‘Budget 2017 Ready After Easter’
If feelers from the House of Representatives are anything to go by, Nigerians should not expect the passage of the N7.3 trillion Budget 2017 until after Easter. The Green Chamber, through the Chairman of its House Committee on Media and Public Affairs, Abdulrasak Namdaz, said the “Budget of Recovery and Growth” will be ready after the Easter celebrations.
Moody: Nigeria ‘ll ‘Easily’ Get $3.5b Foreign Loan
Nigeria will easily achieve its target of $3.5 billion foreign borrowing this year as improved oil output helps the economy to recover from last year’s contraction, the first since 1991, Moody’s Investors Service has said. Its Vice President and Senior Analytical Adviser for Africa, Aurelien Mali, said: “The international financial institutions are ready to support Nigeria. As long as its project-based lending, the funding will be available from lenders such as the African Development Bank (AfDB), and the budget support from the World Bank will come on top of that.”
Nigeria Pushes To Legalise Illicit Refineries In Restive Delta Oil Region
Nigeria aims to legalise illicit oil refineries in the turbulent Niger Delta region, the vice-president’s office said on Thursday, hoping to bring peace to the production heartland for the crude on which the country relies. If the refineries are legalised, it could help soothe tensions in the Delta states, where an uneasy peace is now being kept as the government holds talks with local communities, including militants whose attacks cut oil production by as much as a third last year. Nigeria’s government depends on oil sales for around two-thirds of its revenue.
Nigeria Needs $139/pbl Oil Price For Balanced Budget – Fitch
International agency Fitch Ratings yesterday said that Nigeria needs crude oil price of $139 per barrel to achieve balanced budget in 2017, adding this makes the country worst in oil break-even point among 14 top oil exporters. Fitch disclosed this in a report on 14 major oil exporting nations in the Middle East, Africa and emerging Europe Meanwhile, the price of crude oil yesterday rose to a one-month high yesterday rising more than 1 percent, on track for a fourth straight day of gains, with Brent crude futures gaining at 61 cents at $54.97 per barrel.
Credit Default Remain A Risk In 2017: Nigerian Central Bank
Credit default by Nigerian borrowers is a major economic risk this year after bad loans soared to their highest level in over six years as a recession weighs on consumers, the central bank said. Africa’s biggest economy is also facing a currency crisis brought on by low oil prices, which has hammered its foreign reserves and created chronic dollar shortages, frustrating businesses and individuals. Banking sector non-performing loans (NPL) rose to 14 percent in 2016, up from 5.3 percent a year earlier, the central bank said in a Financial Stability Report.
Yet-to-be Fulfilled Election Promises Stoking Tension In Nigeria, IMF Warns
The International Monetary Fund (IMF) has cautioned that the perception of policy ineffectiveness and yet-to-be fulfilled election promises are stoking social tensions in Nigeria. This according to the fund could complicate policy implementation. The IMF also pointed out that the challenging economic conditions are diminishing support for “an administration praised by many for its anti-corruption efforts, but accused of not having delivered on the economy, notably for the most vulnerable”.
Nigeria’s Union Bank To Raise $164 mln To Bolster Capital Buffers
Nigeria’s Union Bank plans to raise 50 billion naira ($164 million) by the end of the second quarter via a rights issue to boost its capital adequacy and tap opportunities to lend to agribusinesses, its chief executive said. Emeka Emuwa said on Thursday that the bank targeted a capital ratio higher than 18 percent after the fund raising, compared to 13.4 percent as of the third quarter of 2016. “We are en route to a capital raising,” Emuwa told an analysts’ call.
CAP Plc Inaugurates Automated Factory
Chemical and Allied Products (CAP) Plc, a subsidiary of UAC of Nigeria Plc. (UACN), has commissioned its new state-of-the-art in-plant tinting factory.CAP Plc is the manufacturer of Dulux premium brand of paints and the technological licensee of AkzoNobel.In his welcome address at the commissioning event at the company’s factory in Lagos, the Managing Director, CAP Plc, Mrs. Omolara Elemide, noted that the acquisition of in-plant tinting technology was well-thought-out.
Corpers’ Discount Card Attracts More Users
Cardholders of the Nigerian Students and Youth Corpers’ Discount Card (Naija Green Card) are 9,000 while its partners are now 10,000 cut across all sectors of the economy. Sokoto State government, one of the partners, has enrolled its students from Senior Secondary school (SSS) three through tertiary institutions and national youth service scheme on the platform.