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FG May Lose $12Bn to Oil Theft this Year

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Ngozi Okonjo-Iweala, Minister of Finance
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Revenue earned by Nigeria this year may be as much as $12 billion short of budget estimates as theft of crude and output disruptions persist in the oil-rich Niger River delta, according to Ngozi Okonjo-Iweala, minister of Finance

Nigeria depends largely on proceeds from crude oil but crude theft, which a report by the London-based Chatham House blamed on a cabal of politicians, officials of international oil companies (IOCs) and military formations in the Niger Delta has been a major problem for the Nigeria’s economy.

Okonjo-Iweala said in an interview with Bloomberg in Abuja that the government will draw down its oil savings in the Excess Crude Account to compensate for the drop in revenue to keep the budget deficit under control.

Savings in the special crude account have dropped by half as President Goodluck Jonathan’s government tries to make up for the drop in oil revenue and fund a deficit that has reached 2.5 percent, according to the Central Bank.

With a 2013 budget based on a daily output of 2.53 million barrels and an oil price of $79 a barrel, Nigeria expected revenue of almost $80 billion from exports.

In the first half of the year, oil receipts amounted to $28.2 billion, more than $7 billion below the estimate, according to central bank figures.

“What is amazing now is that we’ve had this quantity of shock and we were able to weather it,” Okonjo-Iweala said. “You can say theft, but it’s still a quantity shock.”

Nigeria depends on crude exports for about 80 per cent of government revenue and 95 percent of export income.

Criminal gangs tapping oil from pipelines for illegal sale have posed the biggest threat to output since a government amnesty in 2009 reduced armed attacks led by rebels fighting for greater control of the region’s resources.

The revenue shortfall due to output disruptions will probably be between $6 billion and $12 billion, said Bright Okogu, director of the Budget Office, who sat in on the interview with the finance minister.

The government saves the balance of oil revenue above the budgeted price in the Excess Crude Account, which had a balance of just under $5 billion, down from about $9 billion at the beginning of the year, according to the minister. 

Nigeria’s vulnerability to shocks is heightened because of lower government revenue from oil, putting pressure on the currency, central bank Governor Lamido Sanusi said in an interview in Oslo.

“The great challenge now is that the fiscal buffers are not as strong as they would be because of the revenue shortfall,” Sanusi said. “If there are any adverse external developments that would feed into this weak revenue profile and put pressure on exchange rates.”

The Central Bank draws     down its foreign-currency reserves to sell dollars at twice-weekly auctions to keep the naira within a band of 3 percent around 155 per dollar. The naira gained 0.2 percent to 158.73 against the dollar on the interbank market as of 2:09 p.m. in Lagos, the commercial capital.

“This increases the pressure on the external balance which means the external reserves and exchange rate will be under pressure,” Bismarck Rewane, chief executive officer at Financial Derivatives Co., said by phone from Lagos today. “Once the external balance is under pressure, there is an underlying threat that will manifest in speculative attack against the currency.”

Okonjo-Iweala is seeking to meet a budget deficit target of 1.9 percent of gross domestic product this year. The shortfall reached 2.5 percent in the second quarter during the peak of the output outages, according to data from the central bank.

President Goodluck Jonathan is due to present his 2014 budget to lawmakers on Nov. 12.  ”When there’s a breakage the impact is that the pipes are shut down, the effect is that 400,000 barrels are shut down,” Okonjo-Iweala said. “The actual theft is like 70 to 80,000 barrels a day.”

The average price of Nigeria’s light, sweet crude has stayed above $100 a barrel this year. The official selling price of Nigeria’s benchmark Qua Iboe crude for November loading was set at $3.50 a barrel more than dated Brent, the European benchmark, according to state-run Nigerian National Petroleum Corp. Dated Brent was priced at $108.92 a barrel at 9:18 a.m. in London. Income earned by Nigeria from crude exports, taxes and other sources are shared among the three tiers of government, including the federal, 36 state governments and 774 local councils.

At allocation meetings in August and September, funds received were not enough to meet expected allocations, prompting complaints from some state officials. The disputes over allocations “are over,” Okonjo-Iweala said. “Everybody realizes that we have to allocate what comes into the coffers.”


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NCDC Says Lagos, FCT, Others on High Ebola Alert

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Nigeria Centre for Disease Control and Prevention (NCDC) has placed Lagos, the Federal Capital Territory and several other states on high Ebola alert following the outbreak of the deadly Bundibugyo strain of Ebola Virus Disease in parts of East and Central Africa.

NCDC Says Lagos, FCT, Others on High Ebola Alert

In a national public health advisory issued to Commissioners for Health across the country, the agency warned that Nigeria faces a high risk of importing the virus due to increasing regional transmission, international travel, porous borders, and population movement.

The advisory, dated May 27, 2026, comes amid growing concerns over the spread of the Bundibugyo variant of Ebola, a rare strain for which there is currently no approved vaccine or specific treatment.

