News
FG Blames Conflicting Oil, Inflation Forecasts for Nigeria’s Budget Gaps
The Federal Government has attributed part of the shortfalls recorded in the implementation of its budgets to conflicting economic projections by government agencies, particularly on crude oil prices, production, inflation, exchange rates and non-oil revenue.
The government said inconsistencies in the assumptions used by institutions responsible for fiscal and monetary policies had affected budget planning and contributed to differences between projected and actual economic outcomes.
The disclosure followed a meeting of the Economic Management Team in Abuja on Monday, where members approved the establishment of an inter-agency committee to harmonise the key macroeconomic assumptions used in national budgeting and economic planning.
According to a statement issued by the Secretariat of the Economic Management Team at the Federal Ministry of Finance, the decision was reached after a joint budget retreat and technical validation workshop identified divergent assumptions among government agencies as one of the factors contributing to budget underperformance.
The government said the new committee would develop a common framework covering major indicators, including crude oil prices, oil production volumes, exchange rates, inflation and non-oil revenue projections.
It would also address differences in how economic indicators are reported and communicated by government institutions to investors, development partners and the public.
The Minister of Finance and Coordinating Minister of the Economy said the harmonisation would help bridge the gap between budget projections and actual economic performance.
“Today’s decisions tighten the link between the numbers we plan with and the actual outturns,” the minister said, adding that a unified set of assumptions would improve budget credibility and economic planning.
The Economic Management Team also approved revised terms of reference, expanding its responsibilities to include regular assessments of macroeconomic performance, improved coordination between fiscal and monetary authorities, monitoring of the Renewed Hope Agenda and periodic reviews of the Federal Government’s financing requirements.
Under the new arrangement, the team will meet monthly and review at least two strategic sectors at each meeting.
The Ministry of Finance was also designated as the coordinating custodian of national economic data, while individual agencies will continue to manage their respective datasets and supply information for coordinated public releases.
The government said the arrangement was designed to improve the consistency and reliability of official economic statistics.
Nigeria’s Economy Records Growth
Meanwhile, the EMT reviewed recent economic indicators and noted that Nigeria’s real Gross Domestic Product grew by 4.43 per cent year-on-year in the second quarter of 2026.
The team described the figure as the strongest quarterly performance recorded since the third quarter of 2024.
It further stated that the economy expanded by about 17 per cent in US dollar terms during the first half of 2026.
Nigeria’s external reserves, according to the government, had also climbed above $54bn in early September, representing their highest level in almost 18 years and exceeding the government’s projection for the year.
The naira also strengthened into the N1,300 range against the US dollar in early September, with the government linking the improvement partly to the rise in external reserves.
The EMT also noted that FTSE Russell would reclassify Nigeria from “Unclassified” to “Frontier Market” status from September 21, 2026.
The government expects the move to increase the visibility of Nigerian equities among international investors following the country’s return to the index after about three years.
The team further disclosed that public debt remained below 40 per cent of GDP, while Moody’s sovereign credit outlook for Nigeria had improved from stable to positive.
It added that Nigeria’s economy was worth more than $2.2tn when measured using purchasing power parity, significantly higher than its nominal dollar GDP.
The government said the gap demonstrated the potential for Nigeria to achieve its target of a $1tn nominal economy by 2030.
As part of efforts to achieve the target, the EMT reviewed proposals aimed at increasing agriculture’s contribution to economic growth.
The proposed measures include reducing post-harvest losses, expanding agricultural processing and mechanisation, improving compliance with export standards and ensuring that capital releases are made ahead of planting seasons.
The team also considered financing measures, including the planned recapitalisation of the Bank of Agriculture and the creation of a new credit facility for smallholder farmers.
The government is targeting an increase in agriculture’s share of private-sector credit to approximately 10 per cent by 2030.
On trade and investment, the EMT reviewed preparations for the Creative Africa Nexus scheduled for November 2026 and the Intra-African Trade Fair planned for November 2027, both in Lagos.
The government expects the events to attract exhibitors, international buyers and major investment opportunities, with the IATF also expected to attract African heads of state.
