Top News Update 06/06/2017
1. Nigeria’s debt rises by N7.1tn in two years
2. INEC to Unveil New Political Parties Tomorrow
3. Saraki: N’Assembly Infrastructure Bills Would Create 580,000 Jobs in Five Years
4. Nigerian Stock Market Records Highest Daily Gain in Two Years
5. NBET to Repay CBN’s N701bn Power Intervention Fund in 10 Years
6. Crude oil price drops, threatens Naira, 2017 budget
7. PENGASSAN gives firm 72-hour strike notice
8. EIA warns Nigeria’s oil output may remain low till 2018
9. AFCON Qualifier: 21 Eagles In Uyo Camp; Echiejile, Omeruo, Musa Expected
Nigeria’s Debt Rises By N7.1tn In Two Years
The nation’s total indebtedness to foreign and local creditors now stands at N19.16tn, the Debt Management Office has said. This is N1.8tn increase from the N17.36tn recorded at the end of December 2016. As of March 31, 2015, the country’s total debt stood at N12.06tn. This means the debt level increased by N7.1tn in two years. Segmenting the national debt, the DMO put the Federal Government’s domestic debt at N11.97tn. Two years ago, as of March 31, 2015, this component of the debt burden stood at N8.51tn. This means that within a period of two years, the Federal Government has borrowed a total of N3.46tn from domestic creditors. This shows that the domestic debt of the Federal Government has increased by 40.71 per cent.
INEC To Unveil New Political Parties Tomorrow
The Independent National Electoral Commission (INEC) has said it will tomorrow make a statement on status of the 95 political associations that have sought registration as new political parties. The commission also said it would ensure the fast tracking of the continuous registration exercise in Anambra State so that all eligible voters can registers and obtain their permanent voter cards before the November governorship election. INEC’s move to clear doubts on registration of new parties came just as the promoters of another political party, Advanced Peoples Democratic Alliance (APDA), led by former Chairman of the Labour Party, Mr. Dan Nwanyanwu, unveiled their plans yesterday in Abuja.
Saraki: N’Assembly Infrastructure Bills Would Create 580,000 Jobs In Five Years
Senate President, Dr. Bukola Saraki, has said six infrastructure reforms bills put together by the National Assembly would not only modernise the nation’s infrastructure base, but would create at least 580,000 new jobs for Nigerians in the next five years. The bills are the Nigerian Railway Bill, Nigerian Ports and Harbour Bill, National Road Funds Bill, National Transport Commission Bill, National Inland Waterways Bill and the Federal Roads Bill.
Nigerian Stock Market Records Highest Daily Gain In Two Years
The Nigerian stock market, which has been described by analysts in recent days as one that is on steroids, sustained its rally Monday, gaining N417 billion, its highest daily gain in two years, to cross the N11 trillion psychological barrier. This is just as the Central Bank of Nigeria (CBN) paved the way for authorised dealers in the foreign exchange (FX) market to offset their excess foreign currency trading positions to other authorised dealers in the market without seeking the prior approval of the regulator.
NBET To Repay CBN’s N701bn Power Intervention Fund In 10 Years
The Nigerian Bulk Electricity Trading Plc (NBET) will have up to 10 years to repay the N701billion financial facility obtained from the Central Bank of Nigeria (CBN) to guarantee payments for electricity generated by the generation companies (Gencos) for the next two years, a federal government memo has disclosed. The memo, which THISDAY obtained in Abuja was earlier presented to the Federal Executive Council (FEC) in February 2017, by the Minister of Power, Works and Housing, Mr. Babatunde Fashola, for consideration and approval of proposed policy interventions to revive the country’s troubled power sector.
Crude Oil Price Drops, Threatens Naira, 2017 Budget
Nigeria’s excess crude oil revenue has dropped by five per cent as oil prices fell to $49.26 per barrel yesterday, posing fresh threat to implementation of the yet unsigned 2017 budget and the exchange rate of the naira. Specifically, the nation generated about $114 million from the export of about two million barrels per day in May, 2017 when prices stood at $57 per barrel. But the revenue dropped to $108 million yesterday when oil prices crashed from over $50 per barrel to $49.29 in the global market.
PENGASSAN Gives Firm 72-Hour Strike Notice
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to shut down the operations of Neconde Energy Limited in Lagos and Warri for sacking five of its members that work in Neconde without following due process. Neconde Energy Limited is the exploration and production (E&P) arm of the Obijackson Group, the operator of the oil mining lease (OML) 42 located in Delta State.
EIA Warns Nigeria’s Oil Output May Remain Low Till 2018
The United States Energy Information Administration (EIA) has warned that Nigeria’s oil production could remain low till the first quarter of 2018, if the restiveness in the Niger Delta region is not addressed, The Nation reports. The agency, in a report on its website, gave the warning, following the decision of the Organisation of Petroleum Exporting Countries(OPEC) to extend the oil cut exemptions granted Libya and Nigeria from last month to next March.
AFCON Qualifier: 21 Eagles In Uyo Camp; Echiejile, Omeruo, Musa Expected
Super Eagles senior players Elderson Echiejile, Kenneth Omeruo and Ahmed Musa will join up with the rest of the squad on Tuesday ahead of Saturday’s 2019 Africa Cup of Nations qualifier against South Africa, reports Completesportsnigeria.com. According to the official Twitter handle of the Super Eagles @NGSuperEagles, 21 players have arrived at the team’s Le Meridien Ibom Hotel and Golf Resort, Uyo camp in preparation for the encounter.