Thursday, May 23, 2019

Saudis See Oil Price On Rise As Trump Blasts OPEC

(FIles) US President Donald Trump speaks during a meeting with senior military leaders at the White House in Washington, DC, on April 9, 2018. NICHOLAS KAMM / AFP
 
Saudi Energy Minister Khaled al-Faleh said Friday the global market has the capacity to absorb higher oil prices, drawing a swift reaction from US President Donald Trump who accused OPEC of inflating prices.
Faleh’s statement at a meeting of oil producers in Saudi Arabia came as crude hit the highest level in more than three years.
“Looks like OPEC is at it again,” Trump tweeted.
“With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!”
Oil has rebounded to over $70 a barrel, after prices crashed to as low as $26 in January 2016.
“I have not seen any impact on demand with current prices,” Faleh told reporters, ahead of a ministerial committee for OPEC and non-OPEC producers.
“Reduced energy intensity and higher productivity globally of energy input leads me to think that there is the capacity to absorb higher prices,” he said.
The ministerial committee said Friday that crude inventory levels have been reduced but were still higher than desired.
Stockpiles were at 2.83 billion barrels, down from their peak of 3.12 billion barrels two years ago, it said in a statement.
– Gunning for $80b –
Analysts believe Saudi Arabia, the world’s top crude exporter, aims to see much higher oil prices to overcome its domestic financial difficulties and raise the valuation of state oil giant Aramco ahead of a planned five-percent IPO.
After prices hit $70 a barrel, the kingdom “is thought to be unofficially gunning for $80 a barrel, with some even suggesting that it favours a return to $100 (a barrel) oil”,  Stephen Brennock of PVM Oil Associates said.
“As well as helping to reduce the Saudi government balance sheet, a further spike in prices would act as a boon for the impending Aramco IPO,” Brennock said.
“This is why Saudi Arabia is intentionally keeping the supply of oil tight,” Commerzbank said.
Faleh on Friday insisted the Organization of Petroleum Exporting Countries does not have a price target for oil.
“We never have a price target … Prices are determined by the market,” said Faleh who warned against the danger of price fluctuations, saying “volatility is our enemy.”
– Saudi-Russia ‘consensus’ –
Russia, the world’s top oil producer, on Friday gave its backing to the idea of establishing an enduring alliance for producers to continue their control of the market.
“We have created a very solid foundation for cooperation between OPEC and non-OPEC countries in the future even beyond the declaration of cooperation,” Russia Energy Minister Alexander Novak told reporters in Jeddah.
Oil kingpin Saudi Arabia said a “consensus” was emerging for a long-term cooperation agreement.
OPEC and non-OPEC producers struck a deal in late 2016 to trim production by 1.8 million barrels per day to reduce a global glut that sent prices crashing.
The deal, which is due to run out at the end of this year, has helped boost oil prices to above $70 a barrel from below $30 in early 2016.
The recovery has also been fuelled by geopolitical tensions, Trump’s threat to reimpose sanctions on Iran and production problems in Venezuela, Nigeria and Libya.
Benefitting from the higher prices, US oil producers have ramped up drilling, pushing domestic output to a record 10.5 million barrels a day last week, according to data from the US Energy Information Administration.
The United States had already overtaken Saudi Arabia as the world’s second-largest crude producer, pumping just under 10 million bpd while meeting its agreed production cuts.
AFP
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Presidency’s Intervention Saved Nigeria’s Ease Of Doing Business – Oduwole

