Economy
Effective Plan-Budget Link Critical To Development—Mede
By Modupe Gbadeyanka
Permanent Secretary in the Ministry of Budget and National Planning, Mrs Nana Fatima Mede, has described effective plan-budget link as critical for attaining inclusive growth.
Mrs Mede stated this in her remarks during a Specialised Training Programme on Strategic Planning and Effective Linkage to Budgeting Process, organized by the Ministry of Budget and National Planning in Kano.
She said it was clear that the role of strategic planning and effective linkage to budgeting process was very critical towards the realisation of the aspirations of any nation.
Mrs Mede, represented at the occasion by Alhaji Aminu Yargaya, Assistant Director (Plans), Macroeconomic Analysis Department in the Ministry, further said, “Studies have shown that countries like China, Malaysia, Indonesia, etc that have consistently been implementing National Development Plans are successful in attaining inclusive growth and sustainable development.”
She explained that, the training was organised for officers of Federal MDAs, as part of a continuous re-training and development programme to sharpen the skills of officers for improved service delivery.
“This training is one of the key activities designed to be undertaken by the Ministry, with a view to enhance the competence of technical officers in the areas of plan formulation, implementation, policy analysis and forecasting,” she said.
Accordingly, Mrs Mede disclosed also that, the training is also aimed at improving officers’ skills in preparing budgets using the Zero-Based-Budgeting Approach and also putting the officers through the process of linking the budget with the plan, since annual budget is the instrument through which the plan is being implemented as the former takes cue from the later.
While buttressing the fact that, a good budget is a product of good plan, the Permanent Secretary stated that, “As you are aware, the nation is currently facing economic crises as commodity prices, especially oil prices have declined drastically with negative consequences on government revenues.
“This explains the need for effective planning and budget implementation in order to achieve value for money, as expenditures are tied only to the country’s needs for maximum impact on the lives of citizens.
“This is buttressed by the introduction of such economic and fiscal instruments as Zero-based- Budgeting (ZBB), Treasury Single Account (TSA), BVN, restructuring the budget framework in favour of capital expenditure among others.”
She also described the low level of implementation of National Development Plans, as well as Annual Budgets as an issue not unconnected with capacity gaps identified in the Public Service.
The Perm Sec explained that, as a result, in some cases, MDAs are not able to effectively formulate credible Sector Plans or Annual Budgets nor are they able to implement them effectively.
While commending the merger of the former National Planning Commission with the Budget Office of the Federation, Mrs Mede said that in the past, bureaucracy and lack of effective collaboration between government agencies had hindered effective Plan-Budget link, as such emphasised that the merged agencies must work as one to succeed for the good of the country.
Underscoring the imperative of the training exercise, she pointed out that the challenges experienced last year by the Ministry’s Technical Officers in assisting Federal MDAs to prepare their 2016 Budgets necessitated for it, especially now that government is seeking urgent measures to reduce economic waste in the face of the current recession, thereby creating more value for the government.
The Kano training was the second batch in the series of the capacity building for the Budget officers of the MDAs, after Lagos batch that was conducted earlier in October.
Some key recommendations that arose from the first batch of this training in Lagos were; the Budget Division of MDAs should be domiciled in the Planning, Research and Statistics Department; the efforts being made by the Federal Government in improving the budgeting process is commendable, but there is need for better synergy between the Executive and Legislative arms of Government in this regard and the Planning, Research and Statistics should be made a cadre in the Public Service to enhance project planning and implementation
Others were; sustainability should be mainstreamed into project implementation in the country, In addition, measuring performance of budget releases to MDAs should be based on results of the projects as against the current practice of measuring the amount of money spent; and the process of projects selection should be based on the needs.
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has disclosed that seven additional insurance companies have secured full recapitalisation approval from the National Insurance Commission (NAICOM), bringing the industry-wide recapitalisation exercise to a successful conclusion.
In a statement on Friday, NIA Chairman, Mrs Ebelechukwu Nwachukwu, said the milestone represented significant progress towards building a stronger, more competitive and trusted insurance market in Nigeria.
She said the seven companies, alongside the 41 insurance companies and two reinsurance companies earlier approved, had demonstrated resilience, financial discipline and corporate strength by successfully completing the final verification process.
“Having successfully navigated the rigorous final verification process, these companies, alongside the earlier approved 41 insurance companies and two reinsurance companies, have demonstrated exceptional resilience, corporate fortitude, and financial discipline,” Mrs Nwachukwu said.
She added that the successful recapitalisation had positioned the companies to deliver greater value to policyholders and contribute to deeper insurance penetration nationwide.
Mrs Nwachukwu commended NAICOM for its regulatory oversight during the exercise, describing the commission’s approach as fair, structured and focused on strengthening market integrity.
“NAICOM’s strategic foresight and structured execution have elevated the Nigerian insurance industry, reinforcing its position within the broader financial sector as a substantially stronger, highly resilient, and globally competitive market,” she said.
