Wednesday, March 23, 2016

[News Update] Lawmakers Pass 2016 Budget, FG Mulls VAT Increase, Interest Goes Up

 

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Finally,! Senate Passes 2016 Budget
After months of delay, Nigeria's Senate has finally passed the 2016 Federal budget. President Muhammadu Buhari presented a N6.08 trillion proposals in December 2015. The Senate passed N6,060,677,358,227 trillion budget after considering its conference report on the budget. Read: http://econ.ng/21H95dX
 
NCS Bans Rice Importation through landborders across Nigeria
Nigeria Customs Service has re-introduced the restriction order on importation of rice through land borders across the country. Read: http://econ.ng/1ShCEjR
 
500 Customs officers to be sacked
The Nigerian Customs Service (NCS) is set to lay off about 200 newly recruited officers who were enlisted into the Service not up to a year ago and have already been posted to various commands. This is even as findings further revealed that... Read: http://econ.ng/1LGUm16
 
Power crisis not laughing matter, says Buhari
President Muhammadu Buhari has admitted that the poor power situation in the country was no laughing matter. He, however, pledged his administration's readiness to tackle the situation within the remaining three years available to him to be in the saddle. Read: http://econ.ng/1o6ykZX
 
Kano Emir Warns Nigerians Against Buying Foreign Goods
Emir of Kano, Alhaji Muhammad Sanusi on Saturday urged Nigerians to stop patronizing foreign goods in order to safeguard Nigerias economy. Read: http://econ.ng/1UGbKFN
 
NDIC Rewards Best Students in Deposit Insurance
The Nigeria Deposit Insurance Corporation (NDIC) has presented prize awards to three deserving students of Ahmadu Bello University (ABU), Zaria for their outstanding performance in "Fundamentals of Deposit Insurance" course recently introduced into the university. Read: http://econ.ng/1Ry79yP
 
FG, 36 states Agree 71 Ways of Rescuing Nigeria's Troubled Economy
The two-day retreat of the National Economic Council (NEC) ended in Abuja with federal authorities and the country's 36 states agreeing on at least 71 proposals they believe will reinvigorate Nigeria's wobbling economy. made on survival of the states and on how to invest in the Nigerian people. Read: http://econ.ng/1ZsKMRt
 
CBN Tightens Liquidity, Raises MPR to 12%, CRR to 22.5%
• Emefiele: No intention to convert domiciliary accounts to naira, promises improved forex supply
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) resolved to raise the Monetary Policy Rate (MPR) otherwise known as the interest rate, to 12% from 11%. For more decisions Read: http://econ.ng/1RkvTNX
 
FG injects N350b into economy, mulls VAT increment
The federal government has said that it will inject N350 billion budgeted expenditure to revamp the Nigerian economy in the next few months. The government also breaks its silence over the proposed increase of value added tax (VAT) on goods and services. Read: http://econ.ng/1UGccDW
 
Nigeria to Disclose Amount Recovered from Looters Soon
The Accountant General of the Federation, Ahmed Idris, asked Nigerians to exercise more patience in their quest to know the amount of money the federal government had so far recovered from treasury looters. But he gives a clue. Read: http://econ.ng/1pIdcen
 
Unity Bank Takes Financial Inclusion To Supreme Foundation
To commemorate the 2016 Financial Literacy Week, Unity Bank Plc, took its financial literacy campaign to Supreme Model Foundation, Lagos. Read: http://econ.ng/1UGcDOt
 
 
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posted by Economic Confidential at 8:44 AM 0 comments

Monday, March 21, 2016

[News Update] Labour Cautions PMB on Economy.... DPR Issues 21 Refinery Licences

 

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FG sets up N3bn National Research Fund
The Federal Government has set up a N3 billion National Research Fund. Read more: http://econ.ng/1VuO1rH
 
DPR issues 21 licences for new refineries
Department of Petroleum Resources, DPR, has issued 21 licences to investors to establish new refineries in the country Four investors had earlier been issued licences to construct new plants in the country. Read more: http://econ.ng/1RuRMxr
 
Economy has Stopped Working, Labour tells Buhari
The organised labour has alerted President Muhammadu Buhari on the current economic woes and urge him to use the opportunity of the planned economic conference to come up with policies that could address them: http://econ.ng/1Mx8Qvf
 
