Senate increases 2020 expenditure to N10.73tn

President Muhammadu Buhari will on Tuesday next week present the 2020 budget at a joint session of the National Assembly by 2pm. The President of the Senate, Ahmad Lawan, stated this at plenary on Thursday. Also at plenary, the Senate approved all the 16 recommendations contained in the report of the National Assembly joint Committee on Finance and National Planning. Click here for more.

World Bank 2020 stats: Developing nations’ debt hit $7.8 trillion

World Bank International Debt Statistics report for 2020 have revealed that the total external debt of low- and middle-income countries has increased to $7.8 trillion in 2018, while net debt flows (gross disbursements minus principal payments) from external creditors dropped by 28% to $529 billion.Click here for more.

Africa’s Biggest Trading Partners Agree to Strengthen Ties

South Africa and Nigeria agreed to expand the continent’s deepest trade relationship. The two nations signed dozens of accords Thursday that will enable South Africa to leverage the recently agreed African Continental Freed Trade Agreement to tap West African markets. Click here for more.

States’ Revenues Rise By 46.11% To N1.6tn

Chairman, Joint Tax Board, Mr Babatunde Fowler, on Thursday said the revenue generated at the state level rose from N800.02bn to N1.6tn between 2016 and 2018, representing an increase of 46.11 per cent. Fowler made the disclosure in his welcome address at the North-Central. Click here for more.

Stock Market Maintains Negative Posture As NSEASI Dips By -0.84%

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.84% to close at 27,085.69 points as against -1.14% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.82%. Click here for more.

CBN, China Expand Trade With CNY1.18bn

A total of CNY1.18bn had been auctioned in the market as of the end of June 2019 since the Central Bank of Nigeria signed a Bilateral Currency Swap Agreement with the People’s Bank of China in April 2018. A total of CNY669.66m was auctioned in 2018, while CNY512.43m had been auctioned in the first half of 2019. Click here for more.

CBN grants banks’ approval to debit loan defaulters

The Central Bank of Nigeria (CBN) has given approval to the banks to debit any defaulting debtor across all the banks where the debtor has funds. The CBN also approved that the clause permitting the banks to apply this measure should be part of loan agreements to all customers. Click here for more.

Citigroup Among Banks Hit With $1.4 Billion Nigerian Penalty

Citigroup Inc. and Zenith Bank Plc got the stiffest penalties of a dozen lenders punished by Nigeria’s central bank for failing to meet a target to provide more credit. A combined sanction of 500 billion naira ($1.4 billion) was imposed on the 12 banks, according to a circular sent to the institutions and seen by Bloomberg. Click here for more.

Africa’s Most-Populous Nation Missed the Mobile Money Revolution

Every month, Ifeyinwa Abel, the secretary of a Pentecostal church in Lagos, spends as much as a quarter of her salary sending money to pay for diabetes drugs to her mother 430 miles away in Abia Ohafia, a small agricultural village. Click here for more.

\Union Bank Secures US$200m in OPIC Funding for SMEs and Women’s Initiatives

Union Bank of Nigeria Plc. (“Union Bank”) is pleased to announce that it has secured US$200 million in funding via a partnership with sub-Saharan Africa financial services group, Atlas Mara Limited. Click here for more.

NSC Moves to Bring NPA, NIMASA under Economic Regulation

The Nigerian Shippers Council (NSC) is currently moving strongly to ensure that government agencies under the Ministry of Transportation are put under economic regulation so that they do not introduce charges without first seeking negotiation with the council. Click here for more.