Index to Nigerian Newspapers

President Muhammadu Buhari has endorsed the establishment of the Nigerian Diaspora Investment Trust Fund (NDITF), a private sector investment window for Nigerians in the Diaspora to support direct investments in the country. He noted that the foreign exchange remittances by Nigerians in the Diaspora have not only helped families but enhanced the development index of Nigeria. The president described the 327-page compendium as a historical record of the worth of Nigerians globally, and noted that the names of people and the fields they have excelled speak about their resilience and how exceptional Nigerians, both at home and abroad, have become. The Diaspora Commission launched a compendium of excellent Nigerians in the Diaspora to recognise, celebrate and showcase Nigerians who are doing great things in their host countries and contributing to the socio-economic development of Nigeria. President Muhammadu Buhari reminded Nigerians of their duty to celebrate fellow Nigerians who are excelling in different paths and to continue to be of exemplary behaviour and with determination to offer quality services that contribute to the progress of humanity.

The Central Bank Of Nigeria (CBN) Monetary policy Committee (MPC) will begin its two day policy meeting on the 24th January  2022, with all indications pointing at the retention of the existing monetary policy stance. The apex bank will assess developments on the economic front and announce its monetary policy. Most analysts were of the view that the CBN's MPC will maintain the status quo again this week given the earlier anticipated decliing inflation.The CBN had maintained the status quo 25 times in the last 28 meetings.

The National Economic Council has confirmed that a $3bn emergency loan-for-crude oil secured in August will be used to stabilize the naira, which has been fluctuating in the Investors & Exporters' window and worsened in the parallel market. The loan will enable the Nigerian National Petroleum Company Limited to settle taxes and royalties in advance and provide the Federal Government with dollar liquidity.

Nigerians had a glimpse of the economic outlook yesterday. 

Vice President Kashim Shettima and Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun said Nigerians should expect significant improvements in the overall economic performance.

The assurances came as the National Bureau of Statistics (NBS) indicated that the unemployment rate reduced from 5.3 per cent in the fourth quarter of 2022 to 4.1 per cent in the first quarter of 2023.  

Edun said ongoing government initiatives would put an end to hyperinflation and a decade-long decline in Gross Domestic Product (GDP) per capita. 

He spoke at the retreat fro the Presidential Committee on Fiscal Policy and Tax Reforms in Abuja. 

The  Federal Government can save over $200 billion yearnvironmenty by blocking loopholes in oil revenues, the Human Environmental Development Agenda, HEDA resource centre, has said.it said the funds recovered through stringent anti-corruption measures in the oil gas sector will help Nigeria. HEDA expressed regret bthat out of some 36 oil terminals in Nigeria,only 16 are metered making it difficult to monitor oil  and gas production and distribution at local and international markets. it added in nigeria needs to work all stakeholders including security , media, coimmnity-based orgasnisations and anti -graft groups in order to bring the country back from the brink of economic downturn.According to him to him, the federal government is now at vantage position to prevent theft of oil and gas now better  prepared to put the country nbon the path  to full economic recovery.He said the acquisition of the anti-theft equipment was the first bin the country.

Former commissioner of finance, lmo state, prof uche uwaleleke, has advised federal government to ensure that the anticipated $1.5 billion concessionary, budget- support loan is chaneled into capital  expenditure and not recurrent. '' But if it has come with a lot of conditions especially to do with a lot of copnditions especially to do with the implementation of IMF /world bank recommendations in relation to ongoing reforms in nigeria or it is going to be used for cash transfers or applied to non-capital projects, then it only ends up compounding our economic woes'', he explained. the minister of finance, budghet and national planning, mr wale edun,at the  weekend, said that world bank will soon release the $1.5billion concessionary loan to support budget funding. he made the disclosure at a press briefing on the annual meetings of the world bank and lnternational monetary fund federal executive council on monday today, to  secure approval. he added that te facility comes with a near- zero intterest, which provides a soothing relief over mounting sovereign debt and debt servicing. 

The Federal Government is expected to make up to $17bn if it sells down its stake in most joint-ventures oil and assets, JP Morgan has stated. The United States bank’s projection came against the backdrop of the government’s plan to boost foreign exchange earnings and external reserves in order to ease forex pressure. The US bank stated this in a report titled, ‘Nigeria: Reform pause rather than fatigue (CBN’s financial accounts open a can of worms).’ According to JP Morgan, the low net forex reserves mean a continued forex market pressure, adding however that the CBN can still source forex at commercial and semi-commercial rates. The highly profitable nature of the currency swap arrangements between the CBN and domestic commercial banks is expected to continue for some time, it said. Commenting on the government assets which can provide succor in the medium term, it stated, “For example, the President’s policy advisory council has recommended the government sell down its stake in the most joint-venture oil and gas assets, a proposal that is estimated to bring in up to $17bn.” The US bank further said the recently announced $3bn loan to the NNPC could help partly improve FX liquidity conditions in the market, with the oil company selling the dollars to the CBN and remitting the naira proceeds to the government as upfront payments for oil revenues and taxes. However, the large external financing needs of the private sector will sustain forex pressures, the bank warned.