N1.9trn lost to B'Haram in Borno, says World Bank
A new report from the World Bank, discloses how Borno State lost 20,000 citizens and suffered property damage worth N1.9 trillion in the hands of Boko Haram insurgents. Read more: http://econ.ng/1MiZ70T
 
Exports Slumped 40% In 2015 Over Fallen Oil Price
Nigerian exports slumped 40.3 per cent last year after a fall in crude prices slashed government's revenues, weakened the currency and caused the economy to grow at its slowest pace in decades, the National Bureau of Statistics (NBS) has said. Read: http://econ.ng/1S0oJMr
 
Tough economic choices await MPC today
The Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, meets today and tomorrow. Since the last meeting of the MPC, all the variables and figures following their last decisions have turned negative and increasingly adverse. Read more: http://econ.ng/1Ruynws
 
Nigeria may lose N200b to pipeline disruption
While Shell Petroleum Development Corporation (SPDC) works towards the rehabilitation of the Forcados Export Terminal pipeline damaged by vandals, Nigeria would have lost about 25 million barrels of crude oil before it's repaired. Read more: http://econ.ng/22rGoYr
 
Nigerian interbank rates rise to 5.3%
The interbank lending rates- Open Buy-Back (OBB) and overnight trended upward throughout last week, closing 4.8 per cent and 5.3 per cent respectively at the weekend. Read more: http://econ.ng/1ZjjBIL
 
Nigeria exports 328,897mbs of crude in four years
Nigerian Extractive Industrial Transparency Initiative (NEITI) said the Federal Government has exported 328, 897 million barrels of crude oil in the last four years. Read more: http://econ.ng/1UIY7Et
 
Budget 2016: NASS uncovers fresh N500bn 'padding'
THE National Assembly Budget Office has discovered fresh padding of over N500 billion contained in the budgetary proposals for ministries, departments and agencies (MDAs) in the 2016 budget. Read More: http://econ.ng/1Pml7CE
 
With $24.547m, Zenith Bank Records Highest Forex Allocation from CBN
For the second time since banks started publishing their returns on foreign exchange (forex) utilisation purchased from the Central Bank of Nigeria (CBN), Zenith Bank Plc got the highest allocation. Read more: http://econ.ng/1XHbZON
 
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posted by Economic Confidential at 7:03 AM 0 comments

Thursday, March 17, 2016

[News Update] NNPC Faults AuGF on Remittance as CBN Explains 'Secret Recruitment'

 

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NNPC Faults AuGF Over Unremitted N3.325trn to Federation Account
The Nigerian National Petroleum Corporation, NNPC has denied failing to remit N3.325 trillion  to the Federation Account and provided clearer pictures on the figure against the recent report of the Auditor General of the Federation. Read: http://goo.gl/Xc3yi2
 
CBN Clear Air on 'Secret Recruitment'
The Central Bank of Nigeria has said it opted for a secret process of hiring new staff in the past two years because the bank was doing "targeted recruitment". Read: http://goo.gl/C4UmqG
 
Inside National Assembly's N115 billion budget for 2016; House of Reps gets biggest share
The House of Representatives is to receive the highest allocation in National Assembly's N115 billion budget for 2016, details of the proposal exclusively obtained by PREMIUM TIMES ahead of an official release, shows. Inside National Assembly's N115 billion budget for 2016; House of Reps gets biggest share. Read: http://goo.gl/JLG5JG
 
NUPENG: Forex Assistance to Oil Marketers will End Fuel Scarcity
The South-West Chairman of the union, Alhaji Tokunbo Korodo, stated this in an interview with the News Agency of Nigeria (NAN) in Lagos. Read: http://goo.gl/F7PGWH
 
AMCON has N6.6 trillion Liabilities- DG
The Asset Management Corporation of Nigeria (AMCON) on Wednesday revealed that its current liabilities stood at N6.6 trillion from purchase of bad loans worth N3.3 trillion at the sum of N1.7 trillion. Read: http://goo.gl/71MZbk
 
Naira Sells for 325 Against the Dollar
The Naira may still be going up before the Easter as it exchanged for N325 against the American dollar on the parallel market. Read: http://goo.gl/AgFRvk
 
Improving The Health Sector To Check Medical Tourism
The Indian High Commission, alluding to their country's Medical Association's 2014 annual report, disclosed that Indian hospitals received 18,000 Nigerians on medical visas in 2012, and about 47 per cent of outbound medical tourism from Nigeria goes to India, totalling about $260 million. Read: http://goo.gl/jfaaUw
 

