Index to Nigerian Newspapers

OPEC and its allies have agreed to reduce production targets between January and December 2024 by 1.4 million barrels per day (bpd), bringing total production to 40.463 million bpd. Saudi Arabia announced a production cut of one million bpd, while other members extended earlier cuts until the end of the year. OPEC+ aims to achieve and sustain a stable oil market and adjust overall crude oil production to 40.46 mb/d from January 1 to December 2024. The OPEC and non-OPEC Ministerial Meeting reaffirmed the Joint Ministerial Monitoring Committee's mandate to review global oil market conditions, production levels, and conformity. The meeting emphasized the importance of adhering to full conformity and compensating countries producing above the required production level. The 36th OPEC and non-OPEC Ministerial Meeting is scheduled for November 26, 2023 in Vienna.tion.”

Pundits and economists alike are waiting to see which side will prevail 10 years after protests against petrol subsidy removal empowered the present ruling party. Despite fears of repercussions, some economists and stakeholders agree that removal of the subsidy is a necessary step towards long-needed reform. However, the feasibility of the plans to give transportation grants to poor Nigerians has raised doubts on the source of funds and impact on the volume of money in circulation, as well as transparency and accountability issues. President Muhammadu Buhari's administration has decided to remove the subsidy this year and damn the consequences to free up resources needed to run the economy. A panel chaired by Vice President Yemi Osinbajo will meet with the Nigeria Labour Congress (NLC) and other stakeholders to consider the proposed N5,000 transport palliative and other options aimed at ameliorating the effects of the planned subsidy removal on Nigerians. The options remain hard as labour unions are already up in arms to protest if the decision on subsidy removal is taken.

The Central Bank of Nigeria (CBN) publicly presented the Strategic Agenda for the Naira (SAN) in 2007, which aimed to lay the monetary foundation for a prosperous economy and become one of the world's 20 largest economies by 2020. However, the fate of the SAN was hung on the observation by the Attorney-General that former President Umaru Musa Yar'Adua had not received a procedural request for presidential approval of the redenomination of the naira. This effectively became the government policy choice, depriving Nigerians of the most important function of a central bank and its related duties. The initial SAN proposal deserves amendment, as the money illusion weighed heavily against it. The suspension of SAN has made it impossible to achieve any of the objectives set for 2020, but several lessons have become manifest, such as prolongation of the termite-like weakening of the naira economy through multiple currency co-habitation.

The Central Bank of Nigeria (CBN) publicly presented the Strategic Agenda for the Naira (SAN) in 2007, which aimed to lay the monetary foundation for a prosperous economy and become one of the world's 20 largest economies by 2020. However, the fate of the SAN was hung on the observation by the Attorney-General that former President Umaru Musa Yar'Adua had not received a procedural request for presidential approval of the redenomination of the naira. This effectively became the government policy choice, depriving Nigerians of the most important function of a central bank and its related duties. The initial SAN proposal deserves amendment, as the money illusion weighed heavily against it. The suspension of SAN has made it impossible to achieve any of the objectives set for 2020, but several lessons have become manifest, such as prolongation of the termite-like weakening of the naira economy through multiple currency co-habitation.

The Ministry of Aviation has said the planned concession of four most profitable airports in Nigeria to private investors will still happen before the end of President Muhammadu Buhari-led administration in May 2023. It is not clear when the financial bids will happen, but some stakeholders have expressed doubts the concession process will still happen in the lifetime of this government. Shehu Dogo Mohammed said the concession process is advanced and will happen in the lifetime of the government. Comrade Hector Nnadi said there are issues in the planned concession and personnel management automation is now critical. Nigerians can now earn US Dollars by acquiring premium domain names.

Agony, anger and condemnation has greeted the increase in pump price of petrol which saw it jumping to over N600 a litre. In their seperate reactions, Labour party ,Nigeria Labour congress , Nigeria Union of Journalists NUJ, Civil Society Legislative Advocacy Centre  CIS-LAC, the liberties Organisation  and others condemned it in unequivocal term. The government should take for granted , the patience  of poor Nigerians who relutanly bear the dire increase due to subsidy removal, as part of sacrifice awaiting when government would have settled to come up with amelioratve measurem for ciitizens''Currently there is rumour that will  be increase in electri tariff And unfortunately the president is not saying anything It means that he has Lost control , and many Nigerians are not finding the situation funny at all.

Nigeria's official exchange rate is experiencing a significant divergence from parallel market rates, reaching N100/$1. This is the widest gap since the currency's unification, driven by an insatiable demand for the US dollar that surpasses the available supply. The Central Bank of Nigeria (CBN) initially hinted at allowing free trade until the currency reached a market-relevant level, but concerns have arisen that the high demand for foreign exchange might lead to further depreciation of the local currency. Factors contributing to this predicament include a significant influx of foreign currency from non-oil sources into the black market, exacerbated by the dollar shortage issue. Nigeria's failure to meet the OPEC quota plays a vital role in determining the value of the Naira, as oil remains a major contributor to foreign currency earnings. The country's crude oil production has fallen short of OPEC's target of 1.74 million barrels per day, and the principle of willing buyer-seller foreign exchange trading could have negative short-term effects on the Nigerian economy. The inability of the Central Bank of Nigeria (CBN) to meet official market demand has driven many towards the parallel market, causing prices to surge due to unprecedented demand for the Naira's currency.

The financial stress index is rising due to rising political tension and the 2022 budget, which was grudgingly signed into law by President Muhammadu Buhari. The spending outlay was raised by a whopping N735 billion, with a near 40 per cent fiscal deficit stuffed into the budget. Last year, the gross domestic product (GDP) broke a six-year record as it jumped by 5.01 per cent year-on-year, consolidating the positive growth that started in the fourth quarter of 2020. This leg-up performance came two quarters after the country exited one of the deepest recessions in its history. The growth rate in Q3 of 2021 moderated to 4.03%, reflecting the effect of the gradual reopening of the economy in the comparative quarter in 2020. The sectoral performances, as contained in last year's growth data and other recent ones, underscore an economy that is not only bleeding but also deeply flawed by many contradictions.

The federal government's planned online auction has been rejected by the Nigeria Association of Auctioneers because it will cause delays and economic sabotage on the part of the owners of the assets, according to their statement. According to Aliyu Mohammed Kiliya, national president of the group, online or Internet auctioning of broken or perishable things is equivalent to a delay and a loss of money. He sincerely thank the Government Joint Committee, led by the Honorable Minister of Justice, Abubakar Malami, for their tireless efforts to ensure that the proper procedures are followed in order to prevent litigation and, moreover, for inviting all auctioneers who submitted bids to take part in the event as stakeholders and observers.

The Central Bank of Nigeria (CBN) has released three circulars on foreign exchange (FX) to address the country's currency depreciation. Despite the fire-fighting measures, the official naira exchange rate to the dollar closed at N1,537.96/$, while at the parallel FX market it closed at an all-time low of N1650 to a dollar last Friday. Liquidity remains a major challenge in the FX market, and the forces of demand and supply will naturally play out.
Inflationary pressure has worsened the increasing tension and depreciation of the naira, as the consumer price index (CPI) climbed to a 28-year high of 29.9% in January. The food inflation rate increased by 11.10% year-on-year to 35.41 percent, compared to 24.32 percent in January 2023. The country's high import dependence explains why the exchange rate is often the bellwether for Nigeria's economic health, and why there is a swift pass-through of exchange rate movements to inflation, contributing to the economic hardship in the land. The CBN Governor, Mr. Olayemi Cardoso, and his colleagues at the apex bank are calling for banks to take responsibility and seek ways to address the supply gap in the market. They have lifted restrictions placed on access to FX for 43 items previously prohibited from accessing FX from the official market, cleared the country's FX liabilities across various sectors, directed banks to limit the Net Open Position (NOP) of their overall foreign currency assets, and removed the allowable limit of exchange rate quoted by the International Money Transfer Operators (IMTOs).

President Muhammadu Buhari has signed into law the 2022 Appropriation Bill and the 2021 Finance Bill, restoring the January to December fiscal year as provided for in the country's Constitution. The President signed the documents in the Presidential Villa at a ceremony witnessed by the President of the Senate, Ahmed Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila. The 2022 Budget provides for aggregate expenditures of N17.127 trillion, an increase of N735.85 billion over the initial Executive Proposal for a total expenditure of N16.391 trillion. President Buhari expressed strong reservations over what he described as the "worrisome changes" made by the National Assembly to the 2022 Executive Budget proposal, and announced the decision to revert to the National Assembly. President Buhari expressed his reservations about changes to the 2022 Executive Budget proposal, such as an increase in projected FGN Independent Revenue by N400 billion, reduction in the provision for Sinking Fund to Retire Maturing Bonds by N22 billion, and reduction of the provisions for the Non-Regular Allowances of the Nigerian Police Force and the Nigerian Navy by N15 billion and N5 billion respectively. He also raised worries about an increase of N21.72 billion in the overhead budgets of some MDAs, while the sum of N1.96 billion was cut from the provision for some MDAs.

