Monday, 27 June 2016

IGR Data Exposes Rich and Poor States in Nigeria as EFCC Goes After Banks

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Nigeria's Richest States: Lagos Leads in IGR, 15 States Not Viable
An investigation by the Economic Confidential shows that 15 States may go bankrupt as their Internally Generated Revenues (IGR) in 2015 were far below 10% of their Federation Account Allocations (FAA) in one year from June 2015 to May 2016. See the table of the Rich and Poor States in Nigeria:
 
Why FG is Not Probing APC Members for Corruption- SGF
The Secretary to the Government of the Federation, SGF, Mr. Babachir Lawal, has said given reasons why the All Progressives Congress, APC-led Federal Government is not focused on probing members of the party for now.
 
Looting: We'll Soon Go After Banks— EFCC Chair Magu
Economic and Financial Crimes Commission (EFCC) Chairman Ibrahim Magu  has vowed  that the agency would go after banks being used for the looting of the nation's treasury and money laundering.

Avengers: Buhari to Talks With Niger Delta Leaders
President Muhammadu Buhari offers to personally meet with governors, elders and other stakeholders from the Niger Delta as part of his efforts to seek peace in the region following renewed sabotage of oil and gas pipelines by militants.
 
Banks Borrow N420b to Ease Liquidity Pressure
The nation's Deposit money banks at the weekend, raised their cumulative borrowings from the Standing Lending Facility of the Central Bank of Nigeria (CBN) to the tune N420 billion at 14 per cent.
 
NEITI, EFCC Go After Oil Firms Over Unremitted $11 Billion
The Economic and Financial Crimes Commission (EFCC) will soon embark on probe of erring oil firms in Nigeria over unremitted oil revenue to the Federal Government.
 
CBN Forex Policy: Customs Loses N138.9bn in 5 Months
Controller General of the Nigeria Customs Service, Col. Hameed Ali, retd, has said Nigeria lost a total of 138.9 billion, representing 35.5% in income generation expected from the agency between January and May, 2016.
 
NCC Wants Increased Girl Participation in ICT
The Executive Vice Chairman, Nigerian Communications Commission, Prof. Umar Danbatta, has called on girls across the country to explore new career opportunities in Information and Communications Technology in order to bridge the gender gap in technology.
 
Dangote Clarifies Forex Allocation to Refinery, Fertilizer Plant
Africa's richest man and President of Dangote Group, Aliko Dangote, has clarified that his refinery, petrochemical and fertilizer plant did not collect as much foreign exchange from the Central Bank of Nigeria (CBN) as some people have speculated.
 
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Wednesday, 22 June 2016

Nobody is Planning Coups in Nigeria- Army Warns Mischief Makers

Latest from the Economic Confidential, the factual Economic Magazine and PRNigeria, the No 1 Press Release Platform in Nigeria
 
Nobody is Planning Coup- Nigerian Army Warns Mischief Makers
The Nigerian Army has distanced itself from this weighty allegation of coup, stressing that the speculation is a dangerous distraction to efforts in fighting insurgency and criminalities.
 
Customs Arrests Notorious Job Scammer
2The Nigerian Customs Service (NCS) has arrested Abubakar Rilwan  one of most notorious fraudsters involve in online advertising scams on non-existing vacancies in government agencies.
 
MNJTF Launches Operation to Flush out Terrorists in Region
THe Multinational Joint Taskforce (MNJTF) has launched a new Operation to Flush out Terrorists from the Lake Chad region that has four countries.
 
Dangote Loses $3.7billion on Plunging Naira
Nigerian billionaire and Africa's richest person, Aliko Dangote, fell 25 places on the Bloomberg Billionaires Index as the naira tumbled on its first day of trading without a peg to the United States dollar.
 
Nigeria-China Council Urges FG to Ban importation of Prepaid Meters
The Nigeria-China Business Council has called on the Federal Government to ban the importation of prepaid meters to promote indigenous production of the device.
 
Afreximbank pledges $400m to promote African trade with Belarus
The sum of $400 million has been pledged by African Export-Import Bank (Afreximbank) to finance and promote trade between African countries and Belarus.
 
BPE Commends NATCOM, new owners of Nitel/Mtel on Roll out successes
BPE boss), Dr. Vincent Onome Akpotaire has commended NATCOM Consortium, owners of NITEL/MTEL now NTEL taking over of the once moribund enterprises turning it around in short time.
 
In 15 Years NDDC Awards N2.4trn Projects – Report
The Niger Delta Development Commission (NDDC) awarded a total of 8,557 infrastructure development projects valued at N2.4 trillion between 2001and March 18, 2016 a report says.
 