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posted by Economic Confidential at 5:12 AM 0 comments

Wednesday, March 16, 2016

[News Update] Youths: CBN Offers Millions of Naira Credit Incentive

 

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Monetary
CBN Offers N3m Credit Incentive to Youths
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has launched the Youth Innovative Entrepreneurship Development Programme (YIED-P), an initiative designed to unlock the ingenuity and resourcefulness of youths to drive the economy. Read: http://goo.gl/HN3WUm
 
Forex Fraud: CBN Clear Air on Suspension of Officials
The Central Bank of Nigeria (CBN) yesterday said the suspension of some of its personnel over alleged fraud was to enable it carry out unfettered investigation into the matter. Read: http://goo.gl/sOJLxs
 
CBN flags of campaign for global money week
Financial literacy will be taught as a subject at the junior and senior levels  of Nigerian secondary schools before the end of  year, Central Bank of Nigeria ( CBN) announced yesterday  as it joined the global community to  commemorate  global money week. Read: http://goo.gl/IczlMx
 
Nigeria's Inflation Increases to 11.4%
Despite the federal government's refusal to devalue the naira, the Consumer Price Index (CPI), which measures inflation, rose significantly to 11.4 per cent in February compared to 9.6 per cent the previous month, the National Bureau of Statistics (NBS) said on Tuesday. Read: http://goo.gl/6sULS5
 
GTB Declares N121b Pre-tax Profit, N52b Dividend
Guaranty Trust Bank (GTB) Plc, Nigeria's most capitalised banking stock and fourth most capitalised quoted company, yesterday announced its audited earnings report for the year ended December 31, 2015, showing growth across key top-line and profitability items. Read: http://goo.gl/ozR0lz
 
UBA Grosses N315b, Pays N22b Dividend
United Bank for Africa (UBA) Plc recorded considerable growths in the top-line and bottom-line in 2015, bucking a downtrend that had seen many banks warning of declining earnings. Read: http://goo.gl/XZ69Gr
 
Business
Nigeria to earn $224m from spectrum sale
The Federal Government is expected to rake in $224 million from the sale of 14 lots in the 2.6Gigahertz spectrum band licensing to telecommunication operating companies slated for May this year. Read: http://goo.gl/VaFhXN
 
Nigeria needs 59 million jobs in 20 years —World Bank
A new World Bank study has suggested that Nigeria needs to create an estimated 40 to 50 million additional jobs between 2010 and 2030. The study, which was released in Abuja, noted that creation of that amount of jobs is imperative to avert a nationwide market crisis, that may result in possible economic collapse.  Read: http://goo.gl/bJaV0X
 
FG budgets N50b for retirees
The Federal Government has budgeted N50 billion for retirees for this year. This is N41billion short of the N91billion requested from the Federal Government by the National Pension Commission (PenCom). Read: http://goo.gl/dcDJqn
 
Buhari Appoints Umaru Radda DG SMEDAN
President Muhammadu Buhari has ​appoint​ed Dikko Radda as director-general of Small and Medium Enterprises Development Agency of Nigeria, SMEDAN. Read: http://goo.gl/1vkBhp
 
Nigeria To Sign UN Gas Flaring 2030 Deadline Agreement
With the support of the National Assembly, Nigeria intends to sign the United Nations Agreement on Zero Routing Gas Flaring by 2030, according to Vice President, Prof. Yemi Osinbajo, SAN. Read: http://goo.gl/u7BR9O
 
Repositioning Economy Our Priority —Saraki
SENATE President, Dr Bukola Saraki, said on Monday that the repositioning of the Nigerian economy to effectively meet the challenges of the 21st century is a major priority of the eighth Senate. Read: http://goo.gl/47C1r4
 
Reps Probe N49tr Yearly Loss in Mining Sector
Why is Nigeria earning a paltry N31.449billion annually from the solid minerals sector when it could actually earn as much as N50 trillion? Read: http://goo.gl/3Lek5s
 
FG Inaugurates $1m Investment, Technology Partnership with UNIDO
In collaboration with the United Nations International Development Organisation (UNIDO), the Federal Government yesterday launched the first N300million Investment and Technology Promotion Office (ITPO) in Nigeria. Read: http://goo.gl/W6UXQJ
 