 
The Special Adviser to President Muhammadu Buhari on Trade and Investment, Mrs Jumoke Oduwole, has explained how Buhari-led administration played a huge role in saving the nation’s business index.
Oduwole, on Monday, was as a guest on Channels Television’s Breakfast Programme, Sunrise Daily.
She said the presidency, using a systemic approach made Nigeria’s economy competitive, thereby booking the global ranking of the nation’s economy.
“This administration has had a systemic approach to making this economy competitive. We have been 145 before, we started from 106 then last decade we went on a free fall consistently going backwards.
“When this administration came in 2015, we started immediately on this project and we were able to stem the tide. The first thing was that we stopped going backward, then we had a systemic approach chaired by the presidency,” she said.
Oduwole said further that the strategic plan initiated by the Federal Government upon assuming office in 2015 led to the improvement in the country’s global business index.
She explained that this involves a collaboration of some ministers, some lawmakers, the Head of Civil Service and the private sector.
“And that political will with coordination of over 10 ministers, Central Bank Governor, Head of Civil Service and then later, high-level National Assembly representation, Lagos and Kano states and of course private sector,” she added.
Recalling that Nigeria was judged the top 10 economies in the world on the ease of doing business last year, she, however, attributed the feat to the sincerity and commitment shown by the presidency.
According to her, statistics show an improvement of the country’s ranking 24 positions up as against the previous position of 169 to 145 is an indication that President Muhammadu Buhari is sincere with the economic recovery.
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National Carrier: Nigeria Air To Commence Operations In December, Says Minister

 
 
The Minister of State for Aviation, Hadi Sirika, has announced that Nigeria Air which is the National Carrier will commence operations from December 2018.
He disclosed this on Wednesday during the launch of the name and logo at the Farnborough International Airshow in London.
He said that the airline will fly about 81 routes, 40 for domestic, regional and sub-regional and 41 for international.
The airline will shuttle between the Lagos to Abuja airports which will add 11 million passengers capacity in each of the two airports.
“Lagos currently does 8 million per annum  which was built in 1979 for 200,000 passengers annually while Abuja does 5 million.” He added.
Speaking on the need for a National Carrier, the minister explained “Nigeria has not been a player for a very long time. We use to be a dominant carrier in the continent of Africa through Nigeria Airways. Sadly, Nigeria Airways is no more.
“The Government has been quite liberal by liberalizing the sector at the tail end of the 70s and early 80s to allow the private sector to participate in creating a robust airline that would serve the market, and that would transform the economy of that region.
“Unfortunately, the stories of the initiatives which were well recognized and respected has not yielded the desired goals of achieving a top class, competitive, efficient and vibrant carriers. With the government of Nigeria, it is extremely important that the service is provided.
“The reason being, there is a service that is needed and also, it will offer employment opportunities that will kick start, ginger, double up and rush the growth of the economy of Nigeria.
“So we take it as an extremely very important venture. And that is why the government thought it has the responsibility upon itself much more than a society in trying to create a new National Carrier that will be typical and private sector led and driven through Public Private Partnership (PPP) arraignment.
He noted that the airline will be used to promote the culture and tradition of the nation.
Nigeria’s first national carrier was established in 1958 and stopped operations in 2003 with more than 30 aircraft on its fleet in the 1980s.
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FG To Go After Bank Accounts Of Billionaires Owing Tax

Chairman of the Federal Inland Revenue Service (FIRS), Tunde Fowler, says the agency will soon go after the bank accounts of defaulting taxpayers who are raking in billions in Nigeria and are not paying taxes.
The FIRS boss said the agency will through all banks in the country, do a substitution on accounts for such identified taxpayers.
“There are Over 6772 of such defaulting billionaire taxpayers been identified by the FIRS, leveraging on banks data,” he said.
Fowler who disclosed this at a stakeholders’ meeting in Lagos, noted that most of such taxpayers have between N1million and N5 billion in their accounts have no Taxpayer Identification Number, TIN, or have TIN and have not filed any tax returns as taxpayers.
He said, “What we have done is what we call “substitution” which also is in our laws which empowers us to appoint the banks as collection agents for tax. So, all these ones of TIN and no pay and no TIN and no pay, to the total of 6772 will have their accounts frozen or put under substitution pending when they come forward.
“First, they refused to come forward in 2016, they refused to come forward under VAT and are still operating here. So, we are putting them under notice that it is their civic responsibility to pay tax and to file returns on these accounts.
“We looked at all businesses, partnerships, corporate accounts that have a minimum turnover of N1 billion per annum for the past three years. First of all, the law states clearly that before you open a corporate account, part of the opening documentation is the tax I.D. From the 23 banks, we have analysed so far, we have 31,395 records, out of which effectively minus duplications we had 18,602.”
 
