Crude oil demand’ll remain high beyond 2040 – NNPC
The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said that fossil fuel will remain relevant in the global energy mix for decades to come. He said contrary to assumptions in some quarters, crude oil demand would be very high even beyond 2040. Click here for more.
2020 Budget: FG Proposes N9.12tn, Targets N7.17tn Revenue
The Federal Government has proposed N9.12tn as the 2020 budget estimate. It has deficit of about N2.28tn. These were contained in the 2020-2022 Medium Time Expenditure Framework and Fiscal Strategy Paper sent to the National Assembly by President Muhammadu Buhari on Wednesday. Click here for more.
Nigeria’s Buhari Courts Market Advice He May Not Heed
A new advisory panel created by President Muhammadu Buhari could usher the reforms needed to breathe life into Nigeria’s economy during his second term. That is if the 76-year-old former military ruler listens to them. Click here for more.
Nigeria’s Battle Over $9 Billion Lawsuit Spreads to Ireland
Nigerian prosecutors are seeking information about funds sent to a government lawyer that were sent through Allied Irish Banks Plc, broadening an international legal dispute between the African country and a company claiming $9.6 billion for a failed contract. Click here for more.
Investors Loses N33.68bn As Sell Pressure Persists; NSEASI Dips By -0.25%
Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.25% to close at 27,283.05 points as against -1.08% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.20%. Click here for more.
Banks reducing non-performing loans to meet CBN’s threshold
A total of nine banks listed on the Nigerian Stock Exchange are reducing the size of their non-performing loans in an attempt to meet the five per cent threshold prescribed by the Central Bank of Nigeria. Click here for more.
Experts seek fiscal, monetary policies harmonization
ECONOMIC and financial experts have called for a reexamination of monetary policies of the Central Bank of Nigeria (CBN) in order to ensure that they align with the overall national economic growth objectives and the ease of doing business agenda of the government. Click here for more.
Fed Govt To Spend N2.45tr On Debt Servicing In 2020
The Federal Government plans to devote N2.45trillion (about 24.5 per cent) of its N10.002trillion 2020 budget estimates on debt servicing, according to the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) submitted to the National Assembly on Wednesday. Click here for more.
FG’s September Bonds Oversubscribed By N10.9bn
Federal Government’s September bonds were oversubscribed by N10.9bn. The Debt Management Office disclosed this after it conducted the monthly auction of FGN bonds on Wednesday. Three instruments (five-year, 10-year and 30-year bonds). Click here for more.
House to Investigate N5.4tn AMCON Debt
The House of Representatives has mandated its Committee on Banking and Currency to investigate the debt portfolio of N5.4 trillion to the Asset Management Corporation of Nigeria (AMCON) and the reported unwillingness of some of the debtors to pay. Click here for more.
Total fixes Dec for decision on NLNG expansion
French energy major, Total, will make a Final Investment Decision on a Nigeria Liquefied Natural Gas project by the end of the year and expects first LNG by 2023, the company’s Head of Production, Arnaud Breuillac, has said. Click here for more.