Budget: Buhari plans massive development, works gets lion’s share
President Muhammadu Buhari on Tuesday proposed the highest allocation of N262bn to the Ministry of Works and Housing, just as Power, Transportation and Defence followed with N123bn, N112bn and N100bn, respectively in the 2020 budget estimates presented to the National Assembly. Click here for more.
Nigeria’s rising fiscal deficits distorting monetary policy, say IMF officials
The officials of the International Monetary Fund (IMF), on economic assessment visit to Nigeria, have said serial deficits in the country’s yearly budgets are distorting monetary policies.Specifically, when the revenue projections failed, the officials noted that government had to fall back on the Central Bank of Nigeria (CBN). Click here for more.
IMF sees higher Nigeria inflation in 2020 on minimum wage, tax rises
Nigeria’s government may drive up inflation when it increases a sales tax to partly finance its record 2020 budget and implements a new minimum wage, the International Monetary Fund (IMF) warned. The country, Africa’s top oil producer and the continent’s largest economy, is faced with the choice of boosting growth in the face of lower oil revenues or fixing its dilapidated road and rail networks. Click here for more.
Nigeria demands $62bn from IOCs as unpaid profits
Nigeria is seeking to recover as much as $62bn from international oil companies, using a 2018 Supreme Court ruling that enables the Federal Government to increase its share of income from production-sharing contracts. Click here for more.
President Buhari Inaugurates, Sets Agenda For Economic Advisory Council
President Muhammadu Buhari Wednesday in Abuja administered oaths of office on members of the newly constituted Presidential Economic Advisory Council (PEAC), and also set an agenda of what they should accomplish in the shortest possible time. Click here for more.
Investors Lose N102.71bn As Market Sentiment Remains Negative; NSEASI Dips By -0.79%
Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.79% to close at 26,598.94 points as against -0.21% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.37%. Click here for more.
T.Bills Yields Drop Further As Market Liquidity Persists
Activity in the T-bills market remained bullish, as yields further nose-dived by c.25bps across all tenors. Short end maturities went as low as 10.75%, while on the long-end, yield were as low as 12.8% at close of trading. Click here for more.
Nigeria, Luxembourg sign cooperation on green bonds
The Nigerian Stock Exchange (NSE) and the Luxembourg Stock Exchange (LuxSE) yesterday signed a Memorandum of Understanding (MoU) that will see the two exchanges cooperating in promoting cross listing and trading of green bonds in Nigeria and Luxembourg. Click here for more.
China Injects $72b in Africa as Its Continental Influence Gathers Pace
China is rapidly expanding its influence in Africa with increased investments in the services sector such as retail, financial, telecoms, media and technology, business and leisure. Latest study by global consultancy firm Ernst and Young shows that the world’s second largest economy has pumped a total of $72.23 billion worth of foreign direct investment into the continent between 2014 and 2018. Click here for more.
China Lowers Expectations For U.S. Trade Talks After Blacklist:
Officials – Surprised and upset by the U.S. blacklisting of Chinese companies, China has lowered expectations for significant progress from this week’s trade talks with the United States, Chinese government officials told Reuters, even as President Donald Trump on Wednesday expressed fresh optimism. Click here for more.
JPMorgan’s appeal to quash $875 million Nigerian lawsuit denied by London Court
JPMorgan, a United States Bank has asked a London Court of Appeal to dismiss an $875 million lawsuit brought against it by the Nigerian Government. The Court rejected the pleas, upholding the decision of the Federal Government of Nigeria to sue the bank. Click here for more.