Latest Business News Roundup In Nigeria August 28- 03 September, 2022

Good day, here are the latest business news headlines updates in Nigeria for the week, August 28- 03 September, 2022, on Bizwatch Nigeria.

Nigerian Newspapers: Latest Business News Headlines For November 10, 2021

Nigeria Imports $3.49bn Seafoods, Dairy Produces, Others

Mohammed Mahmood, the country’s minister of agriculture and rural development, recently said in a speech at the African Union’s Internal Coordination Meeting that the nation’s 2.4 million metric tonnes of frozen fish annual fish import bill were depleting its foreign exchange reserves.

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FG Makes Effort To Boost Non-Oil Revenue, Receives N1.09tn From Indirect Taxes

Data from the National Bureau of Statistics (NBS) show that the Federal Government received N1.09tn through indirect taxes in the first two quarters of 2022. This is an increase of 10.29% from the N984.33 billion earned in the first two quarters of 2021.

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Power Crisis: FG And Private Sectors To Produce 3,595MW

Two federal government departments are working with the private sector to add 3,595 megawatts of electricity to the nation’s power system. According to documents received from the Federal Ministry of Water Resources, the ministry was working along with the Federal Ministry of Power and commercial operators to produce 3,595MW of power from dams.

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Nigeria’s Economy Slumps By N63bn, 28 Sectors Struggle

Twenty-eight economic sectors had declines in the second quarter of 2022 as real GDP decreased by N63.49 billion on a quarterly basis. The National Bureau of Statistics (NBS) reports that while real GDP increased by 3.54 percent year over year in Q2 2022, it decreased by 0.37 percent from the N17.35 trillion that was recorded in the first quarter of 2021 to N17.29 trillion in Q2, 2022. (NBS).

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FG Announces N19.76tn As The Budget For 2023

Zainab Ahmed, the minister of finance, budget, and national planning, announced that the deficit in the 2023 fiscal year is expected to range between N11.30 trillion and N12.41 trillion, which has estimates totaling N19.76 trillion.

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“We Will Stop Importing Petroleum Products By Mid-2023” – NNPC

The Nigerian National Petroleum Company (NNPC) Limited’s group Chief Executive Officer (GCEO), Mele Kyari, has stated that the country will cease importing petroleum products by mid-2023. Kyari made the remarks during a press conference at the state house in Abuja on Tuesday.

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NNPC To Supply Dangote Refinery 2.1trn Barrels Of Crude Oil

The Nigeria National Petroleum Corporation Limited (NNPC), has disclosed that it would supply Dangote Refinery with 300,000 barrels of crude oil per day, totaling 2.1 trillion in 20 years. According to Mele Kyari, the Group Managing Director (GMD) of the NNPC, who made this disclosure, stated that the newly-sealed supply contract is a guarantee that the Federal Government (FG) is committed to ensuring sufficient petroleum products for members of the public.

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NNPC’s Outstanding Petrol Subsidy Debt Totals N1.04trn

The Nigerian National Petroleum Company’s (NNPC) outstanding debt on what it considers under-recovery topped N1.044 trillion in July, with total spending on the contentious gasoline subsidy already exceeding oil income. According to data from the National Oil Company (NOC) that was released late yesterday, the company also withheld N448.7 billion in July for the purpose, setting a record high since the return of subsidy payments early last year.

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Nigeria’s Total Debt Profile Now N41.60trn- DMO

The entire debt profile of Nigeria as of March 2022 was announced yesterday by Mrs Patience Oniha, Director-General of the Debt Management Office (DMO).

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NBS Under Criticism For Grossly Reporting Maritime Sector

The National Bureau of Statistics (NBS) has been charged with drastically underreporting the Nigerian marine industry by Muda Yusuf, the chief executive officer of the Center for Private Enterprise. When responding to the GDP for the second quarter of 2022, Muda questioned the reasoning behind the NBS’ determination that water transport contributed N2.4 billion to the GDP.

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FG Clears $3.81bn Debt, Owes IOCs $873.34m

The Federal Government has paid $3.81 billion in cash call arrears to foreign oil corporations through joint ventures. This was done through the Nigerian National Petroleum Company Limited. According to figures reviewed in Abuja on Thursday, the $3.81 billion repayment has been completed as of May 31, 2022, leaving an outstanding amount of $873.34 million. The government and the five IOCs agreed to a total debt of $4.68 billion.

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NNPC Cannot Justify N6.34tn Petrol Subsidy Payments – Customs

According to Col. Hameed Ali (retired), Comptroller-General of the Nigeria Customs Service, the Nigerian National Petroleum Company Limited (previously the Nigerian National Petroleum Corporation) cannot justify the amount of Premium Motor Spirit (petrol) consumed in the nation each day to support the over N6.34tn subsidy payment on the good each year.

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Cooking Gas Prices Increase By 122% Despite FG’s N250bn Intervention Fund

The Nigerian Bureau of Statistics (NBS), in its newly-released data, revealed that on a year-on-year basis, the price of refilling a 12.5kg cylinder of cooking gas, has risen up to 122% from N4,422 in July 2021.

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