Naira Falls at I&E, Black Market as Bitcoin Reaches N10m

By Adedapo Adesanya  President Bola Tinubu has written to the House of Representatives seeking the approval for an $8.6 billion and €100 million external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health. The President also forwarded the Federal Capital Territory (FCT) Supplementary Budget to the lower chamber for consideration. Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion. The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya A hybrid solar power solutions provider, Daystar Power, has signed an agreement with Nigerian Breweries to install and operate a 4.2MWp solar plant and 2MWh battery storage system that will help the firm reduce its high energy costs. The installation will be one of the largest solar and battery storage projects for an industrial manufacturer in Nigeria. The hybrid solar solution will generate 5,249 MWh of electricity – 42 per cent of its daytime power consumption – every year at Nigerian Breweries’ Lagos brewery. According to a statement, the integration of solar into the factory’s energy mix

By Dipo Olowookere Shareholders of Fidelity Bank Plc will have something to savour this year as the board of the lender has proposed the payment of 35 kobo as a dividend for the 2021 financial year. The bank confirmed this in its financial statements for the year ended December 31 filed to the Nigerian Exchange (NGX) Limited. The cash reward is for investors on the company’s register of members at the close of business on May 5, 2022, and is subject to the approval of the shareholders at the Annual General Meeting (AGM). “In respect of the 2021 financial year,

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By Dipo Olowookere An energy company, 11 Plc, formerly known as Mobil Oil Nigeria Plc, has joined the NASD over-the-counter (OTC) Securities Exchange. The firm joined the NASD Exchange on Friday, June 18, 2021, after it voluntarily delisted its stocks on the Nigerian Exchange (NGX) Limited last month. Business Post gathered that when 11 Plc was admitted into the unlisted securities market, it was allotted the trading symbol, SD11PLC, and its securities were listed at N215 per unit. Recall that in February 2021, Business Post reported that 11 Plc would trade its shares on the NASD platform after it exits

By Dipo Olowookere Investors in the critical sectors of the Nigerian economy have been promised incentives and necessary logistics support of the Federal Government. These sectors include development of the agriculture and energy sectors as well as industrialization. Minister for Budget and National Planning, Mr Udoma Udo Udoma, made this known on Tuesday in Abuja, when he met with a group of foreign investors coordinated by the Renaissance Capital Group. Mr Udoma said although government will appreciate investments in any sector of the country’s economy, but said emphasis of government for now is on areas that will lay a solid

By Modupe Gbadeyanka Various strategic decisions taken by the management of NEM Insurance Plc paid off for the company, leading to a growth in the firm’s revenue and profit in the first six months of 2017. NEM Insurance Plc is a leading insurance company in Nigeria with strong International and local partners. During the period under review, the firm, which has its headquarters in Lagos, grew its net premium income to N4.36 billion from N3.74 billion a year ago. In addition, investment income closed at N261 million as at June 30, 2017, in contrast to N179 million as at June

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By Dipo Olowookere Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, on Sunday, said the official landing cost of petrol is now N171.40k per litre. Mr Baru made this disclosure while addressing newsmen at a media briefing and follow-up tour of some fuel stations in Abuja. However, the NNPC boss said the official government approved pump price of N145 per litre remains intact. During the briefing, the GMD empathised with Nigerians over the lingering challenge in accessing petroleum products across the country just as he said multiple measures have been put in place to end

By Adedapo Adesanya President Bola Tinubu has disclosed a plan by the federal government to transfer N8,000 to 12 million poor households in Nigeria for a period of six months. This was contained in a letter the President wrote to the House of Representatives regarding the $800 million loan request of the immediate past administration of Mr Muhammadu Buhari for the social safety net programme. The President is asking for approval from the House to secure the loan. According to the President, the money transfer to poor households would have a multiplier effect on about 60 million individuals. For credibility,