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Monday, October 26, 2020

COVID-19: With $750 million stimulus, FG, states, World Bank brainstorm on inclusive economic recovery agenda

By Grace Alegba Lagos, Oct. 10, 2020 To mitigate the impact of COVID-19 on infrastructure, MSMEs and vulnerable Nigerians, critical stakeholder converged at a two-day retreat to evolve strategies for transparency and competence in the distribution of emergency intervention funds. The retreat for members of...

ECONOMY: States Internally Generated Revenues Plunged to N612.87 billion in H1 2020 amid COVID-19 Pandemic…

Freshly released data by the National Bureau of Statistics (NBS) showed that total value of the 36 states’ internally generated revenues and that of the Federal Capital Territory (FCT) Abuja moderated to N612.87 billion in H1 2020, down from N693.91 billion it printed in...

WeekAhead FX: Nigeria’s unofficial naira rate seen trade firmly against US dollar as CBN sells more forex to investors

Nigeria's unofficial naira rate are expected to trade slightly firmer against the U.S. dollar next week. Nigeria's naira NGNFX=BDCN could firm on the black market next week as the central bank sells forex to investors and curbs import demand to support the currency, traders said. The...

Nigeria propose N13 trillion 2021 budget on crude oil benchmark price of $40 per barrel at 1.86 million daily oil output

President Muhammadu Buhari has presented the 2021 budget estimate to a joint session of the National Assembly. The proposed expenditure is put at N13.08 trillion with a crude oil benchmark price of $40 per barrel and daily oil production estimate of 1.86 million barrels (inclusive...

Apara Accuses Tinubu, Doherty, Alpha-beta of fraud, tax evasion, money laundering

Dapo Apara, a Nigerian chartered accountant, has accused a former governor of Lagos State, Bola Tinubu; a consulting firm, Alpha-beta, and a former commissioner in the state, Akin Doherty, of money laundering, fraud, tax evasion, and sundry corrupt practices. Mr Apara, in writ of summons...

Nigeria enters second economic recession in four years, plans $34 billion budget for 2021

President Buhari presents 13 trillion-naira budget to assembly Fiscal deficit seen at 3.6% of GDP in 2021 on GDP rebound Plan based on oil output of 1.86 million barrels a day ...

Governments should step up public investments to create jobs that boost local economies, IMF says

The IMF predicted in June a contraction of 4.9% in global GDP (gross domestic product) for 2020 — but the fall could be even higher as many governments are now dealing with a second wave of infections. Now, the IMF is calling on governments to increase...

Fitch Revises Nigeria’s Economic Outlook to Stable, Affirms at ‘B’

Fitch Ratings has revised the Outlook on Nigeria's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at 'B'. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS The revision of the Outlook...

Nigeria’s cabinet proposes 3% economic growth target for 2021 budget on $40 per barrel oil benchmark

Nigeria's cabinet proposed on Wednesday a 3% economic growth target and an 11.95% inflation target for its 2021 budget, a presidency aide said on his official Twitter account. The cabinet also plans to target a $40 per barrel oil benchmark and 1.86 million barrels per...

Nigeria says dollar reserves swelled by $200 mln after court ruling

Nigeria's central bank said on Tuesday its foreign reserves have grown by $200 million after a London court ordered the release of a guarantee put in place as security for a failed gas project. Nigeria's dollar reserve has lost 15% of its value in the...
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