Nigeria’s total debt (Federal Government and states’ loans) may hit at least N107.38tn soon following the approval of fresh borrowings for the Federal Government and the new securitization of the Central Bank of Nigeria’s N7.3tn Ways and Means advances. This is as the Senate, as of December 2023, approved President Bola Tinubu’s request to borrow $7.8 billion and €100 million as part of the Federal Government’s 2022–2024 borrowing plan. According to Tinubu, the Federal Executive Council under former President Muhammadu Buhari approved the loan facility on May 15, 2023, to finance infrastructure, health, education, agriculture, insecurity, and other sectors. While asking for approval, he said the foreign loan was necessary to bridge the financial gap and return normalcy to economic activities in the country. Nigeria’s total debt as of the end of September 2023 was N87.91tn, according to data from the Debt Management Office. The breakdown of this debt revealed total external debt as N31.98tn ($41.59bn) and total domestic debt of N55.93tn. The total debt includes that of the federal government and state governments. Following the recent approvals by the senate, total debt will climb up by at least 22.15 percent (N19.47 trillion) to N107.38 trillion in 2024 if the borrowing plan is followed.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the bank's harsh forex reforms will eventually stabilize the naira and the economy in the long run. He stated that the bank has rolled out critical policies to strengthen the naira, which had been falling against the dollar. Cardoso said that the recent move made by the Nigerian National Petroleum Company Ltd (NNPCL) to transfer its accounts to the CBN is boosting the confidence of investors. He also highlighted the recent move to have the NNPC and other government agencies move their funding straight to the CBN as a positive and confidence-boosting measure. This move is expected to create a more transparent market system and increase foreign exchange inflow. By involving major state-owned entities like the NNPC in these reforms, the CBN aims to strengthen the overall financial system and enhance economic stability.Cardoso also addressed the issue of overcrowding at the CBN's office and indicated that the central bank's internal arrangements were being reorganized for administrative convenience and efficiency. He expressed his focus on ensuring that the MPC meeting is impactful and complements the fiscal side of the economy.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the bank's harsh forex reforms will eventually stabilize the naira and the economy in the long run. He stated that the bank has rolled out critical policies to strengthen the naira, which had been falling against the dollar. Cardoso said that the recent move made by the Nigerian National Petroleum Company Ltd (NNPCL) to transfer its accounts to the CBN is boosting the confidence of investors. He also highlighted the recent move to have the NNPC and other government agencies move their funding straight to the CBN as a positive and confidence-boosting measure. This move is expected to create a more transparent market system and increase foreign exchange inflow. By involving major state-owned entities like the NNPC in these reforms, the CBN aims to strengthen the overall financial system and enhance economic stability.Cardoso also addressed the issue of overcrowding at the CBN's office and indicated that the central bank's internal arrangements were being reorganized for administrative convenience and efficiency. He expressed his focus on ensuring that the MPC meeting is impactful and complements the fiscal side of the economy.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the bank's harsh forex reforms will eventually stabilize the naira and the economy in the long run. He stated that the bank has rolled out critical policies to strengthen the naira, which had been falling against the dollar. Cardoso said that the recent move made by the Nigerian National Petroleum Company Ltd (NNPCL) to transfer its accounts to the CBN is boosting the confidence of investors. He also highlighted the recent move to have the NNPC and other government agencies move their funding straight to the CBN as a positive and confidence-boosting measure. This move is expected to create a more transparent market system and increase foreign exchange inflow. By involving major state-owned entities like the NNPC in these reforms, the CBN aims to strengthen the overall financial system and enhance economic stability.Cardoso also addressed the issue of overcrowding at the CBN's office and indicated that the central bank's internal arrangements were being reorganized for administrative convenience and efficiency. He expressed his focus on ensuring that the MPC meeting is impactful and complements the fiscal side of the economy.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the bank's harsh forex reforms will eventually stabilize the naira and the economy in the long run. He stated that the bank has rolled out critical policies to strengthen the naira, which had been falling against the dollar. Cardoso said that the recent move made by the Nigerian National Petroleum Company Ltd (NNPCL) to transfer its accounts to the CBN is boosting the confidence of investors. He also highlighted the recent move to have the NNPC and other government agencies move their funding straight to the CBN as a positive and confidence-boosting measure. This move is expected to create a more transparent market system and increase foreign exchange inflow. By involving major state-owned entities like the NNPC in these reforms, the CBN aims to strengthen the overall financial system and enhance economic stability.Cardoso also addressed the issue of overcrowding at the CBN's office and indicated that the central bank's internal arrangements were being reorganized for administrative convenience and efficiency. He expressed his focus on ensuring that the MPC meeting is impactful and complements the fiscal side of the economy.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has stated that the bank's harsh forex reforms will eventually stabilize the naira and the economy in the long run. He stated that the bank has rolled out critical policies to strengthen the naira, which had been falling against the dollar. Cardoso said that the recent move made by the Nigerian National Petroleum Company Ltd (NNPCL) to transfer its accounts to the CBN is boosting the confidence of investors. He also highlighted the recent move to have the NNPC and other government agencies move their funding straight to the CBN as a positive and confidence-boosting measure. This move is expected to create a more transparent market system and increase foreign exchange inflow. By involving major state-owned entities like the NNPC in these reforms, the CBN aims to strengthen the overall financial system and enhance economic stability.Cardoso also addressed the issue of overcrowding at the CBN's office and indicated that the central bank's internal arrangements were being reorganized for administrative convenience and efficiency. He expressed his focus on ensuring that the MPC meeting is impactful and complements the fiscal side of the economy.

