Friday, April 29, 2016

[News Update] Again Govs Beg PMB on ECA as Refineries Commence Productions

 

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine


 
Compensation: NAIC Pays N1.3bn to Farmers
In this Interview with the Economic Confidential the CEO of Nigeria Agricultural Insurance Corporation (NAIC), Bashir Binji explains how Nigerian farmers have benefitted and can benefit from the insurance scheme of the agency...
 
Port Harcourt, Warri refineries producing 7m litres/per day of PMS –Kachikwu
The Nigerian National Petroleum Corporation, has stated that the newly re-opened Port Harcourt and Warri refineries are now producing seven million litres of Premium Motor Spirit, PMS, also known as petrol per day.
 
Fuel scarcity: KRPC begins 2m litres daily supply of PMS
Alhaji Idi Mukhtar, Managing Director, Kaduna Refining and Petrochemical Company (KRPC), has disclosed that the company will begin daily release of 2 million litres of Premium Motor Spirit (PMS).
 
Govs Beg Buhari on Excess Crude Account
The 36 state governors have told President Muhammadu Buhari to approve the sharing of funds in the Excess Crude Account among the three tiers of government in order to improve the liquidity position of the states.
 
NASC launches $800,000 Rice Seed Up-Scaling Project
The Director-General, National Agricultural Seed Council (NASC), Mr Olusegun Ojo,  said the launching of 800,000 US dollar Rice Seed Up-Scaling Project would boost local production of rice in the country.
 
FG to Save N1bn Annually from Board Meetings
……Cuts Board meetings from 8 to 4 per annum
The reduction in the frequency of meetings by such bodies followed a review by the Unit and the discovery that the average annual expenditure on honorarium and sitting allowances between 2012 and 2014 was N12.8 billion.
 
World Bank Raises 2016 Oil Price Forecast
The crude oil market rebounded from a low of $25 per barrel in mid-January to $40 per barrel in April following production disruptions in Iraq and Nigeria and a decline in non-Organization of the Petroleum Exporting Countries production, mainly U.S. shale. A proposed production freeze by major producers failed to materialize at a meeting in mid-April.
 
First Bank to sack 1,000 workers
FBN Holdings Plc, the parent company of First Bank Nigeria Limited, is planning to cut about 1000 jobs and focus less on providing loans to the oil industry in a bid to reverse the 2015 financial year's 82 per cent slump in profit.
 
FG receives $33b from NLNG
The Federal Government has reaped over $33 billion from the Nigeria LNG Limited (NLNG) initial investment of $2.5 billion.
 
2016 Tourism, Culture Summit: Experts give tips for development
Mr Bertram Azuwike, the Director of Macro-economy and Statistics Department of National Bureau of Statistic (NBS) said there was need to develop a data bank for the culture and tourism industry.
 
For more, please visit our website more:

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Sharing factual, timely and authoritative economic news, analyses and data, especially on Nigeria's economy from reliable sources.

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posted by Economic Confidential at 11:42 AM 0 comments

Again Govs Beg PMB on ECA as Refineries Commence Productions

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine


 
Compensation: NAIC Pays N1.3bn to Farmers
In this Interview with the Economic Confidential the CEO of Nigeria Agricultural Insurance Corporation (NAIC), Bashir Binji explains how Nigerian farmers have benefitted and can benefit from the insurance scheme of the agency...
 
Port Harcourt, Warri refineries producing 7m litres/per day of PMS –Kachikwu
The Nigerian National Petroleum Corporation, has stated that the newly re-opened Port Harcourt and Warri refineries are now producing seven million litres of Premium Motor Spirit, PMS, also known as petrol per day.
 
Fuel scarcity: KRPC begins 2m litres daily supply of PMS
Alhaji Idi Mukhtar, Managing Director, Kaduna Refining and Petrochemical Company (KRPC), has disclosed that the company will begin daily release of 2 million litres of Premium Motor Spirit (PMS).
 
Govs Beg Buhari on Excess Crude Account
The 36 state governors have told President Muhammadu Buhari to approve the sharing of funds in the Excess Crude Account among the three tiers of government in order to improve the liquidity position of the states.
 
NASC launches $800,000 Rice Seed Up-Scaling Project
The Director-General, National Agricultural Seed Council (NASC), Mr Olusegun Ojo,  said the launching of 800,000 US dollar Rice Seed Up-Scaling Project would boost local production of rice in the country.
 
