Business
‘I Will Give Better Life to Nigerians on N6.06trn Budget of Change’- Buhari
BY GEORGE ELIJAH OTUMU/CNNiReport Journalist North America
ME: ‘Mr President, you have just signed into law the 2016 Budget, which you termed Budget of Change, why did it take this long before you have to sign it bearing in mind that millions of Nigerians are suffering?’
President BUHARI: To start with, let me explain to you that the executive has never been the cause of the delay. Nigerians know the truth. The problem had all the while been the Parliamentarians in National Assembly, the Senate, to be precise, who kept pandering with figures, injecting figures that we never included. The Senate earlier came out with different figures that were trending all over the social media which were not true. I told them (Senate) that was not our budget. I stood my ground since I will never ever be part of any illegality. At last they did the right thing which was why I eventually signed the 2016 Budget into law.
(Paused few seconds). By the time we begin to implement this budget of change almost immediately, Nigerians will appreciate my service and dedication to this country the more because my government will make life beautiful to Nigerians and will offer them better living conditions. The budget is intended to signpost a renewal of our commitment to restoring the budget as a serious article of faith with the Nigerian people. This Administration is committed to ensuring that henceforth the annual appropriation bill is presented to the National Assembly in time for the passage of the Act before the beginning of the fiscal year .Through the 2016 budget, aptly titled “Budget of Change’’, the government seeks to fulfill its own side of the social contract. The Budget I have signed into law provides for aggregate expenditures of N6.06trn. Further details of the approved budget, as well as our Strategic Implementation Plan for the 2016 budget, will be provided by the Honourable Minister of Budget and National Planning. In designing the 2016 budget, we made a deliberate choice to pursue an expansionary fiscal policy despite the huge decline in government revenues from crude oil exports. This is why we decided to enlarge the budget deficit at this time, to be financed principally through foreign and domestic borrowings. All borrowings will however be applied towards growth-enhancing capital expenditures.
ME: ‘His Excellency, millions of Nigerians hold the opinion that Nigerian economy is almost at the point of collapse. No money in circulation, no light, no job. How will this your Budget of Change put food on Nigerians table and save the economy?’
President BUHARI: I know the pains Nigerians are going through daily. Don’t forget that it is when light is about to break that you witness the thickest darkness.
ME: ‘Mr. President, you are talking in riddles. Can you hit the nail on the head so Nigerians at home and Nigerians in the Diaspora will know your plans for them and the nation?’
President BUHARI: George, I am a very thorough, disciplined retired military man, even though I am a great democrat. We are experiencing probably the toughest economic times in the history of our Nation. I want to commend the sacrifice, resilience and toughness of all Nigerians young and old who have despite the hardships continued to have hope and confidence of a great future for Nigerians. But permit me to say that this government is also like none other. We are absolutely committed to changing the structure of the Nigerian economy once and for all. We are working night and day to diversify the economy so that we never again have to rely on one commodity to survive as a country. So that we can produce the food we eat, make our own textiles, produce most of the things we use.
We intend to create the environment for our young peoples to be able to innovate and create jobs through technology. Despite the current difficulties we will work extra-hard to achieve our revenue projections. Our revenue generating agencies are coming under better management and are being re-oriented. The implementation of the Treasury Single Account (TSA) is expected to contribute significantly to improving transparency over government revenues. I cannot promise you that this will be an easy journey, but in the interest of so much and so many we must tread this difficult path. I can assure you that this government you have freely elected will work with honesty and dedication, day and night to ensure that our country prospers and that the prosperity benefits all Nigerians. I can assure you that Nigerians will no loner pass through this pain again.
ME: ‘Mr President, I need to bring to your knowledge that there are various burning national issues that I need to lay before you so Nigerians can hear directly from you regarding your positions. Recently, there were reports of how some Fulani Herdsmen wrecked havoc on Abia, Benue, Delta and Enugu States killing hundreds of people, raping under age girls, setting houses ablaze which led to lawlessness and commotion. Many Nigerians expect that you could have issued a statement immediately reports emanate on how those blood-thirsty Fulani Herdsmen were committing genocide, but you kept quiet’ (Interjection by Mr President).
President BUHARI: Otumu, Otumu, Otumu…listen. How many times have I called you? I am a pragmatic leader who takes his time to get to the root of every problems. I don’t confront problems in a fire-brigade approach. I have looked critically at the situation. No tribe or ethnic region in Nigeria is greater than the other. I am the President of the whole of Nigeria which comprises every tribes, ethnic groups in 774 local governments in Nigeria. I don’t condone lawlessness or illegality under any guise. We are determined to secure all Nigerians and I have told the Inspector-General of Police and other security agencies, in very strong terms, to deal decisively with the attackers.
I have expressed my personal condolences to the Catholic Bishop of Enugu, the people of Ukpabi Nimbo and all other communities that have suffered fatalities and other losses from the recent attacks. I assured the Bishops that I acted with deliberation and moving methodically to implement my change agenda for the good of the country. We need to rebuild our institutions methodically, we need to change the way we do things. My administration is working very hard to fulfill all the promises I made to Nigerians. My greatest motivating factor now is the desire to bring positive change to Nigeria. In the last 10 years, crude oil sold for more that $100 per barrel, but Nigeria did not save. That is why we have found ourselves where we are today..
ME: ‘Mr President, that brings me to the next question of corruption which mostly involves elites and public office holders that are supposed to serve the people but serving their pockets. How are we sure that the implementation of the N6.06trn Budget of Change will not be squandered by kleptomaniac in some of the ministries?’
President BUHARI: We have put in place a strong mechanism, tracker to monitor the stage-by-stage implementation of the 2016 Budget. We know all Nigerians and members of International Community are monitoring us closely. Insha Allah, we will never fail Nigerians. For national security reasons, I will not go into full details of how and what we have done to catch and arrest any public official found to be stealing, misappropriating or squandering our collective wealth that is determined to bring smile on the faces of Nigerians. That may be possible in time past, but never again. Anyone caught will face the music and end in jail. I make no excuses as this Government of the All Progressives Congress (APC) is determined to tackle headlong all socio – economic ills that have troubled our nation and we shall evolve solutions to emerging threats to our well being and the realization of sustainable development as well as growth anchored on equity and social justice.
I will be traveling on Tuesday, May 10, 2016 to London to participate in the international Anti-Corruption Summit which will be held in the British capital on Thursday, May 12, 2016. As an internationally recognised leader in the global fight against corruption, I will be playing a prominent part in the summit which will be hosted by Prime Minister David Cameron of Great Britain with many other Heads of State and Government in attendance. I am to deliver the summit’s opening, keynote address titled: “Why We Must Tackle Corruption Together” at a pre-summit conference of development partners, the Commonwealth Enterprise and Investment Council, Transparency International and other civil society groups on Wednesday, May 11, 2016. Corruption is a cancer. It is a monster that we all must get rid-off collectively as a nation. There is never a development where corruption is prevalent or present. I hate corruption, since it is an enemy to progress. Thereafter, I will join other participating heads of State and Government at special plenary sessions on Exposing Corruption, Tackling Corruption and Driving out Corruption.
Before returning to Abuja on Friday, May 13, 2016 Insha Allah, I will be having a separate meeting with Prime Minister Cameron to discuss ongoing Nigeria-Britain collaboration in the war against corruption and terrorism, as well as other issues, including trade and economic relations between both countries.
ME: ‘Finally, Mr President. What are you doing to ensuring all stolen funds of Nigeria Overseas are repatriated into the nation’s coffer to speedily help Nigerian Economy?’
President BUHARI: Otumu, I want to really thank you for your thoughtfulness in this question. On May 5 in Abuja I urged the United Nations Office for Drugs and Crime (UNODC) to facilitate the faster recovery of Nigeria’s stolen wealth stashed abroad. I told the Executive Secretary of UNODC, Mr Yury Fedotov we are looking for more cooperation from the EU, United States, other countries and international institutions to recover the nation’s stolen assets, particularly proceeds from the stolen crude oil. It is taking very long and Nigerians are becoming impatient. My administration has worked very hard in the past 11 months to reverse the very negative global perception of Nigeria on corruption. Our genuine efforts to deal with corruption and drugs have earned us international respect and this has encouraged us to do more. We know that by fighting the scourge of drugs and corruption and rebuilding trustworthiness, integrity, good business practices, and imposing discipline on youths to avoid drugs, we are not doing a favour to the international community, we are doing a favour to ourselves. I have also promised that my administration will work with the UN agency to rehabilitate young Nigerians who have been misled into consumption of illicit drugs and drug trafficking.
ME: ‘Mr President, I really want to thank you so much for this rare opportunity where despite your daily tight schedule, you have decisively dealt on various national issues that Nigerians are anxious about. Without sounding like Oliver Twist, what is your message to Nigerians in Diaspora, especially the Hausa community that are also doing greatly Abroad in their various businesses?’
