Economy
Why Borrowing Under Buhari Has Increased—Finance Minister
By Modupe Gbadeyanka
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has explained why the administration of President Muhammadu Buhari has embarked on huge borrowing since he came into power on May 29, 2019.
The Minister, in a statement issued by her Special Adviser on Media and Communications, Mr Yunusa Tanko Abdullahi, on Monday disclosed that the borrowing has increased because of Mr Buhari’s desire to invest in public infrastructure, which will boost the economy and attract foreign investors like MoneyBrighter and others.
Mrs Ahmed said the President, recognising the importance of infrastructure from his first day in office, prioritised infrastructure provision and upgrade by ensuring that resources are adequately mobilised for infrastructure provision. If you are unaware of how to get an llc, then consider checking out startmyllc website.
She noted that engaging in such huge public investment in infrastructure requires a management system and structure that will ensure that government gets value for money spent, hence, the need to set up public investment management units.
“In a developing economy such as ours, the provision of infrastructure is usually a cardinal objective. This is mainly due to the multiplier effect of the provision of roads, rails, schools, hospitals, etc. on the growth and development of the economy,” she said.
“This is even very compelling given that the government has had to increase its borrowing to fund these public investments in infrastructure owing to revenue challenges. Thus, because public investment refers to government’s spending on infrastructure, its management literally means the process of handling expenditures to ensure that government gets value for its investments,” Mrs added when she spoke at a two-day retreat held last week by the Budget Office of the Federation (BOF)/National Assembly Appropriation Committee on the Budget Process with focus on Strengthening Public Investment Management (PIM).
The Minister submitted that strengthening public investment will come easy with commitment, loyalty and collaborations between the parliament and the Ministry.
“For us to have a strong public investment management system that will help us reduce our infrastructure deficit, deepen our PFM reforms and assist in achieving the goals of our medium to long-term development plans, the executive and the legislature must perform their separate roles effectively while also collaborating to ensure overall success.
“The role of both the executive and legislative cannot be overemphasised. As we all know; the budget is the main fiscal policy instrument through which public investment in infrastructure is carried out by the government.
“Besides, ensuring adequate provisions of resources for public investment in infrastructure in key sectors of the economy is one of the key points of our medium-term expenditure framework which forms the basis for preparing the annual budget in line with provisions of the Fiscal Responsibility Act 2007,” she said.
“Since the coming on board of this administration, the BOF has taken several steps aimed at ensuring allocative efficiency of resources as well as transparency in budget implementation and reporting.
“For example, the government’s commitment to achieving transparency in public expenditure is reflected in the progress that we have made since the country signed up to the open government partnership (OGP) in May 2016 as the 70th member country,” she added.
The Minister also noted that the oversight role of the legislative arm of government is particularly important for strengthening the public investment management system.
“Irrespective of the budgetary allocations, the lack of quality spending will erode the objectives of such high allocations.
“As such, the legislature, using its instrumentality of the oversight function, can help improve the quality of government’s spending on infrastructure. This usually complements the monitoring efforts of the Ministry of Finance, Budget and National Planning,” she noted further.
Mrs Ahmed disclosed that PIM Units have now been established across the Sub-Saharan Africa (SSA) region, noting that, “These units are usually located in a country’s Ministry of Finance or the Ministry of Planning or Economic Development.
“Their purpose is to strengthen the appraisal, selection and implementation of infrastructure projects that many countries are (or will be) using to boost the economic recovery from the COVID-19 pandemic.”
By Adedapo Adesanya
Nigeria’s economy, measured by gross domestic product (GDP), grew by 4.07 per cent (year-on-year) in real terms in the fourth quarter (Q4) of 2025.
The National Bureau of Statistics (NBS) announced the development in its latest GDP report for Q4 2025 on Friday.
The latest figure represents an improvement over the 3.76 per cent growth recorded in the corresponding period of 2024, signalling sustained recovery across key sectors of the economy. The growth rate was faster than the third quarter’s 3.98 per cent.
The report confirmed that Nigeria’s oil sector grew 6.79 per cent year-on-year and the non-oil part of the economy expanded by 3.99 per cent.
Nigeria’s average daily oil production stood at 1.58 million barrels per day in the final three months of 2025. That was lower than the third quarter’s output of 1.64 million barrels per day but higher than the 1.54 million barrels per day in the fourth quarter of 2024.
Breakdown of the data showed that the agriculture sector grew by 4.00 per cent in the fourth quarter of 2025. This marks a significant increase compared to the 2.54 per cent growth recorded in the same quarter of 2024, reflecting improved output and resilience in the sector.
The industry sector also recorded a stronger performance during the period under review. It grew by 3.88 per cent year-on-year, up from 2.49 per cent posted in the fourth quarter of 2024. The improvement suggests enhanced activity in manufacturing, construction, and related industrial sub-sectors.
The services sector maintained its position as a major growth driver, expanding by 4.15 per cent in Q4 2025. However, this was slightly lower than the 4.75 per cent growth recorded in the corresponding quarter of the previous year.
