Business
15 States May Go Bankrupt If…– Report

- 36 States generate N682bn IGR
- Lagos generates more IGR than 32 States combined
- Rich States: Lagos, Rivers, Delta, Ogun, Edo
- Poor States: Yobe, Zamfara, Ekiti, Borno, Kebbi
An investigation by the Economic Confidential has shown that 15 States of the federation may go bankrupt as their Internally Generated Revenues (IGR) in 2015 were far below 10% of their Federation Account Allocations (FAA) in one year from June 2015 to May 2016. According to the report, the IGR of Lagos State which stood at N268bn is higher than that of 32 States combined together excluding Rivers, Delta and Ogun whose IGRs are ‘very impressive.’ The report further disclosed that the 32 other states merely generated a total of N257bn in 2015. It would be recalled that the Economic confidential, an economic intelligence magazine recently published the total allocation each state in Nigeria received from the Federation Account Allocation (FAA) between June 2015 and May 2016 which signified one year of President Muhammadu Buhari’s administration. The latest report on IGR reveals that only Lagos State generated more revenue than its allocation from the Federation Account by 150% and no other state has up to 100% of IGR to the federal largesse. The IGR of the 36 states of the federation totaled N682.67 billion in 2015 as against N707.85 billion in 2014, a drop of N25.18 billion or a minus 3.56 percent. The report provides shocking discovery that indicates that 15 states may go bankrupt and may not stay afloat outside the Federal Account Allocation due to lack of foresight in revenue generation drive coupled with arm-chair governance. The states that may not survive without the Federation Account due to poor internal revenues include Yobe which generated meager N2.2b compared to a total of N57.4bn it received from the Federation Account Allocation (FAA) from June 2015 to May 2016 representing about 3.9%. Others are: Zamfara with IGR of N2.7bn compared to FAA of N56.6bn representing 4.8%; Ekiti N3.2bn compared to FAA of N50.460bn representing 6.5%; Borno with N3.5bn compared to N78.7bn of FAA representing 4.5% and Kebbi with IGR of N3.5bn compared to N64.8bn of FAA representing 5.5% within the period under review. Other poor internal revenue generating states are Taraba which generated N4.1bn compared to FAA of N56bn representing 6.4%; Nassarawa N4.4bn compared to FAA of N50.5bn representing 8.5%; Adamawa N4.4bn compared to FAA of N62.2bn representing 7.1%; Gombe N4.7bn compared to FAA of N49.8bn representing 9.6%; Jigawa N5bn compared to FAA of N73bn representing 7%; Bauchi N5.3bn compared to FAA of N72.6bn representing 7.4%; Imo N5.4bn compared to FAA of N71.6bn representing 7.6%; Katsina N5.7bn compared to FAA of N88.8bn representing 6.5 %; Niger N5.9bn compared to FAA of N74.8bn representing 8% and Sokoto N6.2bn compared to FAA of N69.7bn representing 8.9%. Meanwhile, Lagos State retains its number one position in IGR with a total revenue generation of N268.22bn in the twelve months of last year. It is followed by Rivers State N82.10bn, Delta State N40.80bn, Ogun State N34.59bn and Edo state N19.11bn. However, these five states look good to be on top of the current economic challenges. They are: Enugu, Oyo, Anambra, Akwa Ibom and Kano with N18.08bn, N15.66bn, N14.793bn, N14.791bn, and N13.611 bn respectively. The Economic Confidential report further showed that the richest northern state is Kano which is the only state from the North to be among the 10 highest IGR earners while the rest are Southern States. The poorest southern State is Ekiti which is the only state from the South to be among the 10 lowest IGR earners while the rest in the category and bottom of the ladder are Northern States. Meanwhile, the IGR of the respective states can improve through aggressive diversification of the economy to productive sectors rather than relying on the monthly Federation Account revenue that largely come from the oil sector.
Business
Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

By: Fabian Apechihin
The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.
A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.
The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.
According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.
While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.
“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.
Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.
Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?
Business
US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

By: Fabian Apechihin
The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.
Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.
According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.
Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.
“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.
He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.
“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.
Do you want me to make this rewrite more concise for a newspaper front-page brief or keep it detailed like a full energy market report?
Business
NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

• Lauds transparency, fairness in beneficiary selection and grassroots empowerment
• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta
The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.
In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.
“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”
According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.
The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.
NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.
In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.
The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.
“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”
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