He also called for support from banks in other to fish out the bank accounts of the erring billionaires.
“I plead with the banks to support us, in supporting us, you are supporting Nigeria. In supporting Nigeria, you are supporting all Nigerians and those who have chosen Nigeria as home. And most of all, you are supporting a future that we can leave behind for the upcoming youth of Nigeria.”
He noted that FIRS is also paying close attention to accounts auditing.
“We have started a comprehensive audit exercise that involves both national and regional audit because we got to a position where we found out that majority of the major organisations that were allowed to do self-assessment, do not truthfully declare or pay the taxes that were due.
“Till date, we have raised an assessment of over N805 billion from 1324 National Audits out of which 499 (taxpayers) have N219 billion.”
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Fire Trips Off Nigeria’s Power Grid, Causes Total Outage

File photo 
There was a sudden loss of power generation on Tuesday night, leading to a total blackout across the country.
According to a statement from the Ministry Of Power, Works and Housing, the power outage occurred following a reported fire incident on a gas pipeline in Edo State.
“Regrettably, after a sustained period of increasing production and distribution of power since September 2017 to date, the Nigerian Gas Processing and Transportation Company Ltd (NGPTC) has reported a fire incident on its Escravos Lagos Pipeline System near Okada, Edo State on Tuesday, January 2, 2018,” the ministry said.
The incident consequently led to the shutdown of the pipeline supplying gas to Egbin 1,320MW; Olorunsogo NIPP 676MW, Olorunsogo 338MW, Omotosho NIPP 450MW, Omotosho 338 MW and Paras 60MW power stations.
The ministry further explained that the sudden loss of generation as a result of the interruption in gas supply from these stations caused the national transmission grid to “trip off around 20:20 on January 2, 2018.”
“The national transmission grid is owned and operated by the Transmission Company of Nigeria (TCN). Most of Nigeria’s power generation is from thermal power stations that require gas for fuel.
“The gas is produced by oil and gas companies overseen by the Ministry of Petroleum Resources. The gas is delivered to the power stations through pipelines owned and operated by Nigerian Gas Processing and Transportation Company Ltd (NGPTC), a subsidiary of Nigerian National Petroleum Company (NNPC),” the statement added.
The ministry apologised to Nigerians for any difficulty they might have been through, saying TCN and the generation companies are working to restore operation of the national grid.
“We urge members of the public to bear with us as we work to overcome this set back which should be temporary.”
Once the national grid is restored, the ministry promised that output from the hydroelectric power stations and all other unaffected gas fired thermal power stations would be increased to the extent possible to minimise the impact of the loss of generation from the affected power stations while NNPC takes necessary steps to restore gas supply.
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Nigeria’s Inflation Rate Falls For Ninth Consecutive Time

For the ninth consecutive time, Nigeria’s inflation rate measured by Consumer Price Index (CPI) has eased further.
The National Bureau of Statistics (NBS) in its “CPI October 2017 Report’’ released on Wednesday, November 15 in Abuja says Nigeria’s inflation rate has further dropped to 15.91 percent in October from 15.98 recorded in September.
The data also shows food inflation rose by 20.31 percent, just a soft touch below the 20.

