Economy
Buhari Directs MDAs to Commence Early Preparation of 2023 Budget
By Adedapo Adesanya
In keeping with the tradition of restoring a predictable January to December fiscal year as entrenched in the constitution, President Muhammadu Buhari on Friday signed into law the 2022 Appropriation Bill and the 2021 Finance Bill.
Without much ado, he has now directed Ministries, Departments, and Agencies (MDAs) to commence early preparation of the transition budget for 2023.
The President signed the documents at the Presidential Villa in the presence of Senate President, Mr Ahmed Lawan; Speaker of the House of Representatives, Mr Femi Gbajabiamila, and other members of the Federal Executive Council and expressed his displeasure at the changes made by the National Assembly to the 2022 budget proposal.
Speaking at the event, the President said the 2022 budget provides for aggregate expenditures of N17.127 trillion, an increase of N735.85 billion over the initial executive proposal for a total expenditure of N16.391 trillion.
The President explained that N186.53 billion of the increase, however, came from additional critical expenditures that he had authorised the Minister of Finance, Budget and National Planning to forward to the parliament.
Mr Buhari then announced that the 2023 budget would be a transition budget and that work will start in earnest to ensure early submission of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper as well as the 2023 Appropriation Bill to the National Assembly.
He, therefore, directed Heads of MDA to cooperate with the Ministry of Finance, Budget and National Planning, more specifically with the Budget Office of the Federation, to realise this very important objective.
On COVID-19 and budget implementation, the President said despite the lingering adverse effects of the pandemic, he was happy with the success recorded in the implementation of the 2021 budget.
‘‘The sum of N3.94 trillion that was provided for the implementation of capital projects by MDAs during the fiscal year has been released fully.
‘‘To enable MDAs to complete the implementation of their 2021 capital projects and optimise the impact of the capital budget on the economy, they have been allowed to continue to expend the funds released for their 2021 capital budgets till 31st March 2022,” he said.
Mr President then commended the understanding and speedy action of the National Assembly on this matter.
“As the 2022 budget will be the last full-year budget to be implemented by our Administration, its effective implementation is very critical for delivering our legacy projects, promoting social inclusion and strengthening the resilience of the economy.
“The Ministry of Finance, Budget and National Planning will implement all measures required to ensure the timely and targeted release of capital votes.
“All MDAs are to effect early commencement of project implementation while ensuring productive use of funds provided for achievement of the objectives set for their sectors.
“Considering the incidence of new COVID-19 variants globally, we will ensure timely implementation of measures provided for in the 2022 Budget to contain the spread of the virus and protect our people.
“We continue to count on the collaboration of the State governments in our effort to protect the lives and livelihood of our people,” he added.
To achieve the laudable objectives of the 2022 budget, President Buhari pledged that the federal government would further intensify revenue mobilisation efforts.
He expressed optimism in the ability of the Government to finance the budget considering the positive global oil market outlook and the continuing improvement in non-oil revenues.
“To achieve our revenue targets, revenue-generating agencies, and indeed all MDAs must ensure prompt and full remittance of collected revenues.
“Relevant Agencies must also ensure the realisation of our crude oil production and export targets.
‘‘I also appeal to our fellow citizens and the business community at large to fulfil their tax obligations promptly.
“However, being a deficit budget, the specific Borrowing Plan will be forwarded to the National Assembly shortly.
“I count on the cooperation of the National Assembly for quick consideration and approval of the Plan when submitted.
“All borrowings will be judiciously utilised and invested in our future growth and prosperity,” he stated.
The President also directed MDAs to liaise with the Bureau of Public Enterprises and/or the Infrastructure Concession and Regulatory Commission to explore available opportunities for public-private partnerships, concessions as well as climate finance arrangements to fast-track the pace of infrastructural development.
He thanked the Ministers of Finance, Budget and National Planning, the Budget Office of the Federation, and all who worked tirelessly and sacrificed so much towards producing the 2022 Appropriation Act.
“Let me conclude by commending the understanding, sacrifice and resilience of our people during these challenging times.
