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INFORMATION FOR THE DAY

The Central Bank of Nigeria (CBN) has imposed an N800 million fine on three Deposit Money Banks (DMBs) in the country for violating regulations barring customers from transacting in cryptocurrencies. According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc. The report noted that the penalties were part of efforts by the apex bank to ensure that banks implement an order to block trading in cryptocurrencies due to the threat they pose to Nigeria’s financial system. The directive was contained in a circular issued by the CBN in February 2021. In addition, the CBN had in November directed banks to close the accounts of two individuals and a company for allegedly trading in cryptocurrencies. Despite these regulations, Nigeria accounts for the largest volume of cryptocurrency transactions outside the United States, according to Paxful, a Bitcoin marketplace. The country also has the largest proportion of retail users conducting crypto transactions under $10,000, Chainalysis says.

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The Nigeria Content Development and Monitoring Board (NCDMB) has highlighted divestment from hydrocarbons assets and energy shortage as two implications of energy transition with different impacts on the oil and gas industry. This was disclosed by the Executive Secretary, NCDMB, Mr Simbi Wabote, while giving a lecture at the 2022 Oloibiri Lecture Series and Energy Forum in Abuja. While addressing the audience, Wabote noted that those were two implications emerging from a rush to move the world away from fossil fuel. Furthermore, he noted the positive part of the divestment as the active participation of local companies in upstream sector which resulted in the emergence of indigenous companies playing a major role in exploration and production activities.

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Two million people will start receiving about N20 billion from June this year as basic cash transfers and conditional cash transfers under the National Cash Transfer Programme, the Federal Government has said. It was gathered that the Federal Government would pay the two million people N5,000 each under the basic cash transfer and an additional N5,000 under the conditional cash transfer. This implies that the government would be spending N20 billion on the beneficiaries. A March 2022 document on the strategic roadmap and activities of the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, showed that the number of people receiving cash transfers from the government had been increasing. The report stated that in 2018, a total of 19 states were covered under the National Cash Transfer Programme, as this increased to 24 states in 2019 and moved up to 36 states and the Federal Capital Territory in 2022, covering 1.6 million people. But the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, stated in the document that the number would increase further in June. Under the cash transfer scheme, the Federal Government supports poor and vulnerable households with cash on a monthly basis.

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The Central Bank of Nigeria (CBN) has said it had disbursed N1.452 trillion to 337 large real sector projects in agriculture, manufacturing, services, and mining under the Real Sector Support Facility as part of the effort to diversify the nation’s economic base. The CBN, Director, Corporate Communications Department, Osita Nwanisobi, who disclosed this on Sunday, during “CBN Special Day” at the ongoing 33rd Enugu International Trade Fair, also noted that N948 billion was disbursed to 4,478,381 smallholder farmers under the Anchor Borrowers’ Programme (ABP). Nwanidobi stated that the programme was yielding the desired objective as the beneficiary farmers cultivated 5.2 million hectares of farmland, creating 12.6 million direct and indirect jobs across the country. Reeling out other interventions the apex bank had taken to revive the economy and create access to credit, he said CBN had extended the interest rate of 5% across all its intervention loans to March, 2023.

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The Bank of Industry (BOI) grew its assets from N683 billion in 2016 to N1.7 trillion in 2021. The Chairman, Board of Directors, BOI, Aliyua Dikko, made this known while delivering his opening remarks at the inauguration of the bank’s second tower in Abuja. The tower was inaugurated by the President, Major General Muhammadu Buhari (retd.) who attended the event virtually. Dikko also noted that in the last five years, working alongside its strategic partners, the bank had supported over 3.2 million Micro, Small, Medium-scale Enterprises, and created over 7.1 million direct and indirect jobs in the process.

