Tuesday, 31 May 2016

From Tomato Ebola to Maize Ebola.... Warships, Jets in NigerDelta

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
After Tomato Ebola, Maize Ebola Threatens Food Production
At a period Northern Nigeria experiences tomato Ebola, there is a fear of another food scarcity with Maize Ebola in the South.
 
Military Deploys Warships, Fighter Jets to Creeks
The federal government has deployed an armada of five warships, 100 gunboats and fighter jets to the creeks of the Niger Delta, in response to continued bombing of oil and gas pipelines by Niger Delta Avengers, NDA.
 
CBN Gets Buhari's Nod On New Forex Regime
President Muhammadu Buhari has given the Central Bank of Nigeria (CBN) the go-ahead to introduce flexibility in the naira's exchange rate.
 
Stock market lost N1.732tn in one year under Buhari
The Nigerian stock market crashed by N1.732tn within one year of the Muhammadu Buhari-led Federal Government. The Nigerian Stock Exchange data shows
 
Public Offices Spend N5.3tr for Salaries, Overheads
A new report has disclosed that nearly half of the federal and 36 state governments' budgets of N12.2 trillion for the year will be spent on salaries and overheads.
 
N500bn Social Investment Scheme to Commence Soon
Ahead of the commencement of the PMB' infusion of half a trillion naira in social investment for poor and ordinary Nigerians, there is growing supports from local and international partners.
 
Nigeria Risks Losing Oil Buyers To Iran, S'Arabia
Nigeria, which recently lost its Africa's top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said.
 
AMCON Panel on Loans Recovery Inaugurated
The Federal Government has inaugurated a Presidential inter-agency committee on the recovery of loans of commercial banks and corporate organisations bought over by AMCON.
 
Power sector loses N2bn daily, more turbines pack up
The power sector has been losing an average of N2bn daily since the resurgence of pipeline bombings by militants in the Niger Delta, latest electricity supply statistics have shown.
 
FG approves $80bn nuclear plants' construction
Nigeria has taken a Final Investment Decision (FID) on the construction of $80 billion nuclear plants to be constructed and operated by a Russia nuclear energy firm, Rosatom, it was learnt.
 
DMO Wants Positive Attitude To Economic Challenges
The Debt Management Office (DMO) has advised Nigerians to still maintain positive attitude in spite of the current economic challenges.
 
Buhari Condemns Menace Of illegal Miners
President Muhammadu Buhari has frowned at the activities of illegal miners in the country, saying that special security team had been set up to check the menace.
 
Fraud Puts Inauguration Of Elected LG Chairmen On Hold in Sokoto
Governor Aminu Tambuwal of Sokoto state has revealed that fraud discovered in the local governments' salary vouchers had put on hold the inauguration of the elected officials.
 
Ongoing Research To Produce Cement For Road Construction -FG
Dr.-Ogbonnaya-OsuMinister of Science and Technology Dr Ogbonnaya Onu, says research is ongoing to produce cement for road construction in the country.
 
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Saturday, 28 May 2016

Militants Vows to Shock the World as FG May Return Pipeline Protection to them

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
N'Delta Avengers Vow to shock the world After Deadly Attacks on Installations
Niger Delta Avengers, the new militant group that has launched multiple attacks on oil and gas installations in the Niger Delta region, has struck yet again and vowed "to shock the World."
 
Ex-militants To Return For Pipeline Protection – FG
In order to find a lasting solution to the renewed militancy in the Niger Delta region, the federal government has agreed to re-engage persons from communities in the region to protect the oil pipelines.
 
Nobody can arrest Jonathan, Ijaw youths tell Buhari
The Ijaw Youths Congress has warned the President Muhammadu Buhari-led Federal Government not to contemplate arresting former President Goodluck Jonathan over the ongoing probe of massive fraud and embezzlement alleged to have taken place under his administration.
 
Oil price hits $50 amid Nigeria outages
Global oil benchmark, Brent crude, on Thursday traded above $50 per barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery.
 
Who Should I sack Among My Ministers- Buhari Asks
President Muhammadu Buhari has asked Nigerians to pass a verdict on the performance of his appointed officials during the administration's first year in office so that he will know if he should change them.
 
