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All states' debts exceed revenue, contravene DMO rule- FRC

All states’ debts exceed revenue, contravene DMO rule- FRC

All the 36 states of the federation contravened the guidelines of the DMO by contracting debts exceeding their 12-month revenues.
US House Speaker, Pelosi, Atiku, react to US travel ban on Nigerians, others 

US Speaker, Pelosi, Atiku frown at Trump’s travel ban placed on Nigerians 

President Donald Trump has included Nigeria into a six-country ban list due to failure to meet required security standard. 
Should Gokada, Max be afraid of OPay?, Nigeria Weekly Update: Naira interest rate and foreign exchange

Here are reasons Lagos may not reverse Okada ban

Mixed reactions have continued to trail the announcement of the Lagos State Government’s decision to ban motorcycles (Okada) and tricycles (keke) in major highways in Lagos.  
NEC Inauguration: Buhari tells Governors "no more bail-outs", Bailout Fund: FG begins deduction of N614 billion from states’ allocation in 2 weeks , Ekiti, Enugu, Bayelsa, 12 others attract no investment in 1H , States’ debt stock, States receive N2.53 trillion allocation in 2019 , IGR: States generate N986.2 billion in 9-month, up by 16.8% [full-list], FG share N8.15 trillion with states, others in 2019 

IGR: States generate N986.2 billion in 9-month, up by 16.8% 

States in Nigeria generated the total sum of N986.2 billion Internally Generated Revenue (IGR) between January and September 2019.
Disruptive Opportunities: Can developing AI and robotics stabilise the Naira?

Disruptive Opportunities: Can developing AI and robotics stabilise the Naira?

Currently, big tech players like the UK are outsourcing AI, robotics, and other related jobs to China, where the labour is much cheaper.
CBN-Governor-Emefiele, Investors’ and Exporters’ forex window aided Naira stability – Emefiele , Financial Inclusion: CBN licensed 15 mobile money operators – Emefiele , Rates continue to decline as banks struggle to meet CBN’s 65% minimum LDR, CBN releases new guidelines, to fine banks N2 million over customers’ complaint , CBN: FG fell short of monthly allocated collected revenue by N388 billion, CBN issues new rule for use of PoS, merchants to face sanction after deadline, CBN may devalue naira in 2020 as experts highlight red flags in the economy, CBN appoints and redeploys directors within its ranks, Banks look to lending rates for revenue, as slash on e-transaction charges affect operations, CBN discloses currency in circulation worth N2.44 trillion, CBN to commence recycling of mutilated naira notes, Agriculture: CBN's revised policy on the dairy industry, CBN condemns foreign money transfers to Nigeria, Experts outline effect of CBN’s longer term contract, Bank’s lending rates decline albeit slower than expected

CBN raises CRR to 27.5%, holds MPR, other parameters constant

The Monetary Policy Committee of the Central Bank of Nigeria (@cenbank) has raised the Cash Reserve Ratio by 500 basis points to 27.5%. Meanwhile, other parameters such as Monetary Policy Rate, Liquidity ratio, and asymmetric corridor remain unchanged.
World Bank, Focus on lifting people out of poverty - World Bank tells FG , World Bank, IFC to assist in solving Nigeria’s infrastructure deficit , EXCLUSIVE: World Bank tasks developing nations to tap opportunities in GVCs, Warning signs: Nigerians living in extreme poverty might increase by 30 million – World Bank, US, China and UK’s protectionism ambition to affect Nigeria’s export, FDI , Terrorism bane to Nigeria's Agric development - World Bank

World Bank, IMF forecast sluggish growth for Nigeria in 2020

The World Bank has forecasted that Nigeria’s economy will further slowdown in 2020 with a growth of 2.1% amidst several policy uncertainties. On the other hand, the IMF disclosed that Nigeria’s economy will continue its sluggish trend. #IMF #WORLDBANK
NEC Inauguration: Buhari tells Governors "no more bail-outs", Bailout Fund: FG begins deduction of N614 billion from states’ allocation in 2 weeks , Ekiti, Enugu, Bayelsa, 12 others attract no investment in 1H , States’ debt stock, States receive N2.53 trillion allocation in 2019 , IGR: States generate N986.2 billion in 9-month, up by 16.8% [full-list], FG share N8.15 trillion with states, others in 2019 