FG to Save N1bn Annually from Board Meetings
……Cuts Board meetings from 8 to 4 per annum
The reduction in the frequency of meetings by such bodies followed a review by the Unit and the discovery that the average annual expenditure on honorarium and sitting allowances between 2012 and 2014 was N12.8 billion.
 
World Bank Raises 2016 Oil Price Forecast
The crude oil market rebounded from a low of $25 per barrel in mid-January to $40 per barrel in April following production disruptions in Iraq and Nigeria and a decline in non-Organization of the Petroleum Exporting Countries production, mainly U.S. shale. A proposed production freeze by major producers failed to materialize at a meeting in mid-April.
 
First Bank to sack 1,000 workers
FBN Holdings Plc, the parent company of First Bank Nigeria Limited, is planning to cut about 1000 jobs and focus less on providing loans to the oil industry in a bid to reverse the 2015 financial year's 82 per cent slump in profit.
 
FG receives $33b from NLNG
The Federal Government has reaped over $33 billion from the Nigeria LNG Limited (NLNG) initial investment of $2.5 billion.
 
2016 Tourism, Culture Summit: Experts give tips for development
Mr Bertram Azuwike, the Director of Macro-economy and Statistics Department of National Bureau of Statistic (NBS) said there was need to develop a data bank for the culture and tourism industry.
 
For more, please visit our website more:

posted by Economic Confidential at 11:42 AM 0 comments

Monday, April 18, 2016

[News Update] The Good, the Bad of Buharinomics as Chinese Yuan Forces US Dollars to Retreat

 

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
FAAC Distributes N345bn In March 2016
The Federation Account Allocation Committee has shared the sum of N345 billion among the three tiers of government in March 2016 being the statutory allocation for the month of February, this year.
 
Chinese Yuan Deal Forces US Dollar To Retreat
The federal government's plan to increase the availability of renminbi (Yuan) was already favouring the Naira against the dollar, going by latest development.
 
Nigeria seeks $2.5bn loan from World Bank, others
The Federal Government, on Sunday, said it was in discussion with the World Bank and the Islamic Development Bank, IDB, for a $2.5 billion concessionary loan to support the country in the implementation of this year's budget.
 
The Good, The Bad Of Buharinomics
The administration of President Muhammadu Buhari came into power on May 29, 2015, and in less than two months now, the administration would be one year old.
 
Why Dollar Rules Nigeria
Nigeria's current financial and economic community is quick to point out the realities of her currency, the gyrations, floundering and nose-diving in all ramifications of suggesting an economic meltdown.
 
Hotbeds: Reconstructing North-East and Niger Delta
The most striking feature of Nigeria today is that it is wracked by violence in most parts while some others are still recovering from conflicts.
 
Can Nigerian Banks Save the Real Sector?
There is no gain saying the fact that banking sector is the nerve centre of any economic that aspires to stand tall among its global counterparts.
 
Economics of Grass Importation for Animal?
The federal government says it is considering importing improved pasture seeds for intensified cultivated pastures and not grass for the direct feeding of cattle.
 
Implication of Nigeria's currency swap deal with China
For diverse stakeholders in the economy, the Federal Government's recent currency swap deal with China holds both bright prospects and grave implications for Nigeria.
 
U.S. to give Nigeria $480m Abacha family loot
United States has agreed to repatriate to Nigeria about $480million believed to have been stolen by the late Head of State, Gen. Sani Abacha and his family. But the conditions for the repatriation of the cash and other details are something else:
 
Senator Udoma Udo Udoma: Planning to meet the Nation's Challenges
There is something quite unique about Senator (Dr) Udoma Udo Udoma. His experience spans in both the public and private sector. A lawyer, administrator, former legislator, an institutional investor, and board room guru.
 
Asset Declaration: The Plights of Civil Servants
What is the fate of civil servants considering the of Senate President, Senator Bukola Saraki, who has been battling with the Code of Conduct Tribunal (CCT) over allegation of false asset declaration and other charges that allegedly violated the Code of Conduct Bureau (CCB)?
 
Cleaning Ogoniland: The Myths And Realities
Recently, the Minister of Environment, Amina Mohammed, announced that President Muhammadu Buhari was set to launch the cleanup of Ogoniland.
 