As part of a downward assessment of costs for electronic banking transactions in its updated guidelines on charges by Banks, Other Financial Institutions (OFIs), and Non-Bank Financial Institutions, the Central Bank of Nigeria (CBN) has decreased ATM withdrawal charges and inter-bank transfer fees.This is in accordance with the circular headed "Re: Guide To Charges By Banks, Other Financial And Non-Bank Financial Institutions" by Chibuzor Efobi, Director, Financial Policy and Regulation Department.According to the top bank, the updated guidance includes a review of other bank fees in order to keep up with market trends.

As part of a downward assessment of costs for electronic banking transactions in its updated guidelines on charges by Banks, Other Financial Institutions (OFIs), and Non-Bank Financial Institutions, the Central Bank of Nigeria (CBN) has decreased ATM withdrawal charges and inter-bank transfer fees.This is in accordance with the circular headed "Re: Guide To Charges By Banks, Other Financial And Non-Bank Financial Institutions" by Chibuzor Efobi, Director, Financial Policy and Regulation Department.According to the top bank, the updated guidance includes a review of other bank fees in order to keep up with market trends.

Bismarck Rewane, Managing Director of Financial Derivatives Company Ltd and economist, has projected the Central Bank of Nigeria (CBN) will spend between $8 and $10 billion to defend the naira this year, which would drag the country's gross external reserves to between $30 and $32 billion. The FX market could face pressure in the short term, but Rewane sees the effective exchange rate gaining as the differential between the official and parallel market rates narrows. The CBN's policy direction will be influenced by global developments and the adoption of its crawling peg strategy. Bisi Adeyemi, President and Council Chairman of NBCC, highlighted the challenges posed by an unstable global market and the implications for Nigerian businesses. Rewane said inflation would accelerate in the first half of the year before decelerating, warning that it was not in the interest of the country to continue to churn out data with integrity issues. Ben Llewellyn-Jones, British Deputy High Commissioner, underscored the strong bilateral ties between the two countries and the UK's commitment to strengthening existing trade relations.

Leading consumer goods manufacturing companies have faced severe funding pressure due to rising interest rates and foreign exchange scarcity. Financial Vanguard findings show that these companies have resorted to expensive bank borrowings to sustain their businesses, increasing their exposure to banks to N1.834 trillion in the first half of 2023. The finance cost from these borrowings rose by 411.2% to N330.972 billion in H1'23, driven by the steady increases in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN). The top five borrowers are International Breweries, Unilever Nigeria, Guinness Nigeria, Nestle Nigeria, and Nigerian Breweries Nigeria. Analysts and investment experts have criticized the high cost of borrowing from banks, arguing that capital market equity remains the best financing option for manufacturers to meet operational needs. They also advised manufacturing companies to consider Commercial Papers (CPs) for short-term borrowing to reduce finance costs and avoid banks' stringent conditions.

Electricity consumers in Nigeria have been protesting against the hike in prepaid meters prices announced by power distribution companies. The Electricity Consumers Protection and Advocacy Centre has accused the electricity sector of being structured to inflict hardships on the masses. After months of shutting down their meter application portals, some Discos have released revised prices of the product. The hiked prices follow the deregulation of meter sales by the Nigerian Electricity Regulatory Commission, giving room for vendors and buyers to sell meters at prices convenient to both sides. A single-phase meter rose from N88,000 to an average of N147,000, depending on the vendor. The new meter prices took effect from May 23, and customers would have their meter installed within 10 working days after payment had been made. The prices were as supplied by IBEDC meter vendor, Mojec Asset Management Company Limited. The Chief Executive Officer of Femadec Group, Fola Akinola, recently said that power distribution companies shut down their meter application portals because manufacturers and DisCos were regularising the prices of meters to reflect current economic realities. The NERC had released an order on the deregulation of meter prices under the MAP scheme, which stipulated that consumers should get energy credit as a refund for meters paid for. The Executive Director of the Electricity Consumers Protection and Advocacy Centre, Princewill Okorie, wondered why the Discos would be allowed to hike meter prices at a time when consumers are yet to come to terms with the Band A tariff hike. He claimed that the Discos, aided by NERC, have been extorting Nigerians by failing to abide by the MAP policy, which stipulates that consumers should get energy credit as a refund for meters paid for.

A Federal High Court in Lagos has directed the Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources and National Petroleum Investment & Management Respondent Services (NAPIMS) to stop allocating crude oil to Addax Oil Exploration Plc. The suit was filed by the Federal Government and the Attorney-General of the Federation, while Addax Petroleum Development of Nigeria Limited and Addax Petroleum Exploration (Nigeria) Limited are the first and second defendants/respondents respectively. The judge granted the Mareva Injunction, but ordered the government to swear to an affidavit that it would indemnify the defendants in the event that it misled the court to grant the injunction.

Nigerian President Bola Tinubu has directed Service Chiefs and heads of security and intelligence agencies to combat oil theft, stating that his administration will not tolerate such threats. The President also emphasized that Nigeria should not be on its knees due to security challenges while other countries are working and achieving great achievements. In his maiden official meeting with security and intelligence heads, Tinubu expressed gratitude for the sacrifices and loyalty of the armed forces, intelligence agencies, and paramilitary agencies in defending the country from terrorism, insurgency banditry, oil theft, sea robbery, and piracy. He emphasized the need for security agencies to redouble their efforts and emphasizes the need for coordination and timely reports. Tinubu has also outlined plans to reform security architecture and focus on maritime misfortunes, particularly oil theft. He has mandated security agencies to come up with a blueprint and has decided to ensure that armed forces are well-fed, well-kitted, and motivated. The President has also urged intelligence agencies to provide the necessary intelligence to carry out their assignments.

The International Monetary Fund (IMF) has advised Sub-Saharan African countries to eliminate tax exemptions and increase domestic revenue to reduce fiscal deficits, rather than reducing fiscal expenditure. The IMF also suggested that increasing women's participation in the labor force could boost GDP by about 8% in the coming years, despite the weakest medium-term growth outlook in over 30 years.

Despite the prevailing forex restriction for import goods by the Central Bank of Nigeria(CBN), textile is now the highest imported commodity according to the latest statistics from the National Bureau of Statistics(NBS). The value of imports in 2020, according to NBS, was 19.89tn, having grown by 17.32 percent year-on-year from 2019 to 2020 as imports stood at N16.96tn in 2019. 

The local stock market began the trading week on a down note as bad results from BUA Food Pls and 21 other companies caused a N29 billion decline in the market. The All-Share Index dropped by 55.01 percent to conclude at 44,399.66 points, a loss of 0.12%. Corresponding to that, the market capitalization as a whole decreased by N29 billion to end the day at N23.922 trillion. Price declines of major and medium capitalized equities, including those of BUA Foods, Nigerian Exchange Group (NGXGroup), International Breweries, Lafarge Africa, and Fidson Healthcare, were the main cause of the market's poor performance. Consolidated Hallmark Insurance increased by 4.48 percent to close at 70 kobo per share, while Wapic Insurance increased by 6.25 percent to settle at 51 kobo. nonetheless, Veritas Kapital Assurance took the top spot on the losers' ranking by 8.70 per cent to close at 21 kobo, per share.

The Monetary Policy Committee (MPC) is meeting in Abuja to assess global growth prospects and monitor the policy options of global central banks. Dr. Femi Saibu of the Department of Economics, University of Lagos, argues that 80% of Nigeria's inflation is caused by food shortage and that monetary tools are not effective in addressing it.

Today at CBN headquarters in Abuja, Mr. Godwin Emefiele, governor of the Central Bank of Nigeria, will officially launch the 100 for 100 Policy on Production and Productivity (PPP). The private firm would be chosen once the apex bank has determined that it can significantly affect the economy through the performance metrics.

In the last seven trading sessions, investors in Nigerian equities have made more than N981 billion in net capital gains, boosting the country's stock markets. The benchmark indices for the Nigerian stock market yesterday rose to a year-to-date return of 4.4 percent on the strength of increased demand across a number of market sectors, which translates to net capital gains of N981.1 billion over the course of the seven trading sessions. The market is reflecting its function as the barometer for the economy, according to Mr. Olatunde Amolegbe, head of the Chartered Institute of Stockbrokers (CIS). Acceptability will trigger a bullish advance all year long; otherwise, the market can experience a reversal, according to Kurfi.

Nigeria's President, Bola Ahmed Tinubu, has appointed Dr. Olayemi Michael Cardoso as the new governor of the Central Bank of Nigeria (CBN). Cardoso will lead the bank for five years, pending Senate confirmation. His appointment aligns with Tinubu's 'Renewed Hope' agenda, aiming to revitalize the economy and build confidence. Cardoso, a Nigerian finance and public policy expert, has made significant contributions to the private and public sectors.

