Economy
BudgIT Urges Transparency as FG Defers 70% of 2025 Capital Projects to 2026
By Adedapo Adesanya
BudgIT, a leading civic-tech organisation promoting transparency and accountability in Nigeria’s public finance, has called on the federal government to be transparent after it deferred the implementation of 70 per cent of capital projects initially appropriated in the 2025 fiscal year to 2026.
“From our analysis, while this development is not entirely surprising, we hold cautious reservations about the implications of this decision,” it said in a statement.
The group said the deferment suggests the federal government intends to limit the number of capital projects under implementation, to use available funds more efficiently, prioritise critical projects, and reduce the long-standing problem of abandoned projects.
“In this sense, the move appears to be an attempt to retain the 2025 capital projects—many of which are based on existing economic plans and strategies—rather than introduce an entirely new set of projects in the next fiscal year.
“We view this as an effort by the federal government to restructure the sequencing of capital project implementation. Rather than rolling out a fresh budget filled with new capital projects, the government appears to be attempting a reset by carrying forward existing projects and improving implementation discipline,” it said.
BudgIT said this approach, if properly managed, could help salvage a challenging fiscal situation and strengthen budget credibility.
Recall that BudgIT has consistently raised concerns about Nigeria’s budgeting process, particularly the government’s failure to adhere to the approved budget calendar and its practice of running multiple fiscal programmes concurrently.
“We have maintained that budget timelines must be treated as sacrosanct and that unfinished but still relevant projects should be consolidated through a supplementary budget passed within the same fiscal year, rather than endlessly rolled over,” it said.
“Consequently, the continued inclusion of numerous uncoordinated and low-priority projects has bloated federal capital expenditure and increased public debt, often without clear developmental value.
“This pattern weakens the impact of capital investment, as spending decisions increasingly appear driven by project insertions rather than sound planning, prioritisation, and fiscal discipline. This is compounded by the fact that the federal government does not publish disaggregated reports on capital expenditure implementation. So, citizens are at a loss in knowing precisely what has or has not been implemented,” the statement added.
This challenge, it said, is further illustrated by developments during the 2024 fiscal year, in which the federal government extended the implementation of capital expenditure components of both the 2024 Appropriation Act and the 2024 supplementary Appropriation Act into mid-2025, and subsequently to December 2025.
“As a result, although the 2025 Appropriation Act was duly passed and assented to, it appears that only its recurrent components—such as personnel and overhead costs—were implemented in 2025. This is further evidenced by the absence of federal budget implementation reports for the 2025 period and official statements indicating that revenues from the 2025 fiscal year were used to fund the implementation of the 2024 budget.”
It revealed that it remains unclear whether the 2024 fiscal year has been formally closed.
“The recently published Q4 2024 federal budget implementation report is explicitly described as “provisional,” raising concerns about proper fiscal closure. Formal closure of fiscal accounts is essential, as failure to do so undermines financial reporting, fiscal transparency, and consolidation standards.”
In light of these, BudgIT stressed that this decision to defer capital project implementation must be robustly defended during the upcoming budget defence sessions at the National Assembly.
“The Executive arm of government must clearly demonstrate to the Legislature that this action is necessary to restore order to Nigeria’s fiscal framework and to end the damaging practice of implementing multiple budgets concurrently. By the time the annual Appropriation Act is passed by the National Assembly and transmitted for presidential assent, it is often heavily bloated with additional projects. While the National Assembly’s power to increase or decrease the budget is constitutionally recognised, BudgIT has long argued that this power has been widely abused, often disregarding fiscal planning and national development priorities.”
Commenting, BudgIT’s Deputy Country Director, Mr Vahyala Kwaga, underscored the need for discipline and clarity in implementing the deferment.
“Deferring 70 per cent of capital projects is neither a solution nor a setback on its own. What matters is whether this decision marks a clear break from the cycle of bloated budgets, overlapping fiscal years, and weak project implementation. Without strict adherence to budget timelines, proper fiscal closure, and transparent payment processes, the risk is that we simply postpone inefficiencies rather than resolve them,” Mr Kwaga said.
In addition, BudgIT urged the federal government to fully adhere to its “Bottom-Up Cash Plan” as outlined by the Federal Ministry of Finance.
“This approach—where payments are made directly to verified contractors rather than routed through MDAs—has the potential to improve efficiency and accountability in capital project implementation. The government must ensure strict compliance with payment protocols, contractor verification processes, and timely disbursement of funds.
“To this end, we call on the Ministry of Finance, the Ministry of Budget and Economic Planning, the Budget Office of the Federation, the Bureau of Public Procurement, relevant MDAs, and the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, to uphold the principles of transparency, legal compliance, and accountability in the management of public funds and public projects.
“We also encourage citizens, civil society, the private sector, and the media to actively support and scrutinise capital expenditure implementation, as the benefits of effective public spending ultimately accrue to all Nigerians.”
By Adedapo Adesanya
Nigeria imported about 61.7 million barrels of crude oil from the United States between January 2024 and January 2026, according to data from the US Energy Information Administration (EIA).