South Africa Wine Production Drying Up In Water Crisis

FILE COPY Red wine                                                                          Photo Credit: GEORGES GOBET / AFP
 
South Africa is set for a steep decline in wine production in 2018 as the country grapples with a water crisis ravaging Cape Town and surrounding areas, a Paris-based global organisation said Tuesday.
Africa’s top wine producer is set to produce 8.6 million hectolitres of wine this year, down 20.4 percent down from 2017, the International Organisation of Vine and Wine (OIV) said in a statement.
The Western Cape region has gone without significant rains for more than three years, forcing South Africa’s second city to slash residential water consumption.
While cautiously welcoming the water shortage’s impact on improved grape flavours, South African winemakers have been struggling with the drought, which has sown panic across the Cape Town area.
More broadly, overall production in the southern hemisphere is set to remain stable at around 52 million hl — only a marginal change from last year.
Argentina, the world’s sixth-biggest producer, will see its production rise 14.2 percent to 13.5 million hl.
In Chile, also a rising star in the world of wine, is set to see a 19 percent rise to 11.3 million hl.
Australia, the world’s fifth producer, will however see its production dip 8.7 percent to 12.5 million hl.
The OIV meanwhile confirmed a historic drop in production triggered by unusually long winters in the world’s top three winemakers — Italy, France and Spain.
But in more positive news, in a sign that wine lovers may have finally put the global financial crisis behind them, global consumption stabilised in 2017 at 243 million hl.
“The downturn in the consumption of historic consumer countries –- France, Italy and Spain –- appears to have stabilised, while the consumption of the United States, China and Australia continued to increase,” the OIV said in a statement.
AFP
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Lagos Seeks Partnership With World Bank To Boost Economy

 
The Lagos State Governor, Akinwunmi Ambode, has asked the World Bank to partner with the state government in funding key projects in transportation, energy and water sector.
Governor Ambode stated that such partnership will positively impact the economy not the state alone but the country as a whole.
He made this known on Thursday during a courtesy visit by Executive Directors of the Bank led by Mr. Patrizio Pagano in Alausa, Ikeja.
Governor Ambode said that the State Government in the last three years had hugely invested in the provision of infrastructure across all sectors and sections, but collaboration from the Bretton Wood institution in key sectors in the State would go a long way in boosting the economy and making life comfortable for the people.
He said available statistics from the United Nations confirmed the fact that an average of 86 people enter into Lagos every one hour which is the highest in the world, while the population of the State was now around 24million, with attendant impact on infrastructure and other social amenities, adding that the complexity of the State makes the need for support in funding key projects more compelling.
“The significance of Lagos to the overall economy of Nigeria itself is not what we want to toy with and so when I read in the brief that the delegation would be coming to Lagos, I thought it was a very good decision that you would be able to see some of the sectors and some of the impact we have made.
“So, if the World Bank was to generally support the development of the Nigerian economy, beyond the fact that you would be having anything to do with the Federal Government, I think that the greater part of what you should concentrate on should be issues that relate to major sectors that have to do with Lagos because anything that is driven by Lagos more or less has an overall positive impact on the Nigerian economy,” Governor Ambode said.
The Governor Ambode led- the administration had commenced the process of implementing major reforms in the transport sector with major bus terminals and laybys springing up in key areas across the State, adding however that major support was also needed in areas of integrated transport system involving road, rail, and water transportation.
While alluding to the traffic congestion on the Airport Road by the leader of the delegation, the Governor said the development was a signpost of the fact that there was an urgent need to invest massively in other modes of transportation.
“Unfortunately, with the huge population of Lagos, we just have some effective operation of one mode of transportation which is a road. So, technically, when you are having a whole lot of people coming into the State and you are having so much expansion around the West Coast, it is important that we review the integration of our public transport management system in a manner that we can actually stand to say that we are planning ahead of the kind of urbanization challenges that we are having in our hands as well as some sense of implosion in terms of population coming from other parts of the country into Lagos.
“So, technically there are major reforms going on in the public transport system and because the roads and the infrastructure are the things that are visible right now, it is important that we seek greater support to be able to create new terminals, create new laybys, new bus stops and actually even purchase new buses because when you look at the bus system in the city, it cannot actually meet the demand of a globally competitive city that we are trying to make Lagos become.
“In that regard, I just think that the transport sector is one area that we really need to look at and if we are able to make a good example and a good success of what Lagos should really be in terms of integrated transport system, we would have helped Nigeria to create an example and we would have also been able to replicate it in other parts of the country,” the Governor said.
He said Lagos, being a sub-national was also having challenges in providing energy to adequately power the State, as well as in the area of providing potable water to the huge population due to competing for pressure on resources, adding that support to augment efforts being made by the State Government would equally be helpful.
Besides, Governor Ambode thanked the World Bank for the various budget support initiatives in transport, Agric, and water sectors, saying the support had crystallized not only in development and growth of the State but also resulted in stronger ties with the institution.
Responding to a question on how Lagos contributed to Nigeria’s economic recovery and growth plan, the Governor said his administration decided to reflate the economy by investing massively in key sectors which in turn touched even the lower fabric of the economy, saying the development changed the tied of the negative outlook of the country’s financial numbers, and eventually stabilized the economy.
“The last three years have been tremendously progressive for Lagos. We have done so much in terms of infrastructure to make sure that the city stabilizes. We are very strong in the area of security and right now, Lagos appears to be the safest city in Africa and security wise we have been able to put the city back on track and it has stabilized a whole lot of investment here.
“We believe also that if we continue in that path, some years to come we would become the third largest economy in Africa,” the Governor said.
Earlier, Pagano said the delegation, which consists of 10 World Bank Executive Directors representing 96 countries, was in Nigeria to study the challenges and expectations of the partners in West Africa from the bank, saying the team was delighted to learn the challenges faced by Lagos, which he described as Nigeria’s most dynamic State.
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Nigeria Overtakes India In World’s Extreme Poverty Ranking