The Federal Capital Territory Internal Revenue Service has started a campaign to foster a culture of tax compliance among residents and businesses in the FCT. The FCT-IRS acting chairman, who oversaw a road show yesterday to launch the campaign, said that the drive to raise awareness of better taxation will be stepped up and issued a warning that the agency would use existing laws to punish defaulters.

The Federal Government has suspended indefinitely its planned fuel subsidy removal and will amend the 2022 Appropriation Act to provide for subsidy payments from July 1. This was announced by the Minister of Finance, Budget and National Planning, Ms Zainab Ahmed, in a meeting with lawmakers at the National Assembly. The Nigerian National Petroleum Corporation (NNPC) Limited had revealed that Nigeria consumes 19.535 billion litres of petrol yearly, averaging 1.6 billion litres monthly. This brings yearly subsidy to about N4.6 trillion. The Nigeria Labour Congress (NLC) threatened to embark on a nationwide protest against the planned removal of fuel subsidy in the 2022 budget signed into law by President Muhammadu Buhari. The Finance Minister, Timipre Sylva, and the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Limited, Mele Kyari, met with the National Assembly leadership to amend the law to provide for an extension of subsidy provision beyond June 2022. Sylva said the government had initially planned to remove subsidies on petroleum products from July, but a reasonable provision was made in the 2022 national budget for subsidy payment till June.

The federal government has partnered with Wema Bank to establish digital hubs for micro, small and medium enterprises (MSME) in seven states. The FGN/ALAT Digital and SkillNnovation Hub will open in Lagos and Borno states, followed by Katsina, Cross River, Anambra, Oyo, and Kano. The initiative aims to empower young entrepreneurs with financial products, training, and support to build sustainable businesses and support Nigeria's economy growth. The hub will provide software engineering, product design, and other digital training to one million youths, while 500,000 SMEs will receive mentorship and business development mentoring. The government and WEMA Bank will provide grants, with N500 million allocated to SMEs and techprenuers under the scheme.

Nigeria risks being hard hit by an economic shock, as the ECA was drained from $72.411 million in January 2021 to $35.368 million in January 2022. Crude oil prices rose from $91.030 per barrel to $94.980 between 21 and 26 this January 2022. The national assembly retained the oil production target of 1.88 million, and global petroleum inventories will increase by 0.5million in 2022.

Nigeria bears the risk of suffering a severe economic shock similar to the one that occurred in 2016 when the price of crude oil fell to $20 per barrel. The ECA, which acted as a reservoir or buffer for the Federal Account Allocation Committee (FAAC), had been emptied within the preceding year, dropping from $72,411 million in January 2021 to $35,368 million in January 2022, according to the data. The account had a balance of $72,411 million between 20 January and 30 April 2021, per the official documents examined.Nigeria's crude oil production decreased from an average of 1.78 million barrels per day in December of last year and in January of 2022 to 1.42 million barrels per day on average in November, according to an OPEC poll. The world's petroleum reserves are predicted to increase by 0.5 million b/d in 2022. In December 2021, the average price of a barrel of Brent Crude oil was $74.17.

Nigeria bears the risk of suffering a severe economic shock similar to the one that occurred in 2016 when the price of crude oil fell to $20 per barrel. The ECA, which acted as a reservoir or buffer for the Federal Account Allocation Committee (FAAC), had been emptied within the preceding year, dropping from $72,411 million in January 2021 to $35,368 million in January 2022, according to the data. The account had a balance of $72,411 million between 20 January and 30 April 2021, per the official documents examined.Nigeria's crude oil production decreased from an average of 1.78 million barrels per day in December of last year and in January of 2022 to 1.42 million barrels per day on average in November, according to an OPEC poll. The world's petroleum reserves are predicted to increase by 0.5 million b/d in 2022. In December 2021, the average price of a barrel of Brent Crude oil was $74.17.

The Federation Account Allocation Committee (FAAC) disbursed N 786.161 billion in May 2023 federation account revenue to stakeholders. The Federal Inland Revenue Service (FIRS) has partnered with the Market Traders Association of Nigeria (MATAN) to collect and remit consumption tax to the informal sector. The total distributable revenue included statutory revenue of N519.545 billion, VAT revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion. The total deductions for cost of collection were N38.238 billion, while total deductions for transfers and refunds were N163.193 billion. The gross statutory revenue for May was N701.787 billion, surpassed by April's N217.743 billion. The distributable VAT revenue for May was N251.607 billion, with the federal government receiving N37.741 billion, states receiving N125.804 billion, and local government councils receiving N88.062 billion. The ECA balance stood at $473,754.57 as of June 22, 2023. The FIRS aims to improve VAT remittance by the informal sector through a new initiative called the VAT DIRECT Initiative (VDI).

The Federation Account Allocation Committee (FAAC) disbursed N 786.161 billion in May 2023 federation account revenue to stakeholders. The Federal Inland Revenue Service (FIRS) has partnered with the Market Traders Association of Nigeria (MATAN) to collect and remit consumption tax to the informal sector. The total distributable revenue included statutory revenue of N519.545 billion, VAT revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion. The total deductions for cost of collection were N38.238 billion, while total deductions for transfers and refunds were N163.193 billion. The gross statutory revenue for May was N701.787 billion, surpassed by April's N217.743 billion. The distributable VAT revenue for May was N251.607 billion, with the federal government receiving N37.741 billion, states receiving N125.804 billion, and local government councils receiving N88.062 billion. The ECA balance stood at $473,754.57 as of June 22, 2023. The FIRS aims to improve VAT remittance by the informal sector through a new initiative called the VAT DIRECT Initiative (VDI).

In December 2020, President Muhammadu Buhari promised Nigerians that an autogas policy would ensure that vehicles plying the country's roads run on Compressed Natural Gas (CNG). However, an investigation by The Guardian shows that the plan is yet to take off despite the commitment of resources for the conversion. The cost of gas has gone up by over 200% since the announcement, and the infrastructure to convert cars to be powered by gas has exponentially increased. As of yesterday, a litre of autogas was selling for an average N400 at the NNPC retail outlet along the Lagos-Ibadan highway. The Guardian investigation revealed that no one has come to fuel their cars at the gas pump for over two months, and only NNPC vehicles have been converted at the pilot phase. The Federal Government had set aside N250 billion for willing investors in autogas assembly plants, but the funds would barely convert 100,000 vehicles to autogas going by market rates.

The Federal Inland Revenue Service has said it generated N6.405 trillion in 2021 despite the economic downturn experienced in the globe due to the coronavirus pandemic. Companies Income Tax amounted to N1.896tr; Petroleum Profits Tax amounted to N2tr; Value Added Tax amounted to N2.07tr; Electronic Money Transfer Levy amounted to N114 billion; Earmarked Taxes amounted to N208. “The Service issued certificates for the sum of N147. Nami explained that in line with the law, the country entered into a second economic recession within five years..

30 days after assuming office, President Bola Tinubu’s economic policies and reforms have attracted both praise and criticism from home and abroad. However, the most vulnerable Nigerians only hear hardship as Renewed Hope risks morphing into despair, STEPHEN ANGBULU writes. The discontinuance of petrol subsidy and the unified exchange rate have attracted the praise of many multilateral organisations, foreign investors and Nigerians comfortable enough to bear the combined consequences of these policies. For most citizens, however, the past 30+ days have been a via dolorosa, even as the promised palliatives meant to cushion the aftershocks remain yet elusive. As more citizens sink into multidimensional poverty, the F.G. and Organised Labour are yet to finalise the various scopes of intervention. At the last meeting between both parties at the Presidential Villa on June 19, the F.G. said it had set up a steering committee to consider the various demands of the Organised Labour to produce a workable framework in eight weeks, that is, by August 14.

On May 29, the heavens opened and touched Abuja earth, marking the beginning of a new era and a new president. The rain and calm weather set the stage for a new era, with the end of prophesies and the beginning of a week of audacity. President Bola Tinubu's speech called for unity and the belief that without working together, we could not tackle the problems bedeviling us. Labour upstarts in Nigeria are fueling the fire, with marketers hiking fuel pump prices and profiting from scarcity. NLC president Joe Ajaero's hypocrisy and lack of cooperative unity are evident. He should learn from the history of labour and its interactions with politics, as movements do not follow political parties.

Banks are ignoring the Central Bank of Nigeria, leading to a deterioration of dollar scarcity. The Naira depreciated by 63% in the parallel market, with the CBN implementing changes such as eliminating multiple exchange rates and introducing a willing seller, willing buyer model. The volatility will continue, with the Naira depreciating depending on dollar supply. The exchange rate in both I& is expected to appreciate in the coming weeks.

Banks are ignoring the Central Bank of Nigeria, leading to a deterioration of dollar scarcity. The Naira depreciated by 63% in the I&E market, with the CBN intervening due to matured obligations. The volatility will continue, with the Naira depreciating depending on dollar supply. The exchange rate in both I&E and parallel markets will gradually go down.

