Business
World Bank, Nigerian Govt Disagree ON n 2025 Budget Assumptions

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.
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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.
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“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.
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“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.
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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
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.
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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.
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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.
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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.
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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?”
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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.
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