Business
2015 Budget Projects N4.74tn Expenditure
The Federal Government’s
Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) have projected a budget of N4.74 trillion for 2015.
According to a document obtained from the Ministry of Finance, the medium-term paper covers from 2014 to 2016.
The document provided the basis for annual budget planning that indicates fiscal targets, estimates, revenue and expenditure, as well as government’s financial obligation in the medium term.
The document, prepared by the Ministry of Finance also sets out the underlying assumptions for these projections, provides an evaluation and analysis of the previous budget and presents an overview of consolidated debt and potential fiscal risks.
It also provides a number of important outcomes, including the macroeconomic outlook; fiscal balance; and other key indicators.
The projection fulfills a requirement of Section 11 of the Fiscal Responsibility Act 2007 which stipulate that the minister of finance shall prepare the MTEF and FSP and get them approved by the Federal Executive Council and the National Assembly.
An analysis of the document shows that the N4.74bn projected expenditure for 2015 represents an increase of N500m over the N4.69tn signed by President Goodluck Jonathan for the current fiscal year.
The Senate had on April 9 passed the 2014 budget raising the amount in the fiscal document from the N4.642tn submitted by the President to the National Assembly on December 19, 2013 to N4.695tn.
A breakdown of the expenditure for 2015 according to the MTEF shows that the sum of N2.48tn will go for recurrent expenditure (non debt) while N1.35tn is for capital expenditure.
According to the document, the share of capital expenditure to total spending is projected at 30.98 per cent while the portion for recurrent expenditure to the total budget is put at 69.02 per cent.
The document further stated that the sum of N409.2bn had been projected for statutory transfers while debt servicing is expected to gulp N684bn.
A further breakdown of the recurrent expenditure (non debt) shows that personnel cost will gulp N1.77tn while overheads, pensions and other service wide votes are expected to gulp N240bn, N153.23bn and N316.8bn, respectively.
On expected revenue for the 2015 fiscal year, the documents are projecting an oil production of 2.5 million barrel per day with an oil benchmark price of $75 per barrel.
It is also projecting a collection of N1.06trn as company income tax and N876bn from Value Added Tax.
It said, “The 2014-2016 MTEF and FSP are underpinned by heightened global economic uncertainty.
“Added to these global challenges is the potential impact of the increasing exploitation of shale oil and gas by major oil importers, the rising oil output by hitherto oil importing countries; and the challenges of oil theft, pipeline vandalism and production shut-ins at our oil mining locations and reduced non-oil revenue.
“These are the realities that informed the crafting of the 2014-2016 Medium-Term Fiscal Framework and the Fiscal Strategy Paper, with optimism of success in tackling the challenges causing the revenue loss.”
According to the document, while government remains focused on achieving its key development agenda through spending on priority sectors, the potential drop in revenues will temporarily set back the share of capital expenditure.
“Our strategy, however, is to continue to improve on the efficiency of capital expenditures. Though the wage bill, in particular, cannot be cut overnight, government is expediting action towards the total
Business
Nigeria Loses N17tr Yearly To Abandoned Projects
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Business
Transcorp Power seeks sustained investment across Nigeria’s electricity value chain
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
Business
FG generates N33tn revenue in 10 months – Oyedele
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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