Business

FG Records N524.25bn Fiscal Deficit In One Month

Published

4 years ago

September 4, 2022

Editor

The Federal Government recorded N524.25bn fiscal deficit in May, from N643.09bn in April.

This was obtained from the Central Bank of Nigeria’s monthly economic report on fiscal sector development.

It stated that, “The disproportionate reduction in expenditure and revenue outcomes resulted in a contraction in the overall fiscal deficit, during the period.

“Following the 14.0 per cent decline in government spending and 7.2 per cent fall in FGN retained revenue, the provisional fiscal deficit, at N524.25bn, was 18.5 per cent and 1.5 per cent below the level in April and the budget benchmark, respectively.”

The government’s fiscal operations remained anchored on the extant fiscal framework to pursue macroeconomic stability, income generation, and the expansion of fiscal space to boost infrastructural development, among other objectives.

The revenue challenge persisted in May 2022, as the federation and the Federal Government recorded shortfalls of 35.8 per cent and 7.2 per cent, relative to the respective monthly targets. However, the overall fiscal deficit of the FGN contracted by 1.5 per cent, relative to the target, driven, largely, by a 14.0 per cent drop in aggregate expenditure.

Total public outstanding debt, at end March 2022, stood at N41.6tn or 18.8 per cent of GDP, and remained within the 40.0 per cent debt-GDP threshold.

The report stated that, “Provisional federally collected revenue in May dropped due to lower non-oil receipts. At N1.02tn, federation revenue fell below the levels in April and the monthly budget by 22.4 per cent and 35.8 per cent, respectively.

“The decline was attributed to a 30.4 per cent shortfall in nonoil receipts, relative to the target.

“In terms of share, non-oil revenue maintained its dominance in gross federation receipts, accounting for 54.1 per cent, while oil revenue constituted the balance of 45.9 per cent.”

Oil revenue, at N466.34bn, was above the level in April by 3.6 per cent, but fell short of the budget target by 41.1 per cent. The increase in oil revenue relative to April was attributed to increased earnings from domestic crude oil and gas sales, following the surge in crude oil price.

However, higher value shortfall recovery, for Premium Motor Spirit continued to weigh on gross oil earnings.

PUNCH

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

23 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.