According to a Daily Trust poll, the current Premium Motor Spirit (PMS) scarcity has subsided in and around the FCT.Due to the closure of several filling stations last week, which created an artificial shortage and lengthy lines of cars at the stations, it was not the best week for automobile owners in the FCT.Few filling stations were spotted pouring the stuff last week in and around the FCT, each with one or two pumping machines and lengthy lines.Experts blamed panic purchasing and stockpiling in anticipation of the elimination of subsidies, which the federal government eventually halted, for the gasoline shortage.

President Bola Ahmed Tinubu has ended the fuel subsidy due to resource drying, urging better investment in public infrastructure, education, healthcare, and jobs. He also called for a unified exchange rate to direct funds towards real economy investments. His administration will treat both new and old naira notes as legal tender, reduce interest rates, and target higher GDP growth and reduced unemployment. They will review investor complaints and ensure dividends are repatriated home. Tinubu pledges to work with international partners to end conflicts and make Nigeria a more perfect nation and democracy.

The Chartered Institute of Taxation of Nigeria (CITN) on Wednesday asked the federal government to go after the "big fish in the ocean" in order to widen the tax net and deepen compliance. President and Chairman of Council of the Institute, Adesina Adedayo also declared that the institute has opened up a platform of engagement with the government to shore up the revenue generation. The 40th anniversary of the institute is a platform to showcase the achievements of the institute. Nigerians can now earn US Dollars by acquiring premium domain names, most clients earning about $7,000 to $10,000. Daily Finance is sponsoring a millionaire man who reveals a $127/hour trick anyone can do to get rich with Bitcoin, without buying it.

The Organised Private Sector (OPS) and the Lagos Chamber of Commerce and Industry (LCCI) have warned of dire consequences of the Federal Government's suspension of the planned withdrawal of the subsidy regime announced on Monday. President Muhammadu Buhari has approved the suspension of the removal of fuel subsidy until further notice and proposed an 18 months extension to the National Assembly for the implementation of the Petroleum Industry Act (PIA). The Minister of State for Petroleum Resources, Timipre Sylva, has stated that government is working to ensure proper structures are in place before such a decision becomes inevitable. CEO of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, warned that the cost of funding the subsidy will be much higher this year due to the surge in crude oil price, and that some states may have to lay off some of their workforce.

NGF, Labour leaders seek forensic probe of NNPC's figures, alleging fraud. The Nigerian National Petroleum Corporation (NNPC) Limited has presented a bill of N3 trillion for deliberations at the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari. This is the amount required to continue to subsidise petroleum products for the 18 months extension recently approved by the Presidency. The Minister of Finance Budget and National Planning, Zainab Ahmed, explained that FEC considered the request so as to make additional funding provisions that will enable government meet incremental fuel subsidy payment in the 2022 budget. However, the Nigeria Governors' Forum (NGF) and the leadership of the Nigeria Labour Congress (NLC) have blamed the NNPC for the mismanagement of the proceeds accruing from oil. The Council directed the ministry to approach the National Assembly for an amendment to the fiscal framework, including the budget.

Nigeria's headline inflation rate rose to 15.63 per cent in December 2021, from 15.40 per cent recorded in November. This is due to global concerns over rising prices of essential commodities, leaving the Monetary Policy Committee (MPC) with hard choices as they meet next week. According to the Consumer Price Index (CPI), December recorded 1.82 per cent month-on-month change to push the headline inflation rate up. This suggests that prices showed an uptick in December 2021 but dropped when compared to the corresponding period of 2020. The NBS reported that in December 2021, all items inflation was highest in Ebonyi (18.71%), Kogi (18.37%), Bauchi (17.81%), Kwara (12.32%), Edo (13.46%), Cross River (13.93%), Kaduna (13.24%), Sokoto (14.53%) and Jigawa (0.56%). Food inflation also increased to 17.37% in December from 17.21% in November, caused by increases in the price of bread and cereals, food product, meat, fish, potatoes, yam and other tubers, soft drinks and fruits.

Oil discovery has become Nigeria's developmental Achilles' Heel, leading to a Resource Curse and a pathological dependence on oil export earnings. This has resulted in severe fiscal contraction and other economic challenges, such as unemployment, inflation, and payments imbalance. Oil-dependence also sets in motion a strong exclusionary effect on other sectors, leading to the underdevelopment of manufacturing capacity for industrial exports and export of processed agricultural goods. Malaysia progressed through Vertical Diversification from its modest agricultural base, while Nigeria's pathology of oil dependence became entrenched over time. Nigeria's oil exports in 2019 were 94.1% of total exports, oil rents amounted to 9% of GDP, and the oil and gas sector make only a small contribution to GDP. Nigeria spent $264.57b importing petroleum products during the five-year period 2015.

Nigerian equities experienced a bullish rally after President Bola Tinubu's inauguration, resulting in a net average gain of N1.55 trillion. This increase in demand for oil and gas and banking stocks was driven by expectations of reforms in these sectors and a positive economic outlook. The sustained four-day run led Nigerian equities to the global chart for best-performing stocks. The STOXX Europe Index and MSCI EM Index experienced a 0.8 per cent dip, while the All Share Index (ASI) and aggregate market value of quoted equities at the Nigerian Exchange rose by 1.1 per cent and 0.9 per cent, respectively. The increase in market value was primarily due to share price appreciation, rather than changes in shares structure. The banks-led financial services sector remained the top activity chart, with 1.890 billion shares valued at N23.041 billion in 17,806 deals.

Kaduna State Internal Revenue Service (KADIRS) has expressed optimism that the projected N67 billion Internally Generated Revenue (IGR) for 2022 fiscal year is realistic and realisable. The Executive Chairman  of Kaduna State Internal Revenue Service (KADIRS), Dr. Zaid Abubakar who made this known, disclosed that the projected Internally Generated Revenue is higher than the expected statutory allocation receipt for Kaduna state, from the federation account. The Executive Chairman further said that Kaduna State Internal Revenue Service operations have been fully computerised to enable citizens to make tax payments and obtain licences and permits with ease.

2022 is expected to bring significant changes to Nigeria's oil and gas sector, including the removal of the petrol subsidy. The Association of Senior Civil Servants of Nigeria (ASCSN) has begun mobilizing its members to resist the removal of subsidies. Dr. Tommy Okon, the National President of the association, criticized the government's policy abortion, claiming that the government is foot-dragging on the payment of the N30,000 minimum wage. He argued that the removal of the petrol subsidy is an attempt to mobilize resources for the 2023 elections and not the wellbeing of the people. The Nigeria Labour Congress (NLC) has urged workers and citizens to prepare for a total war against the fuel price hike. The NLC has called on affected states to commence indefinite strikes to force the respective state governments to implement the new wage. The NLC has stated that Nigerians have suffered enough and will not endure more punishment through further petrol and electricity price increases.

Lagos State's Internally Generated Revenue (IGR) for 2021 may have suffered a N180 billion shortfall at the end of the year due to an average N15 billion monthly deficit. The state had projected an average of N60 billion monthly to finance the budget signed into law by Governor Babajide Sanwo-Olu, but only generated an average of N45 billion monthly. NBS statistics revealed that the state generated N127 billion and N267.23 billion in quarter one and half year respectively. Lagos State has not met its monthly IGR target by about N183 billion. Capital expenditure may have borne the brunt of the shortfall, with the state spending N241 billion in 2019, N555.6 billion in 2020, and N386.5 billion in 2021. Tax consultant Prof. Godwin Oyedokun noted that budget and expected revenue are based on assumptions, which may not be achieved or not.

The Lagos Chamber of Commerce and Industry (LCCI) has called for better management of the country's inflation, foreign exchange (FX) and debt portfolio indexes. The LCCI President, Dr Michael Olawale-Cole, projected headline inflation to remain elevated due to food supply shocks, FX policies and illiquidity, higher energy costs, and heightened insecurity. He also anticipated Nigeria's debt stock and debt-servicing to revenue ratio to remain elevated. He reiterated LCCI's position on the need for monetary authorities to liberalize the FX market by unifying the multiple FX rates and ensuring they were market-driven. The dollar has put on a show this year, and CareSocks, FXTM, Unsold Sofas, Solar Panels, Arthrazex, Hair Transplant in the US, Study In USA, Counseling Courses in Australia, and Top 15 At-Home Exercises to Lose Weight and Build Muscle are all available to help traders reach their goals.

The Central Bank of Nigeria (CBN) has been a prominent and influential institution in Nigeria's political economy since 1959. The CBN Act, of 1958 and the Banking Decree 1969, established the legal framework for operating and regulating banks in the country. Despite military coups and civil wars, the CBN has always sought an independent and professional institution to meet the development aspirations of a post-colonial economy. The CBN Act, 2007 enacted in 2007, aimed to create a fully autonomous body to promote stability and continuity in economic management. However, some observers argue that the Act has been compromised and seen as operationally not free from political interference. The monetary policy direction of the bank should not be based on the whims of the President or minister, as it is largely based on technical considerations dictated by the core mandates of a central bank, including price and exchange rate stability, legal tender issuance, and lending to government entities. The advocacy for monetary policy autonomy has recognized the need for a more independent and professional central bank.