States receive N2.53 trillion allocation in 2019 

State governors in Nigeria shared the sum of N2.53 trillion gross allocation in 2019 (January – November).
charges, USSD, code, Banks, CBN, LDR, CRC Credit Bureau, Disrupting Nigerian banks, MTN’s USSD charge is not with our consent - Banks’ CEOs 

Banks borrow N19.64trillion from CBN in 2019

Commercial banks borrowed N19.64 trillion from the Central Bank of Nigeria in 2019, indicating a 73% increase from the N11.36 trillion borrowed in 2018.
Nigeria received $96 billion diaspora remittances inflow in 6-years

Nigeria receives $17.5 billion diaspora remittances in 2019 

Nigeria received $17.57 billion in direct diaspora remittances in 2019. According to data published by (@cenbank), remittances rose by 56.4% when it increased from $11.23 billion within the same period in 2018 to $17.57 billion in 2019.
Fitch downgrades Nigeria, blames Buharinomics for crisis in the economy , That $22 billion, Nigeria spends $1.31 billion to service external debt in 2019, up by 254% in 5 years, Confusion as ministry and presidency disagree over Finance Act start date  

Nigeria spends $1.31 billion to service external debt in 2019

Nigeria spent a whopping $1.31 billion to cover external debt obligations in 2019, as external debt service payment accumulated to $3.95 billion in the last 5 years (2015 - 2019). Data obtained from the (@cenbank) reveals
Fitch downgrades Nigeria, blames Buharinomics for crisis in the economy , That $22 billion, Nigeria spends $1.31 billion to service external debt in 2019, up by 254% in 5 years, Confusion as ministry and presidency disagree over Finance Act start date  

Still on the FG’s $22 billion loan

FGN has reintroduced a request to the National Assembly to borrow up to $22.74 billion from the international markets.
Nigerian Economy: Solution To Fixing Buharinomics

Nigeria in 2020: SB Morgen perspective

The Nigerian economy is expected to be challenged with uncertainties in the year 2020 and possibly beyond, SB Morgen Research disclosed.
SEEPCO, local content laws, CBN Cashless Policy: Reps eye policy reversal, court Emiefele approval , Lawmakers tackle Finance Minister over failed CCTV project worth $460 million , Former Ghanaian President, Mahama begs Buhari to open border Former President of Ghana, John Mahama has appealed to President Muhammadu Buhari to open up its borders saying that Ghana has been heavily affected by Nigeria’s decision to close its borders. Mahama said that for economic activities to resume in West Africa, Nigeria needs to reconsider its decision on the total border closure. He made this plea while delivering the seventh anniversary lecture of investiture into The Realnews Hall of Fame and the unveiling of a book, titled: Pathways to Political and Economic Development of Africa. According to the former president as reported in The Nation, the closure of especially the Benin border, was taking a significant toll on many small and medium businesses, especially in Togo, Ghana and Cote D’Ivoire, which relied on inter-country trade. “I am sure that businesses in Nigeria that rely on supplies from these countries are also suffering. With the signing of the joint border task force agreement between Nigeria and her neighbours, I will like to take this opportunity to appeal to Nigeria to open up her border so that economic activities can resume,” Mahama said. While reacting to the shut down of shops owned by Nigerians by the Ghana Union of Traders’ Association (GUTA) as retaliation to the border closure, Mahama said; “Back home in Ghana, I also look forward to our government’s intervention that brings an immediate cessation to the forceful and illegal closure of shops of foreigners, especially Nigerians, by members of the local trade associations”. Mahama who is a former Chairman of the Economic Community of West Africa States (ECOWAS) spoke on how he still has an abiding interest in the progress of ECOWAS and its people. In this light, he said that Nigeria being the home of ECOWAS and the largest economy in West Africa should not allow the objective principles for establishment of ECOWAS to be lost. Meanwhile, the Vice Chancellor of Niger Delta University, Bayelsa State, Prof. Samuel Edoumiekumo, advised President Muhammadu Buhari not to yield to pressure to reopen the borders. Edoumiekumo who was also present at the lecture said President Buhari should remain firm in his resolve to ensure economic growth and the country’s development as the border closure will generate more revenue for the nation and tackle smuggling., Nigerians are enraged as lawmakers reject Innoson cars for latest Toyota Camry 