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The Presidential Infrastructure Development Fund (PIDF) is going to complete four critical infrastructure projects worth N2.3 trillion, the Nigeria Sovereign Investment Authority (NSIA) stated on Thursday. A presentation by the NSIA at the 7th Edition of Africa Road Builders event in Abuja, indicated that part of the fund was being deployed for the construction of the Lagos-Ibadan Expressway, Abuja-Kaduna-Zaria-Kano Road, Second Niger Bridge and Mambilla hydropower project. This came as the NSIA delivered 16 security vehicles to the Nigeria Police Force to help boost economic activities on the Abuja-Kaduna-Kano Road, following the directives of the President, Major General Muhammadu Buhari (retd.). The NSIA’s report at the road builders’ event stated that the expected impact of the ongoing projects under the PIDF includes job creation and the facilitation of poverty alleviation, among others. The NSIA manages the PIDF. It stated that the PIDF was established in 2018 to accelerate the ex*****on of critical infrastructure projects, which include the Lagos-Ibadan Expressway, Second Niger Bridge, and Abuja-Kaduna-Zaria-Kano Road, jointly referred to as the “ongoing projects".

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The National Insurance Commission (NAICOM) has stopped some insurance firms from taking new businesses. It also placed a limit on the transactions some of them can underwrite based on the level of capital they have. This followed the continuous challenge which had delayed the enforcement of recapitalisation in the industry. The Commissioner for Insurance, National Insurance Commission, Mr Sunday Thomas, disclosed this. He said the commission observed that the capital of some insurance firms had eroded over time which could hinder their ability to pay claims. To protect the policyholders, he said NAICOM ordered some insurance firms to divert a substantial part of the proceeds earned from their asset sales to payment of claims. While the issue of recapitalisation has stiff opposition in the sector, he said NAICOM was monitoring the activities of the insurance companies and taking proactive measures to ensure that policyholders were protected.

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The Kogi State Government through its Kogi State Internal Revenue Service (KIRS) agency has shut down a number of critical telecommunications sites in the state in a bid to force telecom operators to pay more taxes and levies. According to the Association of Licensed Telecommunications Operators of Nigeria (ALTON), this is likely to cause a potential communications blackout in the whole of Kogi, parts of Abuja, Nassarawa, Benue, Enugu, Anambra, Edo, Ondo, Ekiti, Kwara, and Niger states. The umbrella body of telecom providers said the telecom facilities were being shut down as a result of disputes arising from unusual taxes and levies demanded by the state government in an attempt to increase its Internally Generated Revenue collection. According to ALTON, the action of KIRS will jeopardise communication services provided to security agencies such as the Nigeria Police Force, the Armed Forces, emergency and social services in Kogi and other neighboring states, as well as automatic teller machines across the affected states.

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said on Monday that the bank in conjunction with other financial institutions granted over N3 trillion in intervention loans to aid economic recovery and job creation. The CBN governor, represented by the Deputy Governor, Corporate Services, Edward Adamu, spoke in a lecture titled, "The role of central banks in managing economic downturns" that he delivered at the 40th anniversary/convocation lecture at the Ekiti State University (EKSU), Ado Ekiti. EKSU Vice-Chancellor, Prof Edward Olanipekun, described the 40 years of the establishment of the university as impactful in the life of the state, saying EKSU had been a reliable training ground for future leaders. Olanipekun assured the audience that no effort would be spared to solve the challenges confronting the institution to keep the flag flying in its resolve to be a good citadel of learning for Nigerians.

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The total value of Nigeria’s crude oil stolen between January 2021 and February 2022 is about $3.27 billion (representing N1.361 trillion at the official exchange rate of N416.25 to the dollar), the Federal Government declared on Thursday. International Oil Companies (IOCs) and their counterparts in Nigeria said the massive oil theft across the country currently posed a threat to not just their existence, but to the Nigerian economy. The Federal Government through its Nigerian Upstream Petroleum Regulatory Commission (NUPRC), met with the Oil Producers Trade Section (OPTS), as well as the Independent Petroleum Producers Group (IPPG) in Abuja at a stakeholders’ engagement on crude oil theft. OPTS is a body comprising IOCs operating in Nigeria, while IPPG is an association of indigenous exploration and production companies. A presentation by the NUPRC at the event indicated that oil theft rose sharply between 2021 and 2022, as an official of the IPPG stated that about 91% of total crude produced at the Bonny Terminal was stolen in January 2022. The commission outlined factors that aided crude oil theft to include inadequate security, poor community engagement, economic challenges, poor surveillance, stakeholder compromises and exposed facilities.

