Business

FG Records N1.3 Trn Revenue Shortfall

Published

2 years ago

October 20, 2023

The Federal government’s 2023 budget recorded a N1.255 trillion shortfall in its projected revenue generation between January and July, this year.

The 2024-2026 Medium Term Economic Framework (MTEF) prepared by the government indicated that of the N11.045 trillion projected for the year, actual collection was N5.187 trillion, instead of the prorata N6.442 trillion, therefore leaving a shortfall of N1.255 trillion.

On the expenditure, the administration spent much less than it projected, as it spent only N8.6 trillion as at end of July, out of the N21. 83 trillion budgeted for the year.

According to the document, “The aggregate expenditure for FY 2023 is estimated at N21.83

trillion, with a prorata spending target of N12.29 trillion at end of July.

“The actual spending was N8.60 trillion. Of this amount, N3.94 trillion was for debt service, and N2.68 trillion for Personnel cost, including Pensions. Only about N857.08 billion (25% of the pro-rata budget) has been released for MDAs’ capital expenditure as of July 2023.

“This level of performance is partly explained by the introduction of the “Bottom-up Cash Plan” arrangement with effect from 2023”.

Despite, the current sluggish growth, the government projected a Gross Domestic Product growth rate of 3.76 percent next year and expects it to rise to 4.22 and 4.78 in 2025 and 2026, respectively.

From current N700/$1 exchange rate, the government has projected a N665.61/$1 and N669.79/$1 in 2025 and 2026. Respectively, in an optimism of a stronger Naira, in the coming years.

The MTEF projected a 21.40 percent ; 20. 30 percent 18.60 percent 2024, 2025 and 2026, respectively.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

1 day ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

Business

Dangote Sugar Announces South New CEO

Published

1 day ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.