The Ministry of Finance was directed to work with the Ministry of Industry, Trade and Investment to coordinate funding and customs facilitation for the events.
Both ministries are expected to produce a consolidated implementation plan outlining the responsibilities of the relevant ministers and agencies.
News
Ogun Estate Dispute: Residents Accuse Adron Homes of Withholding Land Titles
The coalition said it would return to the media when its demands had been addressed and peace restored to the affected estates.
Adron Homes yet to respond to allegations
When contacted on Monday, the Executive Director, Public Affairs and International Relations of Adron Homes and Properties Limited, Oluwakemi Osude-Laniyan, asked PUNCH Metro to send its enquiries through WhatsApp.
However, she did not respond to the message.
When contacted again on Tuesday morning, Osude-Laniyan said she was awaiting a detailed response from the appropriate department.
The company had yet to provide its response as of Tuesday night when the report was filed.
News
Nigeria, France Target Increased Investment in Oil and Gas Sector
Nigeria and France are seeking to deepen investment and cooperation in the energy sector, with stakeholders calling for increased capital inflows, technology transfer, local content development and improved infrastructure to unlock Nigeria’s oil and gas potential.
The call was made at an energy roundtable organised as part of the 2026 French Week by the Franco-Nigerian Chamber of Commerce and Industry.
Participants drawn from the energy industry, government and diplomatic community identified gas development, energy transition, decarbonisation and regulatory stability as priority areas for expanding economic cooperation between both countries.
The Managing Director and Chief Executive Officer of TotalEnergies Nigeria, Matthieu Bouyer, said the energy sector presented significant opportunities to strengthen the longstanding relationship between Nigeria and France.
Bouyer noted that TotalEnergies, which has operated in Nigeria for 70 years, remained committed to developing local capacity, supporting Nigerian contractors and building sustainable partnerships.
“We see Nigeria not just as a market, but as a long-term investment destination where we continue to develop people, work with local contractors and build partnerships,” he said.
He disclosed that more than 100 French companies operate in Nigeria across sectors such as energy, infrastructure, logistics, technology, agriculture and consumer goods, providing thousands of jobs.
According to him, bilateral trade between Nigeria and France reached approximately $4.7bn in 2025, highlighting the potential for stronger commercial engagement.
Bouyer identified energy transition and decarbonisation, gas infrastructure and domestic utilisation, as well as technology transfer and local content development as three critical areas requiring increased collaboration.
He stressed that Nigeria’s energy transition must reflect its development priorities, particularly the need to expand energy supply while gradually reducing carbon emissions.
He added that improved gas recovery, methane reduction and energy efficiency could deliver environmental and economic benefits.
On gas development, Bouyer described Nigeria’s natural gas resources as a major opportunity for electricity generation, manufacturing, exports and industrial expansion.
However, he maintained that adequate infrastructure and a stable investment environment were essential to attracting the capital needed to develop the sector.
He also called for partnerships that would equip Nigerian companies with the technical expertise required to participate in more complex energy projects.
The Managing Director of Nigeria LNG Limited, Adeleye Falade, also highlighted the importance of natural gas to Nigeria’s industrialisation and economic diversification.
Falade disclosed that Nigeria had approximately 215 trillion cubic feet of proven gas reserves, while estimates of its wider gas resources stood at about 600 trillion cubic feet.
He argued that gas should be considered not merely a transitional fuel but a foundation for industrial development, clean cooking, export earnings and broader economic growth.
“Nigeria’s energy transition must be just, realistic and investable,” he said, noting that Africa’s energy development challenges differed from those of Europe, particularly regarding access to reliable electricity.
Falade cited NLNG’s Train 7 expansion project as an example of how international partnerships could promote domestic industrial development and increase the country’s gas production capacity.
He disclosed that engineering work on the project was 99.5 per cent complete, procurement was 99.8 per cent complete, while construction had reached approximately 94 per cent.
The project, expected to commence operations towards the end of 2027, will increase NLNG’s production capacity from 22 million tonnes per annum to approximately 30 million tonnes per annum.
According to him, the expansion has also created significant opportunities for Nigerian contractors and manufacturers, with local content accounting for about 95 per cent of the project.