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Economic experts at the Centre for the Promotion of Private Enterprise (CPPE), an economic think tank, have said the inflation data presented by the National Bureau of Statistics (NBS) is not reflecting the level of poverty and the decline in purchasing power of Nigerians. The Chief Executive Officer of the CPPE, Dr Muda Yusuf, disclosed this in a statement. According to him, companies have been similarly impacted by the prevailing economic hardship in the country, with many businesses recording slumps in sales, turnover, and profits margins. The centre added that all forms of taxes and levies on the importation of petroleum products should be suspended to give a respite on the spiking energy cost.

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The value of capital importation into Nigeria increased by 26.35% to hit $2.19 billion in the fourth quarter (Q4) of 2021 according to new data from the National Bureau of Statistics (NBS). In its "Nigerian Capital Importation’ report, the NBS disclosed that capital importation increased from $1.73 billion in the third quarter (Q3) of 2021 to $2.19 billion in Q4, 2021. The NBS added that the tanning sector attracted the highest inflow with $645.59 million, 29.51% of total inflow. Lagos attracted the most investment, with 90.66% ($1.98 billion) of total investment flowing to the state.

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The Chairman of the Fiscal Responsibility Commission, Victor Muruako, has called on the federating states to domesticate the Fiscal Responsibility Law. Speaking with the News Agency of Nigeria (NAN) on Wednesday in Abuja, Muruako noted that it became imperative to adopt this policy in order to consolidate the sterling principles of accountability and transparency in fiscal operations, and within a viable framework. The Fiscal Responsibility Act 2007 is primarily designed to checkmate wastages and corruption, whilst ensuring accountability in the management of public finance. Muruako, who cited the adoption of the policy in Sokoto, following its safe passage into law in 2020, also disclosed the commission’s readiness in providing technical assistance to the federating states, who had been properly engaged on the necessity of incorporating the fiscal responsibility policy into state laws.

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The queues by motorists for Premium Motor Spirit (PMS), popularly called petrol, particularly in Abuja and northern states have refused to clear despite the supply of about 1.824 billion litres of PMS by the Nigerian National Petroleum Company (NNPC) Limited. Also, the NNPC on Sunday denied claims that it had reviewed the ex-coastal, ex-depot and the NNPC Retail prices for petrol downward. It described the claims as fake news, in a series of tweets via its official Twitter handle. Figures obtained on Sunday showed that between February 14 and March 13, 2022, the oil firm released a total of 1.824 billion litres of petrol in a bid to keep the country wet with petrol. But the queues in filling stations, which were triggered by the imports of adulterated fuel in January this year, refused to disappear and had persisted for about two months. Meanwhile the presence of black marketers who sell petrol in jerrycans is currently a normal sight in Abuja, as some filling stations in the capital city now dispense PMS far above the approved price of N162-N165/litre.

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The Federal Government has incurred N950 billion new domestic borrowing between January 2022 and March 11, 2022, the Debt Management Office (DMO) has revealed. The fresh borrowing was disclosed on March 17 in the presentation of the Public Debt Data as of December 31, 2021, by the Director-General of the DMO, Patience Oniha. In the document, Oniha disclosed that the Federal Government was considering all options to raise funds externally. According to the document, the Federal Government still plans to borrow an additional N1.6 trillion, while the 2022 debt target for domestic borrowing is N2.57 trillion. There is also a plan to borrow N2.57 trillion from foreign creditors, while N1.16 trillion is expected from multilateral/bilateral drawdowns. In total, the Federal Government plans to add N6.3 trillion new debts to the current debt stock, which would push the country’s total debt stock to N45.86 trillion by December 2022. However, the Federal Government, in the National Development Plan 2021-2025, hopes to push the total debt stock to N46.63 trillion for 2022.

