Economy
NACCIMA Doubts 2022 Budget’s Capacity to Meet Infrastructure Investment Goal
By Adedapo Adesanya
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the federal government to effectively implement the 2022 budget.
This was made known by the chamber’s Director-General, Mr Ayoola Olukanni, noting that the effective implementation of the budget would drive the country’s economic growth and development.
On Friday, President Muhammadu Buhari signed the N17.127 trillion appropriation bill into law.
Mr Olukanni said that the real challenge of the budget was to see how it would positively impact the lives of the people and various sectors of the economy.
He noted that recent news from the modest performance in agric sector and prospects from the mining sector were sources for some form of optimism in 2022.
He, however, doubted the budget’s capacity to meet its goal of investment in critical infrastructure to meet the infrastructure deficit and support the needs of the private sector.
“Significant part of the budget is rightly devoted to defence and improvement of internal and promotion of agriculture and food security.
“It is, however, obvious that the budget has been prepared with the 2023 election in mind.
“Already, the private sector has raised an alarm on the increasing difficulties of obtaining the required foreign exchange for raw materials for industry, leading to the consequential high cost of goods and inflationary trend.
“But perhaps more important is the issue of capacity development of the private sector which is expected to play a key role in the implementation of the budget.
“The economy may have recorded some modest growth overall but it still an economy struggling, especially given the deep crises of infrastructure.
“We must ensure that the budget makes a significant impact on the energy sector if its impact is to be meaningful and be a budget of growth and sustainability,” he said.
Mr Olakanni also called for synergy in the budget’s implementation with supportive funding such as the National Collateral Registry for Micro, Small and Medium Enterprises (MSME).
He also called for closer attention to the Information and Communication Technology (ICT) sector due to its key role in recent years and positive impacts on all sectors of the economy.
The NACCIMA DG noted that the potential of the sector had been demonstrated beyond all doubts particularly in the ongoing COVID-19 pandemic.
“As we continue to live with the pandemic, it is obvious that the ICT sector will be key to help maintain the growth trajectory of the economy and also help keep socio-economic activities, financial and economic activities and transactions on track.
“This is because there will be increasing reliance on e-commerce, and online business activities with people using their phones for business transactions and enterprises relying on the internet and other social media platforms to conduct business.
“It is, therefore, noteworthy that budget 2022 has paid some attention to improvement and upgrading of Nigeria’s digital infrastructure as in 2022, we are certainly likely to see an increased demand for access to broadband service.
“NACCIMA has taken note of the promise by the Nigerian Communications Commission at every opportunity in recent time that it will continue to work to upgrade Nigeria’s digital infrastructure.
“In doing so, there is an urgent need to mainstream the private sector into its plan and especially in the context of budget 2022,” he said.
By Aduragbemi Omiyale
The duo of Presco Plc and Guaranty Trust Holding Company (GTCO) Plc has listed additional shares on the Nigerian Exchange (NGX) Limited.
The extra equities of these two publicly-listed organisations were admitted to the local stock exchange last Friday, increasing their respective total issued and fully paid-up shares.
For Presco, it listed fresh 166,666,667 ordinary shares of 50 Kobo each on the daily official list of the NGX on Friday, January 30, 2026, increasing its total issued and fully paid-up stocks from 1,000,000,000 units to 1,166,666,667 units.
The additional equities were from the rights issue of the firm allotted to shareholders on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
In a circular issued over the weekend, the NGX said, “Trading licence holders are hereby notified that additional 166,666,667 ordinary shares of 50 Kobo each of Presco Plc were on Friday, January 30, 2026, listed on the daily official list of Nigerian Exchange (NGX) Limited (NGX).
“The additional shares arose from the company’s rights issue of 166,666,667 ordinary shares of 50 Kobo each at N1,420.00 per share on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
“With the listing of the additional 166,666,667 ordinary shares, the total issued and fully paid-up shares of Presco Plc has now increased from 1,000,000,000 to 1,166,666,667 ordinary shares of 50 Kobo each.”
