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Mass Metering: CBN Releases N33.4b To DisCos
The Central Bank of Nigeria has so far released N33.2 billion to electricity Distribution Companies in the country, Nigerian Electricity Regulatory Commission. This is a fraction out of the N59.2 billion earmarked for the National Mass Metering Project by the Federal Government. NERC Chairman, Engr Sanusi Garba, spoke during an interactive session between the Senate…
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Nigeria Debt Hit N32.9 Trillion
Nigeria’s total public debt portfolio as at December 31, 2020, stood at N32.92 trillion. The National Bureau of Statistics, revealed this in its Nigerian Domestic and Foreign Debt report for Quarter Four, 2020. According to the bureau, Nigeria’s total public debt showed that N12.71 trillion or 38.60 per cent of the debt was external, while…
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Report: Corruption, Unemployment, Insecurity Top Nigerians’ Woes
A pan-African survey research network, Afrobarometer, have identified 10 major woes of Nigerians saying corruption, unemployment, insecurity tops the chart. Afrobarometer provides data on African experiences and evaluations of democracy, governance and quality of life. The report, presented by CDD-Ghana through the head of Corporate Communications of NOIPolls, a data research company, Mrs Nelly…
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Expert: Nigeria’s Economy Can Grow Up By To 10% Annually
The former Director, Budgeting Department, Central Bank of Nigeria,Dr Titus Okunrounmu, says Nigeria’s economy can grow by between seven percent and 10 percent annually if the necessary measures are put in place. Okunrounmu made the projection reacting to the International Monetary Fund projection that Nigeria’s economy would grow by 2.5 per cent in 2021. The…
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IMF Projects 2.5% Growth For Nigeria Economy
The International Monetary Fund has raised Nigeria’s growth forecast for 2021 to 2.5 percent from 1.5 per cent earlier announced in January. The report also projected a 16 per cent consumer price for the country in 2021. IMF disclosed this in its World Economic Outlook for April with the theme ‘Managing divergent recoveries’, projecting an…
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NBET Owes Power Producers N437.67bn For 2020’s Generation
With a total invoice of N739.68bn, power generation companies were not paid 59.17 percent of the invoice issued in 2020 for the electricity produced and fed into the national grid. The government-owned Nigerian Bulk Electricity Trading Plc buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the…
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NBS: Transport Fare Rises In February
The transport fare paid by passengers for bus, motorcycle and waterway journeys rose in February 2020. The increase was attributed to the slight increase in petrol price during the period. This was contained in its ‘Transport fare Watch’ report for February 2021 released by the National Bureau of Statistics. The report said the fare paid…
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Petrol Imports Gulped N2.11tn In 2020
The amount spent on the importation of Premium Motor Spirit (petrol) rose to N2.11tn in 2020– a 17.54 percent increase against the previous year. According to the data obtained from the National Bureau of Statistics, the country spent N1.71tn on petrol imports in 2019, down from N2.95tn in 2018. The data also showed that petrol…
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Currency In Circulation Drops To N2.78tn
The currency in circulation in the country dropped to N2.78 trillion in February from N2.83 trillion as of January 2021 – a N50 billion different. The figures obtained from the Central Bank of Nigeria disclosed that the currency in circulation dropped by N70bn in January from N2.9tn as of December 2020. Analysis showed that the…
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Kenya To Receive $2.34 Billion Package From IMF
The International Monetary Fund Board has approved about US$2.34 billion financial package for Kenya to support a move that is expected to mitigate the effect of a worsening health and economic crisis in the African state. The three-year ECF and EFF arrangements would also advance the broader reform and governance agenda, including addressing weaknesses in some state-owned…