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The value of manufactured goods trade deficit has grown to N27.33 trillion in two years, according to data from the National Bureau of Statistics (NBS). In its "Foreign Trade in Goods Statistics" for the four quarters of 2020 and 2021, the NBS disclosed that manufacturing imports rose from N12.71 trillion in 2020 to N16.73 trillion in 2021, while exports rose from N960.7 billion in 2020 to N1.15 trillion in 2021. Cumulative imports for both years under review totalled N29.44 trillion, making up 93.30% of foreign manufactured trade. Exports for both years totalled N2.11 trillion, making up 6.69% of the same trade. Total manufactured goods for both years grew to N31.55 trillion. According to the NBS, used vehicles, motorcycles, and machines for the reception, conversion and transmission or regeneration of voice, images drove import.

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Many Nigerians who depend on banks to meet their foreign exchange need may very soon face a hard time as some lenders have introduced more restrictions on access to dollar by end-users through their local currency debit cards. Last year, the Central Bank of Nigeria (CBN) suspended dollar sales to the Bureau De Change (BDC) operators in a bid to curb rapid depreciation of the local currency and conserve forex reserves. The CBN said the ban of sale of foreign exchange to the BDC operators was necessary because most of them have become conduit for illicit forex flows and graft. After the announcement, the apex bank directed commercial banks to immediately set up teller points in designated branches for the sale of forex. It advised commercial banks to ensure that no customer was turned back or refused forex, provided that documentation and all other requirements were satisfied.

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The Central Bank of Nigeria (CBN) on Thursday said cumulative refund by banks to customers as at December ending 2021 stood at N95.2 billion. This is contained in data released by the bank at the opening ceremony of the bank’s 2022 fair held in Jalingo, Taraba State. While urging the public to always lodge complaints with banks over service-related issues, the apex bank said cumulative complaints from customers as of December 2021 was 27,080, noting that 25,483 complaints were successfully resolved. Branch Controller of CBN in Jalingo, Mr. Idris Dagona while speaking at the fair said, the Fair was aimed at having an enlightened public and receiving feedback that would enrich future policy reviews and developments.

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The Consumer Price Index (CPI) rose to 15.7% in February from 15.6% in January, latest figures from the National Bureau of Statistics (NBS) have revealed. The NBS disclosed this in its "Consumer Price Index February 2022" report on Tuesday. According to the NBS, the highest increases were recorded in prices of gas, liquid fuel, wine, to***co, spirit, narcotics, solid fuels among others. According to the NBS report, the percentage change in the average composite CPI for the 12 months period ending February 2022 over the average of the CPI for the previous 12 months period was 16.73%, showing 0.14% point from 16.87% recorded in January 2022. The urban inflation rate increased to 16.25% (year on year) in February 2022 from 17.92% recorded in February 2021, while the rural inflation rate increased to 15.18% in February 2022 from 16.77% in February 2021.

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Lagos State has the highest number of food-insecure people among the 21 states and the Federal Capital Territory (FCT) so far analysed by the Federal Government in partnership with the Food and Agriculture Organisation of the United Nations, World Food Programme, Action Against Hunger, among others. In the Food Security analysis report, otherwise called the Cadre Harmonise, put together by the Federal Ministry of Agriculture and Rural Development in collaboration with relevant stakeholders and released in Abuja on Friday, it was stated that a total of 1,780,194 people were food insecure in Lagos. Borno, Katsina and Sokoto had 1,429,988; 1,200,906; and 1,027,646 food insecure people in their domains, as they joined in the top four ranking states with food-insecure citizens in Nigeria. The 21 states in March to May 2022 cycle of Cadre Harmonise include Abia, Adamawa, Bauchi, Benue, Borno, Cross-River, Edo, Enugu, Gombe, Jigawa, Kaduna, Kano and Katsina. Others include Kebbi, Lagos, Niger, Plateau, Sokoto, Taraba, Yobe, Zamfara, and the FCT. This, it said, include 979,687 in emergency across Borno, Adamawa, Katsina, Niger, Sokoto, Yobe and Zamfara.

