Business & Economy
Borrowing to fund budget is Inevitable-Senate ….. insists electricity subsidy must go, …..warns MDAs of tougher oversight ….As experts flag widening deficit
By George Mgbeleke
In an effort to flag-off the commencement of 2026 budget defence by Ministries, Departments and Agencies (MDAs) of government, the Senate on Monday declared that Nigeria would continue to borrow to bridge its massive budget deficit, even as it vowed to end the long-standing practice of rolling over unimplemented budgets and warned Ministries, Departments and Agencies (MDAs) to brace for stricter scrutiny.
Chairman of the Senate Committee on Appropriations, Senator Solomon Olamilekan Adeola, made the position clear at the public hearing on the 2026 Appropriation Bill, stressing that borrowing had become unavoidable given the country’s revenue constraints and huge development needs.
Adeola, however, announced that the National Assembly would no longer approve extensions of budget implementation cycles, insisting that discipline, firm timelines and stronger oversight would henceforth define Nigeria’s budgeting process.
“Never again will the National Assembly approve budget extensions. We must discipline our budgeting cycle, enforce strict adherence to appropriation timelines, and ensure better coordination between policy design and implementation,” he said.
According to him, while public opposition to borrowing persists, Nigeria’s infrastructure gap and development challenges leave the government with little choice.
He argued that the real issue was not borrowing itself, but how deficits are financed.
“Nigeria cannot help but keep borrowing because revenue inflows are unpredictable and development needs are enormous. What matters is how we borrow and how we fund our deficits,” Adeola said.
He acknowledged the growing burden of debt servicing but maintained that Nigeria must honour its obligations to protect its credit rating and international standing.
To avoid crowding out private sector credit, he said government was deliberately limiting domestic borrowing and exploring alternatives such as asset optimisation, privatisation, Public-Private Partnerships (PPPs), joint venture asset leveraging and Eurobond issuances.
“Government is deliberately avoiding excessive domestic borrowing that could crowd out private sector credit. Instead, we are exploring external financing, asset sales and privatisation to bridge revenue gaps,” he added.
Economist and fiscal policy expert, Dr. Olatilewa Adebanjo, warned at the hearing that Nigeria’s rising budget deficit could become unsustainable without urgent reforms in revenue mobilisation and fiscal discipline.
He called for a comprehensive review and stricter enforcement of the Fiscal Responsibility Act (FRA), describing it as a potent but underutilised law.
“We need to remain alert and proactive. All stakeholders must closely monitor critical sectors to ensure revenues meant for government actually reach government coffers,” Adebanjo said.
He raised particular concern about the mining and solid minerals sector, alleging massive revenue leakages and accusing foreign interests, especially Chinese firms, of extracting Nigeria’s resources with minimal benefit to the country.
“What we continue to see is a situation where foreign actors, especially Chinese interests, come into the country, extract our mineral resources and leave with enormous value, while Nigeria earns little or nothing in return. This is a wake-up call,” he said.
Adebanjo also criticised what he described as unrealistic revenue projections, urging government to base budgets on achievable figures and hold revenue-generating agencies accountable for performance.
The Chief Commissioner of the Public Complaints Commission (PCC) also decried persistent waste in public spending, citing abandoned projects, inflated contracts and poor execution by MDAs as key drivers of fiscal stress.
“Funds are appropriated, yet outcomes are often disappointing. Strong oversight and accountability mechanisms are essential to derive full value from public spending,” he said.
In response, Adeola urged the executive to aggressively deploy PPPs, especially in infrastructure development, to ease pressure on public finances. He also insisted that electricity subsidies must be fully removed to unlock resources for development.
“Trillions of naira were spent annually on fuel subsidies, money that did not exist. We borrowed to fund it. The bold decision to remove subsidies laid the foundation for the reforms we see today,” he said, adding that power sector reforms must be completed.
On the 2026 budget, estimated at ₦58.47 trillion, Adeola described it as a “Budget of Consolidation,” anchored on subsidy removal, tax reforms, public finance restructuring and electricity sector reforms. He warned that the success of the budget would depend on effective implementation and people-centred outcomes.
