NEWS
Nigeria’s Budget Threatened by Offshore Oil Output Flop
Persistent weaknesses in offshore crude production which left output below the level on which the 2026 federal budget was set out, has brought Nigeria’s fiscal position under pressure despite a strong rally in international oil prices.
MoneyAfrica shed light on this in its newsletter on Monday, asserting that Nigeria produced an average of 1.505 million barrels per day of crude oil in July, which industry figures aver is marginally above her Organisation of the Petroleum Exporting Countries (OPEC) production quota of 1.50 million bpd for the third consecutive month.
However, July output was 4 percent lower than in June, reflecting technical disruptions at some offshore oil fields.
MoneyAfrica said while the performance signals an improvement from the severe production losses Nigeria experienced in previous years, it remains insufficient to meet the government’s revenue plans.
When condensates are included, total liquids production averaged 1.67 million bpd in July, well below the 1.84 million bpd benchmark used in the 2026 budget.
The volume gap has remained a central risk to public finances throughout the year, constraining the amount of oil available for export and limiting the government’s capacity to convert stronger global prices into a material revenue windfall.
Crude prices have, nonetheless, provided an important cushion. Escalating tensions in the Middle East have supported global oil markets, pushing Nigeria’s realised crude prices to around 29 percent above the budget benchmark of $64.85 per barrel.
“This suggests gross oil revenue during the first half of the year may have exceeded the budgeted level in nominal terms, even with production running below target.
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Yet the higher-price environment has primarily neutralised the effect of lower export volumes instead of creating meaningful additional fiscal headroom.
Nigeria is therefore still exposed to a reversal in global prices, while its production base remains vulnerable to operational disruptions, infrastructure constraints and delayed investment”, the newsletter read.
The challenge is reflected in the government’s reported $2.49 billion oil-revenue shortfall in the first half of 2026. That underperformance, MoneyAfrica, said, feeds directly into the fiscal deficit and could increase the government’s financing needs, placing further pressure on domestic borrowing costs and public debt metrics.
The administration has intensified efforts to attract investment into oil and gas, particularly deep-offshore projects that could help rebuild output over the medium term.
Measures include tax incentives intended to improve project economics, unlock capital and shorten the path to final investment decisions.
The government has set an ambition to raise production towards 3 million bpd, but the scale of capital expenditure, technical work and infrastructure improvements required means the target is unlikely to be achieved quickly.
MoneyAfrica said, “For now, Nigeria is producing enough crude to comply with its OPEC quota, but not enough to deliver the oil volumes embedded in its own budget. Until offshore operations are stabilised and new investment translates into sustained barrels, higher crude prices will offer only a temporary buffer rather than a durable solution to the country’s fiscal vulnerability”.
NEWS
Tinubu Signs 2025 Budget Amendment Into Law
President Bola Ahmed Tinubu has signed the Appropriation (Amendment) (No. 4) Bill, 2025, into law, extending the implementation period of the 2025 budget from September 30 to December 31, 2026.
The development was confirmed in a statement issued on Wednesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
According to the statement, the presidential assent followed the passage of the amendment by both the Senate and the House of Representatives on Tuesday, September 29, 2026.
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The extension gives Ministries, Departments and Agencies (MDAs) additional time to complete ongoing capital projects and utilise funds already appropriated.
The Presidency said the move would ensure that funds already approved in the 2025 budget are fully put to work without disrupting critical government programmes.
The National Assembly had approved the extension after lawmakers considered the need to provide additional time for the implementation of capital projects under the 2025 Appropriation Act.
The Senate had described the extension as necessary to prevent the abandonment of ongoing projects and allow outstanding obligations relating to projects to be addressed.
With the President’s assent, the 2025 budget implementation deadline is now formally extended to December 31, 2026.
President Tinubu commended the leadership and members of the National Assembly for what he described as their prompt consideration of the amendment.
He said the development further demonstrated cooperation between the Executive and Legislative arms of government in the service of the country.
The latest extension marks another adjustment to the implementation timeline of the 2025 capital budget, which had previously been extended from its original deadline to March 31, June 30 and subsequently September 30, 2026.
NEWS
FG Reveals Six Locations for Proposed 24-Hour Power Supply Zones
The Federal Government has begun discussions with electricity distribution companies (DisCos) on plans to establish dedicated energy zones that could provide 24-hour electricity supply to homes, businesses and industries in major demand centres across Nigeria.
The initiative was discussed during a closed-door meeting between the Minister of Power, Joseph Tegbe, and representatives of selected electricity distribution companies and other power-sector stakeholders on Wednesday.