North-West Region to Benefit from AfDB's $175m Agricultural Transformation Agenda
The Country Director, African Development Bank (AfDB), Dr Ousmane Dore, has earmarked 175 million dollars for Agricultural Transformation Agenda Support Programme (ATASP-I) in North-West.
 
Poor Metering: NERC to sanction Discos from October
Power distribution companies that fail to provide meters for all maximum demand customers on their networks not later than the last quarter of this year will be sanctioned, the Nigerian Electricity Regulatory Commission has said.
 
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Arms Panel Scandal: Bugatti, Ferrari, US Dollars Recovered from Member

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Arms Panel Scandal: Bugatti, Ferrari, US Dollars Recovered from Member
DSS discovers $1.5 million cash and 18 luxury cars including a Rolls Royce, Ferrari and Bugatti, among others during a raid in the home of a member of Arm Purchase Panel.
 
Naira Stabilises at N284 after CBN's $100m Intervention
The Nigeria's Naira stabilises at N284.83 to a dollar on the second day of trading on the interbank spot market on Tuesday.
 
Nobody Can Seize My property— Billionaire Jimoh Ibrahim 
The Group Chairman of NICON Investment Limited, Mr. Jimoh Ibrahim, has said that nobody in Nigeria can seize his properties.
 
Avengers Denies Ceasefire as Barkindo of OPEC Suggests Soft-Approach
The Niger Delta Avengers has denied entering into a ceasefire agreement with the Federal Government as the new OPEC Secretary Mohammed Barkindo suggests Carrot and Stick approach.
 
IPSAS: Governments begin disclosure of financial transactions
Governments at all level have begun implementation of IPSAS process designed to lead to full disclosure of their financial transactions and enhance transparency in public finance.
 
Finance ministry workers' protest stops FAAC meeting
The protest by the workers of the Ministry of Finance has prevented the monthly meeting of the Federation Account Allocation Committee (FAAC), which had been earlier scheduled to hold.
 
FG sacks striking resident doctors
Resident doctors have been sacked by Minister of Health, Prof. Isaac Adewole, for "abandoning" their training programme.
 
N35.6bn inadequate for national housing – Fashola
Minister of Works, Power and Housing, Babatunde Fashola has faulted the N35.6bn provided for the National Housing Programme in the 2016 budget.
 
Still on the Freezing of Gov. Fayose's Bank Account- Ajulo
It is the law that to freeze an account, there must be an order of court for the attachment of the bank account.
 
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Wednesday, 15 June 2016

CBN Introduces One Window Forex as FG Bars States from Bank Loans

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
CBN Introduces One Window Forex Structure
Following the introduction of a flexible exchange rate regime three weeks ago, the Central Bank of Nigeria (CBN) has unveiled the much anticipated guidelines paving the way for the one window foreign exchange structure.
 
FG Bars States From Bank Loans
The Federal Government has barred banks in the country from giving loans to state governments. The decision was taken in line with the Fiscal Sustainability Plan, FSP, which has been agreed to.
 
FG Releases N280bn to Six Ministries, 50 Agencies
The Federal Government has announced that it had so far released N280bn from the N350bn set aside for capital projects as contained in the 2016 budget. It will be disbursed to six ministries and over 50 agencies.
 
US Fund to Raise $2bn for Nigerian Infrastructure
United State fund manager, Pecora Capital, says it will raise $2bn over the next 18 months for Nigerian infrastructure projects, a rare show of investor confidence during a period of deep crisis in the country.
 
$12.9bn NLNG Dividends: NNPC Says Proceeds is in TSA
The Nigerian National Petroleum Corporation (NNPC) said that parts of the $12.9 billion dividends it received from the Nigeria Liquefied Natural Gas (NLNG) Ltd are now captured in the Treasury Single Account stationed at Central Bank of Nigeria.
 
Inflation Hits 80-Month High at 15.6% – NBS
The deregulation of the downstream sector of the oil industry, which resulted into an increase in the pump price of Premium Motor Spirit from N87 to N145 per litre has pushed the country's inflation rate to an 80-month high of 15.6 per cent.
 
FG Announces N90bn Bond for States
The sum of N90 billion has been announced for states by the federal government as part of its Fiscal Sustainability ‎Plan (FSP) for the nation. Through the FSP, the sum of N50 billion for three months would be shared across all the participating States‎ and then N40 billion for 9 months‎.
 
Sokoto Customs Nets N860m in Five Months
The Customs Area Command, which comprises Sokoto/Kebbi/Zamfara states has recorded unprecedented revenue generation strive by netting a total of N860,354,297 between January and May this year.
 
Single Currency by 2020 Feasible- ECOWAS
ECOWAS has said notable progress has been made in its plan to establish a single currency by 2020 and the adoption of a single biometric identity card for member states.
 
