Daily Business Headlines – MAY 31 2023


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


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


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



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


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



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


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



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