Headlines – First Ideas Limited


Fiscal deficit to hit 10-year high on dwindling revenue

Nigeria’s fiscal deficit will widen to a 10-year high this year as high global fuel prices push up petrol subsidy bills while crude oil output remains low, a new report by the Economist Intelligence Unit (EIU) has said.

Bank loans at risk as businesses struggle

The rising energy costs and other challenges facing businesses in Nigeria may put a damper on their ability to service bank loans, even as lenders may be forced to reduce credit to critical sectors of the economy, analysts in the financial services sector said.

FG in talks with Boeing, Airbus over Nigeria Air

The Federal Government has commenced discussions with two plane makers, US-based Boeing and Airbus, a European multinational aerospace corporation, to facilitate the purchase of aircraft for the country’s national carrier, Nigeria Air.

Why flights are delayed in Nigeria – airline operators

The Association of Airline Operators said flight delays are caused by a number of factors such as weather conditions, fueling of the aircrafts, VIP movements, technical hitches amongst others. Obiora Okonkwo, Chairman of United Airlines said this on behalf of the operators who appeared before the House of Repres

NUJ wants FG to cushion hike on foodstuffs, resolve ASUU crisis

The Nigeria Union of Journalists (NUJ) has urged the government to cushion the effect of the high cost of food in the country. “Food insufficiency has resulted in an unbearable hike in the prices of food items thereby exposing the majority of the masses to hunger.

Lagos, Kano, Niger top list of states with highest petrol allocation

Lagos, Kano and Niger got the highest allocation of petrol distributed to states between March 7 and March 20. According to a report issued by the Nigerian National Petroleum Company Limited on Wednesday, a total of 994.478 million litres of petrol was distributed to all 36 states and the Federal Capital Territory

PDP Governors seek investigation of fuel consumption ascribed to Nigerians

Governors of the People’s Democratic Party (PDP) have expressed concern over various reports and claims of incidents of stealing of crude oil ranging from 80percent to 95percent of production made by industry practitioners and called on the Federal Government to set up an appropriate mechanism to reverse this.

Investors Lose N109.76bn as NGXASI Dips by -0.43%; Closes Below 47,000 Basis Points

Equities market closed on a positive note, as NGXASI depreciated by -0.43% to close at 46,960.29 basis points as against +0.02% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +9.93%.         

Market breadth closed Positive as UNITYKAP led 16 Gainers as against 14 Losers topped by RTBRISCOE at the end of today’s session an improved performance when compared with previous outlook.         

Market turnover closed negative as volume moved down by -19.73% as against -11.86% downtick recorded in the previous session. FIDELITYBK, GUARANTY and ZENITHBANK were the most active to boost market turnover.  GUARANTY and ZENITHBANK topped market value list.

LINKASSURE leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

Nigerians are Embattled – Ordinary Men are no Longer Reasonable Men – Post MPC Notes

With a 167.86% spike in the price of diesel to N700 per litre and kerosene up 36.36% to N600/litre, the ordinary Nigerian man is struggling to remain a reasonable man.  

Senate Confirms Seven MPC Members’ Appointments

 The confirmation of the nominees followed the consideration and adoption of the report by the Senate Committee on Banking, Insurance, and Other Financial Institutions on the nominees. Source Punch Read More

Adopt Fiscal Responsibility Law, FRC Tells States

Victor Muruako, chairman of the Fiscal Responsibility Commission (FRC), says federating states should adopt the Fiscal Responsibility Law.  

FAAC: FG, States, LGs Share N590bn as Allocation in February – up by N15bn

The federation account allocation committee (FAAC) says it shared N590.546 billion to the federal government, states and local governments for February 2022. The figure represents an increase of N15.766 billion compared to last month.  

Russia Cuts Refinery Output as Diesel Shortage Worsens

Europe’s diesel shortage is becoming worse as Russian oil refiners have started to cut back on refinery throughput, according to the chief executive of one of the world’s largest independent commodities trading houses, Gunvor.  

Ghana Prepares Spending Cuts to Meet Budget Deficit Target

Ghana’s government is preparing spending cuts to help reduce the budget deficit, a move expected to restore investor confidence in holding the country’s assets.  

FEC Approves N92bn for 2nd Abuja Airport Runway

 The federal government on Wednesday approved a total of N92.12 billion for the construction of a second runway at the Nnamdi Azikiwe International Airport, Abuja.

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