Killer herdsmen Have Links with Boko Haram have links –Army
The Chief of Army Staff, Lt.-Gen. Tukur Buratai has said that the violent herdsmen attacking some Nigerian communities may have links with the dreaded Boko Haram sect.
 
US-United Airlines stops flights to Nigeria
United States carrier, United Airlines, will stop flying to Nigeria from June 2016 ending operations on its only African route because of weakness in the energy sector and difficulties in repatriating money from tickets sold in the country.
 
Children's Programmes To Gulp N12.6bn
The federal government has set aside N12.6bn to cater for the needs of children in this year's budget.
 
46% of households borrow to eat in North-East —UNDP
A report unveiled by the United Nations Development Programme in partnership with Oxfam Nigeria revealed that 46 per cent of households in Nigeria's North-East borrow money to eat, while 61 per cent of residents in the region lack access to portable water.
 
Anyone Invited by EFCC Can't Come out Clean, Says Magu
EFCC secures conviction of 140 suspects in six months
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu has said there is no one who would "come out clean" after honouring the invitation of the anti-graft agency.
 
Govt Freezes $1.8bn Assets of Aluko, Omokore, Atlantic Energy
A Federal High Court in Lagos has granted a Mareva injunction permitting the Nigerian government to freeze assets owned by two Nigerian businessmen, Kola Aluko and Jide Omokore, and their company Atlantic Energy.
 
The Truth No One Tells President Buhari
The Nigerian Bureau of Statistics (NBS), revealed that Nigeria's economy had not grown in the first quarter of the year but had rather shrunk to its lowest level in 25 years!
 
Nine Key Milestones In President Buhari's First Year
Twelve months ago, President Muhammadu Buhari was sworn in as the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria.
 
Nigeria 'to continue ECOWAS funding'
President Muhammadu Buhari has assured of  Nigeria's continued commitment to meet all her obligations to the ECOWAS Commission.
 
Dangote disburses N400m to Lagos women
To cushion the effect of the current economic downturn, the Dangote Foundation on Thursday commenced the disbursement of N400m micro grant to 40,000 indigent women in all the local governments in Lagos State.
 
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Wednesday, 25 May 2016

FAAC Shares N281bn to FG, States, LGs as Six States Hit by Tomato Ebola

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
FAAC Shares N281bn to FG, States and LGs in May 2015
The Federation Account Allocation Committee (FAAC) has approved a total of N281bn as statutory revenue and VAT allocation for distribution to the three tiers of government allocation this month of May 2016.
 
Military Payroll: FG saves N50bn, Discovers 43,000 Ghost Workers
Chairman of the Continuous Audit team and Director with the Finance ministry, Mr Mohammed Dikwa, has disclosed that N50 billion was saved so far through the audit of military payroll.
 
Power: We're In Very Bad Situation – Osinbajo
Vice President Yemi Osinbajo says Nigeria is facing a very dire situation on power supply.
 
FG Confirms Six States Hit By 'Tomato Ebola'
The federal government on Tuesday confirmed the six states hit by a pest called the Tomato Leaf Miner or Tuta absoluta, commonly referred to as 'Tomato Ebola.'
 
FG To Formulate Strategic Plan To Curb Niger Delta Militancy
Owing to the recent incessant attacks on oil and gas installations by militants in the Niger Delta, President Muhammadu Buhari  has said the federal government was currently formulating key strategies on how to tackle the crisis.
 
Pipeline Bombing: Nigeria's Oil Export Dips Further By 21,000bpd
Nigeria is currently losing an additional $1.017 million (about N203.45 million daily) as the country's crude oil export dipped further by 21,000 barrels per day, due to recent bombings of pipelines in the Niger Delta.
 
Senate Asks FG To Recover N42bn Waivers Granted Dangote, Bua, Others
The Senate has asked the federal government to recover N42 billion grants as import duty waivers to six companies including Dangote Limited and BUA Sugar Refinery between 2013 and 2015.
 
Looters Block Effort To Recover £300m Abacha's Loot –FG
An attempt by the Federal Government to repatriate £300m stolen funds from the State of Jersey (an autonomous British territory) has suffered a setback…, says the Minister of Foreign Affairs, Mr. Geoffrey Onyeama.
 
