March 2016 – SBM Intel

31 Mar

Daily Watch – Air Force gets in bed with Innoson, IT fraudsters take 0.08% of our GDP

The Nigerian Air Force has signed a Memorandum of Understanding with Innoson Vehicle Manufacturing Company in Nnewi, Anambra state, to address difficulties encountered in procuring spare parts. The agreement is aimed at ensuring adequate maintenance of the Air Force’s air fleet. The agreement was announced by Air Vice Marshal James Gbum, who led a delegation of top senior officers of the NAF on a visit to the Anambra State governor, Willie Obiano. AVM Gbum

30 Mar

Daily Watch – Power generation drops as fuel shortage bites, Nigeria ranks poorly in land registration

As the petrol shortages bite harder, power generation has dropped, often without any explanation. The latest output recorded is 2,620MW. Out of this, Ikeja Electric got 393.14MW, Ibadan got 340.72MW Abuja got 301.40MW, Eko DISCO got 288.30MW, while Benin Electricity Company and Enugu Electricity Company got 235.88MW each. Allocation to other distribution companies are as follows: Kano – 209.67 MW, Kaduna – 209.67MW, Port Harcourt – 170.36MW,

29 Mar

Daily Watch – Senate summons Kachikwu over petrol scarcity, Food prices shoot up

The Senate has summoned the Minister of State for Petroleum, Ibe Kachikwu, to appear before its Committee on Petroleum Downstream on Tuesday, over the lingering scarcity of petroleum products in the country. The Chairman, Senate Committee on Petroleum Downstream, Sen. Jibrin Barau, said that the summons became necessary following the hardship on Nigerians. Barau complained that in spite of assurances from the ministry that the situation would be brought under

24 Mar

Daily Watch – Lagos and Kebbi open up state relationships, Forex issues threaten jobs

The Senate has passed the 2016 budget, with an unprecedented reduction in the budget’s total. President Muhammadu Buhari presented a N6.08 trillion proposal in December 2015, but the Senate passed N6.06 trillion budget after considering its conference report on the budget. It is the first time since 1999 that the National Assembly has approved a figure lower than

23 Mar

Daily Watch – CBN reverses some actions, Nigeria to ban imports of ‘unhealthy foods’

In a reversal of actions from just four months ago, the CBN has unexpectedly tightened monetary policy. The CBN raised the benchmark rate (MPR) by a percentage point to 12 percent, amid worries that rising inflation pressures from a weaker naira and excess liquidity will spread more broadly in the economy. The cash reserve ratio was also increased to 22.5 percent. The CBN had in November 2015 eased MPR from 13 to 11 per cent to reflate the economy and boost critical

22 Mar

Daily Watch – Boko Haram hit Borno for N1.2 trillion, Buhari promises 10GW

A report seen by Daily Trust shows that Borno State has lost about 20,000 citizens and suffered property damage worth $5.9 billion (N1.16 trillion) to the Boko Haram insurgency over the last seven years. These figures are according to a preliminary validation of a Post Insurgency Recovery and Peace Building Assessment report by World Bank officials. The report is an estimate of the value of public

21 Mar

Daily Watch – Employment declines for 12th consecutive month, MAN to float power company

The CBN’s Monetary Policy Committee begins its two-day meeting today with weak domestic growth and rising inflation. This meeting comes soon after data showed that economic growth in Q4 2015, at 2.11 percent, has fallen to its lowest level since Nigeria returned to democratic rule, while inflation rose to a double-digit figure for the first time in almost four years. The meeting is holding in the context of a slowing global economy and the rejection, last

18 Mar

The week ahead – Something has to be done about the Middle Belt

The crisis in Benue state continued with an attack on Tombo, in Buruku Local Government Area of Benue state in the afternoon of 17 March which left at least 15 people dead. While the situation, and information from the area are still fluid, the attackers appear to have taken over some villages which were deserted in the wake of the attack. This is coming on the heels of the Agatu massacre and recent attacks in Logo, incidents which have claimed hundreds of lives. SBM................ read more

18 Mar

Daily Watch – Senate defers 2016 budget, More people port their mobile numbers

The Senate has reneged on its promise to pass the revised 2016 budget, postponing the passage of the budget till next week Tuesday. The Senate, had also earlier assured that its Committee on Appropriation would lay the various reports of committees collated before it during yesterday’s plenary, but has failed to adhere to the promise. According to the Punch, the reason for the non passage of the budget was because the Senate and House Joint Committee on Appropriation

17 Mar

Daily Watch – Kano pure water businesses claim 2 million job losses, Fuel scarcity may linger over forex

The downturn in the economy is hitting small businesses hardest. This is shown in the packed water (pure water) industry, as Muktar Tata, the secretary-general of Kano’s Association of Sachet Water Producers claims that up to two million youths within the industry may soon be out of job in Kano state alone. Tata said that this is because many producers have been compelled to fold up due to the increase in the price of the polythene bags used for packaging.