Economy
Senate Okays $40 Oil Benchmark for 2021 Budget
By Adedapo Adesanya
The Senate has approved a $40 per barrel oil benchmark for the 2021 budget as it passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The passage of the document followed the consideration of a harmonised report of the Joint Committee of the Senate and House of Representatives.
In his presentation, Chairman of the Senate Committee on Finance, Mr Olamilekan Solomon Adeola, explained that the conference report of the Senate and House of Representatives was a harmonised position of both chambers upon examination of the differences contained in the 2021-2023 MTEF/FSP document.
According to the lawmaker, the joint committee of the two chambers, after due deliberation, advised that the daily crude oil production should be pegged at 1.86 million barrels per day, the benchmark oil price should be at $40 per barrel; the exchange rate should remain at N379/$1; the Gross Domestic Growth (GDP) rate should be at 3 per cent, the inflation growth rate should be at 11.95 per cent, while the federal government retained revenue should be at N7.99 trillion.
In addition, he said the parliament agreed to peg the total federal government proposed expenditure at N13.58 trillion; the Fiscal deficit at N5.60 trillion; new borrowings at N4.28 trillion (including foreign and domestic borrowing); statutory transfers at N484.4 billion; debt service projected at N3.12 trillion; sinking fund at N220 billion; pension, gratuities and retirees benefits at N520.6 billion; total FGN expenditure at N13.58 trillion; while the total recurrent (non-debt) is projected at N5.66 trillion.
It was further stated that the personnel costs for Ministries, Departments and Agencies of Government (MDAs) was put at N3.05 trillion; the capital expenditure (exclusive of transfers) at N3.58 trillion; special intervention (recurrent) was fixed at N350 billion; while the special intervention (capital) was projected at N20 billion.
Business Post understands that oil prices have been bullish with the Brent crude, which is the international benchmark most countries price their crude, rose past the $50 mark this week.
Nigeria’s vital oil and gas industry accounts for around 10 per cent of the country’s GDP, while petroleum export revenue accounts for 86 per cent of the total revenue from exports.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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