Africa Inching Towards Debt Crisis – AfDB President
For African countries to continue to remain resilient, they must not get into a debt crisis, the President of the African Development Bank, (AfDB), Dr Akinwumi Adesina, has said.
 
Flexible Exchange Rate Policy Will Stabilise Naira- Financial Experts
Two financial houses have lauded the flexible exchange rate policy adopted by the CBN, saying it would boost forex liquidity and stabilise the Naira.

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Tuesday, 24 May 2016

CBN Bows to Flexible Forex as Minister Call for Dialogues with Niger Delta Militants

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
CBN Bows To Flexible Forex Regime, As MPR Remains At 12%
Godwin-EmefieleThe Central Bank of Nigeria (CBN) has retained its standard lending rate, the Monetary Policy Rate (MPR) at 12 percent but announced that there will now be flexibility in the management of its Foreign Exchange .
 
Petroleum Minister Calls for Dialogue With Niger Delta Militants
Contrary to application of brutal force against militants in the Niger Delta region, the federal government has been advised to engage the vandals who have been attacking oil installations in the region in dialogue.
 
Stock Market Loses N35bn Over Negative GDP Growth
The equity market shed N35bn at the close of trading on the floor of the Nigerian Stock Exchange on Monday due to what analysts described as the consequence of the negative growth of the country's Gross Domestic Product.
 
Nigeria Requires N3bn To Power CCTV Annually – Panel
The House of Representatives Committee on the Close Circuit Television Cameras (CCTV) has disclosed that about N3 billion is required to fuel base stations across the country.
 
Nigerian Develops Model To Boost Fuel Supply
A NIGERIAN Petroleum Engineer, Mr. Chinedu Onyeizu, has developed a three node policy and a technology-based model aimed at addressing the challenges of fuel supply in Nigeria by empowering…
 
NNPC Didn't Remit N1.1tn In 2013 – NEITI
The Nigeria Extractive Industries Transparency Initiative has accused the Nigerian National Petroleum Corporation of not remitting $3.8bn (about N748.6bn) and N358.3bn to the Federation Account.
 
FX scarcity: $575m Airlines Ticket Revenue Trapped
As the crisis surrounding access to foreign exchange exacerbates, foreign airlines operating in Nigeria have in excess $575 million, as at the end of March 2016, stocked at the Central Bank of Nigeria (CBN).
 
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Monday, 23 May 2016

SMEDAN to Create 1.5m Jobs as Kaduna Refinery Shut Down Again

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
SMEDAN To Create 1.5m Jobs this Year
The Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr Dikko Umaru Radda, has said the agency will create 1.5 million jobs in the next six months.

Kaduna Refinery Shut Down Over Non-supply Of Crude Oil
The Kaduna Refining and Petrochemical Company (KRPC) has stop production following renewed activities of Niger Delta militants.
 
Again, Militants Bomb Agip Pipeline In Bayelsa
Suspected armed militants have blown up a crude pipeline belonging to the Nigerian Agip Oil Company (NAOC) in Southern Ijaw Local Government Area of Bayelsa State.
 
Navy Delivers 2 Seized Boats Laden With Rice To Customs
The Eastern Command of the Nigeria Customs Service (NCS) said the Nigerian Navy had assisted in intercepting two boats laden with smuggled rice in Calabar, Cross River.
 
Seme Customs Command Generates N3.2bn
The Seme Command of the Nigeria Customs Service (NCS) has generated N3.2 billion as revenue between January and April.
 
Buhari Urged to Intervene On Fishermen Compensation
The fishermen operating in the Atlantic coastline, have urged President Muhammadu Buhari to wade into the issue of outstanding oil spill compensation for them.
 
Kachikwu: FG To Revoke Unused Refinery Licences
About 25 licences that were given to private operators between 2002 and 2014 to build refinery complexes in Nigeria will be reviewed at again and those that have remained inactive will be revoked, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.
 
MPC: Experts Push For N275-N285 Exchange Rate, MPR Hike To 14%
FOLLOWING the introduction of a new fuel price regime by the Government, experts have pushed for an upward review of the official ex­change rates from the current N197 to N275-N285 to a dollar, as Monetary Policy Committee(MPC)
 
'FG Will Reset Economy To Tackle Negative GDP Growth Rate'
As the latest statistics indicated that the nation's real Gross Domestic Product (GDP) growth rate from 2.11 per cent in the fourth quarter (Q4) of 2015 to -0.36 per cent in the first quarter (Q1 2016), the government is to review and analyse the latest growth data.