Economic Terrorism and Nigeria's Quest for Growth
Nigeria's Minister of Justice, Mr. Abubakar Malami recently disclosed difficulties in the nation's forex market as result of unethical struggles by "unscrupulous elements hiding under the cloak of market forces" whose negative activities on the economy are more destructive than Boko Haram terrorism.
 
Improving Governance Via CSR
Since he assumed duty as the Accountant-General of the Federation (AGF), Ahmed Idris has improve other social service through Corporate Social Responsibility (CSR).
 
 
For more, please visit our website:

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posted by Economic Confidential at 10:48 AM 0 comments

Wednesday, April 13, 2016

[News Update] Govt Borrows N600bn for Salary as Inflation Increases to 12.8%

 

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
FG borrows N600bn annually for salaries – SGF
The federal government is borrowing an average of N600 billion annually to augment payment of workers' salaries, the Secretary to the Government of the Federation David Lawal Babachir has said. Read: http://economicconfidential.com/2016/04/fed-gov-borrows-n600bn-annually-salaries-sgf/
 
NNPC: Port Harcourt Refinery Back on Stream, Producing Five Million Litres Daily
… To take advantage of European refiners Spring switch to stockpile petrol
The Nigerian National Petroleum Corporation (NNPC)has said one of its refineries, the Port Harcourt Refinery, has again started refining petrol after it was shut down some months back. Read: http://economicconfidential.com/2016/04/nnpc-port-harcourt-refinery-back-stream-producing-five-million-litres-daily/
 
Incoherent Policies Are Biggest Challenges for African Regional Agriculture, Says Ibrahima Coulibaly
The vice president of the West African Network of Farmers Organisations (ROPPA), Ibrahima Coulibaly has lamented against African governments' alleged incoherent policies and gave many reasons:  Read: http://economicconfidential.com/2016/04/incoherent-policies-biggest-challenges-african-regional-agriculture-says-ibrahima-coulibaly/
 
Fuel crisis: NNPC‎ deploys 240 truckloads of petrol to Abuja
The Fuel supply and distribution situation has drastically improved in Abuja and its environs as the long fuel queues is gradually easing out following the increased truck out from 186 to 240 trucks on Tuesday. Gridlock caused by customers at the NNPC Mega-Station, Kubwa Express. Read: http://economicconfidential.com/2016/04/fuel-crisis-nnpc%E2%80%8E-deploys-240-truckloads-petrol-abuja/
 
Communicating post-election Change Programme of President Buhari
Electoral campaign rhetoric by an opposition candidate doesn't always belong in the norms of real governance. The rhetoric would have been aggressive, acerbic and anti-establishment. Read: http://economicconfidential.com/2016/04/communicating-post-election-change-programme-president-buhari/
 
PPP to Rescue African Farmers – Dr. Kormawa
Dr. Patrick Kormawa is the UN Food and Agriculture Organisation (FAO's) Sub-regional Coordinator for Eastern Africa and Representative to the African Union (AU) and UN Economic Commission for Africa (UNECA). He spoke with Economic Confidential at the 29th FAO Regional Conference for Africa in Abidjan, Core de I'Voire. Read: http://economicconfidential.com/2016/04/ec-interview-ppp-rescue-african-farmers-dr-kormawa/
 
Nigeria must not be consumer market for Chinese products —Buhari
Nigeria must not be seen as a consumer market alone, but an investment destination where goods can also be manufactured and consumed locally, President Muhammadu Buhari, has said. Read: http://economicconfidential.com/2016/04/nigeria-must-not-consumer-market-chinese-products-buhari/
 
Inflation increases to 12.8 Per Cent
The currency curbs introduced by the Muhammadu Buhari administration, coupled with fuel scarcity, have contributed to the increase in the Consumer Price Index (CPI)... Read: http://economicconfidential.com/2016/04/inflation-increases-12-8-per-cent/
 
Professionalize farming, Netherlands Tells Nigeria
The Head of the Netherlands Delegation in Lagos, Mr Michel Deelen, expressed optimism that if Nigeria professionalizes her farming systems, more young men and women would be attracted to agriculture. Read: http://economicconfidential.com/2016/04/professionalize-farming-netherlands-tells-nigeria/
 
 
For more, please visit our website more:
Twitter: www.twitter.com/economicng
 

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Posted by: Economic Confidential <editor@economicconfidential.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (1)
Sharing factual, timely and authoritative economic news, analyses and data, especially on Nigeria's economy from reliable sources.

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posted by Economic Confidential at 10:12 AM 0 comments