Quarter
Nigerian government borrows over N2 trillion from bond investors in 2020
Leveraging on excess liquidity that persisted in the banking system and the near zero yields on treasury bills (TBs), the Federal Government, through the Debt Management Office (DMO), raised N2.1 trillion from investors in its monthly bond issuance programme in 2020. This represents 33 percent, year-on-year, (y/y) increase when compared with the N1.58 trillion raised by the DMO in 2019. The N2.1 trillion raised in 2020 also represents 31 percent more than the N1.6 trillion funding target for the DMO under the Revised 2020 Budget. Meanwhile, the monthly bond auctions conducted by the DMO in 2020 recorded 275 percent oversubscription, reflecting scramble for the high yielding FGN bonds by investors. Newsmen report on monthly bond auction results show that the DMO offered N1.825 trillion wort...
CBN: Naira to fall further in January
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
Official: One million Americans vaccinated against coronavirus
More than a million people have received their first dose of a Covid-19 vaccine in the United States, Centers for Disease Control and Prevention (CDC) director Robert Redfield said Wednesday. “The United States achieved an early but important milestone today — jurisdictions have now reported that more than one million people have received their first dose of Covid-19 vaccine since administration began 10 days ago,” said Redfield. In a call with reporters, Moncef Slaoui, chief advisor of the government’s Operation Warp Speed, said that the objective of immunizing 20 million people this month was “unlikely to be met.” But he said the US was still aiming for 100 million people immunized by the end of the first quarter of 2021, and another 100 million by the second quarter. Three million doses...
Beirut seeks Christmas cheer after devastating year
Near the wreckage of Beirut’s port, a charity is bringing Christmas cheer to a city hammered by a devastating explosion, rising coronavirus infections and the worst economic crisis since Lebanon’s 1975-1990 civil war. The Solidarity Christmas Village, decked out with flashing fairy lights and glittering trees, has been offering visitors free entry to watch concerts and pick up drinks and snacks, lifting the mood of families who can’t afford seasonal luxuries. People dressed in giant polar bear costumes and others in Santa Claus outfits offer some festive spirit to a country that is a patchwork of Christian and Muslim sects. “We need to make our children happy …. even if we are tired,” said Toni Hossainy, who had brought her son. The Christmas village has been set up in a temporary warehous...
National Assembly raises 2021 budget by N580 billion, approves N13.588 trillion
The two chambers of the National Assembly yesterday passed the 2021 Appropriation Bill, increasing the budget size from N13.08 trillion presented to them by President Muhamnadu Buhari 11 weeks ago to N13.588 trillion. The passage of the 2021 budget followed consideration and adoption of harmonised reports separately submitted to them by their Committees on Appropriation. The two chambers increased the 2021 budget by about N580 billion and pegged daily crude oil production at 1.86 million barrels per day, while oil benchmark price was fixed at $40 per barrel. They approved N379 to dollar as the official exchange rate while GDP growth rate was pegged at 3 per cent. Highlights of the report approved by the Senate showed aggregate expenditure to be N13,588,027,886,175, statutory transfer of N4...
Why coronavirus will not be last pandemic – UN report
United Nations The Coronavirus (COVID-19) pandemic, the latest crisis facing the world, will not be the last until humans release their grip on nature, says a new UN report published on Tuesday. According to the report titled “The Next Frontier: Human Development and the Anthropocene,” world leaders need to take bold steps to reduce the immense pressure that is being exerted on the environment and the natural world, or humanity’s progress will stall. “Humans wield more power over the planet than ever before. Redefining issues of our time “In the wake of COVID-19, record-breaking temperatures and spiraling inequality, it is time to use that power to redefine what we mean by progress, where our carbon and consumption footprints are no longer hidden,” said Achim Steiner, the Administrator of ...