Ghana Plans 56,000 Solar Systems, 2mn Solar Lanterns
Ghana plans to install a total of 56,000 solar systems, two million solar lanterns and 200 mini-grids in pursuance with achieving the global target of access to affordable and clean energy by the year 2030.
 
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Friday, 20 May 2016

Scorecard: Buhari in the Last 365 Days

Special Reports by the Economic Confidential, the factual, authoritative and accessible economic magazine
 
SON Seizes, Destroys N1.6bn Products In 12 Months
Dr. Paul Angya is the Acting Director General/Chief Executive of Standards Organisation of Nigeria (SON). In this interview with the Economic Confidential, he speaks on various economic issues.
 
There Is Liquidity Crunch In The System — Igomu
A one-time bank worker and former Chairman of the Nigerian Textile Manufacturers Association (NTMA), Mr. Ibrahim Igomu, tells Economic Confidential that the disconnect between the Federal Government's budgetary intentions and those of the states is responsible for the poor state of the economy…
 
Buhari In The Last 365 Days: The Scorecard
About a year ago, President Muhammadu Buhari promised to change Nigeria. At the time, his supporters had reeled out a lot of positives which were to be achieved in the first year. ..
 
The Big Deal With China
It was a wonderful state visit to China last month when President Muhammadu Buhari led a high-level government delegation to sign a $6 billion deal to fund joint infrastructure projects….
 
As Prices Of Goods And Services Skyrocket…
Prices of commodities have continued to skyrocket as a result of high inflation rates from 9.6 per cent in January to 12.8 per cent as at March. Despite the reduced prices of crude oil in the global market, Nigerians petrol, at doubled the price
 
Is Yuan The Solution To Naira Slump?
Nigerians have, in recent times, found it exceedingly difficult to pay for services like education and health care in other countries due to the weakness of the naira, but the recent deal between Nigeria and China may just be the panacea to resuscitating the naira.
 
PIPELINE VANDALISM: Implications On Economy
It is no longer news that the nation recently experienced one of its worst fuel scarcities in its history. The scarcity dragged on for months and even though there seems to be respite now…
 
FAAC Distributes N299.7bn In April
The Federation Account Allocation Committee shared the sum of N299.7 billion among the three tiers of government in April this year, being the statutory allocation for the month of March.
 
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Monday, 16 May 2016

CBN Won't Devalue Naira as Military Arrests Niger Delta Avengers

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Military Arrests Suspected Niger Delta Avengers,
The Nigerian military has confirmed the arrest of suspected members of the new militant group, the Niger Delta Avengers (NDA) who were allegedly responsible for recent attacks on oil pipelines.
 
CBN Wont Devalue Naira Now
There is no truth whatsoever in speculations that the naira has been devalued or that a devaluation is imminent, the Central Bank of Nigeria (CBN) has said.
 
FG To Propose N45,000 Wage, Meets Labour
Three days to the threatened mass action against government's increase in the price of petrol, the Federal Government may dangling a carrot before labour leaders.
 
Foreign reserves down by $2.9bn in 1 year
Nigeria's foreign reserves recorded the lowest drop in the last four years, according to data from the Central Bank of Nigeria (CBN).
 
UK Ready To Return Looted Funds- AGF
The Attorney-General of the Federation and Minister of Justice, has said  that the government of the United Kingdom had shown its commitment towards repatriating funds stolen from Nigeria.
 
Naira Devaluation Inevitable, Rewane, Others Insist
The naira, which came under pressure l following the partial deregulation of the downstream petroleum sub-sector, has to be devalued, with a flexible foreign exchange policy put in place, industry experts have said.
 
2 Million Tonnes Of Petrol Stuck On High Seas
At least 75 ships with two and a half million tonnes of fuel are awaiting importers on the high seas as Nigerians can't find the dollars they need to pay for the cargoes, according to ship tracking data and fuel traders.
 
Planned Strike Triggers Panic Fuel Buying Nationwide
Plan by organised labour to embark on nationwide strike from Wednesday to mount pressure on government to backpedal on its fuel subsidy removal has triggered panic buying in Abuja and other parts of the country.
 
