-focused crude producer, has deployed a new 380,000-barrel tanker to boost exports from the OML 18 block as part of a wider push by domestic operators to invest in infrastructure and lift output and exports for Africa’s biggest oil producer.
The MT D Adesanya, which can hold more than 62,000 cubic metres of crude, will operate alongside the MT D Bayero, receiving crude from shuttle vessels at Bonny Anchorage, one of Nigeria’s main crude export hubs, before transferring it to the FSO Cawthorne storage facility.
Sahara said the tanker would help cut turnaround times, currently about 30 to 48 hours, and support a planned 50 per cent increase in exports from the block’s current level of about 950,000 barrels per month.
The block currently produces about 36,000 barrels per day, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), with Sahara targeting output of 60,000 barrels per day.
OML 18 is one of the Niger Delta’s oldest producing assets. It began production in 1970 and contains an estimated 1.5 billion barrels of oil equivalent in reserves.
Shell, Total and Eni sold their combined interests to Eroton in 2015 as part of a broader shift toward domestic ownership in Nigeria’s upstream sector.
This development comes as Sahara Upstream is deepening its exploration and production footprint through Asharami Energy Limited (AEL), its upstream E&P business, which says it is targeting 350,000 barrels of oil per day by 2030 through its subsidiary, Enageed Resources Limited (ERL).
The growth target comes as AEL also marks a major safety milestone, achieving 6 million Lost Time Injury (LTI)-free man-hours in its OML-148 operations — reinforcing the company’s commitment to operational excellence and safety leadership.
According to Asharami Energy, the milestone reflects its ability to execute complex operations safely, in line with Sahara’s Beyond XXX vision, which builds on the group’s 30-year legacy of responsible enterprise while marking its next chapter of impact, innovation, and sustainable growth.
The developments position Sahara Upstream and its subsidiaries among the domestic operators driving increased investment in Nigeria’s oil and gas infrastructure, as the group works to scale up production and exports for Africa’s biggest oil producer.
By Aduragbemi Omiyale
One of the leading energy firms in Nigeria, Aradel Holdings Plc, has expressed its desire to optimise its enlarged portfolio and improve operational efficiency in the second half of 2026.
The company is planning to build on the success it recorded in the first half of the year, where it grew its revenue by 577 per cent to N2.5 trillion from N368.1 billion in H1 2025.
The significant rise in earnings was driven by higher production volumes together with stronger realised crude oil and gas prices, with the average at $90.4/bbl and $2.08/mmscf, respectively.
In the period under review, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 688 per cent to N1.4 trillion from N176.4 billion in the corresponding period of last year, while the operating profit surged by 789 per cent to N1.1 trillion from N118.6 billion due to higher revenue and crude handling income at N149.8 billion, partly offset by underlift cost and general and administrative costs.
The net cash generated from operations was N975.6 billion between January and June 2026 versus N140.8 billion in the same period of 2025, reflecting the cash generation of the enlarged organisation.
The net debt contracted by 70 per cent on a year-to-date basis to N46.5 billion from N475.1 billion as of December 31, 2025.
Aradel, in the period under consideration, improved its post-tax profit by 30 per cent to N191.0 billion from N146.4 billion, a development that impressed its chief executive, Mr Adegbite Falade, who said, “A firmer price environment supported performance, generating net cash from operating activities of N975.6 billion and a closing cash balance of N1.7 trillion.”
“Our enlarged portfolio provides more opportunities to generate stronger cash flow and returns for shareholders and unlocking that potential is our main focus.
“We reaffirm our full year production guidance of 110 – 140 kboepd and remain committed to operating responsibly in a changing energy landscape and to delivering lasting value for our stakeholders,” he stated.