He disclosed that projected revenue stood at ₦33.19 trillion, leaving a deficit of about ₦25.27 trillion. Debt service is estimated at ₦15.90 trillion, while capital expenditure of ₦23.21 trillion reflects government’s focus on infrastructure and productivity.
Key assumptions include an inflation target of 16.5 per cent, exchange rate stabilisation around ₦1,400 to the dollar, oil production of 1.84 million barrels per day and a benchmark oil price of $64.85 per barrel. Priority allocations include ₦5.41 trillion for defence and security, ₦3.56 trillion for infrastructure, ₦3.52 trillion for education and ₦2.48 trillion for health.
Adeola warned heads of MDAs to take budget defence seriously, noting that failure to justify proposals could lead to reallocations. He also reaffirmed that all government funds, including service-wide votes, remain subject to legislative oversight.
Presenting his remarks, Accountant General of the Federation, Shamseldeen Olujimi, called for a shift from budget size to measurable impact, describing the budget as a “moral document” that reflects national priorities.
“For too long, Nigeria has been strong on budget formulation but weak on budget translation,” he said,
urging a focus on outcomes such as functional schools, operational hospitals, reliable power and job creation.
Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite, said the 2026 budget was designed to maximise scarce resources and deepen ongoing reforms.
She acknowledged public frustration over rising living costs but described the outlook as “cautious but positive,” with GDP growth projected at about 4.5 per cent.
Earlier, Senate President Godswill Akpabio, represented by Deputy Senate President Barau Jibrin, said budget hearings must go beyond ritual allocations to real impact.
“Our task is not simply to spend more, but to spend better; not merely to allocate funds, but to convert budgets into outcomes,” he said.
Business & Economy
Niger Delta group commends FG on Immigration Law compliance
By David Owei,Bayelsa
A Niger Delta Think Tank, the Movement of Intellectuals for National Development (MIND), has commended the Federal Government over its directive on strict compliance with the Nigerian Immigration Law.
MIND, in a letter to the Minister of Interior, signed by its Western Coordinator, Ebi Warekromo, stated that the Ministry’s firm statement condemning the abuse of Nigeria’s immigration framework by certain expatriate workers and their employers operating within the country was a welcome development.
According to him, the Ministry’s ‘’clear and decisive position sends a strong signal that the Federal Government remains committed to upholding the rule of law, protecting the integrity of Nigeria’s immigration system, and safeguarding employment opportunities that should rightfully be available to qualified Nigerians.’’
Warekromo, while recalling a recent petition by the group that was submitted to the National Assembly, vowed that it would continue to work with all relevant agencies of the government to expose abuse of Nigeria’s Immigration Law.
The statement read in part: ‘’Our organization had recently submitted a petition to the Senate President of the Federal Republic of Nigeria, highlighting disturbing patterns of non-compliance with immigration and expatriate quota regulations by some multinational corporations operating in Nigeria. The petition specifically drew attention to issues relating to the operations of TotalEnergies Nigeria, including allegations of expatriate personnel occupying positions that are ordinarily meant for Nigerians, the misuse of expatriate quota approvals, and practices that undermine the objectives of Nigeria’s labour and local content policies.
It is therefore highly reassuring to note the Ministry’s strong condemnation of such practices and its commitment to ensuring strict compliance with Nigeria’s immigration laws. We believe this position is both timely and necessary to protect national interests, strengthen institutional accountability, and ensure that expatriate participation in Nigeria’s economy genuinely contributes to skills transfer and national development.
In light of this, the Movement of Intellectuals for National Development expresses its readiness to work constructively with the Ministry of Interior and its relevant agencies in identifying and addressing cases of immigration law violations. We believe that collaboration between regulatory institutions and responsible civil society organizations will significantly enhance efforts aimed at curbing these detrimental practices.
Business & Economy
*HallowMace Foundation and Partners Unveil Final Three Nominees Per Geo-Political Zone for 2026 National Legislative Award, Announces Final Voting Stage*
ABUJA, April 16, 2026, The HallowMace Foundation and Partners have officially released the final list of the last three outstanding nominees per Nigeria’s six geo-political zones for the upcoming National Legislative Award, scheduled to take place in July 2026.