The Institute of Chartered Accountants of Nigeria (ICAN) has backed the decision of the federal government to stop funding of professional bodies and councils. The federal government recently said that budgetary allocations would no longer be made for professional bodies and councils with effect from January, 2024. The President of ICAN, Innocent Okwuosa, yesterday in a statement, said the institute was a self-financed organisation that did not depend on allocation from the government, stressing that all professional bodies should be self-financing organisations. He said that on no account should budgetary allocation be extended to any professional body as it would assist in bringing down the high cost of public governance. He, however, noted that the institute did not support the discontinuance of budgetary allocations to some regulatory councils that functioned as parastatals such as the Financial Reporting Council of Nigeria (FRC) and the National Council on Climate Change (NCCC).

Taxes paid by manufacturers in 2023 increased by 115 per cent from N192bn in the first quarter, to N414.5bn in the second quarter. A data collated from various Company Income Tax and Value Added Tax reports published by the National Bureau of Statistics revealed. According to findings by The PUNCH, in the first quarter of 2023, manufacturers paid N62.9bn as CIT, while of N129.2bn was paid as Value Added Tax. In the second quarter, the VAT paid by manufacturers increased by 17 per cent to N151.7bn, while CIT increased to N262.7bn. This meant that manufacturers paid at least N607bn in CIT and VAT in the first six months of the year. The data also showed that across the VAT and CIT remittances in 2023, the manufacturing sector was the most taxed sector in the first and second quarters of the year. While speaking in an exclusive interview with the PUNCH, the Director-General of MAN, Segun Ajayi-Kadir, said manufacturers had continued to battle over-taxation, alongside other factors that had negatively affected the growth of the industry.

Dollar supply in the official foreign exchange market rose by 180.59 percent to $440.13m on Friday. This is as the naira closed the week at N1435.53/$ on Friday after what was a turbulent week. According to data from FMDQ Security Exchange, forex turnover rose by 180.59 percent to $440.13m on Friday from $156.86m on Thursday. However, aside from commercial banks, the Central Bank of Nigeria, oil firms and multinationals also sell dollars at NAFEM. The improved liquidity is following moves by the Central Bank of Nigeria to stabilise the foreign exchange rate. Before closing at N1435.53/$ on Friday, the naira traded at an intraday high of N1526/$ and low of N838.96/$. Last week, the apex bank rolled out new circulars and guidelines to boost liquidity and narrow the gap between the parallel and official rates of the foreign exchange market. In its most significant foreign exchange guideline, last week, the CBN ordered banks to adjust their FX exposures. At the parallel market, on Friday, the naira closed at N1,420/$ with a steady demand for the greenback.

Multi-BILLION naira worth of illicit drugs were on saturday seized at a warehouse tucked inside the international trade fair complex, Alaba, Ojo area of lagos by operatives of The National Drug Enforcement Agency NDLEA. Recovered from the  ware house owned by a wanted drug baron are 1.4million pills of tramol 225mg weighing 826 kilogrammes; 3.2 million pills of codine with gross weight of 3,360 kilogramme, and 2,841 cartons of codine syrup containing 284,100 bottles with 2,841 bottles with 28,410 litres of the psycho active substance, all having a combined street value of N4.8 billion. A Statement by the spokes man for  the NDLEA, Mr femi Babafemi, said in the operation that lasted hours, a suspect, paulinus surname withheld .The suspect who is on the wanted list of the police, has since been transfererred to the police, in sokoto state for further investigation.

The people that are paid the least are really the president of the Nigerian Labour Congress, departments, and parastatals. because there will be penalties and repercussions. The Federation's Head of Civil Service responded by warning that raising pay might have negative effects. The vice president "put a caveat that by the time we raise the salary of civil servants, they must be ready to sit up and do the work that is expected of them," she said during a meeting she held with him. We must realise that there will be penalties and repercussions because of this. She mentioned the government's formation of a committee to synchronise public and civil worker wages.

President Bola Tinubu has established an inter-agency committee to resolve the ongoing dispute between Nigeria National Petroleum Company Limited (NNPCL) and the Federation Account Allocation Committee (FAAC). The committee aims to reconcile the controversies surrounding the Federal Government's debt of N4.2 trillion to NNPC Limited and the N2.1 trillion NNPC Limited has failed to remit to the Federation Account. The committee is expected to begin sitting today at the Ministry of Finance.