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The Development Bank of Nigeria disbursed over N98 billion to support female entrepreneurs in the country as of February 2022. The Managing Director of the bank, Tony Okpanachi, made this known in Abuja when the bank celebrated International Women’s Day (IWD). Okpanachi stated that gender equity is crucial to meeting development goals, reducing human suffering, and solving our biggest environmental problems. As MD of the bank, he said he has led a team that is deliberately breaking the bias faced by women.

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The Management of Guinness Nigeria Plc. has declared that the company has no plans of leaving Nigeria, contrary to grapevines touted on social media. The Corporate Communications Manager, Guinness Nigeria Plc., Mrs Ayodele Alabi, disclosed this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos. Alabi noted that the company’s both offices in Nigeria and Ghana were still verily operational, saying it would be foolhardy and counterproductive to shut down operations therein, further dispelling any ill notion of relinquishment. Guiness Managing Director, Mr Baker Magunda, also disowned such inglorious tale as unfounded and in contrast to the company’s die-hard commitment to branching out and dutifully serving its ever-nourishing consumers and stakeholders particularly across the African continent. He said that the company’s financial performance for half year of 2021 showed its operating profits grew by 266% to N13.6 billion.

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The Federal Government of Nigeria is expected to pay the International Monetary Fund (IMF) a total of $3.51 billion between 2022 and 2026 to offset a $3.4 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 $3.4 billion emergency financial assistance to Nigeria. The loan was approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28, ‎to address challenges arising from the economic impact of the COVID -19 in the country. It was also disclosed that out of four agreed loans, disbursement was made on only one loan. Under a section titled "Overdue Obligations and Projected Payments to Fund", a breakdown of how much Nigeria is expected to pay each year is provided. The amount to be paid was provided in the Special Drawing Rights. The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.

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The Nigerian Customs Service (NCS) has set a revenue target of N3.02 trillion for 2022. This was disclosed on Thursday by the Comptroller General of the NCS, Colonel Hameed Ali (retd.), while defending the 2022 budget of the agency before the Senate Committee on Customs, Excise and Tariff. According to him the agency is expecting N2.02 trillion from the federation, N253.23 billion from non-federation, and N746.96 billion from import Value Added Tax (VAT). He added that this new target is N965.42 billion higher than the agency’s target for 2021, and N1.55 trillion higher than what the National Assembly (N1.47 trillion) set for revenue generating agencies in 2022. Ali said the agency has a proposed budget expenditure of N369.14 billion for the 2022 fiscal year, which would be partially funded from the 7% cost of collection for 2022 estimated at N151.84 billion. According to him, the target revenue of the agency for the year is high and at risk of hurting the economy if increased any further. He added that the NCS will spend N108.85 billion on personnel cost, N45.89 billion on overhead cost, and N214.30 billion on capital expenditure.

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The Federal Government through the Nigeria Customs Service (NCS) on Friday reportedly suspended the controversial electronic valuation and e-invoicing policy, popularly called Vehicle Identification Number (VIN), for imported vehicles and cargoes. The clearing agents operating at the nation’s ports had last week withdrew their services over what they described as arbitrary hikes in duties paid on imported vehicles through the VIN. They vowed not to return to work until the issues were resolved. Confirming the development, the Deputy National President, the National Association of Government Approved Freight Forwarders, Segun Musa, said that the strike would be officially suspended on Friday (today).