States classified by the NCDC as high-risk include Lagos, the FCT, Rivers, Kano, Enugu, Borno, Akwa Ibom, Cross River, Taraba, and Adamawa because of their international airports, seaports, border routes and high human traffic.

“The immediate objective of our national preparedness and readiness efforts is to ensure that every State and the FCT can reasonably detect, contain, and respond swiftly to any suspected case while protecting health workers and sustaining essential health services,” the NCDC stated.

The agency disclosed that although Nigeria has not recorded any confirmed case, a dynamic risk assessment conducted after the outbreak was declared a Public Health Emergency of International Concern showed that the danger of importation into Nigeria remains high.

According to the NCDC, 1,077 suspected cases and 247 deaths have already been reported in Uganda and the Democratic Republic of Congo, with a fatality rate of 24.6 per cent.

It added that the outbreak has also triggered international concern, with suspected cases reportedly identified in India, while Canada announced temporary restrictions on travel applications involving residents of Uganda, DRC and South Sudan.

Uganda has also reportedly introduced border closure measures to contain the spread.

The NCDC stressed that the Bundibugyo strain differs from the Zaire Ebola strain, which existing vaccines and antibody treatments primarily target.

“The current Bundibugyo virus outbreak has no licensed vaccines or approved targeted therapeutics,” the advisory warned.

Health officials also cautioned that Ebola symptoms could initially resemble malaria, Lassa fever, or other common illnesses, making early detection more difficult.

“Health workers must not wait for bleeding before suspecting Ebola in any patient with compatible symptoms and relevant travel or exposure history,” the agency said.

The NCDC noted that Ebola is not airborne and spreads mainly through direct contact with infected blood, body fluids, contaminated materials, or infected animals.

As part of emergency preparedness measures, the agency said its National Emergency Operations Centre has already been activated in alert mode to coordinate nationwide response efforts.

State governments were directed to immediately activate Ebola preparedness structures, identify isolation centres, intensify surveillance at entry points, equip frontline health workers with personal protective equipment and begin public sensitisation campaigns to counter panic and misinformation.

The agency also asked states to submit readiness reports within 72 hours.

Nigeria’s renewed Ebola alert has revived memories of the country’s successful containment of the virus during the 2014 outbreak, when an infected Liberian-American traveller, Patrick Sawyer, arrived in Lagos and exposed dozens of people before authorities intervened.

At the time, public health experts feared a catastrophic outbreak in Lagos due to its dense population and status as one of Africa’s busiest commercial hubs.

However, rapid contact tracing, aggressive isolation measures, emergency coordination and public awareness campaigns helped Nigeria stop the spread within months.

The World Health Organisation (WHO) later praised Nigeria’s response as one of the most effective Ebola containment efforts in Africa.

The latest alert is considered particularly serious because the Bundibugyo variant remains less understood than the more common Zaire strain.

Unlike the Zaire strain, which has approved vaccines and treatments developed after previous West African outbreaks, the Bundibugyo strain currently lacks licensed countermeasures.

Public health experts have long warned that Nigeria’s heavy air traffic, extensive land borders, crowded urban centres and overstretched healthcare system leave the country vulnerable during regional disease outbreaks.

The warning also comes as Nigeria continues to battle multiple infectious disease outbreaks, including Lassa fever, cholera, and meningitis in several states, increasing pressure on the healthcare system.

Health authorities are now urging Nigerians to remain calm, avoid rumours and fake cures, maintain proper hygiene and report suspected symptoms early as surveillance and preparedness measures intensify nationwide.

 


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How Enugu State is using GovTech to Fix its Housing and Land Administration

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The ongoing transformation at Enugu State Housing Development Corporation (ESHDC) is gradually positioning the corporation as one of the strongest examples of institutional reform and modern public service delivery in Enugu State.

How Enugu State is using GovTech to Fix its Housing and Land Administration

With the recent launch of its digitized land transaction and documentation system, ESHDC has taken a major step toward improving transparency, operational efficiency, accountability, and investor confidence within the housing and land administration sector.

The reform initiative, introduced as part of Governor Peter Mbah’s broader governance modernization agenda, is expected to significantly improve land documentation processes, digital payments, workflow coordination, property verification, and the issuance of Certificates of Occupancy (C-of-O), while reducing delays and inefficiencies previously associated with manual systems.

Beyond technology, however, the transformation reflects a deeper institutional shift focused on building systems that work more efficiently for the people while strengthening public trust in government operations.

One of the personalities increasingly associated with this evolving reform culture is Adenike Okebu, whose involvement in key accountability, audit, and operational restructuring processes within the corporation continues to attract attention.

Her professional background spans EY Nigeria, Deloitte, BUA Group, Platform Capital, and Pinnacle Oil and Gas, giving her a rare combination of Big Four audit rigour, corporate financial governance experience, and frontline public sector reform capability.

Her growing public profile is increasingly associated with helping governments and organizations improve revenue governance systems, strengthen financial transparency, optimize revenue collection structures, detect and remediate revenue leakages, and produce credible financial reporting capable of supporting both domestic accountability and international investor engagement.