After a rigorous selection process incorporating input from Nigerian citizens and the National Assembly Press Corps, the Foundation and Partners finalized the roster of distinguished Senators and House of Representatives members who have demonstrated exceptional legislative performance.
The nominees are grouped by geo-political zone as follows:
*SOUTH EAST*
*Senate*
Sen. Enyinnaya Abariba
Sen. Victor Umeh
Sen. Osita Izunaso
*House of Reps*
Hon. Benjamin Kalu
Hon. Dominic Okafor
Hon. Chike Okafor
*SOUTH SOUTH*
*Senate*
Sen. Seriake Dickson
Sen. Adams Oshiomole
Sen. Asuquo Ekpenyong
*House of Reps*
Hon. Frederick Agbedi
Hon. Francis Waive
Hon. Inombek Awaji-Abiante
*SOUTH WEST*
*Senate*
Sen. Opeyemi Bamidele
Sen. Solomon Olamilekan
Sen. Abdulfattah Buhari
*House of Reps*
Hon. Akin Rotimi
Hon. Babajimi Benson
Hon. Oluwole Oke
*NORTH CENTRAL*
*Senate*
Sen. Sani Musa
Sen. Natasha Akpoti-Uduanghan
Sen. Aliyu Wadada
*House of Reps*
Hon. Terseer Ugbor
Hon. Saidu Musa Abdullahi
Hon. Jonathan G. Gaza
*NORTH EAST*
*Senate*
Sen. Abdul Ninji
Sen. Muhammed Monguno
Sen. Muhammed Danjuma Goje
*House of Reps*
Hon. Laori K. Bitrus
Hon. Ahmadu Usman Jaha
Hon. Bello Usman Kumo
*NORTH WEST*
*Senate*
Sen. Hussaini Babangida Uba
Sen. Sunday Katung
Sen. Aminu Waziri Tambuwal
*House of Reps*
Hon. Hassan Fulata
Hon. Abdussamad Dasuki
Hon. Sada Soli
According to the Organisers, these nominees represent the *“last three”* standing per zone following extensive voting by Nigerian public and legislative correspondents. They have been recognized for their outstanding contributions to lawmaking, oversight, and constituency representation.
*Voting For The Next Stage Now Open*
The HallowMace Foundation and Partners hereby announce that voting for the final selection stage has commenced effective today, April 16, 2026. In this crucial phase, members of the public are invited to vote to select one Senator and one House of Representatives member per geo-political zone from the list of final nominees.
Email: thenationallegislativeawards@gmail.com
This stage of voting shall close on the last day of April 2026 (April 30, 2026) . Winners will be determined by a combination of public votes and final validation by the National Assembly Press Corps.
The National Legislative Award ceremony is set to hold in July 2026, where the final winners will be unveiled and celebrated for their dedication to the Nigerian project.
*About HallowMace Foundation*
The HallowMace Foundation is a non-partisan organization committed to promoting legislative excellence and accountability across Nigeria.
*Signed:*
Amb. Oguh Hyginus John
*Head, Public Communications Desk*
The National Legislative Awards Planning Committee
Business & Economy
PPP Business Model Responsible for Success of NLNG -Fubara *Pledges Continued support for Corporate Organizations operating in Rivers State
By George Mgbeleke
Governor of Rivers State, His Excellency, Sir Siminalayi Fubara has attributed the success of the Nigeria Liquified Natural Gas ( NLNG) Limited to the Public Private Partnership ( PPP) business model adopted by the Federal Government and the multinational oil companies from the inception of the organisation.
Governor Fubara stated this while receiving the new Managing Director and Chief Executive Officer of the NLNG, Mr Adeleye Falade who paid him a courtesy visit at Government House, Port Harcourt.
The NLNG is jointly owned by Nigerian National Petroleum Corporation (NNPC) with 49%, Shell Gas B.V. with 25.6%, Total LNG Nigeria Ltd with 15%, and Eni International with 10.4%.This partnership model allows for shared risks, costs, and expertise in the LNG sector.

