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.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced strong opposition to the continued importation of Premium Motor Spirit (PMS) into the country. The association also distanced itself from reports suggesting that the surge in petrol imports in November 2025 was linked to a breakdown in supply arrangements between Dangote Refinery and petroleum marketers, describing such claims as inaccurate and misleading.
According to IPMAN, the report does not reflect the reality experienced by its members. The association emphasised that the commencement of supply from Dangote Refinery has significantly improved product availability nationwide.
Speaking on the issue, IPMAN National President, Abubakar Maigandi Shettima, stated:
“Our members fully support Dangote Refinery. Since supply began, marketers have consistently lifted products without any complaints. We oppose continued importation because Dangote Refinery has the capacity to meet the country’s entire PMS demand.”
Shettima further noted that members are satisfied with the reliability of supply and welcomed the refinery’s commitment to direct delivery to filling stations—a move he described as critical to stabilizing distribution and benefiting consumers. He stressed that improved access to locally refined products has eased supply pressures and boosted confidence among independent marketers, reaffirming IPMAN’s commitment to domestic refining as a sustainable solution for Nigeria’s downstream petroleum sector.
Similarly, Dangote Petroleum Refinery dismissed the media reports as baseless and inaccurate. In its statement, the refinery clarified that no supply agreement with marketers had collapsed, adding that its engagement with the downstream market was deliberately structured to meet rising demand and enhance access, competition, and efficiency.
The refinery disclosed that supply under the marketers’ arrangement began in October 2025 with an agreed offtake volume of 600 million litres of PMS. This was later increased to 900 million litres in November and further expanded to 1.5 billion litres in December.
“In line with market growth and absorption capacity, volumes were scaled up accordingly. Subsequently, and in line with downstream market liberalisation, we opened PMS supply to all qualified marketers, bulk consumers, and filling station operators,” the statement signed by Group Chief Branding and Communications Officer, Anthony Chiejina, read.
Since December 16, 2025, Dangote Refinery has consistently loaded between 31 million and 48 million litres of PMS daily from its gantry, subject to market demand. These figures, the refinery noted, are verifiable against depot and loading records maintained under routine regulatory oversight.
To broaden participation and improve distribution efficiency, the refinery introduced several measures, including reducing minimum purchase volumes from two million litres to 250,000 litres and offering a 10-day credit facility backed by bank guarantees. These initiatives aim to enhance liquidity, support small and medium-sized operators, and reduce reliance on imported fuel.
The refinery added that this expanded access framework has driven higher utilisation of locally refined PMS and contributed to more competitive retail pricing, with domestic products priced significantly lower than imported alternatives. It also dismissed claims that marketers withdrew due to pricing concerns, affirming that its ex-gantry prices remain competitive, market-responsive, and aligned with import parity indicators while meeting all regulatory and quality standards.
Addressing the surge in petrol imports recorded in November, Dangote Refinery explained that the increase coincided with import licensing decisions approved by the former leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which sanctioned volumes beyond prevailing domestic demand. The refinery stressed that this development was unrelated to its operational capacity or supply commitments.
Dangote Refinery reaffirmed its commitment to reliable supply, transparency, and the orderly development of a competitive downstream petroleum market. It pledged continued collaboration with regulators and industry stakeholders to support Nigeria’s domestic refining, conserve foreign exchange, moderate prices, and strengthen long-term energy security.
By Dipo Olowookere
After what looked like the bears was plotting a comeback, the Nigerian Exchange (NGX) Limited witnessed a renewed appetite for domestic equities, causing the bourse to close higher by 0.93 per cent on Friday.
Business Post reports that 48 shares ended on the gainers’ chart and 28 shares finished on the losers’ table, representing a positive market breadth index and strong investor sentiment.
