Index to Nigerian Newspapers

The Arewa Economic Forum (AEF) has called on Nigerian President Bola Ahmed Tinubu to reinstate subsidy payments on Premium Motor Spirit, using extra funds from the Federation Account Allocation Committee (FAAC). The AEF believes that Tinubu cannot find a way within his constitutional powers and political influence to make governors more accountable to the people. The AEF's Chairman, Mallam Ibrahim Shehu Dandaka, emphasized that the removal of fuel subsidies has caused a massive increase in funds shared at FAAC meetings, with little improvement in people's lives.

The Nigerian Federal Government plans to raise N2.5 trillion in its second FGN bonds auction. In a circular issued on Wednesday, the Debt Management Office stated that the offerings consisted of N1.25 trillion with a maturity date of February 2031 and N1.25tn with a 10-year tenor. FGN savings bonds are part of the federal government's domestic borrowing plan. According to the recently signed N28.8 trillion 2024 national budget, the Federal Government has projected its new borrowings to hit N7.83 trillion. Recall that in December last year, President Bola Tinubu had sought approval from the National Assembly for about $8.69bn and N100m as part of the external borrowing plan for 2022 to 2024. The latest FG bonds have a face value of N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000. Interest payments on FGN bonds are usually semi-annual. In January, the FG had offered a two-year FGN Savings bond due January 17, 2026, at 11.033 per cent per annum and another three-year FGN Savings Bond due January 17, 2027, at 12.033 per cent per annum.

Reality of the nation's negative economic curve dawned yesterday as the National Bureau of Statistics (NBS) reported a 0.36 per cent drop in Gross Domestic Product (GDP) growth to 2.74 per cent in 2023 from 3.10 per cent in 2022. Disclosing this in its GDP fourth quarter 2023 report, NBS said in terms of share of the GDP, Industry, and the Services sectors contributed more to the aggregate GDP in the fourth quarter of 2023 compared to the fourth quarter of 2022. The Services sector recorded 3.98 per cent growth, contributing 56.55 per cent to the aggregate GDP while the Industry sector contributed 3.86 per cent. Year on year, according to NBS, the GDP grew by 3.46 per cent (year-on-year) in real terms in the fourth quarter of 2023, a figure lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per cent. The performance of the GDP in the fourth quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.98 per cent and contributed 56.55 per cent to the aggregate GDP.The Agriculture sector grew by 2.10 per cent, from the growth of 2.05 per cent recorded in the fourth quarter of 2022. The growth of the industry sector was 3.86 per cent, an improvement from -0.94 per cent recorded in the fourth quarter of 2022.