Top News Update 23/06/2017
1. CBN Warns against Abuse of the Naira
2. Currency management gulps N192bn –CBN
3. FG to mobilise N2.5bn Private Investment for YouWin SMEs
4. FG, States, LGs Share N462bn for May as Allocation Improves
5. Nigeria positions N100b sukuk as gateway for investors
6. FG signs MoU on electrification of varsities, teaching hospitals
7. WEF, DQ to provide digital learning skills to Nigerians
8. Apapa-Wharf gridlock may cause fuel scarcity – NUPENG
9. Lagos to become largest mega city in Africa by 2035
10. Lagos, 13th Most Expensive City to Live in the World
CBN Warns Against Abuse Of The Naira
The Central Bank of Nigeria (CBN) has urged members of the public to desist from ill handling of the nation’s currency, the naira. The central bank stressed that the cost of maintaining the naira note was expensive, while also urging members of the informal sector to embrace the various e-payment options in the economy. This call was made at the CBN’s ‘Promoting Financial Stability and Economic Development Fair,” in Lagos yesterday, which had a collective attendance of farmers, traders, SMEs and others from the informal sector. The Assistant Director, Currency Operations Department, CBN, Mr. Benedict Maduagwu said thatthere are so many interventions by the CBN aimed at promoting the well-being and also in diversifying the economy.
Currency Management Gulps N192bn — CBN
The Central Bank of Nigeria (CBN) has disclosed it expended about N192 billion on currency management over the past five years. According to Assistant Director, Currency Operations Department of the apex bank, Benedict Maduagwu, the whopping sum was spent on managing the naira between 2005 and 2010. Maduagwu, who stated this in Lagos while addressing the media at the ongoing CBN Fair with the theme, “Promoting Financial Stability and Economic Development”, said presently, the huge cost of currency management in the country has grown more than that N192 billion in recent times.
FG To Mobilise N2.5bn Private Investment For YouWin SMEs
The Federal Government on Thursday said it would mobilise the sum of N2.5bn annually as equity investment through qualified fund managers for Small and Medium Enterprises under the Youth with Innovation Entrepreneurship program. The development was confirmed in a statement issued by the Ministry of Finance and signed by the Director of Information in the ministry, Mr Salisu Dambatta. The YouWin programme is an initiative of the finance ministry, which aims to support young entrepreneurs as they plan, start and grow their businesses.
FG, States, LGs Share N462bn For May As Allocation Improves
A total of N462.359 billion was shared by the three tiers of government for the month of May, an increase over the N415.7 billion distributed for April. A breakdown showed that Value Added Tax (VAT) accounted for N76.786 billion; statutory revenue, N317.562 billion, and exchange rates differential of N64.812 billion. The figures were unveiled by the Permanent Secretary, Ministry of Finance, Dr. Mahmoud Isa-Dutse, at a briefing after the monthly meeting of the Federation Account Allocation Committee (FAAC) presided over by him. He disclosed that the Nigerian National Petroleum Corporation (NNPC), which had been defraying its N450 billion indebtedness to FAAC monthly at N6.7 billion had liquidated the debt.
Nigeria Positions N100b Sukuk As Gateway For Investors
The Securities and Exchange Commission (SEC), on Tuesday, announced that the proposed issuance of Nigeria’s N100billion, 7-year Sukuk, would not only facilitate the mobilisation and allocation of funds within the economy, but would also serve to position the country as a gateway for foreign and domestic investors. SEC, in a statement explained that the sukuk, which would help deepen the market, is sequel to its strong advocacy efforts to provide an additional asset class of tradable liquid instruments for investors in the Nigerian capital market.
FG Signs MoU On Electrification Of Varsities, Teaching Hospitals
The Federal Government has signed a Memorandum of Understanding (MoU) for electrification of eight Federal Universities, one Teaching Hospital and the host communities. The project, which targets over 300,000 students and others within their immediate environment, is the first phase of government’s plans to power 37 federal universities and seven teaching hospitals in the country. The Rural Electrification Agency (REA), which signed the MoU on behalf of the Federal Government with the universities, said the project aims to provide uninterrupted power supply through off-grid captive power plants in a bid to resolve power to the tertiary institutions.
WEF, DQ To Provide Digital Learning Skills To Nigerians
Digital Intelligence Quotient (DQ) Institute, an organisation working in collaboration with the World Economic Forum (WEF), has developed a digital initiative aimed at boosting the digital competence of one million younger generations in Nigeria and other countries by 2030. The initiative christened DQEveryChild, is a free digital intelligence education programme, which can be ‘plugged and played’ into the country’s education system. DQEveryChild is a combination of online education tools and real-time assessment which is free to every child eight and 12 globally, and can be easily incorporated into any national or school curriculum via the DQWorld.net platform, paving the way for a healthier, safer and more prosperous digital economy, for all.
Apapa-Wharf Gridlock May Cause Fuel Scarcity – NUPENG
Nigeria Union of Petroleum and Natural Gas Workers has expressed worry that the gridlock being experienced by petroleum tankers and articulated vehicles on Apapa-Wharf Road may result to fuel scarcity. The gridlock is due to ongoing reconstruction of the Apapa-Wharf Road. Alhaji Tokunbo Korodo, the South-West Chairman of the union, on Thursday, said that since the inauguration of reconstruction of the road, petroleum tanker drivers had been on cue, finding it difficult to gain access to the tank farms to get products.
Lagos To Become Largest Mega City In Africa By 2035
Researchers have predicted that no fewer than 30 million people can live in Lagos by 2035 turning it into the largest mega city on the African continent. According to a statement by the African Property Investment (API) in Abuja on Thursday, researchers also predicted that by 2030, Lagos, Cairo and Kinshasa would each have a population of 20 million.Luanda, Dar es Salaam and Johannesburg were also predicted would have a population of more than 10 million by 2030. The API noted that with rapid population growth in African cities, urban planning had proven to be ineffective with private development often deterred by `opaque or inappropriate regulations’.
Lagos, 13th Most Expensive City To Live In The World
Lagos, the capital of Lagos State, is the 13th most expensive city in the world, says Mercer, the world’s largest human resource consulting firm. The consulting firm also said in its 23rd Cost of Living Survey that African, Asian, and European cities dominated the 2017 list of most expensive locations for working abroad. According to the survey, Abuja, Nigeria’s federal capital, ranked 20th in 2016.