| Thursday, April 23, 2020 |
FAAC allocation rises by N199.36bn to N780bn Despite the drop in crude oil price from $42.3 per barrel in February to $26.44 in March, the allocation to the three tiers of government rose by N199.36bn from N581.56bn shared in February to N780.92bn in March. The allocation was made on Wednesday shortly after the Federation Account Allocation Committee meeting…read more.
Oil crash may warrant production halt, says NNPC Nigeria has not stopped producing crude oil but a persistent crash in oil prices may lead to a halt in production, the Nigerian National Petroleum Corporation has declared. On Tuesday, global oil price benchmark, amid the demand collapse caused by reduced economic activities, Brent, against which Nigeria’s crude oil is priced, fell by $6.34 to $19.23 per barrel…read more.
Oilfield closures, job losses loom in Nigeria — Experts The steep drop in crude oil prices have put most Nigerian oil companies at risk, with industry experts saying oilfield shutdowns and job losses are imminent. The global oil benchmark, Brent crude, fell on Wednesday to as low as $15.98 per barrel, its lowest since June 1999, before rising to $20.87 per barrel as of 6.45pm Nigerian time…read more.
Pipeline vandalism persists as Nigeria earns $5.18bn from oil export The reoccurring attacks on oil pipelines across the country increased by about 50 per cent in January this year, even as Nigeria over $5.18billion from crude oil and gas export. Financial and operational details released yesterday, in Abuja, by the Nigerian National Petroleum Corporation (NNPC), showed that earning increase of 94.30 per cent above December 2019 levels…read more.
‘Government should introduce petrol consumption tax to mitigate recession’ Nigeria spends $4m daily on subsidy since 1988, says Soyode. Despite concerns about the utilisation of taxes in Nigeria, as well as the dwindling purchasing power of many Nigerians, a former Projects Coordinator for the Warri and Kaduna Refineries, Babajide Soyode, has asked the Federal Government to revisit the issue of petroleum consumption tax to mop up revenues….read more.
Chinese Firms Support Nigeria’s COVID-19 Fight In a bid to ensure that Nigeria effectively fights and wins the battle of containing the COVID 19, a coalition of Chinese firms and nationals resident in Nigeria have resolved to join resources in providing support to Nigeria in the fight for the containment of the dreaded disease….read more.
IMF to decide Nigeria’s aid request April 28 The executive board of the International Monetary Fund (IMF) will meet next week Tuesday, April 28, to decide on Nigeria’s request for financial aid. Nigeria submitted a request for $3.4 billion under the IMF’s rapid financing instrument….read more.
Onne Customs Q1’20 revenue collection hits N22.9bn Nigeria Customs Service THE Area 11 Onne Command of the Nigeria Customs Service has collected N22.95 billion in revenue between in the first quarter of 2020, Q1’20. This is in addition to the seizures of seven containers with total Duty Paid Value, DPV, of N215.4 million within the same period…read more.
Treasury yields mixed ahead of new jobless claims Jobless claims for the week ending April 17 are due at 8:30 a.m. ET, with the coronavirus pandemic continuing to send unemployment skyrocketing. Violent fluctuations in oil prices have held markets hostage this week as a demand collapse due to the coronavirus and persistent oversupply keep pressure on crude…read more.
The world should look at South Korea as an ‘exit strategy’ to recover from pandemic, economist says The world should look to South Korea’s handling of the coronavirus outbreak as a way to emerge from the pandemic without severely affecting economic growth, Trinh Nguyen from Natixis told CNBC…read more.
Fintech firms race to plug gaps in UK’s coronavirus relief measures U.K. fintech firms have been pushing for approvals to provide emergency business loans introduced by the government. Industry body Innovate Finance has pressured the government to include non-bank lenders in the coronavirus loan scheme…read more.