Business
FG’s Deficit Spending Rises 23% To N7.3 trn

Deficit spending by the Federal Government (FG) rose by 23.7 per cent, YoY, to N7.3 trillion in 2021 from N5.9 trillion recorded in 2020.
The Central Bank of Nigeria, CBN, disclosed this in its fourth quarter 2021 (Q4’21) Statistical Bulletin report.
The 23 per cent rise in FG’s deficit spending was caused by a 17.4 per cent increase in expenditure which subdued the 9.2 per cent increase in revenue.
According to the CBN, FG’s total revenue for 2021 rose to N4.39 trillion in 2021, from N4.02 trillion recorded in 2020, representing a 9.2 per cent rise.
On the other hand, total expenditure rose to N11.69 trillion in 2021, from N9.95 trillion in 2020, representing 17.4 per cent.
In the first quarter, Q1’21, FG recorded N914.8 billion revenue and N2.89 trillion expenditure, resulting in a N1.97 trillion deficit.
In the second quarter, Q2’21, FG recorded N1.14 trillion revenue and N2.69 trillion expenditure, resulting in N1.55 trillion, VANGUARD report.
In the third quarter, Q3’21, the FG recorded N1.11 trillion revenue and N3.19 trillion expenditure, resulting in a N2.09 trillion deficit.
In the fourth quarter, Q4’21, the FG recorded N1.2 trillion revenue and N2.9 trillion expenditure, resulting in a N1.69 trillion deficit.
Providing details on the fiscal activities in Q4’21, the CBN said: “FGN retained revenue declined due to shortfalls in the receipt from federation account sources.
“At N1.26 trillion, provisional retained revenue of the FGN declined by 36.6 per cent and 3.2 per cent, relative to the budget benchmark and the preceding quarter, respectively, reflecting the subsisting revenue challenge over the past two years.”
READ ALSO: Debt, Inflation Affecting Global Growth – World Bank
On expenditure, the CBN said: “The decline in provisional capital expenditure triggered an 8.8 per cent drop in aggregate spending in the fourth quarter of 2021, relative to the preceding quarter.
“A disaggregated analysis revealed that recurrent expenditure rose by 5.6 per cent, relative to the preceding quarter, while capital expenditure dropped by 61.3 per cent, over the same period. “Recurrent spending maintained its dominance, accounting for 75.1 per cent; while capital expenditure and transfers constituted the balance of 21.3 per cent and 3.6 per cent, respectively.
“Aggregate expenditure fell faster than revenue, thus tapering the provisional deficit. At N2.23 trillion, the provisional fiscal deficit of the FGN was 12.0 per cent lower than the level in the preceding quarter.”
Business
Fixed Income: CBN Announces Fresh Regulations To Control Nigerian Market

The Central Bank of Nigeria has announced sweeping regulations to take control of the Nigerian fixed income market.
The regulations expected to begin in November are aimed at boosting transparency across Nigeria’s financial sector.
The apex bank disclosed this in a recent statement.
CBN noted that the intervention is a key part of broader financial market reforms.
READ ALSO:CBN Establishes New Unit To Tackle Financial Crime
Accordingly, it said its core objective is to enhance regulatory oversight and strengthen the market’s ability to effectively support the transmission of monetary policy and, ultimately, foster economic growth.
“This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the bank’s established settlement system for financial market transactions,” the statement read.
According to DAILY POST, Fixed income securities refer to investments which provide a return in the form of fixed periodic interest payments and the eventual return of the principal at maturity.
Business
Confusion Over Euro-Africa CCI’s $250m Investment In Edo

The $250m investment deal Governor Monday Okpebholo claimed to have secured during his recent trip to Scotland is generating ripples over capacity of the European African Chamber of Commerce and Industry (EACCI) to make such a huge investment.
The EACCI, headed by a Drector General, Dr. Kingsley Obasohan, is not known to have made any prior investment in Edo State or any part of the country.
Obasohan, who attended the Edo State Global Investment Summit virtually, announced the $250m investment.
He said the investment would be made for a period of three years.
An online search was launched to unravel the EACCI as well as the man Obasohan.
READ ALSO:Okpebholo Warns Companies Against Fuelling Edo–Delta Boundary Dispute
A number on the site was answered by a lady who claimed not to understand English language.
Several foreign partners were listed on the site as board members and advisory council.
Some closed associates of Obasohan said he would have to get clearance from the Board members before talking to journalists on the issue.
Spokesman for the Edo Peoples Democratic Party, Daniel Noah Osa-Ogbegi, said the party would hold Governor Okpebholo accountable to Edo people and demanded clarity on the $250m investment from Glasgow.
Osa-Ogbegi said the proposed investment has become a source of embarrassment to Edo people because of unfolding information about EACCI.
READ ALSO:JUST IN: Okpebholo Nominates Another 5 Persons As Commissioner-designates
He said the party would shine light on fiscal management practices that appeared to ignore transparency and responsibility.
Secretary to the State Government (SSG), Umar Musa Ikhilo, had earlier said those that attended the Glasgow summit were interested in keying into the SHINE agenda of Governor Okpebholo.
“One of the chambers of commerce that attended, the European African Chamber of Commerce and Industry signed an MoU with the Edo State Government to invest a sum of $250 million over the next three to five years.
“Last year, diaspora remittances were the second-highest source of foreign income in Nigeria after crude oil, over $20 billion, but only 2% of that went into investment. We are creating a vehicle to help convert more of that into direct investments.”
He added that a delegation from Scotland was expected to visit Edo State in the coming months to explore specific investment projects as a follow-up to the summit.
Business
Dangote Hits Out At PENGASSAN, Says Union ‘Serial Saboteurs, Serving Oligarchs’

