18 Jul

Daily Watch – PMB submits ₦228.9 billion budget supplement, Nigerian broadband 156th fastest globally

  • President Muhammadu Buhari on Tuesday submitted a ₦228.9 billion ($750 million) supplementary budget for 2018 to lawmakers, Reuters report citing a copy of the document. In Buhari’s accompanying letter, he said implementing the ₦9.12 trillion ($29.92 billion) budget for the year “will be extremely challenging,” without elaborating. The new supplementary budget includes ₦164 billion to prepare for the 2019 elections and ₦64.7 billion to reinstate
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17 Jul

Daily Watch – States accuse FIRS of ₦90 billion FAAC shortfall, Ortom leaves APC

  • The FAAC says it will probe the ₦90 billion allegedly underpaid into the Federation Account by the FIRS. The Chairman of the FAAC’s Commissioners’ Forum, Mahmood Yunusa told journalists that the amount, which the FIRS paid into the Federation Account in May, showed a ₦90 billion deficit, adding that the committee would engage the service to investigate the reasons for the underpayment. Yunusa said, “If you look at the FAAC report, there was a sharp
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16 Jul

Daily Watch – FAAC stalemate threatens public sector, NPA suspends Maersk over ‘dumping’

  • The salaries of civil servants in Nigeria’s states might be affected as members of the FAAC have agreed to suspend meetings indefinitely. Mahmood Yunusa, the chairman of the Commissioners of Finance Forum, said the meetings will not hold until an effective revenue collection process is implemented. He said that the committee is tired of battling with the NNPC over oil revenue collections, saying it had already taken the matter before President Muhammadu
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13 Jul

Daily Watch – Domestic tourism booms, New Abuja terminal set for October launch

  • The FG has approved contracts totalling about ₦358 billion for roads, bridges and power. Power, Works and Housing Minister, Babatunde Fashola said that the approved contracts included ₦8.9 billion for the construction of the Ikom Bridge and roads in Cross River. According to Fashola, the proposed new bridge and roads will help facilitate the activities in Calabar Port. He said the council also approved a ₦11.77 billion contract for the Section II of the
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12 Jul

Daily Watch – FG accedes to Egmont on NFIU, Portuguese firm eyes Nigerian construction

  • President Muhammadu Buhari said on Wednesday the country will soon sign up to a $3 trillion African free trade zone. Buhari’s government had refused to join a continental free-trade zone established in March, on the grounds that it wishes to defend its own businesses and industry. The administration later said it wanted more time to consult business leaders. “In trying to guarantee employment, goods and services in our country, we have to be careful with
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11 Jul

Daily Watch – Petrobras wants out of Nigeria, DStv & GOtv prices go up in August

  • Nigerian lawmakers voted on Tuesday to investigate the NNPC over a shortfall in revenue remittances to government coffers, in a motion passed by the lower house of the National Assembly. Last month, Finance Minister Kemi Adeosun called the NNPC’s payments to the government account “unacceptable”, as they were less than expected in light of higher crude oil prices. Those publicly-raised concerns triggered Tuesday’s vote by the House of Representatives
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10 Jul

Daily Watch – NLC pickets MTN, NAHCO Aviance gets a billion naira bet

  • The NNPC says it will deliver about 3.4 billion standard cubic feet per day of domestic gas daily by 2020 to bridge the current shortfall in the market. Dr Maikanti Baru, NNPC’s Group Managing Director made the announcement at a workshop on the ‘Seven Critical Gas Development Projects (7CGDP)’ on Monday in Lagos. According to Baru, the projects will be implemented on an accelerated basis. NAN reported that the NNPC has signed Utilisation and
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09 Jul

Daily Watch – PMI expands in June, MTN’s July IPO plans cool off

  • The CBN said the manufacturing sector expanded in June, a 15th straight month of expansion. The regulator, which released its PMI survey report, said the index stood at 57.0 index points. In a statement, the bank said that, “of the 14 sub-sectors surveyed, 10 reported growth in the review month in the following order: paper products; furniture & related products; printing & related support activities; food, beverage & tobacco products; plastics
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06 Jul

Daily Watch – FEC makes billion naira mining play, CBN extend Syke directors tenure

  • Nigeria will offer a ₦12.7 billion ($41.6 million) mining contract to eight companies in exploration and consultancy, its junior mining minister said on Wednesday, adding both foreign and local firms were encouraged to participate. “Today the Federal Executive Council approved the contract for exploration and consultancy on some of our targeted minerals – like gold, industrial minerals, earth metals, iron ore – for four companies in exploration
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05 Jul

Daily Watch – IEDC kicks against NERC, P&G to shut $300m Agbara plant

  • The Presidency will receive the long-awaited Petroleum Industry Governance Bill next week, BusinessDay reports, quoting the Senior Special Assistant to the President on National Assembly Matters (Senate) Ita Enang. The paper also said that President Muhammadu Buhari is currently “thoroughly reviewing” the new Electoral Amendment Bill before signs it into law. The PIGB was passed in March 2018 but Enang insists the Presidency was yet to receive the
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