Reasons Reps call for taxation, remittances police

The House of Representatives has been deliberating on a bill that would lead to the creation of a law that appoints an Inspector General to enforce taxation and remittances to the Federation Account
President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , Economy: Reviewing FG’s 2019 revenue performance, Nigeria, and other African markets top destination for investments in 2020, Nigeria’s new visa policy to favour some categories of people 

Nigeria, other African markets top investors’ destination

Global bond traders who invested in Africa as the continent’s sovereign dollar debt has generated total returns of 20% since the start of 2019.
CBN-Governor-Emefiele, Investors’ and Exporters’ forex window aided Naira stability – Emefiele , Financial Inclusion: CBN licensed 15 mobile money operators – Emefiele , Rates continue to decline as banks struggle to meet CBN’s 65% minimum LDR, CBN releases new guidelines, to fine banks N2 million over customers’ complaint , CBN: FG fell short of monthly allocated collected revenue by N388 billion, CBN issues new rule for use of PoS, merchants to face sanction after deadline, CBN may devalue naira in 2020 as experts highlight red flags in the economy, CBN appoints and redeploys directors within its ranks, Banks look to lending rates for revenue, as slash on e-transaction charges affect operations, CBN discloses currency in circulation worth N2.44 trillion, CBN to commence recycling of mutilated naira notes, Agriculture: CBN's revised policy on the dairy industry, CBN condemns foreign money transfers to Nigeria, Experts outline effect of CBN’s longer term contract, Bank’s lending rates decline albeit slower than expected

FG’s monthly revenue drops by N387.15 billion 

The Federal Government's (FG) revenue shortfall continue to pose a major challenge as monthly collected revenue fell short by N387.15 billion in November. This is disclosed in the latest Economic Report released by the Central Bank of Nigeria (CBN). 
Events in the economy and outlook for 2020

Nigerian economy in 2019, outlook for 2020

What have been the major events in the economy that affected Nigeria? How are these events going to shape the 2020 outlook for the Nigerian economy?
Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark

Crude oil and gas export hits $355.93 million, as pipeline vandalism increases 

Nigeria’s crude oil and gas export receipts increased by 53% to $355.93 million, NNPC has disclosed in latest operations report.  
FIRS crisis: Fowler accused of defying President Buhari’s order, workers threaten strike over Aina 

These may be reasons Fowler couldn’t retain FIRS seat

The report stated that the agency, under Fowler, failed to collect taxes worth about N41 billion in Lagos as it has not been able to meet up with its target over the past four consecutive years
President Muhammadu Buhari, loans, Oil price, FG, Solar vehicles, P&ID firm, Nigeria's GDP, Debt Servicing: Nigeria pays $1.12 billion to World Bank, others in 10-month , How the latest Fitch report affects you in 2020 

How the latest Fitch report affects you in 2020 

Fitch, an international credit rating organisation, has released an end of year report on the Nigerian economy.  
Disrupting Nigerian banks, Evolution of Nigerian banks in 59-years , GTB, UBA, Zenith, Access Banks’ salary advance loans, Can a company operate without a website in 2019? , Banks refund N3.09 billion to customers over claims on excess charges, fraud, others  , Bank CEOs applaud NCC’s decision to suspend USSD charges, GTBank, Zenith, Access, FBN, 10 others spend over N8 billion on CSR, Banking: Evolving trends in the bankers’ market, GTBank, Access, FBNH, Standard Chartered wrestle over women entrepreneurs , GTBank, Access Bank, Zenith, FBN, 16 others disburse CBN’s N610.4 billion to farmers , Credit to government declines, as Credit to private sector hits N25.8 trillion, Banking sector NPLs down, loans up, Non-Performing Loans in Agriculture, construction, others rose to N143.76 billion, Asset seizure: Banks begins recovery of N6.125 trillion borrowed to the oil sector, Customer Experience: GTB, FCMB, Citibank, others emerge best banks in 2019  

NPL: Agriculture, construction, 3 others hit N143.76 billion 

Latest banking sector report shows that non-performing loans in five major sectors rose to N143.76 billion as the end of September 2019.
Nigeria’s agricultural export sector experienced strong growth in 2019, according to the latest report released by the NBS.

