FG, states, LGs share N617.5bn

The Federation Account Allocation Committee on Tuesday distributed a total of N617.56bn to the three tiers of government as allocations for the month of March. The Accountant-General of the Federation, Ahmed Idris, gave the figure while speaking shortly after the meeting, which was held at the headquarters of the Ministry of Finance. Click here for more.

Nigeria Must Keep Inflation Down – IMF

The International Monetary Fund (IMF) has said Nigeria should work to keep inflation down and also grow non-oil revenue if the economy must perform optimally. Click here for more.

FG to Release New Gas Pricing Template May 29

The Federal Government will release a new gas pricing template before May 29, to address what it describes as ‘unreasonable tariffs’ imposed by gas distributors on natural gas used by commercial consumers in the manufacturing sector. Click here for more.

Investors Lose N135.79bn As Sell Pressure Persists

Equities market closed yesterday on a negative note, as NSEASI depreciated by -1.22% to close at 29,159.74 points as against -0.74% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.22%. Click here for more.

Investors lose N713bn in April as stock market tumbles

Investors in the nation’s stock market lost N713bn in April as the stock market declined further, recording a N135bn loss on Tuesday. The stock market opened the month with a market capitalisation of N11.672tn and an All Share Index of 31,041.42 basis points and closed with a market capitalisation of N10.959tn and ASI of 29,159.74bps on the last trading day of the month. Click here for more.

CBN to Auction c.N110bn T-Bills upon Resumption from Break

The Bond market remained largely order driven, with yields weakening slightly following slight sell on the short end of the curve. We also witnessed some profit taking bias on some mid and long tenured maturities, which lifted yields marginally higher by c.3bps on the day. Click here for more.

CBN Forecasts 3% GDP Growth, To Mop Up Mutilated Banknotes

The Central Bank of Nigeria said contrary to the prediction of Nigeria Governors’ Forum that the country could go into recession in 2020, the country would grow at three per cent. Click here for more.

Pension contributions from Nigerians under 30 dwindling at an alarming rate

Pension Fund contributors aged less than 30 years now make up a smaller number of pension contributors, going by the data released by the National Pension Commission. The data reveals only 803, 895 of those less than 30 years and younger or 9.56% now make up total pension fund contributors. It was 9.33% at the end of 2017. Click here for more.

Transcorp Consortium Wins Bid For Afam Power Plc

Transcorp Power Consortium has emerged the bid winner for Afam Power Plc. The consortium submitted a bid of N105.3bn to beat two other companies that wanted to acquire the electricity generation company (100 per cent equity). Click here for more.

Nigeria’s Oil Exports Surge Blighted by Abductions, Outages

A spate of disruptions and security concerns, including kidnappings, are threatening to hinder surging Nigerian oil exports. Royal Dutch Shell Plc and Total SA declared force majeure on some of their Nigerian exports over the past week, a measure that allows companies to skip supply obligations. Click here for more.

Oil firms struggle to meet IMO 2020 clean fuel for ships

Barely eight months to the take-off of the new shipping fuel regulations by the International Maritime Organisation (IMO), oil firms and refiners have begun jostling for significant share of the new fuel market created by the shipping sector. Click here for more.