LEADERSHIP

Equities Trading Opens Week With N569bn Loss

Opening the week, yesterday, the bears continued to dominate the Nigerian equities market as the overall capitalisation declined by N569 billion. This loss marked the stock market’s sixth straight session loss. The All Share Index (ASI) fell by 1,041.14 points, representing a decrease of 1.96 per cent to close at 51,952.99 points. Accordingly, investors… Read More

VANGUARD

Oil Market: Nigeria, Russia Account For 440,000 Bpd Drop In Output — Report

The Organisation of Petroleum Exporting Countries, OPEC, and its allies popularly known as OPEC+, recorded a drop  of 440,000 barrels per day, bpd oil output in March 2023, due to developments in Nigeria and Russia. Specifically, the situation was fueled by pipeline vandalism, oil theft and illegal refining in Nigeria as well as the… Read More

Why Debt Burden Will Worsen For Nigeria, Other Low Income Countries — IMF

The global economic slowdown projected by the International Monetary Fund, IMF, in the short to medium term is expected to mount pressures on developing and low-income countries such as Nigeria, with worsening debt burdens and without support from the international community. Giving these indications yesterday at the on-going… Read More

PUNCH

Federal Government Imposes N22bn Fine On Oil Firms Over Gas Flaring

The Federal Government will impose $49m (N22bn) fine on oil and gas firms operating onshore for flaring 24b Standard Cubic Feet of gas valued at about N40b ($86m) between January and February 2023. According to latest gas flare data by the National Oil Spill Detection and Response Agency, the companies operating onshore will pay… Read More

ECONOMY HEADLINES

THIS DAY

Public Debt Stock Up 4.96% To N46.25tn In Q4

The country’s total public debt stock increased by 4.96 per cent to N46.25 trillion ($103.11 billion) in the fourth quarter of last year (Q4 2022) compared to N44.06 trillion ($101.91 billion) in the preceding quarter. According to the Nigerian Domestic and Foreign Debt Q4 2022 released by the National Bureau of Statistics (NBS), external debt… Read More

LEADERSHIP

World Bank Upgrades 2023 Global Growth Forecast From 1.7% To 2%

The World Bank forecasts the Nigerian economy to grow by 2.8 percent in 2023, down from 3.3 percent in 2022 and further recover to 3 percent in 2024 and 2025. In its Africa Pulse report April 2023 edition released last week, the World Bank said the Nigerian economic growth translates into growth per capita of 0.2 per cent in 2023 and 0.4… Read More

PUNCH

Fuel price soars by 81% despite N6tn subsidy payment – Report

The price of Premium Motor Spirit popularly called petrol has risen by 81 per cent in the past three years, according to the National Bureau of Statistics reports analysed by our correspondent. This came as findings showed that the Federal Government has paid about N5.83tn subsidy on petroleum products. NBS data showed that between… Read More

POLITICAL HEADLIINES

THIS DAY

INEC: No Act Of Infraction Substantial Enough To Nullify 2023 Presidential Poll

The Independent National Electoral Commission (INEC), yesterday, came out strongly to defend the election of the presidential candidate of the All Progressives Congress (APC), Bola Tinubu, in the February 25 election, saying alleged infractions not substantial enough to nullify the exercise. INEC, which responded to petitions by Peoples… Read More

GUARDIAN

APC, INEC ask tribunal to dismiss Obi’s petition challenging Tinubu’s victory

The Independent National Electoral Commission (INEC) has asked the Presidential Election Petition Court to dismiss a petition filed by Labour Party (LP) and its presidential candidate, Peter Obi, stating that the reliefs sought are not grantable. It also challenged the court’s jurisdiction to hear the petition on the grounds that it is, among others… Read More

TECHNOLOGY HEADLINES

PUNCH

Infrastructure Upgrade Will Boost Digital Payment Adoption– Remita CEO

Managing Director, Remita Payment Services Limited, Deremi Atanda, has called for quality infrastructure to support the growth of digital payments in Nigeria. A statement said while speaking during the first edition of the SystemSpecs Tech Innovation Webinar Series held in partnership with FintechNGR, ‘Deremi stressed the importance of adequate… Read More