Industry observers note that her contribution to audit-driven reforms and operational restructuring within ESHDC helped create a more organized and transparent institutional framework capable of supporting the corporation’s digital migration and modernization goals.

The impact of the reforms is already becoming visible through improved workflow systems, better records management, increased operational coordination, and stronger confidence in the corporation’s administrative structure.

For many stakeholders, ESHDC is now becoming more than a housing institution. It is emerging as a model of institutional modernization; a platform demonstrating results; a reflection of transparent governance, and a symbol of operational reform and accountability.

At the same time, Adenike Okebu’s increasing visibility within the transformation narrative is positioning her as a modern governance advocate and a public-sector personality associated with institutional reform, measurable impact, and people-centered leadership.

As Enugu State continues to push its broader reform agenda, the ESHDC transformation story is gradually reinforcing a growing perception that sustainable governance is built not only on policies, but on accountability, transparency, operational efficiency, and institutions capable of delivering measurable results.


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How MTN and SMEDAN are Closing Nigeria’s $158 Billion Funding Gap for 40 Million Small Businesses

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Nigeria’s mySMEville platform is becoming a key driver for Africa’s digital economy by closing the financial and skills gaps holding back the country’s nearly 40 million MSMEs. This was highlighted on Tuesday, May 12, 2026, during a visit hosted by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to the MTN head office by Angola’s INAPEM, the National Institute of Support for Micro, Small and Medium Enterprises. The delegation was led by its Chairman, Mr. Bráulio Augusto.

How MTN and SMEDAN are Closing Nigeria’s $158 Billion Funding Gap for 40 Million Small Businesses

L-R: Njideka Jack, General Manager Enterprise Marketing, MTN Nigeria; Dr. Charles Odii, Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Lynda Saint-Nwafor, Chief Enterprise Business Officer, MTN Nigeria; Bráulio Augusto, Chairman of The Board of Directors for National Institute for the Support of Micro, Small, and Medium Enterprises (INAPEM) and Omowunmi Olatunbosun, Head, SME Segment, MTN Nigeria, at the mySMEville Angola INAPEM visit to MTN and SMEDAN, at MTN Plaza, Ikoyi, Lagos on Tuesday, May 12, 2026.

The delegation was focused on studying the success of the MTN and SMEDAN mySMEville partnership. The initiative targets four core areas: information, funding, infrastructure, and markets, to support a sector that contributes 48% of Nigeria’s GDP but remains largely underserved.

mySMEville moved quickly from a strategic idea (the MOU was signed in November 2025) to a continental success. After a pilot in Lagos onboarded 200 businesses in December, the platform rapidly grew to include over 2,600 businesses nationwide by May 2026.

This rapid expansion is essential given that 80% of Nigerian SMEs are currently informal and only 3.9% access formal credit, leaving a staggering $158 billion annual financing gap.

Emphasising the strategic necessity of this collaboration, Lynda Saint-Nwafor, Chief Enterprise Business Officer at MTN Nigeria, stated: “At MTN Business, our ambition is clear: to serve as the leading technology partner enabling Africa’s enterprises to scale, compete, and create sustainable impact. We are intentionally building platforms that matter, solutions that scale, and ecosystems that accelerate inclusive economic growth across the continent.  

“This is why initiatives such as mySMEVille are strategically important to us. SMEs remain the backbone of our economy, driving innovation, creating jobs, and strengthening national competitiveness. Through our partnership with SMEDAN, we are focused on unlocking the full potential of these businesses by providing access to guidance, digital tools, market opportunities, financing ecosystems, and workforce support.” Supporting this view, Dr Charles Odii, Director-General of SMEDAN, said that the initiative represents the future of business on the continent, asserting that “What we are witnessing here is a formidable force for economic progress. Through this deliberate Public-Private Partnership, Nigeria is aligning its public and private sectors to lead the way for Africa.”

Olatunbosun Agosu, Senior Specialist, ICT Segment Management, MTN Business demonstrated with a live demo, how the mySMEville platform, a joint effort by MTN and SMEDAN, is the “one-stop orchestrator” for Nigeria’s 40 million small businesses.

The platform is an intuitive, centralised platform that bridges the $158 billion funding gap and digital divide. By aggregating diverse partners, it gives entrepreneurs direct access to funding, infrastructure (like solar power), e-commerce tools, and essential growth information.

INAPEM’s Chairman, Mr. Bráulio Augusto, confirmed that Angola intends to adapt the framework to its own economic reality. Reflecting on the visit, the Chairman stated during his remarks, “The key thing I learned here is the strength of the public and private sector partnership. mySMEville clearly shows what’s possible, and we will absolutely use these insights as we adapt this model back home in Angola.”

Looking ahead, the partnership aims to reach a monumental target of 5 million MSMEs through the mySMEville Academy, e-commerce integrations, and national policy advocacy. As the platform continues to grow into a “one-stop shop” for resources, it’s clear that Africa’s future depends not on luck, but on the smart, collaborative work of partners like MTN and SMEDAN.


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