L to R: Miss Homa Nmegbu, Govt. Relations Advisor; Abdul Saleh, Technical Adviser to Exexutive Management; Dr Yemi Adeyemi, Manager Community Relations; Abdul Umar, Manager, Government Relations; Engr Adeleye Falade, MD/CEO, Governor of Rivers State, His Excellency, Siminalayi Fubara; Dr Sophia Horsfall, GM, External Relations & Sustainable Development; Mike Igoni, Head, Govt Relations; Ifeanyi Umeh, Head Community Engagement & Liaison, Kate Allison, Senior Govt Relations Advisor and Emma Nwatu, Senior Media Advisor, in a group photograph during the courtesy visit on Wednesday.
In a statement by his Chief Press Secretary,Onwuka Nzeshi, governor Fubara observed that the NLNG has not only survived the difficult business environment but has made sustained progress in the nearly three decades of its existence. According to him, the decision of the Federal Government to allow the multinational oil companies who have the needed expertise to run the establishment while government plays a supervisory role over it, has largely been responsible for its success.
” I’m very proud to say that if there is one establishment that has shown resilience, that has survived in the face of all the political issues prevalent in this country, it is the NLNG. And what is the reason? The reason is very simple. Government has no business in business. That is the truth. Leave the business for those people who can operate it. Let the government play its supervisory role to ensure that there is compliance with the laws; ensure that standards are maintained and also ensure that the right people with the needed expertise are at the helm of affairs. That’s all. I think that is the reason why we still record a lot of successes in NLNG,” he said.
Governor Fubara pledged the continued support of his administration for the NLNG, stressing that the success of the organisation is equally the success of the government of Rivers State and the success of the Federal Government of Nigeria. He gave assurance that his administration will continue to contribute it’s own quota in support of the NLNG.
“Our duty is to make sure that we support whoever is operating in our state. We are the ones here. If we don’t support you and you don’t succeed, we also will not succeed and Mr President will also not succeed.
“So the success of your establishment is the success of our state, and overall success of Nigeria. So you can count on our support. Wherever you think we need to come in to support you, please do not hesitate to call upon us.
“You just mentioned here that your predecessor left a handover note showcasing the level of support that he got from the state. It is not going to be different in your own case. I can assure you that. I will also ensure that other units of the government will liaise with you when necessary. So even if you can’t get to me, you can always get to them and if there is anything we can do to help your establishment succeed, we will do it for you,” he said.
In his opening remark, the new CEO of the NLNG, Mr Adeleye Falade who led other top officials of the company on the visit, expressed appreciation for the audience granted them and appealed to the Government of Rivers State to continue to support the organisation.
” We appreciate the opportunity to meet with you and deepen this important relationship.We deeply value the support the Rivers State Government continues to extend in fostering an enabling operating environment for businesses. NLNG remains deliberate in its contribution to Nigeria’s development, and Rivers State, our primary host, continues to be central to that commitment,” he said.
The company, Falade said, has continued to work with its host communities to strengthen their capacity to identify, prioritise, and deliver sustainable development initiatives that create lasting impact. According to him
communities including Amadi-ama, Abua, Ekpeye, Okrika, Kalabari, and Emohua have continued to benefit from this model. He said that beyond community infrastructure, the NLNG have sustained investments in economic empowerment through initiatives such as Vocational Innovation and Business Empowerment Scheme (VIBES) and Micro Small and Medium Enterprise (MSME) schemes. These, he said, were designed to support small businesses, build capacity, and stimulate local enterprise across the state.
Among officials of the company who accompanied the Managing Director where General Manager, External Relations and Sustainable Development, Dr Sophia Horsfall; Manager, Government Relations, Mr Abdul Umar; Manager, Community Relations; Dr Yemi Adeyemi; Head of Government Relations, Mr Mike Igoni; Head of Community Liaison and Engagement, Chief Ifeanyi Umeh. Others are Technical Assistant to Executive Leadership, Mr Hassan Saleh; Senior Media and Publicity Advisor, Mr Emma Nwatu; Government Relations Advisor, Miss Homa Nmegbu, Senior Government Relations Advisor, Mrs Kate Allison and Audio -Visual Advisor, Mr Dawood Ahmed.
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