Buhari Announces Date for Swearing in of New Ministers
President Muhammadu Buhari will swear in new ministers on Wednesday, August 21, the office of the Secretary to the Government of the Federation has said. A statement by the Permanent Secretary, Cabinet Affairs Office, Babatunde Lawal, said a two-day induction for the new ministers will hold on August 19 and 20. Click here for more.
Nigeria Owes More Money to China Than Any Other Country: Chart
Chinese credit accounts for 80% of all bilateral lending to Nigeria, data from the West Africa nation’s debt management office show. China provides loans to build railways, power plants and airports, helping to bridge a huge infrastructure gap in Africa’s largest oil producer. Click here for more.
RMAFC to set up new revenue formula committee
The Revenue Mobilisation Allocation and Fiscal Commission says it will constitute a standing committee next week for the review of the revenue sharing formula among the nation’s three tiers of government. Click here for more.
Investors Lose N69.19bn As NSEASI Dips By -0.51% Due To Renewed Sell Pressure
Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.51% to close at 27,527.40 points as against 0.14% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.42%. Click here for more.
FGN bonds record N13.44 billion investment in two years
The Debt Management Office (DMO), has announced that the Federal Government (FGN) savings bond established in May 2017, has recorded a total of N13.44 billion investment. A breakdown showed that so far in 2019, N1.02 billion and N1.72 billion were recorded in the first and second quarters (Q1, Q2), respectively. Click here for more.
Nigeria imported 5.6 billion litres of Petrol in Q2 2019, up by 5%
The latest report released by the National Bureau of Statistics (NBS) shows Nigeria imported 5.61 billion litres of premium motor spirit (petrol) in the second quarter of 2019 (Q2). According to the NBS report, the volume of petrol imported in Q2 2019 is 5% higher than the 4.87 billion litres of petrol imported in the first half of the year. Click here for more.
Access Bank, Union Bank leverage low yield bond rates
Africa’s largest bank by customer base, Access Bank Plc and Union Bank Plc have each completed issuance of N30 billion bond to position themselves to exploit the current decline in debt market yields. Click here for more.
Nigeria needs N3 trillion to fix transport infrastructure
For Nigeria to bridge the huge infrastructure deficit in the transport sector, it requires an estimated N3 trillion investment. The Executive Secretary, Nigerian Shippers’ Council (NSC), Hassan Bello, who disclosed this at the second Transport Leadership lecture organised by Kings Communications Limited, in Lagos. Click here for more.
Outrage as China ships used vehicles to Nigeria
Automakers, dealers and other stakeholders have expressed anger over China’s resolve to push its used vehicles to Nigeria and other global markets as a strategy to shore up its income from automobile. Click here for more.
AU, AfDB Sign $4.8m AfCFTA Grant
The African Development Bank Group has signed a $4.8m institutional support grant to the African Union for implementation of the African Continental Free Trade Area agreement. The grant, approved by the Group’s Board of Directors in April. Click here for more.