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The International Monetary Fund (IMF) says Nigeria has failed to diversify exports at an “extensive margin”. The IMF said this in its "Nigeria: Selected Issues Paper" report, which was prepared by a staff team of the Fund as background documentation for its periodic consultation with Nigeria. According to the report, the country has not implemented much export diversification over the years. It added that Nigeria added only 47 new products to the export portfolio between 1990 and 2020, unlike many other countries. The IMF further said that if the country can diversify its range of goods, there would be more intraregional trade and growth. Nigeria recorded a negative trade balance of N8.9 trillion, between January and September 2021, according to data from the National Bureau of Statistics (NBS). Within this period, total foreign trade stood at N35.09 trillion, comprising N22 trillion imports and N13.1 trillion exports, leading to N8.9 trillion trade deficit.

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The Senate has approved the conference committee report on the Nigeria Postal Services (NIPOST) Act (Repeal and Re-enactment) Bill, 2022. This followed the consideration of the conference committee report on the bill after it was laid by the Deputy Senate Leader, Robert Ajayi Boroffice (Ondo North). Speaking at the plenary on Tuesday, Boroffice said the committee incorporated issues acceptable to majority of stakeholders in the Nigerian Postal industry in the report.

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The Central Bank of Nigeria (CBN) has said it will pay exporters N65 for every $1 sold into the economy through the Investors & Exporters (I&E) window. The CBN made this known in a guideline on its newly introduced Race To $200 billion scheme, titled, “Operating Guidelines for RT200 Non-Oil Export Repatriation Rebate Scheme". The CBN Governor, Godwin Emefiele, had on February 10, launched the RT200 programme at the post-Bankers’ Committee briefing held in Abuja. The RT200 programme is designed to help ease the inadequacy of forex supply and the constant pressure on the exchange rate, Emefiele had declared. The monetary authority believes that the RT 200 will help the country raise $200 billion in forex earnings from non-oil proceeds over the next 3-5 years. The FX programme is anchored on five key agendas which include: value-adding exports facility; non-oil commodities expansion facility; non-oil FX rebate scheme; dedicated non-oil export terminal and bi-annual non-oil export summit. It added that payment of the incentive will be made on a quarterly basis.

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The Federal Government raked in N1.69 trillion from Company Income Tax (CIT) in 2021, according to statistics from the National Bureau of Statistics (NBS). This is a 19.56% increase from the N1.41 trillion that was collected in 2020. According to the NBS data, the Federal Government raked in N392.77 billion during the first quarter (Q1) of 2021, N472.07 billion in the second quarter (Q2), N472.52 billion in the third quarter (Q3), and N347.81 billion in the fourth quarter (Q4) of 2021. For the year, local companies paid N1.12 trillion (66.22%) as tax, foreign companies paid N505.68 billion (30.01%) as tax, while other tax payments amounted to N63.57 billion (3.77%). The NBS added that data for CIT is provided by the Federal Inland Revenue Service (FIRS).

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The market capitalisation of equities listed on the Nigerian Exchange Limited (NGX) appreciated slightly by 0.4% to close at N25.51 trillion on Friday. The NGX All-Share Index (ASI) also appreciated by 0.04% to close the week at 47,328.42 basis points. Similarly, all other indices finished higher with the exception of NGX Asem, NGX Meri Value, NGX Consumer Goods, NGX Lotus II, NGX Industrial Goods and NGX Sovereign Bond indices which depreciated by 1.17%, 0.34%, 1.06%, 0.07%, 0.01% and 0.02%, respectively. However, the NGX Growth Index closed flat. According to the NGX, 44 equities appreciated in price during the week, compared to 43 equities in the previous week. However, 22 equities depreciated in price, compared to 38 equities in the previous week, while 90 equities remained unchanged, higher than 75 equities recorded in the previous week. The NGX weekly market report showed that a total turnover of 1.668 billion shares worth N19.48 billion were traded in 25,979 during the week by investors on the floor of the Exchange, in contrast to a total of 1.713 billion shares valued at N30.76 billion that exchanged hands in 24,767 deals in the previous week.

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