Monday, June 29, 2020
States’ inability to tap capital market could see another rush for FG’s bailout
The inability of most state governments to raise debt instruments from the capital market amid declining revenues could see a rush for another round of bailout from the Federal Government, according to views of a wide spectrum of analysts surveyed by BusinessDay. “There are strong indications that we might see another round of bailouts given…Read more
N1.72trn after, Nigeria bids farewell to electricity subsidy
Nigeria is set to quit the expensive habit of subsidising electricity consumption for its people which has cost the country a staggering N1.72 trillion in five years, BusinessDay has learnt. In 2020 alone, the Federal Government is committing N380bn and the three months delay in the implementation of the service-reflective tariff for the electricity sector…Read more
Persisting current account deficits throw hurdles at Nigerian businesses in need of dollars
With lingering current account deficits, Nigerian businesses will remain at the brutal end of an acute dollar shortage that has contributed to stifling their growth, and the economy’s, unless the country abandons its managed float exchange rate regime and allows the market determine the naira’s value. Africa’s biggest economy has remained a net consumer……Read more
Lagos pays N93m death insurance claims
The Lagos State Government has said it paid insurance benefits worth N93m to relatives of deceased civil servants in three months. According to the report, Lagos presented insurance death benefits of N93m to 35 direct beneficiaries of deceased civil servants between December 2019 and March 2020….Read more
Private sector raises N29bn to fight COVID-19
The private sector Coalition against COVID-19 has raised about N29bn in its fight against the coronavirus pandemic. The Central Bank Governor, Godwin Emefiele, disclosed this during the commissioning of Lagos State Isolation Center at Yaba, on Sunday….Read more
Coronavirus, political instability sustain sell-off at NSE
Sell pressure continued at the Nigerian Stock Exchange (NSE), amid negative sentiments fuelled by the rise in Coronavirus pandemic, exacerbated by the political crisis that has engulfed Nigeria’s ruling All Progressives Congress (APC), and wobbling economic data….Read more
Insurance generates N490 billion in 2019 financial year
The Nigerian Insurers Association (NIA), has revealed that the volume of business written by the industry rose to N490 billion in 2019, a 15.55 per cent over 2018 level of N413.8 billion…Read more
CBN Disburses N49bn COVID-19 Intervention Fund to 80,000 Beneficiaries
The Central Bank of Nigeria (CBN) has so far disbursed N49 billion out of its N50 billion Targeted Credit Facility meant to cushion the impact of the COVID-19 on the economy. Also, its Business Expectations Survey Report for June 2020 shows that at -24.3 index points, the overall confidence index (CI) indicated respondents’ pessimism on the overall macro economy in June while the respondents are optimistic in their outlook for July…..Read more
N1.3bn Debt: AMCON Takes over Unicorn Place & Leisure’s Assets
Following the order of Justice Saliu Saidu of the Federal High Court, Lagos division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Ike Nwabuoku, the Chief Promoter of Unicorn Place & Leisure Services Limited over a N1.3 billion indebtedness….Read more