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Under the proposed arrangement, the government is targeting six major locations across three key electricity corridors: the Lagos axis, the Abuja-Kaduna-Kano corridor, and the Enugu-Port Harcourt corridor.
The proposed zones are intended to concentrate efforts on areas where reliable electricity is considered critical to manufacturing, commercial activities and other productive sectors.
Tegbe said the challenge facing Nigeria’s power sector goes beyond electricity generation and transmission, noting that distribution companies must also be able to take up available electricity and deliver it effectively to consumers.
“The constraint on the sector is not limited to generation and transmission but includes how much power is taken up and delivered at the distribution end,” the minister said.
According to him, the proposed energy zones are expected to help address gaps at the distribution end of the electricity value chain, while also supporting increased commercial and industrial demand.
The minister said the initiative could improve the revenue and collection performance of DisCos as more reliable electricity becomes available to productive users.
He also said the Federal Government would continue expanding electricity infrastructure in areas with high demand, stressing that electricity supply capacity must increase alongside the needs of the economy.
Representatives of Abuja Electricity Distribution Company, Ikeja Electric, Eko Power, Ibadan Electricity Distribution Company and Sahara Energy Group were among those reported to have attended the meeting.
However, the government has not announced a specific implementation date, the amount of electricity expected to be supplied to the proposed zones or the infrastructure investment required to achieve round-the-clock supply.
The plan comes as businesses and households continue to face concerns over the reliability of electricity supply and the ability of DisCos to efficiently distribute available power.
NEWS
NELFUND: ‘Have You Given Students ₦5,000 Scholarship?’ — NANS President Replies Dino Melaye
The President of the National Association of Nigerian Students (NANS), Akinteye Babatunde Afeez, has challenged ADC chieftain Dino Melaye to account for his record of supporting students after the former senator criticised the Nigerian Education Loan Fund (NELFUND).
Afeez made the remarks in a video circulating on social media on Tuesday while reacting to Melaye’s comments about the Federal Government’s student loan programme.
The NANS president questioned whether Melaye had personally provided scholarships or bursaries to students in his constituency.
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“Dino Melaye should come out and tell us if he has even given ₦5,000 as scholarship to students in his area, as bursary to students in his constituency,” Afeez said.
He questioned why Melaye should be the person shaping public opinion on education policy, particularly given his previous tenure in the Senate.
“Dino Melaye was a member of the 8th Senate, and I think he was one of the strongest members of the 8th Senate who was closer to the Senate President. What was his policy on education? What did he do to the students in his constituency?” he asked.
Afeez also criticised Melaye’s understanding of the NELFUND programme, saying the former lawmaker appeared to have confused the monthly upkeep payment with the entire support provided under the scheme.
“If Dino Melaye had done some research at all, he wouldn’t have embarrassed himself like that on national television stating that just ₦20,000 was given to students per year,” the NANS president said.
He explained that NELFUND provides educational loans as well as monthly upkeep support to beneficiaries.
“NELFUND has loan, and NELFUND has upkeep. Students are getting their educational loan and they are also getting the upkeep monthly,” Afeez said.
“And the upkeep is not just ₦20,000 a year, it’s ₦20,000 monthly,” he added.
Afeez further questioned whether Melaye had examined NELFUND’s publicly available information before making his claims.
“Even if Dino Melaye should go to ordinary NELFUND page, he will see schools acknowledging that they have received money from NELFUND,” he said.
The NANS president also took a strong position on Melaye’s criticism, describing the ADC chieftain as a comedian and questioning whether people still take his comments seriously.
“Do people still take Dino Melaye serious? Dino Melaye is a comedian. He is a jester,” Afeez said.
He argued that anyone commenting on education policy should be sufficiently informed about the subject.
“It is not about campaign and it’s not about supporting, but one fact is that if you want to talk about the education policy of the present administration, you have to have something upstairs,” he said.
Afeez also alleged that Melaye had previously asked students to endorse former presidential candidate Atiku Abubakar during the last election and subsequently failed to fulfil promises made to them.
“Dino Melaye, last election, came to Southwest to deceive students to endorse Atiku. After those students endorsed Atiku, he ran away with their money,” Afeez alleged.
He further claimed that Melaye had promised the students a vehicle.
Afeez concluded by dismissing Melaye’s criticism and saying NANS would continue to defend students’ interests.
The exchange followed Melaye’s earlier criticism of NELFUND, in which he described the programme as a “haven of corruption” and questioned the Federal Government’s claim that it was paying students’ school fees.
Melaye had specifically questioned the ₦20,000 payment, asking: “Which government school today takes ₦20,000 annual school fees?”
He also challenged NELFUND to publish the names of students who had benefited from the programme.





