‘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.
Nigeria’s FX Inflow Rose To $33.02bn In Second Half Of 2016
The provisional cumulative inflow of foreign exchange (FX) into the Nigerian economy rose to US$33.02 billion as of December 2016, representing a 13.3 per cent increase above the level in the first half of last year. Of this amount, inflow through autonomous sources accounted for 62.3 per cent, while inflow through the Central Bank of Nigerian (CBN) accounted for 37.7 per cent.
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”.
FG Releases New Standards For Imported Petroleum Products
In line with the campaign on reduction of sulphur content of fuels imported into Nigeria and other West African countries from Europe, Standards Organisation of Nigeria, SON, has released new approved Nigerian Industrial Standards for petroleum products. SON, in a letter to Africa Network for Environment and Economic Justice, ANEEJ, endorsed by Head of Department, Product Certification Directorate, Mr. Tersoo Orngudwem, on behalf of the Director-General and Chief Executive Officer, said: “The approved reduction in the sulphur content of imported petroleum products is in line with standards accepted worldwide.
U.S. Imports Of Nigerian Crude Hits 42-Month High – EIA
The latest report from the US Energy Information Administration (EIA) has revealed that the increase in the United States’ imports of Nigeria crude oil has continued, with a record import of 9.78 million barrels in January, The Punch reports. Nigeria saw significant reduction in the US imports of its crude in recent years, starting from 2012, following the shale oil production boom. The US import of Nigerian crude fell to 6.17 million in June 2013 from 10.115 million barrels in May and about 40 million barrels in March 2007.
FG To Focus On STI To Diversify Economy
The Federal Government has pledged to put Science, Technology and Innovation (STI) on the front burner of its development agenda in a move diversify the economy. President Muhammadu Buhari, who was represented by Dr Ogbonnaya Onu, Minister of Science and Technology, made the revelation at opening of the Technology and Innovation Expo 2017, in Abuja.
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.
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.
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.