Delivering On The 2016 Budget Through Effective Tracking And Implementation
When President Muhammadu Buhari on May 6th signed the 2016 appropriation bill into law, it doused tensions and raised the expectations of most Nigerians that better days are ahead.
 
With This Anti-graft Fight, Can Nigerians See A Better Tomorrow?
The issue of corruption in Nigeria is no longer news to anybody in the global community. As matter of fact, even unborn babies are aware of this in Nigeria mothers' womb.
 
IMF: Nigeria Opts For Home-grown Solution
When the IMF Managing Director, Ms. Christine Lagarde, visited Nigeria earlier in the year, she said only Nigeria can help herself out of her economic quagmire, because of her reliance on proceeds from crude oil.
 
North-east's Chad Basin And The Politics Of Oil Discovery
The windfall from oil initiated what should be appropriately described as "a curse" it instantly obliterated the middle class and extended the consumption pattern of the upper class, thus creating an illusion among the lower class.
 
Economic Downturn: Bad Loans Rise to N1.3tr
The economic situation in Nigeria has affected payment of banks' loans, with the non-performing loans, otherwise known as bad loans, jumping from around N600 billion, last year, to N1.38 trillion in April, 2016.
 
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Monday, 13 June 2016

Another Bailout Likely for States after N2.8tr Allocation in One Year

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Economic Crisis: FG Plans Fresh Bailout For State Govts
A conditional budget support facility to provide financial relief to state governments is being finalised by the Federal Government, the Ministry of Finance has said.
 
PMB's One Year: N2.8tr: How States Shared N2.8tr from Federation Account
The new report by the Economic Confidential only reveals that not all oil producing states are richer, as not all non-oil producing are poorer based because of revenue indices. While some states received less than N50bn other got over N170 within the same period
 
FG, Not States, to Fund Free Meal Programme – Minister
FEDERAL Government, and not the states, will fund the A-Meal-A-Day programme launched last week, Minister of Informa­tion and Culture, Alhaji Lai Mohammed has said.
 
CBN to Limit Across-the-Counter Cash Withdrawals to N10,000
To deepen cashless policy and upscale electronic banking, the Central Bank of Nigeria (CBN) has concluded plans to implement the limiting of the across the counter cash withdrawals to N10, 000.
 
UK approves N4.74bn for solar power in Nigeria
The United Kingdom, through its Department for International Development, has approved N4.74bn (£16.7m) for the development of electricity from solar energy in Nigeria.
 
Banks Sacking: NECA Opposes Planned Picketing By Union
The Nigeria Employers' Consultative Association has condemned the planned picketing of selected banks by the National Union of Banks, Insurance and Financial Institutions Employees.
 
Resuscitating Ajaokuta Steel Coy: Ukraine's $1bn Lifeline
It is finally confirmed that that Nigeria will hand over the $4.5 billion Ajaokuta Steel Complex to private operators this year as part of a plan to kick-start its industrial and mining industries.
 
Still On The Minimum Wage Challenge
Is it morally right to review upward salaries of workers considering the current economic realities leading to the deregulation of the downstream sector?
 
CBN Releases N2 Billion to SMEs in Kano
Central Bank of Nigeria has released N2 billion Small and Medium Enterprises fund to the government of Kano state for disbursements to artisans and other entrepreneurs.
 
After Crash, Jobs Portal, N-power, Records 400,000 Registrations in 36 Hours
The newly launched Jobs portal of the Federal Government "N-Power. gov.ng," has recorded over 400,000 successful registrations less than three days after it opened.
 
Govt Urged to Promote CNG Powered Vehicles
Former President, Chief Olusegun Obasanjo, has urged the Federal Government to promote the use of Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) in the country.
 
Nigerian Equities Recorded Highest Returns On Investment in May
The Nigerian equities market fetched investors the highest returns in the month of May, 2016 globally despite the economic headwinds.
 
World Bank Releases $39m For Fadama Projects
The World Bank spends N7.78bn ($39m) on the third National Fadama Development Project Additional Financing as part of efforts to support Nigeria's agriculture and economic diversification.
 
Government Loses N10b Daily to Oil Facilities' Attack
With the series of attacks carried out by the Niger Delta militants in the last few weeks, the country's crude oil production has dropped to about 1.1million from the normal output level of 2.2 million barrels per day.
 
Chinese Investment Worth $56m Coming to Kwara – Gov. Ahmed
A $56m Chinese investment has been secured by the Kwara Government for the establishment of a textile industrial park in the state.
 
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Friday, 10 June 2016

MDAs to Move into Recovered Looted Properties... As MTN Fine Reduced to N330bn

 
Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
MDAs to Move into Recovered Looted Properties
The Minister of Finance, Mrs Kemi Adeosun said the Federal Government plans to relocate some of its Ministries, Agencies and Departments (MDA) into some recovered looted properties.
 
