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Non-Oil Sector Contributing 73% To Budget Financing, Says Finance Minister

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Drums of Oil
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The Federal Government says the contribution of non-oil revenue to financing the federal budget has risen to 73 percent.

In the light of this, Minister of Finance, Budget and National Planning, Zainab Ahmed, said Nigeria is in good economic standing and not broke.

Speaking at the sixth edition of President Muhammadu Buhari’s Scorecard in Abuja, the minister noted that the country had witnessed two recessions during the Buhari administration.

“The non-oil revenue share of funding the Federal Government – we’ve been able to succeed in turning it around (from) the non-oil revenues contributing 30-35 percent to the federal budget,” she said.

“Now, it is 73 percent financing of the federal budget and that is very significant. That is to emphasise that the non-oil sector is growing and contributing significantly and that is what is really holding the economy now. It is the oil sector that is lagging behind.”

She stated that with the support of the president, the Federal Government had been able to disburse N5.03 trillion and an additional $3.4 billion to states over the course of the Buhari administration.

“Each of these payments has distinct payment terms. Some of them are grants, some of them are very soft loans with very low interest rates as well as very long tenures to enable the states to manage their economies well and contribute to the growth of the nation,” she added.

The Federal Government, in January, projected a revenue target of N10.7trillion for the 2022 fiscal year.

Ahmed, who spoke during the public presentation and breakdown of the highlights of 2022 Appropriation Bill, said the figure was 32 percent higher than the N8.1 trillion projected in 2021.

The bill indicated an expected N3.6 trillion in debt servicing.

The minister explained that the 2022 budget had a deficit of N6.3 trillion and would be financed from domestic, foreign, multi-lateral loans and proceed from privitisation.

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Business & Economy

Mangal Cement Reiterates Commitment to Consistence Quality, Tightens Relationship with Stakeholders

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The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa Monday, July 14th, 2025 addresses Annual Stakeholders Forum, Abuja
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By AbdulRahman Obaje

Mangal Cement has reiterate its commitment to consistence quality while reinforcing its relationship with it stakeholders.

The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa made this known Monday, July 14th, 2025 during this year Annual Stakeholders Forum, Abuja.

Omowunmi said, “We are here today basically because of this title: ‘building stronger partnership, quality trading solution and value for money’. We are here; number one, to tighten the collaboration that we’ve been having with our stakeholders. We know that we’ve been having relationship with you by virtue of the fact that you are partner to our business, you are using our brand; that automatically has clarify the fact that we are in partnership”

”We don’t just want it to be like that, we want it to be tighter, so we want to strengthen that collaboration, we want it to be tighter. That is why we are here and that is why we have invited you to be part of this event.”

“And secondly. We are also here to reaffirm the consistency in quality and innovation. We want to assure you that our quality remain the way it has ever been since inception; since we started production. My colleague said this is first of its kind; I mean the stakeholder forum we are having. But obviously this is first of its kind in Abuja environment. And I want to also appreciate us for being part of this very first one.”, she continued.

Participants also expressed satisfaction with Mangal product. Obastar Block Industry Said the cement is very good. He said, “People should join in using it, we have been using it. The cement is good. We have been using other cements but since we have tried Mangal cement, we have not been disappointed.”

“The only place they need improvement is setting, outside that, the cement is very good.” he concluded.

Olayinka AbdulWahid, IBZA Blocks said, “Mangal cement is very good in terms of quality and durability.

The blocks that we produced with Mangal cement, the customer actually vouch for. I have some few friends that whenever they want to cast, they always request that make Mangal cement available.

So, in terms of quality, it is a very good quality/ the only challenge we have is the availability and most of the time the delivery is very very poor in which sometimes, some of us we are unable to wait. we have to look for alternative product.

But with this seminar we attend today, if we can have access to more of the vendor or more of the distributor, we can have alternative demand.

So, that is the only challenge, the availability.”

However, Omowunmi further revealed that Mangal Industries is not slowing down on innovation and quality assurance, asserting that this is the reason for the forum, so as “to reaffirm our commitment to quality and innovation as an organisation.”, she continued.

The forum saw notable personalities such as Engr. Yusuf Ibrahim, Industrial Training Fund, Silifa Shagaya, SON and others in attendance

High point of the event was the distribution of wheelbarrows and protective gears to all the participants of the stakeholder forum.

 

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Business & Economy

Nigerian Economy Stabilising — CBN Governor, Cardoso

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CBN Governor Yemi Cardoso
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The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the Nigerian economy has stability.
He disclosed this at the press briefing at the end of its 300th Monetary Policy Committee meeting on Tuesday.

According to him, investors’ confidence in the Nigerian economy has improved over the past eighteen months.

Responding to questions on how improved macroeconomic fundamentals of the Nigerian economy are impacting the lives of Nigerians, he said, “Investors do not go to where there is economic instability. They don’t go out to lose money but to make a profit. With that stability comes confidence and then investment and growth.

“What is now being recognised is that the Nigerian economy is not stable. The inflation numbers speak for themselves.”

Recall that the World Bank, in its latest Nigerian Development Update report, said the country is in good shape as it grew by 3.4 percent in 2024.

 

 

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 CBN Retains Nigeria’s Interest At 27.50%

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Yemi Cardoso,CBN Governor
Yemi Cardoso, CBN Governor
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The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent.

The governor of CBN, Olayemi Cardoso, disclosed this in a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The committee unanimously agreed to retain MPR at 27.50 percent,” he stated.

Cardoso also announced that the MPC member decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for commercial bank and 16 percent for mortgage bank, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained.

He justified MPC’s decision to pause the rate hike on the easing of Nigeria’s inflation rate to 23.7 percent in April.

it would be recalled that last week the National Bureau of Statistics consumer price index showed that country’s inflation dropped by 23.7 percent.

In February, the MPC retained the country’s interest rate at 27.50 percent as inflation cooled off.

 

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