Business
2025: Nigerian States Fail To Achieve 60% Budget Execution In 2024
A recent review of budget performance across Nigerian states has revealed that none managed to exceed a 60% execution rate between January and September 2024.
The underwhelming performance raises concerns about the states’ readiness to handle the ambitious budgets they have planned for the 2025 fiscal year.
From Katsina to Akwa Ibom, states struggled to meet their budget targets, with execution rates ranging from 26.9% to 55.1%.
The review highlights inefficiencies in fiscal planning, low internal revenue generation, and a reliance on federal allocations and borrowing.
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Katsina State: Allocated N481.7 billion for 2024 but spent just N216.4 billion, representing 44.9% budget performance.
The state recorded an internally generated revenue (IGR) of N29.9 billion.
Jigawa State: With a budget of N383.5 billion, the state spent N174.8 billion (45.6%) and generated N18.4 billion internally.
Niger State: Budget execution stood at 30.4%, with N252.2 billion spent out of N829.4 billion. IGR was N29.2 billion, representing just 3.5% of the budget.
Abia State: Achieved 30.3% performance, spending N171.8 billion of its N567.2 billion budget, with IGR at N22.1 billion.
Anambra State: Spent N132.5 billion out of N410.3 billion (32.3%) and generated N28.2 billion internally.
Ondo State: Executed 52.3% of its N395.2 billion budget, spending N206.6 billion, with IGR at N24.4 billion.
Oyo State: Spent N210.9 billion out of N438.4 billion (48.1%), recording the highest IGR among reviewed states at N45.7 billion.
Bauchi State: Achieved 51.4% budget performance, spending N202.9 billion of its N394.8 billion allocation, while generating N15.9 billion internally.
Zamfara State: Executed 34.2% of its N426.5 billion budget, spending N145.8 billion, with IGR at N18.4 billion.
Adamawa State: Spent N154.8 billion out of N281.1 billion (55.1%) but generated only N9.1 billion internally.
Akwa Ibom: Recorded the lowest budget performance at 26.9%, spending N228.7 billion of its N849.9 billion budget. IGR stood at N41.4 billion.
Niger State’s fiscal performance stands out as a worrying case. Despite budgeting N829.4 billion for 2024, the state spent only N252.2 billion, relying heavily on federal allocations (N182 billion) and loans (N79 billion, covering 31.3% of expenditures). The state generated just N29.2 billion internally.
As Niger State plans to increase its budget to N1.5 trillion in 2025—a 48.3% rise from 2024—questions are being raised about its ability to finance such a massive appropriation.
Governor Mohammed Umaru Bago recently defended the state’s financial approach, claiming a 68.88% budget performance for 2024.
However, analysts have pointed out discrepancies in the state’s fiscal records.
“The numbers don’t add up,” said one analyst. “If Niger State relied on internally generated revenue alone, it would have achieved only 3.5% of its 2024 budget. The reliance on loans and federal allocations is unsustainable.”
The state’s fiscal challenges are not new. In 2023, Niger budgeted N473 billion but spent only N190.9 billion (40.3%).
It generated N18 billion internally, received N92.6 billion from the federation account, and borrowed N90 billion to bridge the gap.
The inability of states to execute their 2024 budgets effectively has raised doubts about their capacity to manage even larger budgets in 2025.
Fiscal experts are calling for a reassessment of budget planning and implementation processes to avoid deepening financial crises.
“There’s an urgent need for states to improve revenue generation and reduce dependence on loans,” said another expert. “Without these measures, achieving fiscal sustainability will remain a mirage.”
Business
Tesla Aims for 2028 Commercial Production of Flying Car
Tesla has set a 2028 commercial production date for its new Roadster sports car that can briefly rise into the air using rocket technology.
According to CNN, the date was revealed when the manufacturers demonstrated its functionality on Thursday at a SpaceX testing facility in Texas, United States, where the two-seater vehicle performed a series of manoeuvres, including driving upside down before making a short airborne movement.
The prototype was operated without a driver during the test, with Musk saying the decision was taken “to make sure we don’t kill anyone.”
“Success is not guaranteed. I mean that. It’ll probably work, but if it doesn’t work, we’re at a safe distance,” he said.
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CNN reported that the vehicle uses 10 nozzles and high-pressure air tanks to generate thrust, with Musk claiming it could accelerate from zero to 60 miles per hour in less than a second.
The Tesla boss attributed the development to cooperation between the electric vehicle manufacturer and SpaceX, the rocket company he also leads.
