14 Jun

Daily Watch – Inflation keeps slowing, Budget 2018 to be signed next week

  • Annual inflation in Nigeria stood at 11.61 percent in May, compared with 12.48 percent in April, the National Bureau of Statistics has announced. The reduction in the inflation is good news for the government in an election year, but there are concerns that the continuous decline could be reversed as month-on-month inflation moved by up 1.09 percent in May, compared to 0.83 percent in April. A separate food price index showed inflation at 13.45 percent in May, compared with 14.80 percent in April.
  • The 2018 Appropriation Bill will be signed into law next week by President Muhammadu Buhari. The President’s spokesman, Femi Adeina told journalists, that, “I can assure you that the bill will be signed next week, but l do not know the exact day. You will be informed of the day it will be signed.”
  • The NSE expelled not less than 22 companies between 2016 and 2017 over non-performance and failure to meet the required post-quotation standards. The delisted companies included Cappa and D’Alberto, Intercontinental Bank Preference shares, IPWA, G Cappa, West African Glass Industries, Investment & Allied Insurance, Alumaco, Jos International Breweries, Adswitch, Rokanna, Vono Products, Lennards Nigeria, P.S. Mandrides & Company, Premier Breweries, Costain, Navitus Energy, Nigerian Ropes, Beco Petroleum, M Tech Communication, MTI and Ashaka Cement. Seven-Up Bottling Company, African Paints and Afrik Pharmaceuticals were delisted in 2018.
  • The head of the Nigerian Civil Aviation Authority, Capt. Usman Muhtar, has confirmed December as the commencement date for the proposed national carrier. Muhtar said that the possibility of the national carrier completing the process was feasible within the timeframe. He said that the FG has resolved to involve aviation agencies’ heads in the task force set up to ensure the commencement of the airline because it wanted to get it right and that several airlines did not last in the industry because they did not follow the guidelines given to them.