Economy
Budget: NASS Must Not Fight Presidency—Udoma
By Modupe Gbadeyanka
Minister of Budget and National Planning, Mr Udoma Udo Udoma, has explained that success in producing a good 2017 Budget will require strong collaboration between the Executive and the National Assembly.
He made this known during a programme held in Abuja on Monday.
While stressing that an important tool for achieving economic recovery and sustainable growth will be the 2017 Budget, he said that it is important to always remember that both the Executive and the National Assembly will benefit politically from a budget that successfully turns the Nigerian economy around and brings prosperity to the people.
According to him, now that the country’s economy has entered a recession, stakeholders should all agree on prudent allocation of resources to key capital projects that will help to lift the economy out of recession and onto the path of sustainable growth.
“All the key stakeholders must understand and appreciate the overall budgetary constraints as well as implications of some fiscal trade-offs,” the Minister said.
Mr Udoma, at the ‘Gallery Colloquium’ organised by Orderpaper.com on ‘Budget as a critical tool for effective Executive-Legislative relations’, said the current economic situation in the country provides an opportunity like never before, for the two arms of government to set a template for succeeding governments on how national interest can be placed ahead of institutional contests.
“The National Assembly must not see itself as in competition with the Executive,” he advised.
Explaining the budgetary process, Mr Udoma said that the President, as the leader of the country, has the ultimate responsibility of delivering economic benefits to Nigerians in an all-inclusive manner based on his mandate or manifesto; therefore it is his responsibility to drive the process by setting out the framework of the Budget and all the heads of expenditure.
“It is also his role, as President, to articulate the national vision guiding the budget. And he must get each annual budget right because he has opportunity to produce only three more budgets before his tenure comes to an end,” he added.
The Minister said that in processing and considering the Budget estimates therefore, the National Assembly should see themselves as working as partners with the President to achieve the national aspirations set out by the President.
“In doing so, the question of which arm of government is superior in budget formulation should not arise, as everyone’s objective must be the success of the government in bringing the dividends of democracy to the people,” he indicated.
According to him, at this time in particular, the President needs the strong support of the Legislature to implement the tough decisions required to stimulate this economy and bring it to sustainable inclusive growth, not dependent on the vagaries of the oil price.
While maintaining that the two arms of government have a major role to play in bringing economic prosperity to the people, the Minister called attention to the fact that if the government fails, neither the Executive nor the National Assembly can completely escape the blame.
He however was confident that the members of the National Assembly appreciate the economic situation facing the country as a result of the failure over the last thirty years to successfully diversify the Nigerian economy from dependence on crude oil.
Government, he said, has a plan not just to get the economy out of recession but also back on the path of sustainable growth. Adding, the plan involves injecting a fiscal stimulus to provide funding for the 2016 Budget, which was carefully designed to reflate the economy but unfortunately has been affected by revenue shortfalls.
The Minister further stated, “It is important to stay the course in implementing the major structural changes which had been outlined by the Government in our Strategic Implementation Plan (SIP). The spending priorities in the 2017 Budget will be guided by the objectives we set out in the SIP”.
The Speaker of the House of Representatives, Hon. Yakubu Dogara agreed that there was need for an effective collaboration between the Executive and the Legislature in the budgetary process to reduce the usual friction between them during the process of appropriation.
Dogara who was making some remarks on ‘Legislative perspectives on the budget process’ said that a review of how annual budgets or Appropriation Bills have been prepared and executed in Nigeria since 1999 will reveal an unsatisfactory state of affairs, adding that there was an urgent need for Budget Reform in Nigeria.
He therefore suggested a review of the legal framework to ensure that the annual budget is submitted and passed on time before the commencement of the next financial years; a clear development plan with broad national consensus; extensive stakeholder consultation at the executive level during preparation of the budget; clear budgetary objectives and government targets to be achieved should be clearly spelt out; and there should be a robust pre-budget interface between the Executive and the Legislature to reduce areas of friction during the appropriation process, among others.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn