Business
FG Records N328bn Deficit In Q3 2025
Revenue receipts of the federal government in 2025 were characterized by shortfalls, leading to a fiscal deficit of N328 billion in the Third Quarter (Q3) of the year.
The 2025 Q3 Budget Implementation Report released by the Budget Office of the Federation (BoF) indicated that there was no truth in claims that the Administration of President Bola Tinubu achieved its annual revenue target by August, of 2025.
According to the report, “Revenue shortfalls persisted in both oil and non-oil receipts. Total FG revenue stood at ₦7.70 trillion and expenditure reached ₦8.03 trillion, resulting in a fiscal deficit of ₦328.57 billion, financed through privatization proceeds and domestic borrowing.”
The Aggregate FGN Revenue of N7.7 trillion in the quarter under review (July – September 2025) represented 75.16% of the prorated target, the report said.
The BoF put Aggregate Expenditure (including Government Owned Enterprises (GOEs and Project-tied Loans) at ₦8.03 trillion, about 58.4 percent of the prorated ₦13.75 trillion.
It reported a below-target performance of the oil sector as a key factor for the shortfall in revenue.
According to the report, “The price of crude oil in the international market averaged $68.50 per barrel in the third quarter of 2025, which is $5.50 per barrel (7.43 percent) and $6.50 per barrel (8.67 percent) lower than $74,00 per barrel in the second quarter and the $75.00 per barrel benchmark price for 2025 budget.
“The nation in the third quarter of 2025 recorded an average daily oil production of 1.64 million barrels, lower than the second quarter of 2025 production volume of 1.68 mbpd and the production benchmark of 2.12mbpd
“Gross Oil Revenue stood at ₦4.87 trillion in the third quarter, representing a shortfall of ₦7.88 trillion (61.80 percent) from the ₦12.76 trillion prorated quarterly gross oil revenue in the 2025 Budget.”
However, the gross non-oil revenue of ₦6.52 trillion received in the quarter under review signified a marginal increase of ₦468.58 billion (7.74 percent) above the quarterly estimate of ₦6.05 trillion.
The report showed, “The net distributable revenue for the three tiers of government after cost deductions stood at ₦10.29 trillion in the third quarter of 2025, representing a shortfall of ₦6.57 trillion (38.98 percent).”
The Q3 report highlighted the challenge posed by high debt servicing obligations of the federal government, as debt servicing took N3.41 trillion, way higher than non-debt recurrent expenditure of N2.66 trillion.
It said, “A total of ₦2.66 trillion was spent on non-debt recurrent expenditure in the third quarter of 2025. This represents a decrease of ₦739.01 billion (21.75 percent) from the quarterly estimate of ₦3.40 trillion
“Total Debt Service in the third quarter of 2025 stood at ₦3.41 trillion, indicating a decrease of ₦171.90 billion (4.80 percent) below the ₦3.58 trillion projected for the quarter.
“The sum of ₦1.80 trillion was projected for domestic debt servicing during the period under review. The amount used for domestic debt servicing was however ₦111.07 billion or 6.18 percent above the projection for the quarter.
“External debt service was ₦1.69 trillion in the quarter, ₦211.72 billion or 12.55 percent below the prorate projected figure for the period.”
The report’s upticks included Aggregate GDP at basic price which rose to ₦113.59 trillion in nominal terms in the quarter under review when compared Year-on-Year with the third quarter of 2024, which recorded an aggregate GDP of ₦96.16 trillion.
Business
BINATONE Announces Special One Month Black Friday Deals!
Global Appliances Nigeria Limited, manufacturers of Binatone products has, announced an exciting Black Friday deals.
The company’s Managing Director, Mr Prasun Banerjee, said the offer cut across Its Full Range of Smart Home Appliances.
“Binatone, one of Africa’s most trusted appliance brands for over 52 years, is delighted to announce its Black Friday Mega Sales offering amazing discounts across all key supermarkets and leading electronic stores nationwide” Mr Banerjee said in a statement.
The promotion will be from November 6th to december 6th, 2026.
During this period, Mr Banerjee said customers will have a full month to enjoy unbeatable prices on a wide range of Binatone products.
“From energy solutions to kitchen essentials, Binatone will bring exceptional value and innovation to every Nigerian home this festive season,” he added.
According to him, this year’s Black Friday promotions will feature exciting offers across multiple categories stressing that Shoppers can enjoy great discounts on stand fans equipped with mosquito-repellent and air-freshness features, including the newly introduced AD 1601 AC/DC Fan, which can be linked to a solar panel for clean, free air.
“The rechargeable fan range, available in three models with replaceable lithium-ion batteries, recharges in just four hours and provides up to ten hours of cooling—enough to last the whole night,” Mr Banerjee added.
For kitchen lovers, he said the KC6000 Yam Pounder/Fufu Maker promises quick, hygienic, and effortless meal preparation while the air-fryer series, available in three models, requires just a teaspoon of oil to make crispy, tasty, and healthy fries.
“Binatone’s cool-touch kettles, models CEJ 1799 and CEJ 1700T, come with elegant digital displays and are designed for safety and convenience, he added.
To protect valuable home appliances, he disclosed that Binatone’s power range offers stabilizers in 2 KVA and 5 KVA capacities and surge-voltage protectors in 13 A30 A ratings—ideal for air conditioners.
“The company’s newly launched Power Stations, available in 1.8 KVA and 2.4 KVA variants, provide portable, plug-and-play power with solar-charging capability, ensuring reliable backup power for homes, small offices, and outdoor use”
He disclosed that customers will also find irresistible discounts on Binatone’s dry and steam irons, garment steamers, and microwave ovens thar are perfect for everyday household needs.
“The breakfast-essentials range features pop-up toasters, sandwich makers, and juicers designed to make mornings easier,” he stated. He announced that the high-powered blender collection includes durable, unbreakable jugs capable of smoothly blending hard nuts and beans.
“Additionally, Binatone has introduced the Tefal Cookware Range, offering premium non-stick pots and pans for healthy cooking, along with Freeplay solar-powered lanterns and torches, ensuring every home remains bright and energy-efficient
“Binatone’s Black Friday celebration is our way of thanking loyal customers for their trust over the years,” Mr Banerjee added.
“We are bringing quality, affordability, and innovation together, thus making this season the perfect time to upgrade your home.
”All Binatone products comes with a two-year warranty, giving customers additional peace of mind and assurance of lasting quality.
“Don’t miss these amazing Black Friday offers, available for a limited time at all major supermarkets, electronic stores, and online platforms across,” he stated.
Business
Wema Bank’s Top 21 Hackaholics 7.0 Grand Finale Finalists Emerge
Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, has unveiled the Top 21 finalists for Hackaholics 7.0, who will compete at the grand finale scheduled for Friday, November 6, 2026, in Lagos. Themed Festival of the Future, the grand finale will bring together innovators, technology leaders, startup founders, investors and key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.
The Top 21 finalists are: Dynalimb, Harthiq, Acceede, Vhorde, URI, Trarrk, SocialSign, RaverPay, All-Arbitrates, CitizensGage, Craft-Planet, FOID, PayByPalm, Niteonn, Nexa-AI, Neural-Forge, MamaAlert, JolliFlow, Becca, CropiQ and Middleman.
Hackaholics is Wema Bank’s youth and start-up-focused initiative, designed to provide young innovators with a platform to transform creative, technology-driven ideas into practical solutions to real-world challenges and gain a competitive edge in the global technology and digital space. Since its launch in 2019, the initiative has recorded over 21,000 applicants, engaged more than 50,000 participants, supported over 10,000 startups across three countries and developed more than 100 solutions from scratch.
The 7th edition, which commenced on July 1, 2026, attracted 5,329 participants and generated 1,632 innovative ideas and solutions across seven pitch-centre locations: Uyo, Kano, YabaTech, Benin, Ibadan, Enugu and Lagos. Following the nationwide tour, 59 participants emerged from the various centres, with the Top 21 selected through a rigorous, multi-stage evaluation process.
The Hackaholics 7.0 grand finale week will feature a three-day programme of strategic engagement and innovation-focused activities. On Wednesday, November 4, the finalists will participate in the Pre-Pitch, where they will present refined versions of their solutions. This will be followed by the Ecosystem Tour on Thursday, November 5, powered by Wema Bank, offering participants the opportunity to visit leading institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the final competition. The programme will culminate in the grand finale on Friday, November 6, where outstanding innovators will be recognised and celebrated.
Through Hackaholics, Wema Bank continues to demonstrate its commitment to advancing Nigeria’s innovation ecosystem by identifying emerging talent, creating opportunities for young innovators and supporting the development of solutions to real-world challenges. The initiative reinforces the Bank’s role in empowering the next generation of innovators and building an ecosystem where ideas can thrive and possibilities become reality.
Business
Sanusi Warns FG Against Spending Without Restraint
Emir of Kano, Alhaji Muhammadu Sanusi II, has implied that the Federal government may not be able to achieve it’s economic reform dream if it maintains it’s present expenditure rate, declaring that Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.
Speaking virtually to the audience at the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tank, on Tuesday, the monarch said reform must go beyond removing fuel subsidies and liberalising the exchange rate, describing it as a comprehensive package that needed to address many other areas.
He said government needed to make clear spending priorities, choosing between roads, electricity, agriculture, and technology based on available resources.
The Emir also raised concerns about the size of government expenditure, saying Nigeria could not pursue fiscal consolidation while continuing to spend without restraint.
He said the World Bank had pointed out that in the first half of this year Nigeria’s debt service consumed 124 per cent of federal government revenue.
Sanusi warned that the country needed to urgently address the sustainability of its debt and pursue structural reforms that had not yet been made.
The former CBN boss said every $10 billion spent on roads was $10 billion taken away from electricity and agriculture, stressing the need for deliberate choices.
Sanusi acknowledged that Tinubu’s economic reforms had produced measurable progress, citing improvements in GDP growth, inflation, and foreign reserves.
He said GDP growth has risen from an average of 0.9 per cent under the previous administration to 4.5 per cent, describing the change as progress that deserved recognition.
“I think moving from an average growth rate of 0.9 per cent to 4.5 per cent is progress. Moving from inflation of over 30 per cent to 14.5 per cent is progress.”
“Moving from the point where in 2023 the central bank’s reserves were maybe negative to where we are now having reserves of $55 billion is progress.”
He, however, stressed that issues such as poverty, hunger, maternal mortality, malnutrition, education and healthcare remained serious concerns that the reforms has not yet addressed.
Sanusi said the government should have designed social safety net policies to soften the impact of reforms on vulnerable Nigerians from the beginning.
The former CBN boss also advised the government to tolerate constructive criticism,warning the Federal Government against treating every comment about it’s workings as an attack on President Bola Tinubu.
“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
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