In the news: Naira dips to N367 amid dollar scarcity

By September 13, 2017Research

In the news: Naira dips to N367 amid dollar scarcity

Punch

FG to spend N100bn Sukuk fund on road infrastructure – DMO

The N100bn targeted by the Federal Government from the Islamic bond, Sukuk, will be spent on critical road infrastructure across the country, the Debt Management Office has said.

Budget: Low revenue generation threatens funds release

The Federal Government on Tuesday said that the low revenue generation by its Ministries, Departments and Agencies was affecting the implementation of the 2017 budget.

Arik share value already eroded – AMCON

The Asset Management Corporation of Nigeria has laughed off the suit instituted by shareholders of Arik Air against the Federal Government and Ethiopian Airlines over purported talks to rescue the troubled carrier.

Aiico, Flour Mills, Nestle top losers, market sheds N63bn

Aiico Insurance Plc, Flour Mills Nigeria Plc, Nestle Nigeria Plc, Continental Reinsurance Plc and Linkage Assurance Plc emerged the top five losers at the close of trading on the floor of the Nigerian Stock Exchange on Tuesday, as equities depreciated by N63bn.

Vanguard

Oil price hits $54.25 p/b as OPEC predicts high demand, market stability

The price of crude oil has stabilised at $54.25 as the Organisation of Petroleum Exporting Countries, OPEC, predicted increased stability of the market, yesterday.

FG to award 80% of crude lifting to NNPC

The Federal Government has disclosed its plan to allocate 80 percent of crude lifting to Nigerian National Petroleum Corporation, NNPC Trading, an arm of the Corporation which evolved from the merger of its trading companies.

Militants ask FG to release licenses for 10 modular refineries

Reformed Niger Delta Avengers, RNDA, and nine other militant groups have called on the Federal Government to issue 10 licences to the Host Communities of Nigeria, HOSTCOM, for the take-off of modular refineries in the Niger Delta.

Nigeria oil will no longer be profitable soon – Osinbajo

Vice President Yemi Osinbajo, yesterday in Ondo State declared that the country’s oil will no longer be profitable in no distant future.

This Day

FG, States’ Public Debt Stock Hits N19.6tn

Nigeria’s public debt stock for both the federal government and the states as at June 30 stood at N19.63 trillion, a report by the Debt Management Office (DMO) has revealed.

States Netted N820.7bn in IGR in 2016

Internally Generated Revenue (IGR) of most states in Nigeria rose by 20 per cent to eventually settle at N820.7 billion in 2016, despite the significant contraction in the economy, the Nigeria Governors’ Forum (NGF) disclosed Tuesday in Abuja.

Guardian

Discos blame government for rejection of allocated electricity

The electricity distribution companies have blamed the Federal Government for their rejection of loads allocated to them, a situation that is worsening the poor power supply in the country.

Nigeria requires $16.5bn to achieve 40bn barrels oil reserves target

To achieve the set target of 40 billion barrels crude oil reserves by 2020, the hydrocarbon industry will require between $13 and $16.5billion over the next five years, the Chief Operating Officer, Gas and Power, Nigerian National Petroleum Corporation (NNPC), Saidu Mohammed, has said.

DPR strategises to recover outstanding FG’s revenues

The Department of Petroleum Resources (DPR) is set to roll out some digitalization programme to fully automate all critical operations of the organization, enhance efficiency of all its regulatory deliverables and accelerate recovery of all outstanding revenues due to government.

Operators lose 4m subscribers in one month

Although the telecommunications sector added about N1.5trillion to Nigeria’s economy in the second quarter (Q2), growth of the service providers however contracted.

The Nation

Naira dips to N367 as dollar scarcity hits BDC

The value of the naira against the dollar is declining as bureaux de change (BDC) operators say the US currency is getting scarce in the parallel market.

Why Nigeria’ll resist oil cut – Kachikwu

Nigeria will resist any attempt to curb its oil production, the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has said.

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Source: Blog