President BUHARI: Nijeriya a wajen jihar, ciki har da Hausa al’umma kiyaye kirki, mutunci, da mutunci, kuma horo a matsayin watchwords. Ya kamata su ci gaba da za a rike da kyau image Nijeriya. Kuma ko da yaushe tuna cewa gida gida. Muna bukatar dukan su, su zo gida da kuma shiga da mu gina mafi Nigeria, inda kowa da kowa zai iya riƙe kansa high ba tare da jin kunya ba. Tare, za mu gina New Nigeria mu mafarki (Meaning: Nigerians in Diaspora, including Hausa community should keep honesty, integrity, dignity and discipline as their watchwords. They should continually be maintaining the good image of Nigeria. And always remember that home is home. We need all of them to come home and join us to build a greater Nigeria, where everyone can hold his head high without being ashamed. Together, we will build the New Nigeria of our dream).
George Elijah Otumu, thank you for this enjoyable interview all the way from United States of America. This administration is proud of you and every other Nigerians Abroad that are making the nation great.
Bank
Fidelity Bank grows gross earnings by 38% to N434.95b in Q1
Fidelity Bank grows gross earnings by 38% to N434.95b in Q1
Fidelity Bank Plc recorded 37.9 per cent growth in gross earnings to N434.95 billion in first quarter 2026 as the international commercial bank continued to expand its core banking market share.
Interim report and accounts of Fidelity Bank for the three months ended March 31, 2026 released at the Nigerian Exchange (NGX) showed that gross earnings rose from N315.42 billion in first quarter 20025 to N434.95 billion in first quarter 2026, representing an increase of 37.9 per cent.
The top-line performance was driven by impressive growth in the bank’s core business operations with interest incomes rising by 22.8 per cent to N314.48 billion in first quarter 2026 as against N256.10 billion in first quarter 2025.
With net interest income at N180.97 billion, the bank closed the period with profit before tax of N92.48 billion. After taxes, net profit stood at N74.47 billion for the three-month period. Earnings per share remained high at N5.69, underlining the capacity of the bank to reward its shareholders.
The balance sheet of the bank also emerged stronger. Total assets crossed the N11 trillion mark to N11.35 trillion by March 2026 compared with N10.46 trillion recorded in December 2025. Customers’ deposits increased from N6.89 trillion to N7.38 trillion. Total equity rode on the back of earnings growth to a 27.5 per cent increase from N1.09 trillion in December 2025 to N1.39 trillion by March 2026.
The first quarter 2026 results further consolidated the strong earnings outlook of the bank, which had successfully completed its recapitalisation amidst impressive earnings performance in 2025.
Fidelity Bank had recorded double-digit growths in interest and non-interest incomes as well as key balance sheet items during the year ended December 31, 2025.
The audited report showed that gross earnings rose from N1.04 trillion in 2024 to N1.52 trillion in 2025, an increase of 45.6 per cent. Interest and similar incomes had grown by 38.7 per cent from N803.1 billion in 2024 to N1.11 trillion in 2025. Fees and commission incomes also rose by 44.7 per cent from N78.4 billion to N113.4 billion. The bank recorded net profit after tax of N242.4 billion in 2025.
The bank’s balance sheet emerged stronger with total assets rising by 18.6 per cent to N10.46 trillion in 2025 as against N8.82 trillion in 2024. Customer deposits increased by 16.1 per cent from N5.94 trillion to N6.89 trillion, reflecting continued franchise strength and an improved funding profile. Net loans and advances meanwhile declined by 2.4 per cent to N4.28 trillion in 2025 as against N4.39 trillion in 2024, attributable to customers paying down on their mature obligations.
The bank had in 2025 strengthened its capital position, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy had remained robust, with Capital Adequacy Ratio of 30.94 per cent by December 2025 as against 23.47 per cent by December 2024.
Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the first quarter 2026 results reinforced the bank’s strong and resilient business model.
She noted that with the remarkable success of its recapitalisation programme and continuing expansion, Fidelity Bank has entered a new era of growth and impressive returns.
“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.
Business
Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU
Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU
The operational ramp up of the 650,000 barrels per day Dangote Petroleum Refinery & Petrochemicals is fundamentally reshaping Nigeria’s downstream oil sector, significantly reducing the country’s dependence on imported refined petroleum products and strengthening its external position, according to the Economist Intelligence Unit (EIU).
In its latest assessment on Nigeria’s fuel market and regulatory environment, the EIU said the refinery has already transformed a sector that was previously characterised by heavy reliance on imported fuel despite Nigeria being Africa’s largest crude oil producer. The report noted that the refinery met nearly 80 per cent of domestic petrol demand in April and produced enough volumes to satisfy local consumption requirements as operations approached full capacity.