File.
 
Nigeria has overtaken India as the country with the largest number of people living in extreme poverty, a new report by the World Poverty Clock has said.
According to the report, extreme poverty in Nigeria is growing by six people every minute, the highest number in the world.
India on the other hand, is witnessing a decline in its level of extreme poverty.
At the end of May (2018), the survey showed that Nigeria had an estimated 87 million people in extreme poverty, compared to India’s 73 million.
The report further stated that in Africa, D.R Congo may soon overtake India as number two, while Africa may be home to additional 3.2 million people living in extreme poverty by the end of 2018.
With the report, the United Nations’ Sustainable Development Goal (SDG) to end extreme poverty by 2030 may be unattainable even as Africa faces major population increase.
According to the UN, By 2050 around 2.2 billion people could be added to the global population and more than half of that growth will come from Africa.
It also predicts that Nigeria will become the world’s third largest country by then.
The World Poverty Clock report further states that of the 10 countries on this extreme poverty list, only Ethiopia is on track to meet the United Nations’ SDG of ending extreme poverty by 2030.
It also says outside the top 10, only Ghana and Mauritania are on track with the target.
See the list of top 10 extremely poor countries below.
Nigeria leads with 86.9 million people and is closely followed by D.R Congo with 60.9 million people.
Ethiopia is next with 23.9 million people, followed by Tanzania with 19.9 million.
Mozambique comes next with 17.8 million while Kenya has 14.7 million people living in extreme poverty.
The least four are Uganda, South Africa, South Sudan and Zambia with 14.2, 13.8, 11.4 and 9.5 respectively.
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NNPC Commences Seven Critical Gas Projects To Support Power Generation

 
 