Marketers Willing To Forfeit N16.5bn Subsidy Claims
Petroleum marketers are going to forfeit N16.5 billion in possible subsidy claims due to oil price increases at the international market over hoarding of product, which they preferred to call inventory stock.
 
Civil Society Group Backs Industrial Action
Kano Civil Society Forum has pitched its tent with labour on the nation-wide industrial action plan by Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) against the Federal Government's new fuel price regime.
 
Kachikwu: Subsidy Removal Will Save N16.4bn Paid to Marketers Monthly
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the federal government would have had to cough up N16.4 billion every month to offset the subsidy claims of oil marketers had it not taken the decision to remove the subsidy on petrol.
 
Crude Exports: Nigeria Faces Lowest Output Since 1970
U.S. oil major Exxon Mobil has suspended exports from Nigeria's top crude stream, adding to economic strains from unrest and violence that have cut production to its lowest in decades.
 
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Friday, 13 May 2016

As FG injects N350bn into Economy, US Dollar Now N341 in Blackmarket


Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Capital Projects: FG injects N350bn Into Economy
The Federal Government  is ready to implement the 2016 budget as it started injecting of the N350bn earmarked for capital projects as contained in the budget today.
 
Fuel Price Hike: Naira in Free Fall Against Dollar, Now N341
The Naira fell to 341 against the United States dollar at the parallel market on Thursday (May 12, 2016) from 321 following Wednesday's removal of subsidy on petrol and the announcement of N145 per litre as the maximum pump price.
 
Niger Delta Militants Give Oil Firms 2 Weeks To Shut Down
The Niger Delta Avengers, the new face of violent agitations in the region has issued a two-week ultimatum to owners and operators of oil blocs in the area to shut down their business operations and evacuate all their staff or face a 'bloody' attack.
 
61.3 % of Nigerians Are Poor- UNDP
An estimated 61.3 percent of Nigerians are classified as poor with 48.8 percent of them classified as dimensionally poor, so says the Human Development Report(HDR) just released by the United Nations Development Programme(UNDP) in Abuja.
 
N386bn Looted Funds to Finance Budget Deficit
Minister of National Planning, Senator Udoma Udo Udoma has said that N386 billion recovered looted funds would form part of resources to finance the 2016 budget deficit.
 
Subsidy Removal: Tinubu Backs Buhari, Falana Condemns Price Hike
A former Lagos State Governor and National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, has described the decision of the President Buhari-led Federal Government to remove petrol subsidy as courageous.
 
NLC, others meet over new fuel price today
But in its first reaction a few hours after the announcement, labour described the hike as as insensitive, saying it would call out its members as well as labour affiliates for a protest.
 
Finance Minister Orders Probe of Military Payrolls
The Minister of Finance, Mrs. Kemi Adeosun, has directed an investigation into the payrolls of the Army, Air Force and Navy by the Continuous Audit Team in order to avoid diversion of monthly salaries of the personnel.
 
Nigeria plans 2 New Satellites To Improve Business, Connectivity
Nigeria would soon launch two additional satellites to space to improve local communication capacity accodrding the government sources.
 
Nigeria Loses 400,000bpd as Shell Declares Force Majeure
With the declaration of force majeure on Bonny Light exports by Shell Petroleum Development Company of Nigeria Limited, about 400,000 barrels per day of Nigeria's production has now been shut in.
 
5 Million Nigerians Mining Illegally
The Minister of Solid Mineral Resources, Dr Kayode Fayemi, has said that over five million Nigerians are involved in informal mining.
 
CIBN accredits FCMB's Training Academy
The First City Monument Bank's Training Academy has been certified and granted full accreditation status by the Chartered Institute of Bankers of Nigeria (CIBN). T
 
FRSC Moves To Impound Vehicles With Expired Tyres
Corps Marshal of the Federal Road Safety Commission (FRSC), Mr Boboye Oyeyemi, said the commission would soon commence impounding of vehicles with expired tyres across the country.
 
Unilever Shareholders Approve N189.2m Dividend Payout
Unilever Nigeria Plc has declared a dividend of N189.2m following its approval by the company's shareholders at the 91st Annual General Meeting held in Lagos.
 
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