
VANGUARD
Stock Market Surges 5.2% On New Govt Sentiment
The stock market yesterday witnessed a significant surge following the smooth transition to a new government with investors recording a N1.505 trillion gains at the end of the day’s trading. Consequently, at the close of the first trading day post inauguration, the benchmark All Share Index (ASI) rose by 5.2 percent, representing the biggest single-day… Read More
Banks’ Borrowings From CBN Rise 464% To N4.95 Trillion
Banks’ borrowings from the Central Bank of Nigeria, CBN, Standing Lending Facility, SLF, rose year-on-year (YoY) by 464 percent to N4.95 trillion in the first quarter of 2023 (Q1’23) from N877 billion in the corresponding period of 2022, Q1’22. Vanguard findings from the CBN Financial Data for the period showed that banks’ borrowings from the… Read More
SUN
Subsidy: NNPCL To Recover N2.8trn From Federal Government –Kyari
Speaking to State House Correspondents after meeting with President Bola Tinubu, Kyari while stressing that the reality is that the federation can no longer pay NNPC for the burden of subsidy that it’s carrying, it intends to recover from the market. He said: “Our position is we are a supplier of last resort to the federation, we are a commercial… Read More
PUNCH
Subsidy: Fuel Sells N600/Litre, Queues Worsen As Filling Stations Shut
Less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, the pump price of Premium Motor Spirit commonly known as petrol has skyrocketed to N600 per litre from N195/l in many parts of the country. The development equally triggered a 100 per cent hike in transport fares, while long queues resurfaced at fuel stations across… Read More
ECONOMY HEADLINES
VANGUARD
Nigeria’s oil production drops 17.7% to 1.25m bpd — NUPRC
NIGERIA’s oil production, including Condensate, dropped month-on-month, MoM, by 17.7 per cent to 1.25 million barrels per day, bpd in April 2023, from 1.52 million bpd recorded in the preceding month of March 2023. This confirms the position of the Organisation of Petroleum Exporting Countries, OPEC, which had earlier disclosed in its May… Read More
Power generation falls 1.7% to 3,556mw in 7 years
IN the seven years of former President Muhammadu Buhari’s administration, the average power generation fell by 1.7 percent to 3,556MW in 2022, from 3,619 Megawatts recorded in 2016, latest industry data has indicated. A yearly breakdown of industry data published by the Nigerian Electricity Regulatory Commission (NERC), showed that… Read More
THISDAY
Emefiele: Single Digit Credit No Longer Feasible As CBN Facilities Reached N8tn In 5 Years
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the single-digit funding enjoyed by businesses in the priority sectors of the economy over the last five years may be difficult to come by again amid a high inflationary environment. The central bank governor also disclosed that about N8 trillion had been disbursed… Read More
POLITICAL HEADLIINES
GUARDIAN
Tinubu, Shettima Resume In Aso Villa As Nigerians Await Official Appointments
President Bola Ahmed Tinubu officially assumed office at the Presidential Villa, Abuja, yesterday, same as Vice President Kashim Shettima. Tinubu, who arrived the forecourt of the Presidential Villa, a day after he was sworn-in as the 16th President of Federal Republic of Nigeria, was received by Shettima, accompanied by State House… Read More
SUN
Enugu State Gov’t Directs Former Political Appointees To Hand Over
In a statement signed by the new Secretary to the State Government, Professor Chidiebere Onyia, on Tuesday, May 30, 2023, the government enjoined immediate compliance with the directive by handing over all government assets in their possession to the Permanent Secretary or Director of Administration or Director of Personnel… Read More
TECHNOLOGY HEADLINES
Tinubu Targets 1m Digital Jobs As Stakeholders Set Agenda For New Administration
President Bola Ahmed Tinubu has expressed his administration’s readiness to create one million new digital jobs for the economy. Tinubu, in his inaugural address on Monday, in Abuja, stated this with an assurance that his administration must create meaningful opportunities for the teeming youths. Digital jobs are created through the… Read More