Industrial and Medical Gases, SCOA Nigeria, and McNichols gained 10.00 per cent each to quote at N35.20, N9.35, and N5.50 apiece, May and Baker appreciated by 9.92 per cent to N28.80, and FTN Cocoa chalked up 9.90 per cent to sell for N6.66.
On the flip side, Aluminium Extrusion retreated by 9.91 per cent to N19.10, Austin Laz depleted by 9.83 per cent to N4.13, Sovereign Trust Insurance slumped by 9.63 per cent to N3.38, Prestige Assurance dropped 9.57 per cent to sell for N1.70, and UPDC gave up 9.09 per cent to trade at N5.00.
Yesterday, the energy index was down by 0.15 per cent, and the banking sector tumbled by 0.13 per cent, but could not impact the outcome of the market.
However, the industrial goods space improved by 0.44 per cent, the consumer goods counter gained 0.20 per cent, the insurance counter expanded by 0.06 per cent, and the commodity industry soared by 0.02 per cent.
Consequently, the All-Share Index (ASI) went up by 1,491.52 points to 162,298.08 points from 160,806.56 points and the market capitalisation advanced by N954 billion to N103.776 trillion from Thursday’s closing value of N102.822 trillion.
During the trading day, investors transacted 624.1 million units of stocks worth N18.5 billion in 43,816 deals versus the 645.1 million units of stocks valued at N16.5 billion traded in 44,410 deals in the preceding session, implying a decline in the trading volume and the number of deals by 3.26 per cent and 1.34 per cent apiece, and a spike in the trading value by 12.12 per cent.
Topping the activity chart for the session was eTranzact with 73.0 million units valued at N1.1 billion, Chams sold 30.3 million units worth N115.8 million, Access Holdings transacted 27.9 million units for N638.2 million, Linkage Assurance exchanged 25.0 million units valued at N44.4 million, and Sovereign Trust Insurance traded 24.5 million units worth N84.5 million.
By Adedapo Adesanya
It was a perfect week for the NASD Over-the-Counter (OTC) Securities Exchange after it closed higher on Friday by 0.13 per cent, recording five gains in five trading days.
According to data, the NASD Unlisted Security Index (NSI) appreciated yesterday by 4.81 points to close at 3,665.68 points compared to the 3,660.87 points it ended a day earlier, and the market capitalisation increased by N2.88 billion to finish at N2.193 compared with the preceding session’s N2.190 trillion.
Six securities had movements at the close of transactions, with three going to the green side and another three to the red side.
FrieslandCampina Wamco Nigeria Plc grew by N6.23 to close at N68.70 per unit versus Thursday’s price of N62.47 per unit, Central Securities Clearing System (CSCS) Plc gained 45 Kobo to close at N43.07 per share compared with the previous day’s N42.62 per share, and Geo-Fluids Plc appreciated by 2 Kobo to N6.84 per unit from N6.82 per unit.
On the flip side, Afriland Properties Plc lost N1.55 to end at N14.75 per share compared with the previous day’s N16.30 per share, NASD Plc depreciated by N1.00 to N59.00 per unit from N60.00 per unit, and Food Concepts Plc declined by 34 Kobo to N3.06 share from N3.40 share.
Yesterday, the volume of securities fell by 10.6 per cent to 434,845 units from 486,499 units, the value of securities shrank by 34.6 per cent to N6.9 million from N10.5 million, and the number of deals decreased by 8.3 per cent to 22 deals from 24 deals.
CSCS Plc remained the most traded stock by value on a year-to-date basis with 1.1 million units exchanged for N43.9 million, followed by Geo-Fluids Plc with 3.1 million units valued at N21.3 million, and FrieslandCampina Wamco Nigeria Plc with 237,747 units worth N14.5 million.
In terms of volume, Geo-Fluids Plc took over the top spot with 3.1 million units sold for N21.3 million, trailed by Industrial and General Insurance (IGI) Plc with 2.9 million units traded for N1.9 million, and CSCS Plc with 1.1 million units valued at N43.9 million
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