 
The Nigerian National Petroleum Corporation (NNPC) has kick-started seven Critical Gas Development Projects (7CGDP) to deliver about 3.4 billion standard cubic feet of gas per day (BSCFD) to bridge the foreseen medium-term supply gap by 2020 on an accelerated basis.
The 7CGDP is an integral leg of the gas development strategy designed by the Nigerian National Petroleum Corporation (NNPC) to leverage the full potential of gas to meet the target of generating at least 15 gigawatts (GW) of electricity by 2020.
In a presentation at the event, Group Managing Director of the Corporation, Dr. Maikanti Baru, enthused that the projects would not only bridge the projected shortfall in supply upon completion but would also signal the beginning of the process of a closing demand-supply gap in the domestic gas market.
He said NNPC had engaged two World Class Project Management Consultants namely DeltaAfrik/Worley Parson & Crestech/Penspen who will work with NPDC and NNPC JV Partners and other stakeholders to achieve set project deliverables.
He listed some of the responsibilities of the project consultants to include: working with NNPC and partners to revalidate and carry out relevant technical studies to proposed development plans, provide financial advisory services for project funding/financing strategy and appraise the fiscal requirements for viability and advice on interventions that may be required.
The PMT are also expected to study and recommend fast-track tendering process for field development and project implementation, establish realistic cost benchmark(s) for identified projects and develop project schedules and cost estimates for the respective projects among others.
Dr. Baru explained that in addition to the above, the NNPC Project Management groups would strengthen oversight function on the seven (7) critical gas development projects by ensuring prompt decision making and timely approvals in line with international best practices.
The NNPC GMD said the Corporation was working closely with other agencies like the Department of Petroleum Resources (DPR) and the Nigerian Content Monitoring and Development Board (NCMDB), among others, to ensure timely approvals for the project and also ensure that lease renewals requests related to these projects were supported for renewals by relevant agency.
Mr. Osagie Okunbor, Managing Director of Shell Petroleum Development Company (SPDC) which is handling three out of the seven projects, pledged the commitment of the company to the successful execution of the 7CGDP, noting that Shell was fully aligned with Nigeria’s gas strategy and aspirations.
The highpoint of the event was the formal execution of an agreement for the development of the 6.4 trillion cubic feet unitized gas fields (Samabri-Bisseni, Akri-Oguta, Ubie-Oshi fields by NNPC/Shell and NAOC JV.
The 7CGDP include the development of the 4.3 trillion cubic feet (TCF) Assa North/Ohaji South field; development of the 6.4 TCF Unitized Gas fields (Samabri-Biseni, Akri-Oguta, Ubie-Oshi and Afuo-Ogbainbri); and the development of 7TCF NPDC’s OML 26, 30 &42.
Others include development of 2.2 TCF Shell Petroleum Development Company (SPDC) JV Gas Supply to Brass Fertilizer Company; cluster development of 5 TCF OML 13 to support the expansion of Seven Energy Uquo Gas Plant; and the cluster development of 10 TCF Okpokunou/Tuomo West (OML 35& 62).
Meanwhile, the NNPC on Monday provided insight into the fire incident which ravaged parts of the PPMC Depot in Minna, Niger State.
Speaking to journalists on the sidelines of the 7CGDP launch in Lagos, the GMD said the fire incident which started late Saturday night after the collapse of the floating roof of one of the Petrol storage tanks had since been brought under control.
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MTN To Raise $500m Nigeria Share Sale In 2018

Telecoms giant, MTN Group Ltd. has announced plans to raise about 500 million dollars from the sale of shares in Nigeria during the first half of 2018.
Most of the shares will be sold to local institutions and individuals, though foreign investors could be brought in to ensure the process is a success.
If successful, the Lagos share sale will be the biggest on the Nigerian Stock Exchange after Starcomms Plc, which raised $796 million when it listed in 2008, according to data compiled by Bloomberg.
MTN had 230.2 million subscribers in 22 countries across Africa and the Middle East as of the end of September, with Nigeria, Iran and South Africa its three biggest markets.
The company has also agreed to sell shares in Ghana as one of the conditions of a deal to gain spectrum rights, while Vodacom Group Ltd., South Africa’s market leader, was ordered to list 25 percent of its Tanzanian business last year, raising $213 million.
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World Bank Officials Meet With Osinbajo, Adeosun, Others