The NIA chairman reaffirmed the association’s commitment to supporting insurance companies as they adapt to new regulatory requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
She said the association would continue to work with NAICOM to promote a sustainable and future-ready insurance sector.
Mrs Nwachukwu also assured policyholders, investors and other economic stakeholders that the recapitalised industry was better positioned to support economic growth.
“With this recapitalization complete, the Nigerian insurance sector enters a transformative era. The industry is fully equipped to settle genuine claims promptly, absorb higher local and international risks, and serve as a cornerstone of financial stability, directly supporting President Bola Ahmed Tinubu’s vision of achieving a $1 trillion economy by 2030,” she said.
By Aduragbemi Omiyale
Capital market operators have been directed to immediately freeze the assets, funds, and other economic resources belonging to six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee (NSC).
This directive was given by the Securities and Exchange Commission (SEC) via a circular to all Capital Market Regulated Entities (CMREs), warning that failure to comply would constitute a violation of the Investments and Securities Act, 2025, and the SEC Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.
It said violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration, reminding capital market operators that all unusual or suspicious transactions must be promptly reported to the NFIU.
The regulator, which stated that the designations were made in line with the Terrorism Prevention and Prohibition Act (TPPA) 2022, listed the six individuals as Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim. The three designated entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
According to the SEC, Hammajama was listed on June 18, 2026, for involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP), while Usman was designated for providing material support to a designated terrorist organisation through repeated financial transactions.
The commission said Abubakar was listed for involvement in terrorism financing and membership of ISWAP, while Chiroma was designated for allegedly using Bureau De Change (BDC) operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
Muktar Muhammad Adamu was listed on June 15, 2026, for providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell, while Ibrahim was designated for providing material and financial support to the ISWAP Kogi cell.
The SEC said the three entities were listed for their alleged involvement in facilitating and channelling funds connected to the ISWAP Okene financing network.
The commission directed CMREs to immediately identify and freeze, without prior notice, all funds, assets and other economic resources in their possession belonging to the designated persons and entities.
They are also required to report frozen assets and other compliance actions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee.
In addition, the SEC directed regulated entities to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities.
It further instructed operators to report as suspicious transactions all cases of name matches in financial transactions, whether occurring before or after receipt of the sanctions list.
The regulated entities are also required to prohibit dealings with the designated persons and entities and continue monitoring for transactions involving them.
The SEC said any findings should be reported to the Nigeria Sanctions Committee through its designated reporting channel.
By Adedapo Adesanya
Dangote Sugar Refinery Plc, Nigeria’s biggest sugar producer, has raised N486 billion ($356 million) through an oversubscribed rights issue as the company moves to reduce its debt burden and strengthen its capital base after three consecutive years of losses.
The company, founded by Mr Aliko Dangote, raised the funds through the issuance of 8.1 billion ordinary shares at N60 per share, according to a filing with the Nigerian Exchange (NGX) Limited on Friday.
The development follows shareholders’ approval of the capital-raising plan at the company’s 20th Annual General Meeting held in April.
In a statement signed by the Company Secretary, Mr Temitope Hassan, the sugar firm said the rights issue is part of efforts to improve its financial position and provide funding to support its long-term growth plans.
The company’s directors are authorised to raise up to N500 billion through a rights issue, on terms and at a time to be determined by the Board.
Dangote Sugar increased its share capital to accommodate the new shares issued under the rights issue. The sugar producer’s board also authorised to allot the shares and the management of any fractional holdings in accordance with regulatory requirements.
The organisation said any shares remaining unallotted after the offer would be cancelled as permitted by law, describing the capital raise as one of the largest rights issues in Nigeria’s corporate history.
The capital raise comes against the backdrop of improved revenue performance but continued losses at the company.
In its 2025 audited results, Dangote Sugar recorded a 24.56 per cent increase in revenue to N829.2 billion, compared with the previous year. The growth was driven largely by strong demand for 50kg sugar, which generated N807 billion in revenue.
Retail sugar sales contributed N17.7 billion, while molasses and freight income generated N4.02 billion and N66.4 million, respectively.
Cost of sales increased by 11.35 per cent to N706.5 billion, largely due to raw material costs of N573.3 billion. This resulted in a gross profit of N122.6 billion.
Despite the improvement in revenue and gross profit, the company recorded a pre-tax loss of N72.2 billion in 2025, although this represented a significant improvement from the N270.8 billion loss reported in 2024.
Lagos remained the company’s largest market, accounting for 55.82 per cent of regional sales, followed by the North with 35.35 per cent, the West with 6.45 per cent and the East with 2.38 per cent.
The fresh capital is expected to provide Dangote Sugar with additional financial capacity as it works to reduce its debt obligations, strengthen its balance sheet and advance its long-term expansion plans.