The EIU described Nigeria’s downstream petroleum sector before the refinery as “long dysfunctional”, noting that the country had remained almost entirely dependent on costly imported fuel while producing nearly 1.5 million barrels of crude oil daily.
According to the report, the emergence of the refinery has reduced import dependence, improved domestic fuel availability and strengthened Nigeria’s balance of payments position through lower import demand and rising exports of refined petroleum products.
“The gradual ramp up of the 650,000 barrel/day Dangote refinery since May 2023 has transformed Nigeria’s long dysfunctional downstream sector,” the report stated. “The country’s main refineries, all state owned, had been inoperative for years and Nigeria was almost entirely reliant on costly imported fuel.”
The research and analysis division of The Economist Group, London added that the refinery’s attainment of full operational capacity and its planned expansion would further support Nigeria’s economic growth and foreign exchange earnings over the medium term.
“Meanwhile, the attainment of full capacity at, and an increase in exports from, the Dangote refinery will support real GDP growth and foreign exchange earnings in 2026 and 2027 and beyond, as a planned doubling of the plant’s output comes on stream around the end of the decade,” it added.
Industry analysts said the refinery is increasingly positioning Nigeria as an emerging refining and export hub, altering energy trade flows across Africa and reducing the vulnerability associated with fuel import dependence.
The EIU noted that the refinery’s expansion has coincided with major reforms in Nigeria’s downstream sector, including the removal of fuel subsidies and the introduction of market driven pricing mechanisms.
The report, however, said the transition from a state dominated fuel import structure to large scale domestic refining has triggered resistance from interests linked to the old import regime.
The latest tensions emerged following the decision by the Nigerian Midstream and Downstream Petroleum Regulatory Authority to relax restrictions on petrol imports despite the refinery’s growing capacity to meet domestic demand.
Dangote Industries subsequently initiated legal action, arguing that continued import approvals undermine domestic refining investments and conflict with the objectives of the Petroleum Industry Act, which seeks to encourage local refining capacity and reduce import dependence.
Analysts noted that the availability of large-scale domestic refining capacity has improved Nigeria’s energy security and reduced exposure to external supply shocks and foreign exchange volatility.
The Centre for the Promotion of Private Enterprise also cautioned against unrestrained importation of petroleum products, warning that such a policy could weaken Nigeria’s industrialisation drive and discourage investments in domestic refining.
Chief Executive Officer of CPPE, Muda Yusuf, said continued dependence on imported fuel had historically contributed to pressure on foreign reserves, exchange rate instability and fiscal leakages.
The refinery’s growing impact is also being reflected in Nigeria’s broader macroeconomic indicators. Earlier this month, S&P Global Ratings cited increased domestic refining capacity and rising hydrocarbon exports among the major factors supporting Nigeria’s sovereign credit rating upgrade – the first in 14 years.
Beyond Nigeria, analysts said the refinery is increasingly being viewed as a strategic industrial asset for Africa, where many countries remain heavily dependent on imported fuel despite rising demand for transportation, manufacturing, and power generation.
Business
BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally
BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally
In a landmark ruling on Friday, May 22, 2026, the Federal Capital Territory High Court in Abuja threw out a $19.6 million lawsuit filed by Alternate Dimensions Ventures Ltd against the Nigerian National Petroleum Company Limited (NNPCL), affirming a key legal principle: a written contract cannot be expanded through oral agreements or conduct.
Alternate Dimensions had sought $19,600,000 in professional fees, claiming the scope of its Direct Sale, Direct Purchase (DSDP e-pro) contract with NNPCL was orally expanded. Represented by counsel Patrick Peter, the firm argued it was entitled to the revised sum for services rendered under the alleged new terms.
But NNPCL, through its lawyer Ituah Imhanze of KENNA LP, pushed back sharply, arguing that parties are bound exclusively by the clear terms of their written agreement. Imhanze contended that without any written amendment, the claim was legally unsound, and the court agreed.
Delivering judgment, Justice Hamza Mu’azu upheld NNPCL’s defense, stating that the contract was unambiguous and that no evidence was adduced during the trial, which supported the alleged scope expansion. The court further found that NNPCL fully complied with all contractual terms and committed no breach.
Dismissing the suit as meritless, Justice Mu’azu reinforced the doctrine of sanctity of contract: any amendment to a written agreement must be express, unequivocal, and documented, not implied or verbal.
The ruling spares NNPCL from the S19.6 million claim and also a floodgate of similar potential liabilities.
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