As for GTCO, it listed additional125,000,000 ordinary shares of 50 Kobo each at N80.00 per unit offered through private placement.
The fresh equities taken to Customs Street have raised the total issued and fully paid-up shares of GTCO from 36,425,229,514 to 36,550,229,514 ordinary shares of 50 Kobo each.
By Adedapo Adesanya
A total of N1.969 trillion was shared to the federal government, the 36 state governments and the 774 local government councils from the gross revenue of N2.585 trillion generated by the nation in December 2025.
The money was disbursed to the three tiers of government at the January 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
In a statement issued on Monday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, it was stated that the FAAC allocation comprised statutory revenue of N1.084 trillion, distributable Value Added Tax (VAT) revenue of N846.507 billion, and Electronic Money Transfer Levy (EMTL) revenue of N38.110 billion.
“Total deduction for cost of collection was N104.697 billion, while total transfers, refunds, and savings were N511.585 billion,” the statement partly read.
It was also revealed that from the N1.969 trillion total distributable revenue, the federal Government received the sum of N653.500 billion, and the state governments received N706.469 billion, the local government councils received N513.272 billion, and the sum of N96.083 billion was shared with the benefiting state as 13 per cent derivation revenue.
He said of the N1.084 trillion distributable statutory revenue, the central government received N520.807 billion, the state governments got N264.160 billion, the local councils were given N203.656 billion, and N96.083 billion was shared to the benefiting states as 13 per cent derivation revenue.
FAAC noted that from the N846.507 billion distributable VAT earnings, the federal government got N126.976 billion, the state governments received N423.254 billion, and the local government councils got N296.277 billion.
From the revenue from EMTL, Mr Mokwa explained that the national government was given N5.717 billion, the state governments got N19.055 billion, and the councils collected N13.338 billion.
He added that the companies’ Income Tax (CIT)/CGT and STD, Import Duty and Value Added Tax (VAT) increased significantly in December, while oil and gas royalty, CET levies and fees increase marginally, with excise duty, Petroleum Profit Tax (PPT)/Hydrocarbon Tax (HT), and EMTL considerably down.
By Adedapo Adesanya
Nigeria’s oil exports will drop in February following the shutdown of the Bonga Floating Production Storage and Offloading (FPSO) vessel scheduled for turnaround maintenance.
Shell Nigeria Exploration and Production Company (SNEPCo) Limited confirmed the development in a statement issued, adding that gas output will also decline during the maintenance period.
This comes as SNEPCo begun turnaround maintenance on the Bonga FPSO, the statement signed by its Communications Manager, Mrs Gladys Afam-Anadu, said, describing the exercise as a statutory integrity assurance programme designed to extend the facility’s operational lifespan.
SNEPCo Managing Director, Mr Ronald Adams, said the maintenance would ensure safe, efficient operations for another 15 years.
“The scheduled maintenance is designed to reduce unplanned deferments and strengthen the asset’s overall resilience.
“We expect to resume operations in March following completion of the turnaround,” he said.
Mr Adams said the scope included inspections, certification, regulatory checks, integrity upgrades, engineering modifications and subsea assurance activities.
“The FPSO, about 120 kilometres offshore in over 1,000 metres of water, can produce 225,000 barrels of oil daily.
“It also produces 150 million standard cubic feet of gas per day,” he said.
He said maintaining the facility was critical to Nigeria’s production stability, energy security and revenue objectives.
Mr Adams noted that the 2024 Final Investment Decision on Bonga North increased the importance of the FPSO’s reliability. He said the turnaround would prepare the facility for additional volumes from the Bonga North subsea tie-back project.
According to him, the last turnaround maintenance was conducted in October 2022.
“On February 1, 2023, the asset produced its one billionth barrel since operations began in 2005,” Mr Adams said.
SNEPCo operates the Bonga field in partnership with Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited, under a Production Sharing Contract with the Nigerian National Petroleum Company (NNPC) Limited.
The last turnaround maintenance activity on the FPSO took place in October 2022. On February 1, the following year, the asset delivered its 1 billionth barrel of oil since production commenced in 2005.
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