“As a Government, we remain committed to improving the general living conditions of our people.
“We will continue to implement measures aimed at moderating the unintended negative effects of policies on the citizenry,” he said.
By Aduragbemi Omiyale
When shareholders of Nigerian Breweries Plc gathered at the company’s 80th Annual General Meeting (AGM) in Lagos, on Wednesday, April 22, 2026, one thing they were sure was not on the agenda was the approval of a dividend for the 2025 financial year.
This was because the board did not propose the payment of a cash reward to investors for the fiscal year for some reasons, which were explained at the meeting.
The chairman of the organisation, Ms Juliet Anammah, told shareholders that the dividend payout was skipped to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding.
“While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she explained.
Ms Anammah noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” she said.
Despite the non-payment of cash reward for the year, shareholders applauded Nigerian Breweries for strong recovery and improved profitability in the 2025 financial year, driven by disciplined cost management and a significant reduction in finance expenses.
One of them, Mr Eke Emmanuel, who is the immediate past Secretary of the Independent Shareholders Association of Nigeria, praised the board and management for steering the company through a volatile macroeconomic environment while strengthening its financial position, noting that the company’s resilience, at a time when several businesses exited the country, reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Another shareholder, Mr Owolabi Opeyemi of the Noble Shareholders Association, confessed that, “We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years is commendable.”
By Adedapo Adesanya
Waltersmith Refining and Petrochemical Company Limited has announced plans to commence two further phases of expansion, which will include the construction of a 30,000-barrel-per-day condensate refinery and an industry park that will accommodate other gas-based firms.
The chairman of Waltersmith Petroman, Mr Abdulrazak Isa, revealed this during a visit of the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Felix Omatsola Ogbe, and the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Saidu Mohammed, to the Waltersmith modular refinery at Ohaji- Egbema, Imo State.
Mr Isa said the firm would develop a gas line that would deliver 100 million standard cubic feet of gas per day, and provide an embedded captive power, to attract industries to co-locate in the industrial park.
Plans are afoot to conclude the partnership agreement for the condensate refinery by the 4th quarter of 2026, he said, adding that feedstock for the integrated expansions will come from the Ibigwe and Assa fields, as well as from nearby fields.
The chairman underlined the company’s determination to invest in the petrochemical sector, leveraging its access to gas and Naphtha, noting that the petrochemical industry is a key enabler of the economy.
He sought approvals from the NMDRA for the various stages of the upcoming developments.
The visit was to inspect the newly completed expansion of the firm’s refining capacity, from 5,000 barrels per day to 10,000 barrels per day.
NCDMB invested equity in Waltersmith Refining and Petrochemical Company Limited’s modular refinery in 2018 and helped catalyse the investment, leading to the commissioning of the first phase of the plant in November 2020.
NCDMB also participated in the expansion, which is now completed and operational, producing AGO (diesel), Household kerosine (HHK), HFO (Heavy Fuel Oil) and Naphtha.
The refinery has to date supplied over 1.1 billion litres of refined products to local and regional markets, helping to strengthen Nigeria’s and West Africa’s energy security and contributing immensely to the national economy. The refinery supplies most of its products to the South-East and South-South parts of the country, while the HFO gets to the West African sub-region.
On his part, Mr Mohammed expressed his delight at the success of the facility and promised the agency’s support to the company’s expansion plans, saying the midstream sector of the petroleum industry holds the key to the nation’s economic development, adding that the establishment of such projects is the dream of every administration.
He described Waltersmith as an octopus in the midstream sector and challenged the company to hasten the development of the condensate refinery. Mohammed also commended NCDMB for partnering with Waltersmith to develop the project, which had become a runaway success.
The Director of Legal Services at NCDMB, Mr Naboth Onyesoh, who represented the organisation’s scribe, conveyed the board’s delight at the success of Waltersmith modular refinery, describing the company as a model in local content implementation, especially in direct and indirect job creation, capital retention, industrialisation, import substitution and value addition to crude oil and gas resources.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
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