First Americans vaccinated as U.S. death toll passes 300,000
An intensive care unit nurse became the first person in the United States to receive the Pfizer/BioNTech COVID-19 vaccine on Monday, calling it a sign that “healing is coming,” as the U.S. coronavirus death toll crossed a staggering 300,000 lives lost. Sandra Lindsay, who has treated some of the sickest COVID-19 patients for months, was given the vaccine at Long Island Jewish Medical Center in the New York City borough of Queens, an early epicenter of the country’s COVID-19 outbreak, receiving applause on a livestream with New York Governor Andrew Cuomo. “It didn’t feel any different from taking any other vaccine,” Lindsay said. “I feel hopeful today, relieved. I feel like healing is coming. I hope this marks the beginning of the end of a very painful time in our history. “I want to instil...
NBS: N319.99 trillion e-payments recorded in Q3 2020
A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in the third quarter of this year based on data on electronic payment channels in the Nigeria banking sector, the Nigerian Bureau of Statistics has said. It disclosed this in its latest Selected Banking Sector Data which focused on sectorial breakdown of credit, e-payment channels and staff strength of Deposit Money Banks. The bureau said Real Time Gross Settlement transfers dominated the volume of transactions recorded. RTGS systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a real-time and on a gross basis. The NBS said 1,799,199 volume of online transfer transactions valued at N116.06trn were recorded in Q3 2020. In terms of c...
Senator Lawan: Electoral Act amendment ready by early 2021
Senate President Ahmed Lawan on Wednesday said an amendment to the nation’s electoral law would be ready by next year. At the public hearing on the repeal of the Electoral Act 2010 and enactment of the 2020 Electoral Act, held in Abuja yesterday, Mr. Lawan said that the Electoral Act Amendment Bill will be passed by the first quarter of 2021. Mr. Lawan added that the passing of this legislation would enable the 2020 Electoral Act to be tested ahead of the elections to check its efficacy. “A free fair and credible election in 2023 is doable; we just have to remain focused,” Mr. Lawan said. “I have participated in several elections since 1999 and none of them has been the same. I have had different experiences. It means we always have some new emerging problems.” The joint hearing was organi...
National Assembly to make smart card reader compulsory in future elections
File Photo The National Assembly plans to make the use of Smart Card Reader compulsory in future elections in Nigeria, a lawmaker has said. The Chairperson of the House Committee on Electoral Matters, Aishatu Dukku, said this at a Joint Public Hearing on “The Bill for an Act to repeal the Electoral Act 2010 (As Amended) and enact the Independent National Electoral Commission (INEC) Act, 2020″, on Wednesday in Abuja. The event was organised by the National Assembly Joint Committee on INEC and Electoral Matters. Ms Dukku said the amendment will affect about 300 clauses in the Act. ” In Section 49 of the Electoral Act 2010 under Use of Ballot Paper, Subsection (1) and (2) are to be amended to read: “A person intending to vote in an election shall present himself with his voter’s card to a pre...
FRSC to introduce NIN information for vehicle registration, license — Oyeyemi
Mr Boboye Oyeyemi, Corps Marshal, Federal Road Safety Corps (FRSC), says that the corps will introduce the National Identity Number (NIN) information by first quarter of 2021 for vehicles registration. Oyeyemi revealed this when he featured on the News Agency of Nigeria (NAN) Forum in Abuja on Friday. The corps marshall said that the essence of the NIN was to enhance road safety through the use of technology. He also said that from December, drivers license would no longer be issued without the NIN information. “I must commend the government. With the National Identity Management Commission (NIMC), now we have one national database, one identity. You cannot use double identity now. “You know before some people have about five different identities but now you are forced to pick one. Once yo...
Nigerian government seeks new Eurobond
The federal government yesterday disclosed that it would approach the Eurobond market next year in its effort to shore up the economy, amidst cocktails of measures being put in place to douse the effects of the Covid-19 pandemic on the economy. On the same day, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, while speaking at the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, predicted a two per cent growth in the country’s Gross Domestic Product (GDP) in 2021. Finance Minister, Zainab Ahmed, who disclosed the Eurobond plan while speaking on Bloomberg TV, explained that the decision would depend on the prevailing interest rates. She, however, did not specify the amount to be accessed from the Eurobond. The Eurobond option is ...