NEPZA is cooperating with the Auditor General's Office by providing details of its transactions, including compliance and due process requirements, under the new management led by Prof. Adesoji Adesugba. The new policy was strictly applied in the implementation of the earmarked Special Economic Zones, such as the Medical Free Zone, Lekki, Lagos, Katsina Cotton and Textiles Free Zone, Kwara Agro-Allied and Medical Free Zones, as well as infrastructure upgrade at Calabar, Lagos and Kano free zones. The new management of NEPZA has revitalised the Authority's Anti- Corruption Unit in partnership with the ICPC to ensure value for money in the deployment of special economic zones for the industrial development of the country. All relevant information on procurement processes in the agency is being provided to the Auditor General's office and the new management remains committed to the anti-corruption agenda and value for money.

The Nigerian naira has fallen by 6.7% in two days, trading for N710 against the U.S. dollar on Aboki Forex. This record fall comes a year after the Central Bank of Nigeria (CBN) prohibited the sale of foreign currency to bureau de change operators (BDC) due to their unauthorized sales above their authorized market. The suspension of BDC operators' ability to source foreign exchange from the CBN could impact the country's economy by mounting further pressure on the national currency. The apex bank threatened to arrest and prosecute Nigerians using naira to buy dollars last week, but has been criticised for failing to initiate policies to stabilize the country's currency value in the forex market.

The Nigerian Presidency has announced that President Bola Tinubu's administration is working on policies to strengthen the Naira. Special Adviser to the President on Economic Matters, Dr Tope Fasua, stated that the rise in the naira's value is expected to continue due to government policies. Fasua warned that Nigerians hoarding foreign currencies with the hope of the local currency falling would be shocked by the policies being rolled out by the Central Bank and the government led by the President.

The Central Bank of Nigeria (CBN) governor, Dr Olayemi Cardoso, said the country was going through economic challenges due to macroeconomic issues linked to the COVID-19 pandemic and the ongoing Russia-Ukraine war. He stated that the CBN's strategic priorities include fostering financial inclusion and pushing the boundaries to over 95%.
Princess Iphie, author and Executive Director of Asher Global Treasures, emphasized the need to preserve the evolution of money and its history in Nigeria. She argued that the Federal Government has huge foreign currency denominated debt that dangles like an albatross over the economy. Instead of pursuing currency speculators, greater attention should go to debt reduction, extinguishing outstanding CBN obligations, and engineering infrastructure development.

Market mechanisms should be allowed to allocate foreign exchange according to market reality, and the government should let markets sort themselves out. Speculation can be minimized if policy discourages dollar payments, and services or products should be priced in naira, including bonuses given to players and property owners.

Nasarawa State Governor Abdullahi Sule revealed that the state gets N4.2 billion monthly from federal account, and that spending money to the tune of N4.4 billion is not sustainable. Senator Abdullahi Adamu identified paucity of funds as a major issue affecting the standard of Nigerian Universities. Vice chancellor of Nasarawa State University, Professor Suleiman Bala Muhammad, appealed to the state government to take over the payment of staff salaries, and called for the building of more classrooms and offices.

The National Economic Council (NEC) hinted that petroleum subsidy would be over in June, but former Head of State Gen. Abdulsalami Abubakar warned against it, saying it would push more Nigerians into poverty. The Nigerian Labour of Congress (NLC) insisted it will not rescind its decision to call out Nigerian workers on January 27 over the Federal Government's decision. The views of the regulators correspond with the positions of the World Bank and IMF, which asked the Federal Government to remove fuel subsidy.

The Nigerian Exchange Group (NGX Group) is optimistic that President Bola Tinubu's policy direction will increase foreign investment in Nigeria. The group believes the new administration's readiness to remove fuel subsidies, unify exchange rates, and ensure investors and businesses repatriate dividends and profits will lead to more investment flows. Foreign transactions on the NGX have decreased by 38.5% since 2007, but the president's initial comments are expected to attract more foreign investments. Nigeria's growing population of young entrepreneurs, FMCG industry traction, and oil production are promising signs of growth in Nigeria and Africa. Nigerian Exchange CEO Temi Popoola expressed confidence in the new administration's ability to address forex constraints, despite declining trade volume due to forex constraints. He welcomed the International Court of Arbitration delegation and emphasized the importance of partnerships for capital raising.

The Nigerian Exchange Group (NGX Group) is optimistic that President Bola Tinubu's policy direction will increase foreign investment in Nigeria. The group believes the new administration's readiness to remove fuel subsidies, unify exchange rates, and ensure investors and businesses repatriate dividends and profits will lead to more investment flows. Foreign transactions on the NGX have decreased by 38.5% since 2007, but the president's initial comments are expected to attract more foreign investments. Nigeria's growing population of young entrepreneurs, FMCG industry traction, and oil production are promising signs of growth in Nigeria and Africa. Nigerian Exchange CEO Temi Popoola expressed confidence in the new administration's ability to address forex constraints, despite declining trade volume due to forex constraints. He welcomed the International Court of Arbitration delegation and emphasized the importance of partnerships for capital raising.

President Muhammadu Buhari has attributed Nigeria's progress towards food sufficiency to the adoption of the Anchor Borrowers' Programme (ABP). The Federal Government has invested N1 trillion into local rice production, and the springing up of more domestic rice mills has further guaranteed the march to food sufficiency. The CBN has financed 4,489,786 farmers and planted over 100,000 hectares of wheat across 15 States, and is exploring a new rice seed variety with the Rice Farmers Association of Nigeria (RIFAN). The CBN finance has created about three million jobs, especially for farmers and suppliers, and five million jobs are provided every year through this financing.

The Anchor Borrowers' Programme (ABP) has so far supported over 4.8 million small holder farmers across Nigeria for the production of 23 agricultural comodities, including maize, rice, oil palm, cocoa, cotton, cassava, tomato and live-stock. The Federal Government has sunk N1 trillion into local rice production, and the CBN is exploring a new rice seed variety with the Rice Farmers Association of Nigeria (RIFAN) that has potential to deliver over 8 tons per/hectare.

The Anchor Borrowers' Programme (ABP) has so far supported over 4.8 million small holder farmers across Nigeria for the production of 23 agricultural comodities, including maize, rice, oil palm, cocoa, cotton, cassava, tomato and live-stock. The Federal Government has sunk N1 trillion into local rice production, and the CBN is exploring a new rice seed variety with the Rice Farmers Association of Nigeria (RIFAN) that has potential to deliver over 8 tons per/hectare.

The federal government is expected to gain billions of naira from the implementation of its sugar tax, which has led to an increase in the cost of select soft drinks, carbonated drinks, and sweetened beverages. The average amount of soft drinks consumed per person is projected to be 57.02 litres in 2021.

The federal government is expected to gain billions of naira with the implementation of its sugar tax, which has led to an increase in the cost of select soft drinks, carbonated drinks, and sweetened beverages, to assist the funding of its national budget. In order to raise more money, the government imposed an additional N10 excise duty tax on a litre of soft drinks this year. The government will generate about N141.250 billion yearly from the introduction of the N10 sugar tax on soft drinks and dairy goods alone. Nigerian soft drink industry revenue in 2021 was N9.992 trillion, or $24,048,550,877. By 2026, volume in the soft drinks industry is anticipated to reach 14,713.5 million liters. The soft drinks market is anticipated to have volume growth of 0.5% in 2022. The total amount of soft drinks consumed in Nigeria this year will then be 73,567,500 million liters. The 2021 Finance Act includes a provision that would increase taxes on non-alcoholic and carbonated beverages. According to Nigeria's Labour Union, this proposal will cause further hardship for the populace and result in job losses. 

The Organisation of Petroleum Exporting Countries (OPEC) and its allies announced that they will return 400,000 barrels per day to the global oil market in February. Nigeria is expected to pump 1.7 million barrels a day, but lingering challenges may undermine the country's capacity. The deadline for compensation over previous overproduction will be extended until June. The alliance is scheduled to meet on February 2 to set production levels for March. OPEC Secretary-General Sanusi Barkindo forecasts world oil demand to grow 5.7 mb/d in 2021 and 4.2 mb/d in 2022. Non-OPEC liquids supply growth in 2021 is forecast at 0.7 mb/d y-o-y to average 63.7 mb/d. OPEC crude oil production increased by 275 tb/d in November m-o-m to average 27.72 mb/d. Saudi energy minister Prince Abdulaziz bin Salman closed the December meeting and declared the new meeting open.

According to Engr Otis Anyaeji, a former president of the Nigerian Society of Engineers (NSE), if the real estate market is stable, Nigeria won't ever have a recession.He claimed that one of the most significant economic areas that required adequate development was real estate.He said that given the industry has the potential to stabilise the economy, it was crucial that developers look for alternate energy sources to avoid being hampered by issues in the electricity sector.