FG Approves Cut in MTN Fine from N1tr to N330bn
The Federal Government has finally agreed to cut down the fine imposed on MTN Nigeria Communications following series of meetings and negotiations spanning almost 180 days from N1.04 trillion to N330 billion.
 
FG To Cut 2016 Budget, Increase Debt Ratio
Federal government has opted to reduce total budgetary spending on 2016 capital expenditure plan ahead of indication that the budget would not be implemented fully.
 
NNPC Pays N56bn To Federation Account
The Nigerian National Petroleum Corporation (NNPC) said it paid N56.22 billion into the Federation Account in April, 2016.
 
FG, Songhai Farms Sign Pact To Harness River Basin Resources
The Federal Government has signed a Memorandum of Understanding (MoU) with Songhai Farms, Porto-Novo, Benin Republic, to harness resources of River Basin Development Authorities in the country.
 
EU Extends Ban On Beans Import From Nigeria By 3years
After twelve solid months of zero export of Nigerian dry beans, the European Union has extended its ban on importation of dried beans from Nigeria by another three years.
 
Mass Sack: NLC, TUC Vow To Cripple Banking Sector
Ahead of the expiration of the 21-day ultimatum issued to some banks which recently sacked some of their workers to recall them, the organised labour yesterday vowed to cripple their operations over ongoing mass retrenchment of workers.
 
N-Delta Wants To Control Its Resources —AVENGERS
THE Niger Delta Avengers, NDA, has said that the people of Niger Delta want to assume ownership of their resources, and urged the international community to support the quest.
 
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Thursday, 9 June 2016

Buhari Appoints Pastor Ben Akabueze DG Budget.... Flexible Forex Delay

Latest from the Economic Confidential, the factual, authoritative and accessible economic magazine
 
Buhari Appoints Pastor Ben Akabueze, DG Budget Office
President Muhammadu Buhari has approved the appointment of his Special Adviser on Planning, Pastor Ben Akabueze as the new Director General of the Budget Office of the Federation. He has first Class Degree in Accounting.
 
Flexible Forex Delay: We Want To Get It Right-Bankers Committee
Rising from the 327th Bankers Committee meeting held in Abuja, the Central Bank of Nigeria (CBN) has said that the delay in rolling out the just approved flexible foreign exchange rate policy was because the apex bank wants to get it right this time around.
 
Dangote Building Largest Oil Refinery in Lagos
Africa's richest man is building one of the world's largest oil refineries in Lagos for domestic and international market.
 
Nigeria Earns N1.05trn From Oil, Gas Export In 3 Months
Nigeria earned N1.052 trillion from the export of crude oil, gas and other petroleum products in three months, between January and March 2016, according to data released by the National Bureau of Statistics, NBS.
 
Nigeria Losing US, India, Indonesia Oil Markets Over Attacks
Crude oil customers from India, Indonesia and the United States are turning away from Nigerian oil over uncertainty about deliveries as attacks by militants have reduced Nigeria's oil output.
 
GDP: Danbatta Expects Further Growth In telecoms Sector
The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Professor Umar Garba Danbatta has reviwed the performance of the nation's telecommunications industry in the first quarter of 2016.
 
Diesel, Kerosene Prices Skyrocket Nationwide
The prices of Automated Gasoline Oil (AGO) or diesel and household Kerosene have skyrocketed across the country.
 
FG to issue $1bn Eurobond in 2016
The Federal Government has said it would issue $1 billion Eurobond in the third quarter of this year towards its securing of $3 billion loan from the World Bank and African Development Bank.
 
Gas To Power Down 50% Over Attacks – Report
Recent upsurge in vandalism has not only negatively impacted on oil production but reduced Nigeria's domestic gas production by 50 percent which has in turn constrained gas supply to power plants in the country.
 
Nigeria Targets $100bn From Non-oil Exports – NEPC
As Nigeria moves towards diversifying the economy, the Nigerian Export Promotion Council (NEPC) has set a long-term target of achieving $100billion earnings from non-oil exports.
Read: http://economicconfidential.com/2016/06/nigeria-targets-100bn-non-oil-exports-nepc/
 
Due Process Stalls Release Of N350bn To Economy –FG
The Federal Executive Coun­cil (FEC) has given Ministries, Departments and Agencies (MDAs) ultimatum to fast track the processes for the capital budgets to be re­leased so that the economy can be quickly reflated.
Read: http://economicconfidential.com/2016/06/due-process-stalls-release-n350bn-economy-fg/
 
FCTA Budgets N241Bn For 2016 – Minister
The FCT Administration has proposed to spend the sum of N241,467,231,031 in the 2016 fiscal year for its capital and recurrent expenditures.
 

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