19 Jun

Daily Watch

  • Public anger over the size of pecuniary benefits of Nigeria’s legislators has continued, prompting the chairman of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Elias Mbam, to provide clarity on the matter. He confirmed that the annual wardrobe allowance for each senator is N506,600, representing 25% of basic salary. This is aside an allowance for utility, housing, entertainment, and a severance at the end of their service.
  • Prices of selected food commodities in major cities inched higher, as the annual Ramadan fast ensued. Reasons for the rise in prices range from increased rainfall, spike in demand amidst a shortfall in supply, and high transport costs, exacerbated by both the uptake in the price of petrol and its availability.
  • Inflation in the economy has been steadily rising, printing at the upper band of 9%. The rising trend of inflation is expected to feature prominently in the CBN’s next MPC meeting.
  • Also to be addressed at the next MPC meeting is the slowing growth of the economy. Committee members are expected to discuss easing monetary policy measure to spur growth.
  • The Lufthansa Group designated Lagos as the headquarters of its sub-Saharan sales, station, marketing and administrative operations across the region. Lagos is located within six hours of other Lufthansa sub-Saharan markets.
  • US Oil Company Chevron said it has sold its 40% stake in Oil Mining Lease 83 & 85, two Nigerian offshore oil blocks, to First Exploration & Petroleum Development Company Limited, a local firm, which is said to be chaired by former Nigeria’s former minister of petroleum, Odein Ajumogobia.
  • The largest single shareholder in Julius Berger, German based engineering services firm Bilfinger, announced plans to divest its 30% stake in the construction giant, citing that this was in line with a broader strategic corporate shift away from construction activities into engineering services. The transaction is valued at about N20 billion.