Petrol subsidy nears N6.7trn as debt service exceeds revenue
The federal government has projected that petrol subsidy will gulp N6.7 trillion in 2023, if bold steps are not taken to do away with it, even as debt service outpaced its revenue in the first four months of this year.
Nigeria’s local bonds lose seven-month buying streak
Nigeria was unable to find enough buyers for its local bonds during an auction this week, the first time it has happened in seven months. The Debt Management Office (DMO), the agency responsible for conducting bond sales for the government, was only able to raise…
Shadows of old problems haunt NNPC’s transition to private company
With its transition to a commercial entity, there are growing concerns the Nigerian National Petroleum Corporation (NNPC) Limited may battle old perennial problems as it seeks to raise capital from financial institutions to fund projects and tackle funding shortfalls…
Global wheat prices fall in boon to Nigerian bakers caught in trap of rising cost
Global wheat prices are falling Friday ahead of the signing of a deal that would allow stranded wheat to leave Ukraine for a hungry world including Nigeria where bread prices have surged The price of a ton of wheat has jumped to $350 from $200 last year. This follows an announcement by Turkey which says it’s…
I need N250bn to fix Anambra – Soludo
Chukwuma Soludo, executive governor of Anambra state, says he will need N250 billion to fix major infrastructure in the state. Soludo said this on Friday while assenting to the 2022 revised appropriation budget of N170billion Anambra State House of Assembly had on Tuesday passed the budget tagged “Building…
Nigeria’s rate hike forces stock market to close week in red
Nigeria’s equities market closed the trading week ended July 22 in red after dipping by 0.45percent or N127billion week-on-week (WoW). Investors began eyeing low risk assets as Nigeria’s Central Bank Monetary Policy Committee (MPC) hiked Monetary Policy Rate (MPR) to 14percent in move to curtail…
Providus Bank Plc Retains “A-” Rating with Stable Outlook
The Bank’s Gross Earnings grew by 70% from N23.3b (Yr. 20) to N39.7b (Yr. 21). The growth was supported by the increase recorded in both Interest and Non-Interest Earnings. The Interest based income represented 74% of the Bank’s Total Earnings during the year. Source DataPro Read More
Debt Servicing Finally Surpasses Revenue as FG Releases Q1 Data
The cost of servicing debt surpassed the federal government’s retained revenue by N310 billion in the first four months of 2022. The federal government said this in its 2022 fiscal performance for the first quarter released on Thursday. Source TheCable Read More
Oil & Gas: House to Probe JV Operations, Contracts Sharing
The House of representatives has set up an Ad-hoc Committee to investigate all Joint Venture (JV) operations and Production Sharing Contracts (PSCs) in the Oil & Gas sector since 1990 with a view to ascertaining whether or not the capital expenditure, operations, financials and related frameworks are within the ambit of law and report back to the House within eight weeks for further legislative action. Source THISDAYLIVE Read More
Rising Security Concerns Compounding Nigeria’s Economic Woes says NACCIMA
With a decline in investment inflow and domestic food production challenges aggravated by rising security concerns, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has asked the Federal Government to address insecurity issues for the economy to thrive. Source The Guardian Nigeria Read More
Diversification: How to Define your Next Business Growth
Growth is crucial for any business to survive in the long term as it helps expand and increase revenue. A business grows when it expands its customer base, increases revenue, or produces more products. Source Phillips Consulting Read More
CBN Clarifies Warning on Criminal Currency Conversion
The Central Bank of Nigeria (CBN) on Thursday explained that the statement made by the Governor, Godwin Emefiele, at the last Monetary Policy Committee (MPC) meeting briefing, was a stern warning to bank customers against converting the naira to foreign exchange for electioneering purposes. Source The SUN Read More
Oil Slumps $3/bbl on Gasoline Stockpiles, Rate Hikes and Resuming Supply
Oil prices fell more than $3 a barrel on Thursday on higher U.S. gasoline stockpiles and after a European Central Bank (ECB) rate hike stoked demand worries, while returning oil supply from Libya and the resumption of Russia’s gas flows to Europe eased supply restraints. Source Reuters Read More
Verve Supports LASRRA to Deliver Smart LAG ID
Africa’s leading payment cards and digital tokens brand, Verve, has announced its partnership with the Lagos State Government on the relaunch of the Lagos State Residents Registration Agency (LASRRA) identity card as a smart multi-purpose card that combines biometric identification with cutting edge technology. Source TechEconomy Read More
Netflix Loses Even More Subscribers for Second Quarter in a Row
Yesterday, global streaming service Netflix announced via its Q2 2022 financial results that it lost 970,000 subscribers in the second quarter of the year. This is the second time in a row that the streaming service is suffering a massive blow to its subscriber base. Source TechCabal Read More
Social Media Revenue Growth Expected to Slow as TikTok, Apple Compete
Wall Street is bracing for the slowest global revenue growth in the history of the social media sector, as intensifying competition from TikTok and Apple in advertising threaten to compound economic woes in the second quarter. Source Reuters Read More
Improving Levels of Millennial Adoption of Insurance – Coronation Insurance
For most Nigerians, buying insurance is something that is done reluctantly. Apathy or lack of interest for insurance products amongst younger generations of Nigerians is even more pronounced. Source Coronation Research Read More
One 17 Capital Leads Discussion on Using Ijarah for Asset Management in Nigeria
One17 Capital Limited recently hosted its maiden webinar to educate Nigerians on using Ijarah and how it can be applied to address socio-economic issues.In his presentation, Mallam Attahiru Maccido, MD/CEO, One 17 Capital Limited, described Ijarah as the contract for transferring a particular Shariah-compliant’s benefit (manf’a) property or asset to another party in exchange for a pre-agreed rental amount for an agreed period. Read More