Nigeria won't ever experience a recession, according to Engr. Otis Anyaeji, a former president of the Nigerian Society of Engineers (NSE).He asserted that real estate was one of the most important economic sectors that needed proper growth.According to him, it is essential that developers look into alternative energy sources since the industry has the ability to stabilise the economy. This will help them avoid being restricted by problems with the electrical sector.

Due to a rise in food prices, Nigeria's inflation rate climbed by 0.23 percentage points, bringing the headline inflation rate in December 2021 to 15.63 percent, up from 15.4 percent the previous month. The headline was based on data from the National Bureau of Statistics (NBC) that showed a rise across all COICOP (classification of individual consumption according to purpose) divisions. The most significant price increases were observed in gas, liquid fuel, alcohol, actual and imputed housing rent, narcotics, cigarettes, clothing, footwear, and other materials used in clothing and footwear, as well as other articles of clothing and clothing accessories. They made a point of saying, "Food inflation on an annual basis peaked in December 2021."

The Nigeria Liquefied Petroleum Gas Association (NLPGA) has proposed an N800 billion federal government funding intervention to accelerate Autogas deployment in Nigeria. The intervention aims to cushion the impact of high energy costs exacerbated by petrol subsidy removal and boost the country's transition to cleaner, more sustainable energy sources. The LPG industry in Nigeria recorded an impressive turnover of over N1 trillion in 2022, thanks to aggressive policies by the federal government between 2007 and 2022. The conference, titled "LPG - Bridging the Energy Transition," will make recommendations for the government's Autogas policy and rollout in Nigeria. The proposed palliatives cover petrol vehicles, tricycles, petrol generators, vans, and lorries, with incentives ranging from N200,000 to N50,000 and a duty levy and VAT waiver for 36 months' window for vans and lorries. The government should also consider intervening urgently with necessary policies to set the foundation for the looming industry in the next two years.

JP Morgan estimates Nigeria's net foreign reserve to be around $3.7 billion, significantly below the $33.8 billion reported on the Central Bank of Nigeria (CBN) website. This figure is much lower than the $14 billion net figure at the end of 2021. The lower-than-reported forex reserve is due to larger currency swaps and borrowings against the forex reserve. The bank added $5 billion in International Monetary Fund Special Drawing Rights to external reserves, resulting in total gross forex reserves of $37.8 billion. The bank believes the CBN can withstand the pressure due to profit from swap arrangements between the CBN and commercial banks, allowing rates to continue to rise.

JP Morgan estimates Nigeria's net foreign reserve to be around $3.7 billion, significantly below the $33.8 billion reported on the Central Bank of Nigeria (CBN) website. This figure is much lower than the $14 billion net figure at the end of 2021. The lower-than-reported forex reserve is due to larger currency swaps and borrowings against the forex reserve. The bank added $5 billion in International Monetary Fund Special Drawing Rights to external reserves, resulting in total gross forex reserves of $37.8 billion. The bank believes the CBN can withstand the pressure due to profit from swap arrangements between the CBN and commercial banks, allowing rates to continue to rise.

The Nigeria Labour Congress (NLC) boycotted talks with the Federal Government yesterday and presented a list of demands, including an increase in minimum wage, tax holiday, and revert to status quo. The government acknowledged the feasibility of the demands, but stated that they would be presented to President Bola Tinubu with immediate effect. The NLC had insisted that government must revert to the previous petrol pump price. The government's delegation told State House Correspondents that most of the demands were not impracticable and would be tabled before the president. The Nigeria Labour Congress (NLC) has been absent from the meeting, but negotiations are continuing with all labour unions and stakeholders.

Organised Labour has warned the Nigerian government against a planned 40% increase in electricity tariffs by July 1, claiming it will increase the burden on Nigerians. The Nigeria Labour Congress (NLC) has removed the petrol subsidy and unified Naira exchange rates, causing financial pressure on many Nigerians. The Nigeria Electricity Regulatory Commission (NERC) is currently reviewing the Multi-Year Tariff Order (MYTO) and will implement the review from July 1. The major determinants of the review are inflation rate, Naira/Dollar exchange rate, and gas price. NLC President Joe Ajaero criticized the plan as insensitive and callous, citing the over 100% increase in pump prices of premium motor spirit and a shift in exchange rate. The NLC believes the issue of capacity to pay and quality of service delivery is superior to market rationalization. The NLC advises market fundamentalists to check their conscience and consider the potential consequences of the proposed tariff hike for collective safety.

The Nigeria Social Insurance Trust Fund (NSITF) is expanding its operations to skills acquisition and conditional cash benefits to vulnerable Nigerians. This initiative is a high water mark from a management determined to break the crouching hills of lethargy and broaden opportunities for Nigerians to further access the elastic life-saving prospects in the blue collar world. The NSITF plans to integrate all federal government-owned skills centres and harmonize their curriculum for international standardization.

The Nigeria Social Insurance Trust Fund (NSITF) is expanding its operations to skills acquisition and conditional cash benefits to vulnerable Nigerians. This initiative is a high water mark from a management determined to break the crouching hills of lethargy and broaden opportunities for Nigerians to further access the elastic life-saving prospects in the blue collar world. The NSITF plans to integrate all federal government-owned skills centres and harmonize their curriculum for international standardization.

Oil prices rose ahead of an OPEC meeting in Vienna.In the meeting, producers are expected to extend a supply-cut deal that came into effect in January 2022 with the goal of tightening supplies and propping up prices. An extension may include a review in June     2022 should healthy demand overheat the market.

The African Continental Free Trade Area Agreement (AfCFTA) came into force on January 1, 2021, but Nigeria continues to lag behind due to structural challenges, Coronavirus pandemic and lack of consensus on trade protocols and strategy. Despite the ratification of the trade deal among African countries, the political will to implement the deal remains in doubt. Nigeria has lost opportunities to enjoy projected income through tariffs on its sensitive products as some of the products will have to be liberalised within the 10-year period agreed in the deal. Stalling implementation also means that most of the products on the sensitive list will be liberalised, putting the country at a disadvantage. The deadline for 90% tariff liberalisation was July 1, 2020. AfCFTA is expected to liberalise seven per cent of "sensitive products" over a 10-year period, but disruptions of global supply chains and non-tariff barriers have limited its potential. The Protocol Relating to the Free Movement of Persons, Right of Residence, and Right of Establishment is expected to serve the interests of African workers, entrepreneurs, and the large informal sector, but only four countries have deposited their instruments of ratification at the AU depository. Intra-African trade accounts for 17 per cent of African exports, but Nigeria's share is low.

OPEC and its allies have agreed to reduce production targets between January and December 2024 by 1.4 million barrels per day (bpd), bringing total production to 40.463 million bpd. Saudi Arabia announced a production cut of one million bpd, while other members extended earlier cuts until the end of the year. OPEC+ aims to achieve and sustain a stable oil market and adjust overall crude oil production to 40.46 mb/d from January 1 to December 2024. The OPEC and non-OPEC Ministerial Meeting reaffirmed the Joint Ministerial Monitoring Committee's mandate to review global oil market conditions, production levels, and conformity. The meeting emphasized the importance of adhering to full conformity and compensating countries producing above the required production level. The 36th OPEC and non-OPEC Ministerial Meeting is scheduled for November 26, 2023 in Vienna.

Ossiom Power in Benin City has commissioned a 40MW Independent Power Plant (IPP) to provide power to the Benin Industrial and Enterprise Park and local communities in Ologbo, Ikpoba Okha Local Government Area of Edo State. This is a testament to Governor Godwin Obaseki's pledge to light up Edo State. The BEP is a 997-hectare, mixed-use development designed to accommodate light industries and residential zones. Thisday is a public trust dedicated to the pursuit of truth and reason, covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community. The 40MW plant was tested on 29th December and is now providing electricity to Ologbo and Obayantor communities in the area. Thisday is a public trust dedicated to the pursuit of truth and reason covering a range of issues.

Before the 2021 fiscal year expires in March 2022, the Nigerian Association of Resident Doctors has requested that the Federal Government take prompt action to pay its members the missed 2020 Medical Residency Training Fund. The association's president signed the statement, although some members hadn't yet received paid for their missed 2020 MRTF.The organisation claimed. NARD urged the government, key players, and well-intentioned Nigerians to exert pressure on the governors of Abia, noting that the situation has turned into one that is inhumane and shameful...

In order to review some important concerns and portions of the Pension Reform Act of 2014, the Nationa Pension Commission (PenCom) will approach the National Assembly. The choice was made during a retreat in Abuja to discuss the 2014 Act. During January 12 - January 14, 2022, PenCom held a retreat to identify key points that needed to be examined in the 2014 reform Act before moving forward with legislative action. Aisha Dahiru-Umar, director-general of PenCom, explained to the attendees during the retreat's opening ceremony how the Pension Reform Act 2014 codified one of the federal government's most significant socioeconomic reform initiatives, creating a pension industry with more than #13 trillion in pension assets.