He said approximately 16,000 people, largely young Nigerians, were engaged during construction, while wider project activities supported an estimated 40,000 jobs.
Falade added that Nigerian companies had manufactured several components, including pressure vessels, cables and valves, demonstrating the growing capacity of local manufacturers to participate in major energy projects.
He said the skills and facilities developed through Train 7 would support future industrial projects and strengthen the competitiveness of Nigerian engineering companies.
On NLNG’s economic contributions, Falade disclosed that the company had generated approximately $149.6bn in revenue since commencing operations, paid $47.9bn in dividends and remitted about $10.5bn in taxes.
He maintained that further expansion of production would increase government earnings through taxes, dividends and other payments.
The stakeholders called for sustained cooperation between Nigeria and France, stressing that stronger investment, technology transfer and infrastructure development would be critical to maximising Nigeria’s energy resources and driving long-term economic growth.
News
Four African Universities Launch Consortium to Expand Nomadic Education
Four African universities have joined forces to establish a consortium aimed at expanding access to education for nomadic pastoralists and other marginalised communities across the continent.
The initiative seeks to improve school enrolment, retention and completion rates among children in underserved communities through inclusive and flexible learning opportunities.
The partnership brings together Maryam Abacha American University of Nigeria (MAAUN), Kano; the Catholic University of Eastern Africa, Kenya; Capital University, Somalia; and the University of Namibia.
The announcement was made on Tuesday at a three-day international conference in Kano themed, “Strengthening Inclusive and Flexible Education Pathways for Nomadic Pastoralists and Marginalised Learners in Africa.”
In his welcome address, MAAUN President, Prof. Mohammad Israr, described education as a fundamental human right and a vital instrument for societal transformation.
He, however, noted that nomadic pastoralists and marginalised communities across Africa continued to face significant barriers to accessing quality education.
“Our responsibility as universities and educational institutions is to develop inclusive, flexible and innovative educational approaches that ensure no learner is left behind,” he said.
Israr explained that the conference provided a platform for stakeholders to exchange knowledge, share experiences and develop practical strategies for improving educational access among underserved populations.
In her keynote address, the Minister of State for Education, Prof. Suwaiba Sa’id-Ahmad, said the conference addressed both a national responsibility and a shared continental aspiration to guarantee quality education for every child.
The minister, who was represented by the Vice-Chancellor of the Federal University of Education, Zaria, Prof. Yahaya Bunkure, said the challenges facing nomadic children extended beyond securing admission into schools.
“For many of these children, the challenge is not only gaining admission into schools, but remaining in education, completing the learning cycle and acquiring competencies relevant to their lives,” she said.
She described access to education for nomadic and underserved children as an issue of equity, social justice, human dignity and national development.
According to her, Nigeria and other African countries must develop education systems that recognise the diverse circumstances of their populations and provide learning opportunities for children regardless of their location.
“Our responsibility is to build an education system that responds to the diversity of our people, reaches children wherever they are and provides learning opportunities that enable them to participate productively in society,” she said.
The minister urged universities across Nigeria and other African countries to intensify research into the factors affecting access, participation, retention and learning outcomes among nomadic and underserved children.
Also speaking, the founder of MAAUN Group of Universities, Prof. Adamu Abubakar-Gwarzo, called for the development of curricula tailored to the educational needs and lifestyles of nomadic and pastoralist communities.
He said such an approach would equip children in the communities with relevant knowledge and skills to contribute meaningfully to the development of their countries.
The Vice-Chancellors of the Catholic University of Eastern Africa and Capital University also participated virtually.
Prof. Elias Opngo of the Catholic University of Eastern Africa and Dr Ahmed Ga’al of Capital University, in separate remarks, emphasised the need to guarantee equal educational opportunities for children irrespective of their geographical locations, family occupations or personal circumstances.
They also advocated stronger cooperation among African countries, noting that the challenges associated with nomadic education required collective continental action.
The consortium is expected to strengthen collaboration among the participating institutions in developing inclusive educational approaches that address the barriers preventing nomadic and marginalised children from accessing and completing formal education.
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