Hello Readers, Bizwatchnigeria brings the latest business news highlights in Nigeria for the week, of September 18-23, 2022.
Buhari Woos Investors, Says Nigeria Requires N348tn
On Thursday in New York, President Muhammadu Buhari (retd.) assured global investors that Nigeria’s economy was ready for further investment. This came as he bemoaned the decline in private capital inflows, particularly FDI for infrastructure and natural resource access initiatives.
Blackout Looms As Electricity Workers Threaten To Shut National Grid
Nigerians across the country may soon start to experience blackouts. This is as the National Union of Electricity Employees (NUEE) again threatened to shut down the national grid. The union made the threat and maintained that it would embark on it, should the federal government fail to honour its demands soon.
Rate Hikes Will Trigger Recession, World Bank Warns FG
The World Bank Group has cautioned Nigeria and other emerging nations that raising interest rates at the same time in response to rising inflationary pressures might lead to a worldwide recession and a series of financial crises.
Nigerians Pay N210bn To Use Electricity In 3 Months
Nigerians paid a total amount of N210.17 billion to power distribution companies across the country to enjoy electricity supply. According to the Nigerian Electricity Regulatory Commission (NERC), which made this disclosure, the aforementioned figure was spent on power supply in the fourth quarter of last year (2021).
CBN To Review Economy, Improve Purchasing Power
Focusing on Nigeria’s plans to increase the purchasing power parity, The Central Bank of Nigeria (CBN) and the Ministry of Finance have been asked to conduct an extensive analysis of the economy. In a statement, the Independent Shareholders Association of Nigeria (ISAN) said that it is apparent that the two organizations must utilize the monetary and fiscal rates as a tool to stop the devastating hunger and deprivation in the nation.
Nigeria’s Domestic Debt Servicing Rises To N5.24trn In 30 Months
Nigeria’s domestic debt service increased to N5.24trillion in 30 months, according to statistics on the Debt Management Office (DMO) website, with increasing domestic debt currently standing at N20.95trillion as of June 2022. According to the most recent DMO data, domestic debt service in the first quarter of 2022 was N664.73 billion, a 0.6% decrease from N668.69 billion in the second quarter of 2022.
Buhari Requests N402bn Promissory Notes Approval From Senate
In separate letters to the Senate, President Muhammadu Buhari requested authorization for the issuance of promissory notes to three states totalling more than N402 billion. The first of these requests, N375 billion, was read aloud in plenary by Senate President Ahmad Lawan and was intended to settle unpaid claims owing to various exporters for the Export Expansion Scheme.
Nigeria’s Public Debt Stock Hits N42tn, Says DMO
The Debt Management Office (DMO) said Nigeria’s total public debt stock, which was N41.60 trillion ($100.07 billion) in March rose to N42.84 trillion ($103.31 billion) by June.
Nigerian Governors Mull Plan To Wedge Tax Leakages
Nigerian governors under the auspices of the Nigeria Governors’ Forum (NGF) are currently mulling the plan to wedge tax leakages. In a meeting tagged, “the 8th IGR Peer Learning Event and Launch of the Nigeria Governors’ Forum Public Finance Database,” the governors also initiated a plan to improve their internally generated revenue.
5G Network To Generate N500bn In 2023 – NCC
According to the Nigeria Communication Commission (NCC), the Federal Government would earn more than N500 billion from the 5G network in the fiscal year 2023. Prof.Umar Danbatta, Executive Vice Chairman of the NCC, said this on Monday at a Senate Committee on Finance interactive discussion on the 2023-2025 MTEF-FSP.
₦2.04bn: NESG Urges FG To End Fuel Subsidy
The Nigerian Economic Summit Group (NESG) and oil marketers, working under the auspices of the Petroleum Retail Outlet Owners Association of Nigeria, are concerned about an impending fiscal crisis in Nigeria as the subsidy on Premium Motor Spirit (PMS), also known as petrol, continues to rise.
Buhari To Unveil $100bn SDG Financing Framework
According to a statement, the Integrated National Financing Framework for Sustainable Development for Nigeria will be unveiled by President Muhammadu Buhari on Friday in New York, the United States, in conjunction with the 77th session of the United Nations General Assembly.
MTN Commercially Launches 5G (See If It’s Available In Your Area)
MTN Nigeria has now commercially launched the fifth-generation technology, commonly called 5G. With this launch, BizWatch Nigeria understands that the 5G network is now available for use in selected states across the country.
FG Disburses $4bn To IOCs In Cash Call Arrears
According to the most recent data on cash call arrears payments provided by the national oil firm, as of July 31, 2022, the Federal Government has already paid $4.04 billion to five of its joint venture foreign oil businesses.
Nigeria’s Crude Oil Production Slumps To 900,000b/d
The Organization of the Petroleum Exporting Countries’ recently issued Monthly Oil Market Report for September indicated that Nigeria’s crude oil output dropped to 900,000 barrels per day (b/d) in September. As a result, the country’s crude oil revenues have continued to decline.
Debt Servicing Consumes N6.16tn In 16 Months
According to the 2023-2025 Medium Term Expenditure Framework & Fiscal Strategy Paper, debt servicing consumed N6.16 trillion in 16 months. The Federal Government spent N4.22 trillion in 2021 and an additional N1.94 trillion from January to April 2022 on debt service.
