1. CBN loans to banks drop by 6% to N1.8trn
2. Despite recession, banking sector loans to customers rise to N16.372trn
3. W’Bank blames Nigeria’s forex crisis on fixed exchange regime
4. Nigeria’s tax to GDP ratio unacceptably low – Adeosun
5. Nigeria spends over $100m annually to import sugar, Says Emefiele
6. Nigeria, World Bank inch closer to sealing deal on electricity recovery plan
7. ExxonMobil earns $4 bn in Q1’17
8. FG saves N34bn dredging Ajaokuta-Onitsha waterways –Amaechi
9. MTN sacks 280 staff
CBN Loans To Banks Drop By 6% To N1.8trn
Loans from the Central Bank of Nigeria (CBN) to banks dropped by 6.7 per cent to N1.8 trillion last week. LEADERSHIP can authoritatively reveal that lending to banks through the CBN’s Standing Lending Facility (SLF) dropped from N1.9 trillion the previous week to N1.8 trillion at the close of business last week Friday. This implies that few banks last week depended on the apex bank loans to meet their cash obligations, following the illiquidity in the banking system.
Despite Recession, Banking Sector Loans To Customers Rise To N16.372trn
The audited results of 2016 for 14 banks quoted on the Nigerian Stock Exchange (NSE) have shown a 22 per cent increase in total loans and advances to their customers from N13.315 trillion in 2015, to N16.372 trillion in the year under review. The financial results of the banks reviewed by THISDAY showed deliberate efforts by the banks, mostly to support operators in the real sector of the economy.
W’Bank Blames Nigeria’s Forex Crisis On Fixed Exchange Regime
The World Bank has blamed Nigeria’s enduring foreign exchange instability on the fixed exchange regime in the official forex market. In a publication on African economies titled: ‘Africa’s Pulse,’ the World Bank singled out Nigeria and Angola as two countries that had yet to experience stability in the forex market despite rebound in the prices of commodities being exported.
Nigeria’s Tax To GDP Ratio Unacceptably Low – Adeosun
The Minister of Finance, Mrs. Kemi Adeosun, has said that the nation’s tax to Gross Domestic Product ratio, which is currently put at six per cent, is one of the lowest in the world. She said with such a ratio, which is less than the 15 per cent for Ghana, there was no way the country could generate enough non-oil revenue to enable the government to implement its programmes.
Nigeria Spends over $100m Annually to Import Sugar, Says Emefiele
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has declared that the apex bank is ready to partner the Lee Group and Jigawa State Government to ensure the establishment of a multi-billion naira white refined sugar cane factory that will generate N60 billion annually to the state. Emefiele who spoke during the foundation laying ceremony of the 12,000 hectres of land in Garin Chiroma in Gagarawa Local Government Area of the state on Sunday, also regretted that Nigeria spends over $100 million annually for the importation of sugar which can be grown in the country.
Nigeria, World Bank Inch Closer To Sealing Deal On Electricity Recovery Plan
Nigeria and the World Bank have taken further steps to close out a harmonious deal on a recovery plan to bail out the country’s ailing electricity market. Accordingly, both the Federal Government of Nigeria and the World Bank Group held a high level consultation meeting to discuss World Bank Group support for the government’s power sector recovery programme during the last Spring Meeting of the World Bank and International Monetary Fund (IMF) in Washington, United States. The programme was approved by the Federal Executive Council (FEC) on March 22, 2017.
ExxonMobil Earns $4bn In Q1’17
ExxonMobil has announced an estimated earnings of $4 billion, or $0.95 per share in its first quarter 2017, Q1’17, financial reports as against $1.8 billion in the corresponding period of last year. The company disclosed that upstream volumes were 4.2 million oil-equivalent barrels per day, a decline of four percent compared with the prior year, primarily due to the impact of lower entitlements due to increasing prices, and higher maintenance.
FG Saves N34bn Dredging Ajaokuta-Onitsha Waterways –Amaechi
Minister of Transportation, Rotimi Chibuike Amaechi, has said that the Federal Government saved a whopping sum of N34 billion using direct labour to dredge the 162km Ajaokuta-Onitsha waterways. He made the disclosure during the flag-off and maintenance of dredging of the waterways, where he commended the Managing Director and staff of the National Inland Waterways Authority (NIWA), an agency under his ministry, for mobilising their dredgers to carry out the project instead of awarding the contract to the tune of N47 billion as in the past administration.
MTN Sacks 280 Staff
The 2017 Workers’ Day celebration turned bleak for about 280 staff of MTN Nigeria following their disengagement by the telco over current economic and operational reasons. This was as insider sources hinted that the telco was not yet done with the exercise as it intends to prune its over 1,800 permanent workforce and contract staff by 25 per cent to allow for fresh strength in Nigeria’s harsh operating environment.