WITTY GLOBAL BLOGS | THURSDAY FLAGSHIP EDITION Africa's $2 Billion Creative Economy Financing Push: What Nigerian Filmmakers, Musicians and Digital Creators Need to Know By Itoro Uwah | Thursday, November 12, 2026 CREATIVE ECONOMY | BUSINESS | TECHNOLOGY | INVESTMENT LAGOS, NIGERIA — Africa's creative economy is attracting renewed attention from development financiers and policymakers, following the Creative Africa Nexus (CANEX) WKND 2026 gathering in Lagos from November 5 to 8. Organised by the African Export-Import Bank (Afreximbank) and hosted by Nigeria, the gathering brought together creative entrepreneurs, investors, policymakers and cultural-industry professionals to explore financing, intellectual property, technology and market access. Afreximbank's CANEX financing ambition has expanded to $2 billion, reflecting a growing institutional effort to support African cultural and creative enterprises. However, the figure must be understood correctly...
Tinubu Government Spent ₦7.1 trillion On Subsidies In 2024, Now Rebranded As “Energy Security Expense” — NNPC Report
New documents from the Nigerian National Petroleum Company (NNPC) reveal that the Tinubu administration recorded ₦7.1 trillion in 2024 on what is now labelled "Energy Security Expense" — a classification that critics say masks continued fuel subsidy spending after its official removal.
Key figure: ₦7.1 trillion recorded in 2024 and captured on NNPC books as "Energy Security Expense".
Subsidy Removed Publicly, Reintroduced Quietly?
President Bola Ahmed Tinubu publicly announced the end of fuel subsidy on May 29, 2023. Yet the recent NNPC financial schedules — cited by Sahara Reporters — indicate that large-scale payouts continued in 2024, reclassified under the term "Energy Security." Observers argue that this renaming could have been used to avoid public and parliamentary scrutiny.
What the Documents Show
- ₦7.1 trillion listed in 2024 as "Energy Security Expense".
- Payments were captured in NNPC accounts rather than a clearly identifiable subsidy line in federal budget documents.
- No comprehensive public breakdown has been released by NNPC at the time of reporting.
Context — A Year Of Symbolic And Structural Changes
The disclosure comes as Nigeria has seen several high-profile symbolic changes — from the reinstatement of the 1960 national anthem to renaming and restructuring of government agencies. Critics say that relabelling subsidy payments fits the same pattern: change of terms without clarity of process.
Nigerians Still Bearing The Cost
Despite the supposed end of subsidy, fuel price spikes over the last 18 months have been widely reported across the country, producing far-reaching effects on transport, food prices and household budgets. Many citizens are left asking why hardship persists if the government is still spending trillions on fuel-related payments.
Calls For Accountability
Civil society groups, opposition lawmakers and economic analysts have demanded transparency. Key questions raised include:
- Who authorised the ₦7.1 trillion spending?
- Why was the money recorded under "Energy Security" instead of a subsidy or direct budget line?
- What exactly is covered by "Energy Security Expense"?
- Will similar payments continue in 2025?
NNPC And Presidency Response
At the time of publication, NNPC had not released a full, itemised breakdown for the ₦7.1 trillion figure. Government spokespeople had not yet issued a detailed public explanation for the reclassification.
Why This Matters
Off-budget or reclassified spending of this scale can affect fiscal transparency, Nigeria’s debt calculations, and investor confidence. Economists warn that undisclosed expenditures undermine effective public oversight and make it harder for policymakers to address inflationary pressures and social hardship.
Full story in the comments
The original Sahara Reporters piece and the NNPC schedules referenced are linked in the comments below. Readers are invited to check the primary documents and add verifiable information or corrections in the thread.
Discussion prompt: What should the government publish to restore transparency around energy spending? Add your view in the comments.