Business

World Bank, Nigerian Govt Disagree ON n 2025 Budget Assumptions

Published

8 months ago

May 13, 2025

The World Bank has described the Nigeria’s 2025 Budget key assumptions of 2.1 million barrels per day oil production and $73 per barrel price as ambitious given the current production level of 1.6mbpd and $60pb price at the international market.

The Nigerian government, however, disagreed and stated that the assumptions were based on the potentials of the economy.

The World Bank in its May 2025 Nigeria Development Update presented on Monday in Abuja, explained that though most of all economic indicators remain positive, inflation remains high.

It noted that for Nigeria to achieve its target of a $1 trillion economy by 2030, the growth rate needs to be five times faster than its current rate of 3.8 percent.

The global bank, despite the challenges and the rising cost of living in the country, urged the Federal Government to stay on course in the implementation of its economic reforms.

While presenting the report to a gathering that included the Ministers of Finance, Wale Edun, Budget and National Planning, Atiku Bagudu, Communication, Innovation and Digital Economy, Bosun Tijani, Governor of Central Bank of Nigeria, Yemi Cardoso, as well as the Governor of Plateau State, Caleb Mutfgang and private sector leaders, the Lead Economist at World Bank Country Office, Dr Alex Sienaet, commended the government for removing subsidies on petrol and liberalizing the foreign exchange market.

It reported that Nigeria’s fiscal outlook remains cautiously optimistic but hinges on the necessary consolidation of recent advances.

“First, it is essential to ensure that the full revenue gains from the removal of the PMS subsidy, estimated at about 2.6 percent of GDP in 2024, are transferred to the Federation Account.

“Despite the subsidy being fully removed in October 2024, NNPCL started transferring the revenue gains to the Federation only in January 2025.

“Since then, it has been remitting only 50 percent of these gains, using the rest to offset past arrears. “Resolving any remaining net arrears and channeling the full benefits of subsidy reform to the Federation is critical for sound fiscal management.

“Second, close monitoring of the 2025 budget implementation is essential, as it has overly ambitious revenue assumptions and may lead to a larger-than-anticipated fiscal deficit.

“The budget aims to boost capital spending, and this must be done sustainably, within the broader objective of fiscal consolidation to complement monetary policy and achieve an overall policy mix that maintains fiscal discipline and brings down inflation.

“Third, sustained efforts to enhance expenditure efficiency and transparency are crucial to maximizing development outcomes.

“This responsibility lies not only with the Federal Government, but especially with states, which now receive more revenue (N13.8 trillion in 2024) than the Federal Government (N12.3 trillion)”, it added.

The Minister of Finance, Wake Edun, pointed out that the government needs to push for transparency of fiscal data and transparency in the oil revenue sector, adding this is key to what the government is trying to achieve.

“In terms of where we go next, the key is investment. It is investments that allow increases in productivity that grows the economy and creates jobs,” he said.

According to him, the government is conducting a forensic audit of the NNPC Limited, assuring that all monies due to the federation account from NNPC Limited would be recovered.

On his part, the Minister of Budget and Economic planning, Abubakar Atiku Bagudu, disagreed that the assumptions made in the 2025 budgets were over ambitious, pointing out that they were based on the country’s potential.

“Are the projections in the 2025 budget ambitious? No, they are not, in all modesty. This is because even in the presentation, two things were said: the oil price which is now $60 per barrel but the average for Nigeria is $73 because of our premium grades,” he submitted.

Also speaking, CBN Governor, Yemi Cardoso said the economy needs a period of sustained stability for it to grow, which is what the central bank has been doing.

“We recognize our role as the custodian of stability and we recognize what we have to do to ensure that we accomplish and attain stability,” the CBN boss explained.
(DAILY POST)

Business

Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians

Published

2 days ago

December 23, 2025

Editor

Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.

The company disclosed this in a statement on Sunday.

The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.

It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”

Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.

DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.

However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.

Business

Naira Records Significant Appreciation Against US Dollar

Published

2 days ago

December 23, 2025

Editor

The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.

The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.

This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.

Business

CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments

Published

1 week ago

December 16, 2025

Editor

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.

The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.

According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.

“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.

Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.

The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.

Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.

Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.

The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.

The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.

The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.

This means the two financial institutions can no longer operate as licensed financial institutions.