This came even as the country continued to export significantly larger volumes within the same period, exposing a growing imbalance in the country’s oil supply chain.
Data from the US agency showed a sharp shift in trade flows, with American crude now flowing steadily into Nigeria after nearly a decade of negligible transactions. Before 2024, the only notable supply came in 2016, when exports averaged just 19,000 barrels per day.
The trend changed in 2024 with the start of operations at the Dangote refinery, which industry players say has increasingly turned to foreign crude to bridge gaps in domestic supply.
Within the first six months of that year alone, Nigeria imported 15.7 million barrels from the US, with June recording the highest inflow at 3.96 million barrels.
Imports accelerated further in 2025, accounting for the bulk of the two-year volume. Between February and December, inflows reached 41.06 million barrels, peaking in June at 305,000 barrels per day, equivalent to 9.15 million barrels in one month.
However, volumes dropped sharply towards the end of the year, reflecting fluctuating supply dynamics.
In January 2026, imports rose again to 159,000 barrels per day, translating to 4.93 million barrels, bringing the total volume over the two-year period to 61.7 million barrels.
The figures stand in contrast to Nigeria’s export profile.
According to data from the Central Bank of Nigeria (CBN), the country exported about 306.7 million barrels of crude between January and October 2025, representing roughly 69 per cent of total production during the period. In the first two months of 2026 alone, exports reached 55.39 million barrels.
Despite producing over 443 million barrels within the first 10 months of 2025, only about 137 million barrels were retained for domestic use, leaving local refineries struggling to secure adequate feedstock.
Operators say the Dangote Refinery requires over 19 million barrels monthly to run at optimal capacity, a demand that local supply has failed to meet consistently. This shortfall has forced the facility to source crude not only from the US but also from Ghana and other African producers.
Imports became necessary to stabilise the 650,000 barrels per day refinery operations amid inconsistent domestic allocations, despite the introduction of the Naira-for-crude arrangement. According to the management of the company, only about four to five cargoes were distributed, but this has since changed.
Alongside Dangote Refinery, other smaller operators were also affected, since the country’s crude allocation is tied to joint ventures with International Oil Companies (IOCs).
The development underscores a persistent structural challenge in Nigeria’s oil sector, exporting large volumes of crude while struggling to supply domestic refineries, raising fresh concerns about policy coordination, upstream allocation, and the long-term viability of local refining.
By Aduragbemi Omiyale
The outgoing Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has thanked President Bola Tinubu for giving him the opportunity to serve in his administration.
In a statement personally signed by him on Tuesday, Mr Edun said it was an honour to be called by the President to help put the Nigerian economy on the path of recovery after facing difficult economic circumstances.
“It has been an honour to contribute to the implementation of the administration’s economic agenda at a pivotal moment in Nigeria’s journey,” a part of the statement made available to Business Post read.
The Minister noted that he was “proud of what we achieved alongside colleagues in the Federal Executive Council (FEC), State Governors, our partners in the public and private sectors, and the many dedicated professionals whose work continues to support the nation’s economic transformation. While much remains to be done, the direction is clear, and the foundations are firmly in place.”
While reaffirming his commitment to the service of the nation and to supporting Mr President, he declared that, “The work of economic reform is, by its nature, a continuous process,” expressing optimism about Nigeria’s trajectory.
“I wish my successor and the entire government the very best as they continue the work of improving the lives of Nigerians,” he stated.
In 2023, Mr Edun first served as the head of the Presidential Transition Committee, and later became the Special Adviser to the President on Monetary Policy, before his appointment as Finance Minister.
During his time as Minister, he worked to advance critical reforms that stabilised the macroeconomic environment, strengthened fiscal sustainability, and laid the foundation for inclusive and long-term growth.
Key results of these efforts included growth improving from a rate of 2 per cent to over 4 per cent, and inflation falling from 35 per cent to 15 per cent.
These outcomes were driven by a shared commitment to restoring public trust and enabling faster and inclusive growth through greater investor confidence and improved economic coordination.
By Adedapo Adesanya
A price appreciation recorded by Central Securities Clearing System (CSCS) Plc lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.56 per cent on Tuesday, April 21.
Data showed that the Nigerian depository company gained N4.13 during the trading day to close at N63.15 per share compared with the preceding session’s N59.02 per share.
As a result, the NASD Unlisted Security Index (NSI) added 21.81 points to close at 3,935.27 points compared with Monday’s closing value of 3,913.46 points, and the market capitalisation expanded by N12.99 billion to finish at N2.354 trillion, in contrast to the previous day’s N2.341 trillion.
Yesterday, the price of 11 Plc went down by N21.08 to settle at N191.00 per unit versus N212.08 per unit.
There was a 48.9 per cent decline in the value of transactions on Tuesday to N5.7 million from N11.1 million, as the volume of transactions dipped by 48.9 per cent to 185,420 units from 245,830 units, while the number of deals shrank by 4.2 per cent to 23 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 58.9 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded at N1.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units sold for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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