Hello. My basement has an issue with leaking due to an old unused spigot. It’s in the basement wall, about three feet off the ground, but hasn‘t been used in years. I’m unsure what it is used for, pics are below. It’s occasionally leaked previously in small amounts, but this year the water has turned into a steady stream whenever it rains.

Any suggestions on how to stop the leak? Would filling in the hole with hydraulic cement work or would it that cause additional problems? Any suggestions are appreciated. Thank you.