Business

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

Published

4 years ago

April 26, 2022

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.”

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

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

5 days ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.

Business

Dangote Unveils 10-day Credit Facility For Petrol Station Owners

Published

5 days ago

December 30, 2025

Editor

The Dangote Group has announced a 10-day credit facility backed by a bank guarantee for petrol station owners and dealers, alongside free direct delivery and other incentives, as part of a new supply arrangement.

The company disclosed this in a statement posted on its official X handle on Tuesday, inviting petrol station operators across the country to register to benefit from the offer.

According to the statement, participating dealers will enjoy “a 10-day credit facility backed by a bank guarantee,” with a minimum order requirement of 5,000 litres.

“Our free direct delivery service will commence soon,” the group said, adding that the offer is open to “all petrol station owners and dealers.”

The Dangote Group further called on operators to register their stations to access the supply arrangement.

“Register your petrol stations today to benefit from our competitive gantry price,” the statement read.

The company also disclosed that petrol supplied under the arrangement will be sold at a gantry price of ₦699 per litre.

For enquiries, the group provided the following contact numbers: 0802-347-0470, 0809-324-7070, 0809-324-7071 and 0203.

The announcement follows a recent petrol price adjustment by the Dangote Petroleum Refinery.

The PUNCH earlier reported that the refinery reduced its ex-depot petrol price from ₦828 to ₦699 per litre, representing a ₦129 cut or a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to ₦699 per litre.”

The new price reportedly took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

6 days ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.