The management of Dangote Petroleum Refinery has berated the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), accusing the union of decades-long sabotage of Nigeria’s oil and gas sector and serving the interests of its leaders rather than ordinary Nigerians.
In a statement issued at the weekend, the refinery described PENGASSAN’s latest directive to cut crude oil and gas supplies to the facility as another act of economic sabotage designed to inflict untold hardship on Nigerians.
“Indeed, over time, the Association has consistently proved itself as serving interests other than those of Nigerians and Nigerian workers,” the statement declared.
Dangote recalled that in 2007, when the Federal Government sold its moribund Port Harcourt and Kaduna refineries to Blue Star Consortium, led by the Dangote Group, for $750 million, it was PENGASSAN and its ally, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), that sabotaged the deal. “It is now obvious to everyone that the FGN’s decision at the time was the right one and that PENGASSAN and NUPENG ignominiously wrote their names on the wrong pages of history,” the company said.
READ ALSO:Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments
The refinery also faulted the union’s role in the much-publicised rehabilitation of the Port Harcourt Refinery, describing it as a “ruse” which PENGASSAN “knowingly celebrated despite being a scam on Nigerians.” The statement further accused the union of opposing amendments to the Petroleum Industry Act (PIA) that would have freed up federal liquidity and attracted private-sector funding into Nigeria’s upstream oil ventures.
Beyond policy obstruction, Dangote Refinery accused the association of mismanaging billions of naira in annual check-off dues to allegedly bankroll the “lavish lifestyles” of its leaders, without accountability to members. By contrast, the refinery highlighted its own record of economic contributions within a short period, citing road construction, worker training, the creation of thousands of Nigerian jobs, and a compensation structure that “outdistances the best in the Nigerian oil and gas industry.”
“The Dangote Group is the highest employer of labor in Nigeria and the highest contributor to the tax revenues of Nigeria and its sub-nationals. What comparable social responsibility has PENGASSAN, with its billions of Naira in annual check-off dues and subscriptions, lived up to?” the statement queried, challenging the union to publish its audited accounts for the past ten years. “Can it publish publicly its account for the last 10 years and list out its corporate responsibility activities within that timeframe?”
READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
The refinery insisted that PENGASSAN’s recent directive to withdraw services and cut off essential fuel supplies, including but not limited to petrol, diesel, kerosene, cooking gas and aviation fuel was reckless, lawless and dangerous. It said the order is not about protecting Nigerian workers, but it is about a cabal of oligarchs weaponising hardship against over 230 million Nigerians.
“In the process, it (PENGASSAN) cares little if at all about the unbearable hardship and terror it would thereby inflict on all Nigerians, including but not limited to the provision of essential services in our hospitals and medical facilities, schools (nursery and right up to tertiary and research institutions), emergency services, communications facilities, transportation systems, etc,” it said.
Dangote Refinery called on the Federal Government and security agencies to step in immediately to protect the facility and the nation’s energy security, stressing that the union must not be allowed to “bully Nigerians into chaos and economic sabotage.”
According to Tribune Online, the federal government has announced readiness to broker peace between Dangote Refinery and PENGASSAN, inviting both to a meeting scheduled for Monday.
- News3 days ago
JUST IN: Court Bars Police From Enforcing Tinted Glass Regulation
- Metro5 days ago
Edo Police Kill Two Suspected Kidnappers In Gun Duel
- News4 days ago
JUST IN: NSCDC Commandant, Slumps, Dies In Edo
- News5 days ago
FG, Nigerian Army Intensify Forces To Combat Proliferation Of small Arms, Light Weapons
- Entertainment3 days ago
2Face Idibia Reportedly Arrested After Heated Argument With Natasha In London
- News3 days ago
Edo: Pandemonium As NDLEA Operatives Chase Escaping Driver With Shooting
- News3 days ago
Court Dismisses Suit Seeking Refund Of Rivers’ Monies Expended By Ibas
- News4 days ago
Police Begin Enforcement Of Tinted Glass, Siren Regulations In Edo, Delta
- Politics4 days ago
Fubara Sacks Commissioners, Others
- Entertainment5 days ago
Why I Married Mr Eazi – Temi Otedola