 
World Bank Mission officials will on Wednesday be meeting with the Vice President Yemi Osinbajo, Minister of Finance, Kemi Adeosun and some governors in Abuja, the nation’s capital.
The delegates which comprise of 10 Executive Directors will hold discussions with the Nigerian Government on the Bank’s project in the country.
In the World Bank Mission are the Bank’s Executive Directors for Switzerland, France, Italy, Nordic, Peru, Germany, South Africa (representing Angola, Nigeria and South Africa), Burkina Faso (representing Francophone Sub-Saharan Africa), Zimbabwe (representing Anglophone Sub-Saharan Africa), United Kingdom and Indonesia.
A statement by the spokesman to the Minister of Finance, Olayinka Akintunde, says, the delegation will discuss ongoing World Bank projects and the country’s development priorities with the Vice President, Minister of Finance and the Governors.
The officials will also meet the organised private sector in Lagos as well as undertake a tour of LAPO Microfinance project in Lagos and Azura Power Plant in Edo State.
The visit is expected to provide a first-hand impression of the challenges that both the Federal and State Governments face in implementing development projects as well as ensuring good governance overall.
It will further enhance the goal of the Bank for member-countries and the effectiveness of the Executive Directors in providing the necessary support.
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Senate Reverses Decision Not To Screen CBN Board

 
The Senate has decided to reverse its earlier decision not to confirm any nominee from President Muhammadu Buhari, whose office is not expressly stated in the Constitution.
At legislative proceedings, the Senate decided to make concessions by screening for confirmation nominees for the position of Deputy Governor of CBN and members of the Monetary Policy Committee of the CBN.
The Senate is taking this decision after a Federal Lawmaker Senator Rafiu Ibrahim, appealed to the lawmakers to confirm the nominees for the position of Deputy Governor of CBN and members of the Monetary Policy Committee of the CBN.
He explained that MPC has been unable to hold its meeting because it does not have the required number of members to form a quorum and this has had adverse effects on the economy.
The CBN could not hold the meeting in January this year, due to the Senate’s refusal to approve the critical committee needed to form a quorum as stipulated in the CBN Act of 2007.
However, the CBN governor, Godwin Emefiele, said last month that the CBN may reduce its benchmark from a record-high 14 percent before July if inflation drops closer to single digits.
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Reps Okay States Foreign Borrowings

File photoLegislators at the Lower House of the National Assembly have approved the planned foreign borrowing of 492.4 million dollars for Ogun, Katsina, Jigawa and Plateau states.
The approval by the House comes after the consideration of a report of its committee on “aids, loans and debt management”, which was prepared on request under the medium term external borrowing rolling plans of the Federal Government for 2016 to 2018.
The breakdown of the foreign loans shows a 32.4 million dollars facility for Jigawa state from the Islamic Development Bank for integrated rural development.
Katsina state also plans to source 110 million dollars from the Islamic Bank for healthcare, while Plateau state wants 50 million dollars from the French Development Bank for its third national urban water project.
Ogun State on the other hand is sourcing 350 million dollars for its water development from the World Bank.
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NSE Closes After Making Profit In Two Sessions

Nigeria’s stock market closed the third week of December up by 0.22 percent on Friday, after starting off with profit taking in two sessions and recovery in three sessions.
Four key sectors of the NSE also closed positive, while selloffs pulled the consumer goods sector back by 1.37 percent.
Compared with last week, the market recorded a higher total volume turnover Of 2.24 billion shares, traded for 139.78 billion naira in 18,466 transactions.
Stocks in the financial services, industrial goods and the conglomerates’ industry had the most volume while the shares of Transcorp, Dangote cement and AIICO group were the most actively traded equities for the week.
The stock market is closed for Christmas and Boxing Day and will resume trading on December the 27th.
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