He described the project as “the results of what happens when you have a collaboration with the world’s best car company and the world’s best rocket company.”
Musk also sought to assure spectators that the demonstration was genuine, saying, “We need an audience to prove that it’s not AI or SI. So you guys can tell people you saw it with your eyes, because what you see with your eyes, you will not believe.”
Despite the display, questions remain about whether the vehicle can achieve sustained flight and how practical it would be for everyday transportation.
Roger Conner, curator for vertical flight at the Smithsonian’s National Air and Space Museum, told CNN that combining the requirements of road vehicles and aircraft presented significant engineering challenges.
“Aircraft are extremely sensitive to weight, whereas with ground vehicles you want them to have bumpers and crumple zones and all that,” he said.
“Inevitably, something that is a hybrid between the two is going to be a poor performing aircraft and a poor performing vehicle, and also quite expensive,” he added.
Conner questioned whether the demonstration amounted to flying in the conventional sense.
“We’re not talking about sustained flight. We are literally talking about hopping,” he said.
However, Jim Dukhovny, chief executive of flying car startup Alef, said the technology was achievable, while pointing to the difficulties involved in making such vehicles transition safely from vertical take-off to forward flight.
“It absolutely is 100% feasible,” he told CNN.
“That being said, the hardest part on all eVTOLs, and for us, it’s a transition from (rising) vertical to (moving) forward. It needs to be extremely careful, making sure you do not lose lift, and making sure it’s very stable,” he added.
CNN also reported that Alef’s prototype weighs about 254 pounds, uses eight propellers and is designed to carry one person.
Musk said Tesla intended to begin production of the new Roadster in 2028.
CNN reported that the latest display adds to Musk’s ambitions to push Tesla’s vehicle technology beyond conventional electric cars, although the prototype’s ability to operate as a practical flying vehicle has yet to be established.
Business
Marketers Eye Portion of FG’s Petrol Discount
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Federal Government to add its member-stations to the petrol discount programme.
It cautioned that the current arrangement could limit the reach and deny vast consumers in underserved communities the benefits of the 30-day discount window.
The PETROAN also urged the FG to allocate at least 30 percent of the discounted petrol volume to outlets operated by its members.
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The calls followed last week’s announcement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, of a petrol discount at Nigerian National Petroleum Company Limited (NNPC Ltd) retail outlets, with priority given to public transport operators nationwide.
According to the National Publicity Secretary, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, the exclusion of independent marketers could undermine the programme’s effectiveness, particularly in communities where NNPC retail outlets have limited presence.
He argued that independent marketers, with their extensive nationwide distribution networks, were better positioned to extend the benefits of the intervention to consumers in remote and underserved areas.
“Independent oil marketers have over 90 percent coverage and presence in the nooks and crannies of this country. You are giving NNPC that is situated only in the town. So how do the poor masses, whom you intend to ensure that this petroleum product will alleviate their sufferings, how would they now get it?” Ukadike asked.
He said the association was not opposed to the government’s policy but insisted that independent marketers should be included to ensure wider access to the discounted product.
“But it’s government policies; we are not against government policies, but let it be all-inclusive; let independent marketers be part of it,” he said.
Ukadike also urged the government to extend the discount period to 60 days, citing logistical challenges that could delay the movement of petrol from coastal depots to other parts of the country.
“And the 30 days should be extended to 60 days. Because of the circulation of petroleum products, most times it takes two weeks for a truck to leave Apapa and get to Gombe, Maiduguri, because of the bad road and all the rest of them and loading process,” he added.
Similarly, PETROAN National President, Billy Gillis-Harry, urged the Federal Government to allocate 30 per cent of the discounted petrol volume to the association’s retail outlets to facilitate broader national distribution.
Business
Tanzania Nears Completion of $42bn Equinor, Shell-Led LNG Project
In the bid to transform Tanzania into the East African regional energy hub, the country is on the verge of concluding an agreement with a consortium of energy companies, including a $42 billion LNG project.
It was gathered that the project is designed to tap the 47.13 tcf of gas discovered in Tanzania’s deep offshore fields, part of the country’s estimated 57.54 tcf in total discovered reserves, the sixth-largest in Africa, behind Nigeria, Algeria, Senegal, Mozambique and Egypt.
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Equinor and Shell would be the lead operators, alongside involvement from ExxonMobil Pavilion Energy and Medco Energi, while state oil major, the Tanzania Petroleum Development Corporation (TPDC), would also hold an equity stake in the project.
“It’s almost there,” Khamis Mussa Omar, Tanzania’s finance minister, told Reuters.





