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FG Demands N614bn Bailout Refund From States

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Buhari and Osinbajo
  • FG Demands N614bn Bailout Refund From States

The Federal government has ordered that the N614 billion disbursed to 35 states under the National Budget Support Loan Facility, be returned due to challenges faced by the Federal government on revenue generation.

In a meeting of the National Economic Council (NEC) chaired by the Vice President, Yemi Osinbanjo, it was decided that a combined team of the Ministry of Finance and the Nigeria Governors Forum, would cooperate with the Central Bank of Nigeria (CBN) to come up with a repayment formula.

Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this on Thursday while briefing state house correspondents about the outcome of the NEC meeting.

According to the minister, each of the 35 states received N17.5 billion as bailout funds for urgent needs in the state including; payment of civil servants’ salary arrears and pension settlement of retirees, amongst others.

The Minister also said that the NEC was briefed about preparations for the 2020-2022 Medium Term Expenditure Framework/ Fiscal Strategy Paper as well as revenue generation problems faced by the government. Adding that the balance on Stabilization Fund Account and Natural Resources Development Fund as at 20th August 2019, was a total of $95,329,245.24

NEC committee on Export, headed by the Jigawa State Governor, Mr Mohammed Badaru-Abubakar while presenting the report of his committee told the NCE that execution of the Zero Oil Plan will produce $150 billion to the country’s foreign reserved.

This was revealed to journalists by the governor of Nasarawa State, Abdullai Sule who while quoting the Committee Chairman said, “The implementation of the plan is expected to yield results in three key areas; add an extra UDS150 billion to Nigeria’s foreign reserves accumulatively from non-oil exports over the next ten years, create 500,000 jobs annually, and lift 20 million Nigerians out of Poverty”.

He also disclosed other achievements of the NEC Committee on Exports including; an increase in non-oil exports from $1.17 billion in 2016 to $3.16 billion in 2018. He added that it meant that strategic sectors identified in the Zero oil plans have witnessed some growths.

“For instance, cocoa exports have risen by $79.4 million since 2017, while sesame exports have also increased by $153 million since 2016; an increase of more than 100 per cent,”  he said.

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

NNPC Supplies 1.44 Billion Litres of Petrol in January 2021

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The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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Economy

NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021

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The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Economy

Nigeria’s Food Inflation Hits 22.95 Percent in March 2021

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Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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