Melt the butter with the oil in a large, heavy-based saucepan. Add the pepperoni and pine nuts and cook gently for about 3 minutes, or until the pine nuts are golden. Drain with a slotted spoon and set aside.
Add the paprika, garlic and rice to the pan and stir well to coat the grains with the butter and oil. Add the hot stock, a large ladleful at a time, stirring until each addition is absorbed into the rice. Continue adding stock in this way, cooking until the rice is creamy but the grains are still firm. This should take about 20 minutes.
Return the pepperoni and pine nuts to the pan with the spinach and raisins. Cook over a gentle heat, stirring the spinach into the rice until wilted. Season to taste with salt and pepper. Cover and leave the risotto to rest for a few minutes before serving.