Nigeria’s top 10 agricultural exports attract N206.16 billion in 9-month 

Nigeria’s agricultural export sector experienced strong growth in 2019, according to the latest report released by the NBS.
energy, corp, recapitalization, New FIRS boss, Nigerians react following the end of Fowler’s reign as FIRS boss, Buhari seeks recapitalisation of African energy corporation to $1 billion tune, Outrage as President Buhari approves N37 billion for National Assembly renovation, Buhari to create new economic opportunities in agric, other neglected sectors , Economy: President Buhari signs Finance Bill into law, Agric: Buhari advances commitment to improve textile, food security, others, FG concludes plan to borrow N2 trillion from Pension Fund , Pres. Buhari’s plan to tax US tech companies might provoke US trade war, UPDATED: Nigerian economy grows by 2.27% in 2019, post highest quarterly growth since 2016 recession

Outrage as President Buhari approves N37 billion for National Assembly renovation

Nigerians went on a Twitter rampage to express their displeasure over Buhari’s approval of N37 billion for the renovation of the NASS Complex. 
Fitch downgrades Nigeria, blames Buharinomics for crisis in the economy , That $22 billion, Nigeria spends $1.31 billion to service external debt in 2019, up by 254% in 5 years, Confusion as ministry and presidency disagree over Finance Act start date  

Inflation rate jumps to 11.85% as border closure bites harder

Data from the National Bureau of Statistics reveal Nigeria's inflation rate rose year on year to 11.85% in the month of November 2019 the...
electricity supply

Electricity workers begin nationwide strike

Nigerians may have to brace up for nationwide blackouts as electricity workers in the country begin an indefinite strike starting this morning.
FIRS New Chairman

Meet Muhammad M. Nami, FIRS new chairman

President Muhammadu Buhari has nominated Muhammad M. Nami, as the new Executive Chairman of the Federal Inland Revenue Service (FIRS).
Nigeria adopts EITI for extractive industries stakeholders

As Nigeria adopts EITI for extractive industries stakeholders, here’s your need to know 

Later this week, NEITI will launch a register that will detail the full information of owners of oil and gas companies in the country.  
P&ID, FG, malami, $9bn fine is a scam - Federal Government , UPDATED: P&ID operations shut down, assets forfeited by court order

$9 billion case: Nigeria files new lawsuit against P&ID after new evidence emerges 

The management of British Virgin Island firm, Process and Industrial Development (P&ID) will again have to defend the company in court in the United Kingdom as Nigeria...
ECOWAS economy grows by 3.1%, expected to hit 3.3% by end of 2019 , Dangote Refinery would help save $10 billion in forex - FG,, FG monitoring ‘Eco’ adoption by ECOWAS members amidst threat to Naira, CBN, Economy: Will the FG tax reforms support revenues in 2020? , FG exempt tuition fees, basic food items and others from 7.5% VAT, Nigeria’s total debt stock rises to N26.14 trillion  

ECOWAS economy grows by 3.1%, expected to hit 3.3% by end of 2019  

The economy of ECOWAS grew by 3.1% as at the end of the second quarter of 2019 and it’s expected to hit 3.3% by the end of the year.
Hike in electricity tariff inevitable, as FG introduces a new policy, Power sector loses N19.15 billion to gas shortages, transmission infrastructure challenges, Second largest hydro power project in Africa to finally take off after settlement of legal dispute

Hike in electricity tariff inevitable, as FG introduces a new policy 

The rise in electricity tariffs in Nigeria is inevitable as the FG has introduced “Willing Seller, Willing Buyer”.