29 Sep

Daily Watch – SW Cameroon shuts Nigerian border, 2019 election dates announced

  • Nigeria’s next presidential and legislative elections will be held on 16 February 2019, the Independent National Electoral Commission said on its official Twitter account on Thursday. The date will mark the end of ailing President Muhammadu Buhari’s first term. He has not said if he will run again. Buhari came to power in 2015, promising to crack down on endemic corruption, rid the country of the Boko Haram Islamist insurgency in the northeast and kickstart
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28 Sep

Daily Watch – FG to turn back on 90 bodies, Nigeria partakes of global Sukuk excitement

  • Nigeria’s debut ₦100 billion sovereign Sukuk issue launched last week was more than 5.8 percent oversubscribed, the Debt Management Office said on Wednesday, suggesting it may tap this demand more to help fund its budget. Nigeria has a growing consumer and corporate banking sectors and is home to the largest Islamic population in sub-Saharan Africa, with Muslims accounting for about half of its population of 180 million. “With the success of the (Sukuk)
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27 Sep

Daily Watch – NASS urged to amend Appropriations Act, CBN keeps feet on its brakes

  • The FG has asked the National Assembly to amend its spending law to enable a debt program to settle ₦2.7 trillion ($8.6 billion) worth of obligations including pensions and salary arrears, according to a letter from Vice President Yemi Osinbajo. The letter, read out in the Senate on Tuesday, requested amendments to the law, which stipulates allocation of government spending, to allow Nigeria to fund recurrent expenditure from proceeds of the debt rather than
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26 Sep

Daily Watch – 23 states exceed borrowing limits, Saraki makes a PIB promise

  • The main subsidiary of the NNPC said on Monday it planned to increase production from fields in which it owns stakes to 300,000 barrels per day by 2018 from the current level of 180,000 bpd. The NPDC said the planned increase in so-called equity production was part of the NNPC’s “transformation.” NPDC, in a statement issued by its parent company, said production was expected to reach 400,000 bpd and 500,000 bpd by 2019 and 2020 respectively. NPDC, set up
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25 Sep

Daily Watch – TCN points fingers over mismanagement, NAMA breaks up Lagos airspace workload

  • Nigeria is pumping less than 1.8 million barrels per day of crude, its oil minister said on Friday, meaning the country is sticking to an output cap agreed under an OPEC-led deal to limit output. The Organisation of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output until next March in an attempt to support prices by cutting a glut of crude on world markets. Nigeria was at first exempted from the deal because its
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22 Sep

Daily Watch – Odu’a racks ₦788m for western states, Nigeria Airways pensioners see daylight

  • The FG says it is considering tax credit as a way of driving a revised model for export expansion as well as attract investment in infrastructure. The Budget and National Planning Minister, Udoma Udo Udoma, speaking of the 23rd Nigeria Economic Summit, said “The amount we are spending on critical infrastructure is not enough. The country needs between 3 to 5 percent of its GDP in infrastructure, but we are currently doing 0.5 percent. We are trying to use tax
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21 Sep

Daily Watch – MPC resurrects banking NPL fears, Forte Oil halts share sale

  • The CBN on Wednesday raised more money from an auction of treasury bills than originally planned after it received subscriptions for almost four times the amount of debt initially on offer, traders said. The bank raised ₦215.88 billion ($686 million) at the auction, ₦75 billion more than planned, with the one-year paper accounting for most of the debt. Total subscription at the auction stood at ₦559 billion. Investors bid as much as 18.9 percent for the
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20 Sep

Daily Watch – Crude production to spike in 2018, Aviation workers hate airport concessioning

  • Nigeria’s daily oil production will significantly increase by Q4 2018 when the Egina Project comes online. Total’s Deputy Managing Director and principal partner of the Egina Project, Ahmadu Musa-Kida, who said this at the celebration of the Egina manifold sail away in Port Harcourt on Tuesday, said that when completed, the Egina project would add 200,000 barrels per day to Nigeria’s daily crude oil production. According to the Chairman of Aveon Offshore
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19 Sep

Daily Watch – Samsung develops Nigerian allergies, Appropriation Bill to be ready in October

  • The 2018 Appropriation Bill will be submitted to the National Assembly in October, the Special Adviser to President Muhammadu Buhari on National Assembly Matters (Senate), Ita Enang said at a News Agency of Nigeria forum in Abuja. Federal lawmakers have fixed October as the deadline for the submission of the bill. Enang said the Federal Government was committed to meeting the deadline so as to take the country back to the annual budget cycle of January to December,
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18 Sep

Daily Watch – Air Peace gets IATA membership, Ethiopian washes hands off Arik

  • S&P affirmed Nigeria’s government bond ratings at ‘B/B’ with a stable outlook, citing oil sector improvements which it says will support higher economic growth, fiscal revenues, among other things. The rating firm says the stable outlook signals assessment that oil sector improvements will also support higher current account receipts over next 12 months as higher oil production will help increase foreign currency supply, keeping current account
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