Nigerians may need to adjust their expectations ahead of possible removal of subsidy as the rising price of crude oil may push Premium Motor Spirit (PMS) to N403 per litre. The Nigeria Governors' Forum (NGF) has initiated talks with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on the proposed removal of subsidy on petrol. The National Economic Council (NEC) has disclosed that a decision on the removal of petrol subsidy will be made in June when the provision for its payment in the 2022 budget expires. The NLC has mandated all states organs to intensify mobilisation for next Thursday's nationwide protest against the Nigerian government over its proposed increase in the pump price of petrol. Stakeholders have insisted that liberalisation of the downstream sector, including removal of subsidy, were necessary steps if the country must end its borrowing and revive the downstream segment of the nation's petroleum industry. The Federal Government had opted for deregulation of the downstream, partially removing subsidy from petrol, resulting in a doubling of the pump price. In December 2021, the NLC and TUC forced the Federal Government to a dialogue, where the Nigerian National Petroleum Corporation (NNPC) agreed to slash N5 from N167.44 to N162.44. This was in contrast to expectations that the signing of the Petroleum Industry Act (PIA) would automatically commence deregulation.

Because generated electricity was not fully evacuated onto the national grid between 2015 and 2021, power generation companies lost at least N1.632 trillion. The Association of Power Generation Companies' statistics shows that out of a total generation capacity of 7793MW, 1 billion loss over 3742MW of power was left stranded. Due to the 3699MW of stranded power, N264 billion was lost; the power producing companies then lost N256 billion. Regarding the frail transmission and distribution network, it has been found that infrastructure affects reliability, and correct metering ensures accurate invoicing. However, the problem's primary symptom can be resolved. Power specialists are thrilled about this because they think it would help to tackle the problems facing the industry. Gencos reportedly handed to the royal family for the first time in Nigerian history.

Because generated electricity was not fully evacuated onto the national grid between 2015 and 2021, power generation companies lost at least N1.632 trillion. The Association of Power Generation Companies' statistics shows that out of a total generation capacity of 7793MW, 1 billion loss over 3742MW of power was left stranded. Due to the 3699MW of stranded power, N264 billion was lost; the power producing companies then lost N256 billion. Regarding the frail transmission and distribution network, it has been found that infrastructure affects reliability, and correct metering ensures accurate invoicing. However, the problem's primary symptom can be resolved. Power specialists are thrilled about this because they think it would help to tackle the problems facing the industry. Gencos reportedly handed to the royal family for the first time in Nigerian history.

President Bola Ahmed Tinubu has proclaimed the end of the petrol subsidy regime in the Nigerian oil sector in his inaugural address. Subsidy has been a tool of mass immiseration and the enrichment of a few at the expense of the vast majority. The Bola Tinubu administration must make clear what it plans to do in the immediate to alleviate the suffering of the people and how it intends to utilise funds saved and channelled from the provision of petrol subsidy to other causes. His words could mark the first steps of our long walk back to economic solvency.

The NIRSAL Microfinance Bank (NIRSAL-MFB) has partnered with the Nigerian Financial Intelligence Unit (NFIU) to recover N450.9 billion outstanding loans issued to farmers through the Central Bank of Nigeria (CBN) Anchor Borrowers' Programme (ABP). The collaboration aims to ensure all indebted farmers are paid up. N1.12 trillion was disbursed to 563 anchors, with about N670.4 billion repaid. The NFIU is providing intelligence to NIRSAL-MFB to ensure the balance of N450.9 billion is recovered. The collaboration demonstrates a more aggressive approach to recovering outstanding loans. The use of Global Standing Instructions (GSI) has made many beneficiaries reluctant to repay their loans. A self-loan liquidation app has been launched by the bank to help borrowers liquidate their loans online.

President Bola Tinubu urged Nigerians to bear with the discomfort arising from his reforms, saying that it is temporary. He said ‘Renewed Hope’, which emphasizes his campaign promises, will be faithfully implemented and bring relieve to the masses. At the palaces of the Awujale Oba Sikiru Adetona, Alake of Egbaland, Oba Adedotun Gbadebo, he admonished Nigerians to demonstrate the virtue of good citizenship by cooperating with his reform-driven administration. Eminent Nigerians including business mogul Dr. Mike Adeniyi Adenuga, Chairman of Globacom Nigeria Limited, former Ogun States Governor Olusegun Osoba, Gbenga Daniel and former Deputy Governor Adegbenga Kaka, were among dignitaries that received him at Ijebu-Ode.

Olumide Akpata, President of the Nigerian Bar Association (NBA), has hinted that a Senior Advocate of Nigeria (SAN) and six other lawyers believed to have aided judges in the issuance of conflicting orders may soon face the Legal Practitioners Disciplinary Committee. He made the disclosure at a press conference in Abuja, where he addressed stakeholders on the rationale behind this year's Justice Sector Summit held today in the FCT. Akpata regretted that there had been a serious gap in the justice system, especially in the area of judges' appointments, funding of the sector and undue delays of litigations. The NBA is organising the summit in collaboration with other groups and Vice President Yemi Osibanjo.

Olumide Akpata, President of the Nigerian Bar Association (NBA), has hinted that a Senior Advocate of Nigeria (SAN) and six other lawyers believed to have aided judges in the issuance of conflicting orders may soon face the Legal Practitioners Disciplinary Committee. He made the disclosure at a press conference in Abuja, where he addressed stakeholders on the rationale behind this year's Justice Sector Summit held today in the FCT. Akpata regretted that there had been a serious gap in the justice system, especially in the area of judges' appointments, funding of the sector and undue delays of litigations. The NBA is organising the summit in collaboration with other groups and Vice President Yemi Osibanjo.

Nigeria's President Tinubu has re-echoed his views on subsidy removal in his inaugural speech as the 16th president. Marketers have been affected by the announcement, with many filling stations stopping dispensing. The government has not provided a clear pathway for the removal of subsidies, leading to concerns about chaos and marketers hoarding products. Stakeholders have backed the plan, but warned that without proper consultation and planning, the removal could backfire. Energy expert Ameh Madaki believes a phased approach with proper consultation and pricing planning would prevent disruption to the economy. Nigeria's President Tinubu is ready to tackle economic challenges by allowing national and subnational governments to generate, transmit, and distribute electricity using local resources. This would improve electricity supply and drive investment in the electricity sector. Subsidies have deprived the economy and petroleum sector of investments, jobs, and revenues.

Nigerians are protesting the recent increase in fuel pump prices, causing panic buying and long queues. The removal of fuel subsidy by President Bola Tinubu has led to a nationwide ban on fuel sales between N480 and N570 per litre. This has led to stranded individuals in Abuja being unable to access their work places. Nigerians have criticized the Federal Government for being insensitive to their struggles and blaming the government for not being more concerned about the masses. The Independent Petroleum Marketers Association of Nigeria (IPMAN) President Chinedu Okoronkwo attributed the increase to the cost of dollars, stating that petroleum products are imported to Nigeria using dollars. IPMAN National Operations Controller Mike Osatuyi has previously projected that pump prices would increase when new fuel imports come into the country in July 2023.

The groaning occasioned by the removal of the fuel subsidy grew louder on Monday as the Nigerian Labour Congress said it was ready to fight the economic pains and hardship caused by the Federal Government’s decision.University workers under the aegis of the Senior Staff Association of Nigerian Universities, the University of Lagos chapter of the Academic Staff Union of Universities, The varsity unions decried the situation, saying the subsidy was ’unintelligently removed. ’The National Assistant Secretary, Chris Onyeka,“We are going to give the Federal Government an ultimatum. But they have refused to make amends. Let them prepare themselves because we are preparing. We are ready to fight back, ” he said, The product currently sells for between N568 and N617 per litre.

The Nigerian government and Labour team met to discuss the removal of fuel subsidy, which led to a nationwide strike. Negotiations will continue tomorrow on the demands, with the government team stating that Labour's demands are "not impracticable." The Nigeria Labour Congress (NLC) leadership, which attended the meeting, declared its intention to go ahead with a strike. The government received more support for the subsidy removal from manufacturers, investors, and business concerns. The government will consider wage increases, with a tripartite committee consisting of the Federal Government, states, organized labour, and private sector. The committee will study the dynamics and categories affected.

Labour argues that the cost of living will rise with subsidy removal, reducing purchasing power. Minimum wage is the top priority.

Barely a month after deregulation, It also showed that the six companies, including Eterna, A visit to many private depots in Apapa, We have not started importing fuel — oil marketers The national president, could not be reached for comments, who noted said the oil marketers have not yet commenced the importation, “The cost of importing petrol has tripled because of subsidy withdrawal. “This means that a lot of funds are needed than before. Ranging from N510- depending on location, who pleaded anonymity, “We have applied for license to import. We are waiting on the regulator. Adequate caution is required from everyone, including the banks that will provide the funds, Farouk Ahmed, including Uber, a distance that used to be below N1000. A distant that used to be less than N1000..

