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FINANCING

Energy Crisis: Emefiele to Engage NNPC, and Power Ministry

The Central Bank of Nigeria, (CBN) is set to step up its intervention in the energy sector as it approaches the regulators in the sector on modalities for the intervention. Disclosing this at a media briefing yesterday after its Monetary Policy Committee, MPC, meeting the CBN Governor, Mr Godwin Emefiele, said the apex bank would be meeting with the Nigerian ...

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FG Attracted $20 Billion Investments from FTZs in 30 Years – Minister

The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo, has stated that Nigeria received a cumulative investment of $20 billion from Free Trade Zones in 30 years. The Minister stated this at the commissioning of the new Nigeria Export Processing Zones Authority (NEPZA) facility and unveiling of NEPZA’s new special economic zone security unit in Lagos. According to ...

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FG May Spend 93 Percent of Revenue on Interest in 2022 – IMF

The International Monetary Fund projected that the Federal Government of Nigeria may spend 93 per cent of the country’s revenue on the payment of interests incurred on its debts by 2022. The Fund also projected that 139 per cent of the nation’s revenue on paying off of interests from debts by 2026. This projection was provided in the IMF’s ‘Nigeria ...

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Ardova Plc Lists Tranche A and B Series 1 Bonds on FMDQ Exchange

As a financial market infrastructure positioned to champion and support market-driven initiatives towards facilitating growth and development in the Nigerian financial markets, FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”), through its Board Listings and Markets Committee, admitted the listing of the Ardova PLC ₦11.44 billion Tranche A and ₦13.86 billion Tranche B Series 1 Fixed Rate Bonds under ...

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FG Planes to Remove Petrol and Electricity Subsidies in Phases

The Minister of Finance, Budgets and National Planning, Mrs. Zainab Ahmed, said that the Petrol and electricity subsidies will be removed in phases as it has become an increasing burden to the federal government. Ahmed who spoke at a virtual meeting of the International Monetary Fund (IMF) with the theme: “The Political Economy of Fiscal Reforms in Africa”, said the ...

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APPO Seeks Re- Investment of Oil Revenue into Industry to Reduce Dependence on Foreign Investment

African Petroleum Producers’ Organization (APPO), has advised African leaders to reinvest most of the oil and gas revenue into the industry to avoid over-dependent on foreign investment. APPO urged the African countries that produce crude oil to invest heavily on research and development (R&D) so as to increase the local content in their various countries. APPO therefore advocates for the ...

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Afreximbank Releases 700 Million Eurobond for Oil and Gas

The African Export-Import Bank (Afreximbank) has released 700 million Eurobond to the development of the oil and gas sector. Speaking in Lagos at the African Local Content Investment Forum with the theme: ‘Pan-African strategy towards sustainable funding of Africa oil and Gas projects, the Managing Director, Afreximbank, Dr. Benedict Oramah, said the Eurobond was released last week. Oramah who was ...

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Oil, Gas Coys Yet to Remit N1.32 Trillion into Federation Account – NEIT

The Nigeria Extractive Industries Transparency Initiative (NEITI, said oil and gas companies liabilities to the Federation Accounts as at Dec. 31, 2020 was N1.32 trillion. Dr Orji Ogbonnaya Orji, the Executive Secretary, NEITI made this known on Monday in Abuja at the public presentation of reports on Oil, Gas and Mining as well as Fiscal Allocation and Statutory Disbursement. Orji, ...

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September MFOR: NNPC Records 353 Percent Increase in Trading Surplus

The Nigerian National Petroleum Company Limited (NNPC) has announced a trading surplus of ₦37.50billion for the month of September 2021 representing a 352% increase from the ₦8.29billion surplus in August 2021. Details of the figures contained in the September 2021 NNPC Monthly Financial and Operations Report (MFOR) indicate that the rise in trading surplus was largely due to the increased ...

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FG to Pay IMF $3.51 Billion in Five years as Debt Service

The Federal Government of Nigeria is expected to pay the International Monetary Fund a total of $3.51 billion between 2022 and 2026 to offset a $3.4b billion loan. This is according to information obtained from a webpage on the IMF’s website, titled ‘Nigeria: Financial Position in the Fund as of January 31, 2022.’ In April 2020, the IMF disbursed a ...

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