Nigeria Anticipates Future With Significant Financing Needs

Nigeria will have significant financing needs in the future and needs to improve revenue collection, Finance Minister Zainab Ahmed said. Revenue at 8% of gross domestic product is sub-optimal and “attests to reality of the inadequacy and inefficiency of tax collections,” . Click here for more.

FG approves N10 billion for Enugu airport repair

The Federal Government yesterday approved the sum of N10 billion for the rehabilitation of the Akanu Ibiam International Airport, Enugu. President Muhammad Buhari, via his twitter handle, disclosed the approval on Thursday. Click here for more.

States’ debt stock hits N5.27 trillion, as Imo, Rivers borrowed the biggest 

The debt stock of states in Nigeria rose to N5.27 trillion in June 2019. This is reflected in the latest report released by the Debt Management Office (DMO) for the second quarter of 2019. According to the DMO debt report for states in Nigeria, the total external and domestic debt stock of all states increased to N5.3 trillion in June 2019 from N5.15 trillion recorded in December 2018. Click here for more.

Passengers identify security screening, delays as biggest pain points

Air travellers have identified airport security screening process and delays as the two of their biggest pain points when travelling. The passengers, in 2019 Global Passenger Survey released yesterday, showed passengers’ demand for more technology to improve their travel experience, and in turn, loyalty to airlines and destinations. Click here for more.

Market Sentiment Remains Negative As NSEASI Dips Marginally By -0.06% Amid Positive Breadth

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.06% to close at 26,456.29 points as against -0.16% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.83%. Click here for more.

FMDQ records N179tn turnover in eight months

FMDQ OTC Securities Exchange recorded a turnover of N179tn in nine months. Data obtained from the FMDQ on Thursday showed that the exchange recorded N15.08tn turnover in January, N19.18tn in February, and N28.98tn in March. In April, May and June, the FMDQ recorded N16.37tn, N20.49tn and N19.12tn, respectively. Click here for more.

CBN refunds N200bn to penalised banks on improved LDR

The Central Bank of Nigeria (CBN) has refunded part of the funds it debited a dozen lenders that missed its September deadline of a minimum lending threshold, after a majority of the affected banks improved their loan-to-deposit ratio (LDR) positions. The apex bank returned about N200 billion to banks whose proportion of total loans. Click here for more.

Seven Banks Fail CBN’s Stress Test

The financial stability report signed by CBN Director, Financial Policy and Regulation Department, Kelvin Amugo, showed that in the less than 30-day period analysis, seven banks were not adequately funded, while in the 31 to 90-day period, nine banks had funding gaps. Click here for more.

Nigeria must end reliance on oil to fight poverty – IMF

The Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, has said that there is a need for the Federal Government to diversify the economy from the oil in order to reduce the level of economic vulnerabilities currently facing the country. Click here for more.

China to pay $261.4 million for production of Made-in-Nigeria transformers 

As the “Buy Made-in-Nigeria products” campaign is gradually gathering momentum due to the support of the Federal Government, some engineers and technicians are getting closer to manufacturing made-in-Nigeria transformers. This, the Nigerian government believes, will solve the electricity supply problem in Nigeria. Click here for more.