President Bola Tinubu warned that ignoring Nigeria's large and potent economy would be a peril to the universe. He joined other world leaders in the consensus for redesigning the global financial architecture that would favor poverty reduction, debt restructuring, and more consideration for vulnerable countries affected by climate change and Covid-19. Tinubu declared that the ongoing reforms, including the removal of fuel subsidy and streamlining of exchange rates, would be sustained for a more competitive economy that would attract Foreign Direct Investment (FDI). He urged foreign investors to take advantage of opportunities in Nigeria. Tinubu met with President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim) Prof. Benedict Oramah and President of European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso at separate meetings on the sidelines of the Summit for New Global Financing Pact. He emphasized Nigeria's readiness for global business and the need for reforms for national survival. AfreximBank president commended Tinubu for the bold steps in removing the fuel subsidy and unifying the exchange rate, assuring the Nigerian leader of the full support of the financial and development institution on the ongoing reforms.

President Bola Tinubu inaugurated the National Economic Council (NEC) led by Vice President Kashim Shettima, announcing the council's role in transforming Nigeria's economic fortunes. The inauguration came a week after Tinubu directed the NEC to meet to address the effects of the petroleum subsidy. The NEC is responsible for promoting economic growth and development, focusing on job creation, food security, and poverty reduction. The administration has also highlighted eight priority areas, including security, economy, jobs, agriculture, and infrastructure. The NEC meetings have been productive and have produced key outcomes, resolutions, and recommendations into brilliant government policies. Tinubu emphasized the need for Nigerians to harness the growth potential and bring about serious development, stating that collaboration is not a crime. The council meets monthly and has the flexibility to develop infrastructure within local government areas.

President Bola Tinubu and world leaders met in Paris to discuss redesigning global financial architecture for poverty reduction, debt restructuring, and vulnerable countries affected by climate change and COVID-19. The summit aimed to scale up finances and support developing countries for energy transition and poverty reduction, while respecting national sovereignty.

President Bola Tinubu met with the Chairman of the Economic and Financial Crimes Commission (EFCC) and the Chief Executive Officer (CEO) of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari. Kyari said the federal government is owing the company the sum of N2.8 trillion that it had already paid on petrol subsidy, making it impossible for the company to have funds to channel into its core businesses. The NNPCL boss assured that government will initiate measures to cushion the effects of the removal of subsidy. The federation is waiting for NNPC to settle up to N2.8 trillion of its cashflow from the subsidy regime, which could be a huge challenge for the company. This is due to the country not having the money to pay for the subsidy and NNPC not being able to pay their bill.

 

 

 

 

 

President Bola Ahmed Tinubu is said to have withdrawn his support for Senator Godswill Akpabio in the contest for the Senate President in the 10th National Assembly. Senators from the South West have called for a meeting to review their position on choice of leadership of the Senate. Tinubu is resolute in running a corruption-free government, with emphasis on strengthening existing policies and institutions concerned with anti-corruption. He declared that his government would take proactive steps such as championing a credit culture to discourage corruption. President Bola Tinubu has not supported any senator with cases of corruption in anti-graft agencies.

 

 

 

 

 

President Bola Ahmed Tinubu is said to have withdrawn his support for Senator Godswill Akpabio in the contest for the Senate President in the 10th National Assembly. Senators from the South West have called for a meeting to review their position on choice of leadership of the Senate. Tinubu is resolute in running a corruption-free government, with emphasis on strengthening existing policies and institutions concerned with anti-corruption. He declared that his government would take proactive steps such as championing a credit culture to discourage corruption. President Bola Tinubu has not supported any senator with cases of corruption in anti-graft agencies.

 

 

 

 

 

President Bola Tinubu has resolved disagreements with the UAE on Emirate Airline and visa issuance, emphasizing African countries' economic and security challenges. He met with Ethiopia, Cuba, and UAE Ambassadors to discuss trade, security, and economic growth. Tinubu praised Ethiopia's historic decisions and Cuba's advancements in medical sciences. The UAE Ambassador expressed gratitude and urged Nigerian acceptance.

Nigeria's newly inaugurated President, Bola Ahmed Tinubu, has pledged to boost the nation's economy through an industrial policy that uses fiscal measures to promote domestic manufacturing and reduce import dependency. He also assured local and foreign investors that the government will review multiple taxation and anti-investment inhibitions. The plan includes budgetary reform, increased electricity accessibility, and the end of the fuel subsidy regime. Tinubu also promised to repatriate dividends and profits home and aimed to remodel the economy for growth, job creation, food security, and poverty reduction.

Nigeria's President Bola Tinubu has criticized the country's economic philosophy, arguing that it is unsustainable and requires a shift in mindset. He emphasized the need for poverty reduction and collaboration from all stakeholders. President Muhammadu Buhari called for governance changes and addressing poverty and poor electricity supply. He praised the United Bank for Africa Plc and Heirs Holdings chairman, Tony Elumelu, for setting an agenda for economic growth.

The global tightening of developed economies, particularly as announced by the United States Federal Reserve System and other developed countries, has raised concerns about Nigeria's investment outlook. Nigeria's Monetary Policy Committee (MPC) is contemplating a higher interest rate, as the economy is believed to have achieved modest stability while inflation continues to raise concerns. This has sent jitters across markets with high-risk assets, with cryptocurrency losing in the first week of January for the first time since 2018. The Fed is also working towards unwinding its huge stimulus programme in March, which could trigger a massive outflow of assets from extremely risky markets, including Nigeria. Experts say the international debt market would be more expensive this year. The World Bank has warned of impending financial stress in emerging markets and developing economy (EMDE) regions due to tightening monetary measures. The International Monetary Fund (IMF) has called on policymakers to prepare for spillovers from the U.S. liquidity tightening, which it warned could hit vulnerable countries hard. A regression analysis suggests that capital flows to emerging markets would weaken as the dollar appreciates relative to other major currencies. The combination of slower growth and elevated vulnerabilities could create adverse feedback loops for such economies, as the IMF highlighted in its October releases of the World Economic Outlook and Global Financial Stability Report.

The global tightening of developed economies, particularly as announced by the United States Federal Reserve System and other developed countries, has raised concerns about Nigeria's investment outlook. Nigeria's Monetary Policy Committee (MPC) is contemplating a higher interest rate, as the economy is believed to have achieved modest stability while inflation continues to raise concerns. The interest rate hike will make the international debt market more expensive and servicing of existing dollar-denominated debts more challenging for political and corporate entities with huge exposures. The Federal Government has proposed to source N2.57 trillion from the international market and another N1.16 trillion from multilateral and bilateral loan drawdowns to finance the fiscal deficit. The World Bank has also released its January Global Economic Prospects. The International Monetary Fund (IMF) warned of impending financial stress in emerging markets and developing economy (EMDE) regions as tightened monetary measures could drive up debt refinancing and servicing costs and trigger capital outflows. It also noted that capital flows to emerging markets would weaken as the dollar appreciates relative to other major currencies. It listed possible financial system crises as a spillover of the U.S. tightening, urging policymakers to prepare for spillovers.

British High Commissioner to Nigeria, Nigerians desiring to study in the UK had a 97 per cent visa approval rate, fold increase in the number of students from Nigeria coming to UK universities. “the UK granted three million new UK visas of various types, “Nigerians alone received 325000 of those three million visas. Research degrees coming to the UK as undergraduates, Only 1500 dependents of students were coming to the UK from Nigeria, “Nigerians are very successful in acquiring visas. ’ He expressed the UK’s pride in its research institutes and higher education, the higher institutions are very open to students going to study in the UK. Recall that the UK Home Office had in May announced that from January 2024,.

 

 Martin Griffiths concluded a four-day visit to Nigeria at the weekend, describing the situation in the Northeast Zone as heartbreaking. He met with the Vice-President and members of the Federal Government, the Chief of Defence Staff, as well as the Borno State Governor. He also met with Nigerians and humanitarian partners in Maiduguri, Bama and Damasak. The conflict in the Lake Chad basin has taken a heavy toll on communities across border areas, putting more than 10 million people at risk and in need of humanitarian assistance. The 2022 Nigeria Humanitarian Response Plan, slated for launch in February, requires just over $US1 billion to assist 8.4 million people in need this year.
Griffith met with the Governor of Borno State, who pledged to improve security and build resilience for the most vulnerable. He also met with humanitarian workers in Bama and Damasak and heard first-hand of the challenges they face in reaching people in need. He pledged to advocate for their safety and provide necessary support to the people they serve.

The World Bank has named soaring interest rates, rising inflation, and the effects of COVID-19 economic shutdowns as factors in the decline of privately owned firms. Nigeria and other developing economies were highlighted by the bank as being particularly hard hit by the difficult economic conditions. The multinational agency claims that the private sector is contracting under significant pressure. Government expenditure and monetary policy, according to the head of the World Bank, are in unknown territory as macroeconomic imbalances continue to rise to previously unheard-of proportions. He continued by saying that the central bank's balance sheet had absorbed previously unheard-of quantities of bank reserves financed by long-term assets. He pointed out that major central banks are taking out sizable bank reserve loans to keep their bond and mortgage portfolios in tact.