Senate Approves N108 billion to Assist IDPs
The Senate has asked its Appropriations Committee to approve N108 billion under the service wide votes for the relocation and resettlement of citizens who had been displaced by Boko Haram insurgency in the North East region. Read: http://goo.gl/dNvwI9


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posted by Economic Confidential at 9:35 AM 0 comments

Friday, March 11, 2016

[News Update] Trouble: Top CBN Officials Suspended over Multi-Million Dollar Fraud

 

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CBN suspends staff over multi-million dollar fraud
The Federal Government has placed some very senior officials of the Central Bank of Nigeria (CBN) on suspension for fraud running into hundreds of millions of dollars. Read: http://goo.gl/zNnWUw

MTN proposes N300bn as Settlement for Fine
The Senate Committee on Communications yesterday revealed that MTN Communications Nigeria Limited has proposed to pay N300 billion ($1.5 billion) in the ongoing negotiations between the company and Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), on the N780 billion fine imposed on the network operator by the Nigerian Communications Commission (NCC). Read: http://goo.gl/Pd1kUu

Tax exemption: Nigeria loses $3.3bn to NLNG project
Nigeria may have lost $3.3 billion on the Nigerian Liquefied Natural Gas, NLNG, project as a result of the 10-year tax holiday granted during the implementation of the project, a study has indicated. Read: http://goo.gl/g58pn5

Nigeria's steel market faces Glut
As the glut in global steel production heightened, with many steel industrial firms shutting down, local steel manufacturers may have begun to feel the pangs of the glut as capacity utilisation drops below 50 per cent sequel to low demand. Read: http://goo.gl/Ib8oxX

Budget Padding: Buhari Sweeps Off 184 Government Officials
President Muhammadu Buhari has demoted top civil servants who tampered with figures in the 2016 budget. Read: http://goo.gl/4N5cph

CBN to borrow N1.07tn in Q2
The Central Bank of Nigeria is planning to borrow N1.07tn via treasury bills issuance in the second quarter of 2016. Read: http://goo.gl/aQHDZF

FG needs $500m to fix refineries – Kachikwu
The minister of state for petroleum resources, Mr. Ibe Kachikwu, has revealed that between $300 million and $500 million will be required to fix the four refineries in Warri, Port Harcourt and Kaduna for effective service delivery. Read: http://goo.gl/hYHVly


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posted by Economic Confidential at 6:52 AM 0 comments

Wednesday, March 09, 2016

[News Update] Finally, Finance Minister Adeosun Breaks Silence on the Economy

 

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Financial Discipline… making every Naira count- An Article  by Finance Minister, Kemi Adeosun
In the short period that I have been privileged to serve as Minister of Finance, I have observed that even the most basic systems and controls over the management of our resources are in dire need of strengthening. Read: http://economicconfidential.com/2016/03/financial-discipline-making-every-naira-count/

Nigeria's GDP down slides to 2.11% in Fourth Quarter
Nigeria's real Gross Domestic Product (GDP) growth rate declined to 2.11 per cent in the fourth quarter of last year compared to 2.84 per cent in the third quarter, according to the National Bureau of Statistics (NBS). Read: http://economicconfidential.com/2016/03/9513/

Nigeria, Switzerland begin discussion on $321m Abacha loot
Federal Government has initiated negotiations with the Swiss Government on the process of repatriating another $321 million looted fund stashed away in a Swiss bank back to the country. Read: http://economicconfidential.com/2016/03/9511/

2016 Budget: Hope rises as oil price hit $40/bl
The price of Brent crude this week rose for the sixth consecutive trading day in a row, hitting a 2016 peak of over $40 a barrel, as buyers were encouraged by talk that the Organisation of Petroleum Exporting Countries (OPEC) was targeting a higher anchor price after a sell-off that has lasted nearly two years. Read: http://economicconfidential.com/2016/03/9499/

NNPC's new units get heads
The federal government has approved the unbundling of the Nigerian National Petroleum Corporation (NNPC) into seven independent operational units with immediate effect. The new units include those for Upstream, Downstream, Gas & Power, Refineries, Ventures, Corporate Planning & Services and Finance and Accounts. Read: http://economicconfidential.com/2016/03/9515/


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posted by Economic Confidential at 3:38 AM 0 comments