Overall, the 4.07 per cent GDP growth in the final quarter of 2025 underscores broad-based expansion across agriculture, industry, and services, despite a marginal moderation in services growth.
The Q4 performance provides further evidence of strengthening economic momentum, with improvements recorded in both agriculture and industry compared to the previous year.
By Modupe Gbadeyanka
For the second time, Flour Mills of Nigeria Plc is sponsoring the Paris International Agricultural Show (PIAS) as part of its strategies to fortify its ties with France.
The 2026 PIAS kicked off on February 21 and will end on March 1, with about 607,503 visitors, nearly 4,000 animals, and over 1,000 exhibitors in attendance last year, and this year’s programme has already shown signs of being bigger and better.
The theme for this year’s event is Generations Solution. It is to foster knowledge transfer from younger generations and structure processes through which knowledge can be harnessed to drive technological advancement within the global agricultural sector.
In his address on the inaugural day of the Nigerian Pavilion on February 23, the Managing Director for FMN Agro and Director of Strategic Engagement/Stakeholder Relations, Mr Sadiq Usman, said, “At FMN, our mission is Feeding and Enriching Lives Every Day.
“This is a mandate we have fulfilled through decades of economic shifts, rooted in a culture of deep resilience and constant innovation. We support this pavilion because FMN recognises that the next frontier of global Agribusiness lies in high-level technical exchange.
“We thank the France-Nigeria Business Council (FNBC), the organisers of the PIAS, and our fellow members of the Nigerian Pavilion – Dangote, BUA, Zenith, Access, and our partners at Creativo El Matador and Soilless Farm Lab— we are exceedingly pleased to work to showcase the true face of Nigerian commerce.”
Speaking on the invaluable nature of the relationship between Nigeria and France, and the FMN’s commitment to process and product innovation, Mr John G. Coumantaros, stated, “The France – Nigeria relationship is a valuable partnership built on a shared value agenda that fosters remarkable Intercontinental trade growth.
“Also, as an organisation with over six decades of transformational footprint in Nigeria and progressively across the African Continent, FMN has been unwaveringly committed to product and process innovation.
“Therefore, our continuous partnership with France for the success of the Paris International Agricultural Show further buttresses the thriving relationship between both countries.”
PIAS is one of the most widely attended agricultural shows, with thousands of people from across the world in attendance.
By Adedapo Adesanya
Despite reservations from some quarters, the Nigeria Extractive Industries Transparency Initiative (NEITI) has praised President Bola Tinubu’s Executive Order 9, which mandates direct remittances of all government revenues from tax oil, profit oil, profit gas, and royalty oil under Production Sharing Contracts, profit sharing, and risk service contracts straight to the Federation Account.
Issued on February 13, 2026, the order aims to safeguard oil and gas revenues, curb wasteful spending, and eliminate leakages by requiring operators to pay all entitlements directly into the federation account.
NEITI executive secretary, Musa Sarkin Adar, called it “a bold step in ongoing fiscal reforms to improve financial transparency, strengthen accountability, and mobilise resources for citizens’ development,” noting that the directive aligns with Section 162 of Nigeria’s Constitution.
He noted that for 20 years, NEITI has pushed for all government revenues to flow into the Federation Account transparently, calling the move a win.
For instance, in its 2017 report titled Unremitted Funds, Economic Recovery and Oil Sector Reform, NEITI revealed that over $20 billion in due remittances had not reached the government, fueling fiscal woes and prompting high-level reforms.
Mr Adar described the order as a key milestone in Nigeria’s EITI implementation and urged amendments to align it with these reforms.
He affirmed NEITI’s role in the Petroleum Industry Act (PIA) and pledged close collaboration with stakeholders, anti-corruption bodies, and partners to sustain transparent management of Nigeria’s mineral resources.
Meanwhile, others like the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have kicked against the order, saying it poses a serious threat to the stability of the oil and gas industry, calling it a “direct attack” on the PIA.
Speaking at the union’s National Executive Council (NEC) meeting in Abuja on Tuesday, PENGASSAN President, Mr Festus Osifo, said provisions of the order, particularly the directive to remit 30 per cent of profit oil from Production Sharing Contracts (PSCs) directly to the Federation Account, could destabilise operations at the Nigerian National Petroleum Company (NNPC) Limited.
Mr Osifo firmly dispelled rumours of imminent protests by the union, despite widespread claims that the controversial executive order threatens the livelihoods of 10,000 senior staff workers at NNPC.
He noted, however, that the union had begun engagements with government officials, including the Presidential Implementation Committee, and expressed optimism that common ground would be reached.
Mr Osifo, who also serves as President of the Trade Union Congress (TUC), expressed concerns that diverting the 30 per cent profit oil allocation to the Federation Account Allocation Committee (FAAC), without clearly defining how the statutory management fee would be refunded to NNPC, could affect the salaries of hundreds of PENGASSAN members.
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