Economy
2021 budget: Expert tasks FG on monitoring, evaluation for enhanced performance
A financial expert, Dr Glenn Prince-Abbi, on Monday urged the Federal Government to map out strategies for proper monitoring and evaluation of national budget to ensure enhanced performance.
Prince-Abbi, the Chief Executive Officer (CEO) of Espera Global Corporation, said this in an interview with the News Agency of Nigeria (NAN) in Lagos, while reacting to 2021 budget proposal.
He said that government should put in place tough monitoring and evaluation mechanisms to ensure budget performance.
He noted that previous budget performance assessments had not been impressive.
Prince-Abbi added that government needed to apply more drastic measures to prevent a repeat of past experiences in the 2021 fiscal year.
He said that revenue generating agencies must be compelled to perform optimally on their revenue target deliverables.
“Over the years, taking for instance 2015 to 2020, performances on both oil revenue and non-oil revenue projections have shown disturbing disparities.
“I think we need to put in place measures, strategic and operational frameworks which can help to bridge the gap and stem the persisting dissonance between budget making and budget performance.
“The Federal Government needs to apply more drastic measures to prevent this in the 2021 fiscal year.
“Also, revenue generating agencies must be compelled to perform optimally on their revenue deliverables. These are no times for business-as- usual,” Prince-Abbi said.
He also called on government to contain recurrent expenditure and increase budgetary allocation to capital expenditure to accelerate economic growth.
“Recurrent expenditure must be put on progressive containment in order to release the much needed revenues to address capital expenditure in priority areas.
“This will strengthen macroeconomic resilience while building and accelerating economic growth.
“One of the fundamental draw-backs in Nigerian government budget making is in the area of capital expenditure share of the budget.
“In the first budget, namely the 2016 budget prepared by the President Muhammadu Buhari-led administration, bold actions were taken to strengthen the percentage of capital expenditure (CAPEX).
“CAPEX represented 30 per cent of the total budget. The President promised to continue to raise the percentage allocation for capital expenditure in future years.
“The government kept this promise, though very modestly. For instance, capital expenditure plan for 2017 was 30.7 per cent and 2018 was 30.8 per cent.
“However, in the 2019 budget, capital expenditure plan fell back to 30 per cent and in 2020 it fell further to 24 per cent, and now in the proposed 2021 budget, it is 29 per cent.
“While being an improvement on the CAPEX spend of 2020, it is still a poor showing as far as the need for better quality aggregate spending is concerned,” Prince-Abbi said.
He said that government should take deliberate measures and unrelenting steps in improving capital expenditure ratios and desist from pandering to the political expediencies of rising recurrent expenditure.
“With a strategy to move much-needed revenues to the capital expenditure side, government should come down heavily on all existing and potential areas which sadly drive unwholesome acceleration in recurrent expenditure,” he added.
NAN reports that the Federal Executive Council recently approved N13.08 trillion budget proposal for 2021 fiscal year.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the budget estimate was made up of N2.083 trillion capital expenditure, which she described as 29 per cent of the total budget.
According to her, the budget proposal is predicated on N379/$ exchange rate, oil benchmark of $40 per barrel, oil production volume of 1.86 million barrels per day, including 400,000 condensate, Gross Domestic Product (GDP) growth of three per cent and 11.95 per cent inflation rate. (NAN)
By: Fabian Apechihin
Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.
Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.
Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.
Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.
“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.
IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.
Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.
The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.
Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.
Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”
In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.
- Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin
Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.
The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.
The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).
According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.
“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.
The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.
She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.
She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.
“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.
The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.
In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.
Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.
She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.
Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.
End
By: Fabian Apechihin
The Federal Airports Authority of Nigeria (FAAN) has introduced a new contactless and cashless payment system, tagged Operation Go Cashless, in partnership with Paystack.
In a statement on Thursday, FAAN announced that the initiative will take effect from September 29, 2025, at Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.
“Effective September 29, 2025, all payments at FAAN revenue points, including airport access gates, car parks, and FAAN VIP and protocol lounges, will go cashless. This means we will be phasing out cash collection at these points,” the statement read.
According to FAAN, the new system will provide travellers and airport users with faster, more seamless services through a secure, contactless platform. The agency explained that the shift responds to rising demand for modern, transparent payment methods and aligns Nigeria’s airports with global digital standards.
FAAN added that reducing cash handling will enhance efficiency, strengthen revenue assurance, and improve customer experience. It also noted that the cashless policy will be gradually extended to other airports nationwide.
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