Copyright ©2019 Capitalfield Investment Group Ltd

Back

CAPITALDIGEST, DAILY NEWS. 15TH AUGUST, 2022

MONDAY 08/8/2022-NIGERIA LOSES N891BN TO GAS FLARING Nigeria lost N891bn to gas flaring in 18 months, according to data from the Nigerian Oil Spill Monitor, an arm of the Nigerian Oil Spill Detection and Response Agency, NOSDRA, released on Sunday. The data revealed that the country lost a total of N707bn in 2021 and N184bn in the first half of 2022, totaling N891bn. According to the NOSDRA report, oil and gas companies operating in the country flared a total of 126 billion standard cubic feet, SCF, of gas in the first half of 2022, leading to a loss of $441.2 million, (about N183.54 bn) in the six-month period. On the other hand, in 2021, about 23,862.271 barrels of oil (3,770,238.864 litres/119 tanker trucks) were spilled. TUESDAY 09/8/2022-NAIRA GAINS AGAINST DOLLAR BY 0.52% The Naira on Tuesday appreciated against the dollar at the Investors and Exporters window, exchanging at N428.75. The figure represented an increase of 0.52 per cent compared with the N431 it exchanged for the dollar on Monday. The open indicative rate closed at N429.58 to the dollar on Tuesday. An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N428.75. The Naira sold for as low as N417 to the dollar within the day’s trading. A total of 113. 64 million was traded in foreign exchange at the official investors and exporters window on Tuesday. WEDNESDAY 10/8/2022-FG INAUGURATES COUNCIL TO REVIVE AJAOKUTA, OTHERS The Federal Government, through the Ministry of Mines and Steel Development, has inaugurated the re-constituted National Steel Council to drive the growth of the steel industry in Nigeria. Speaking at inauguration ceremony in Abuja on Tuesday, the Minister of Mines and Steel Development, Olamilekan Adegbite, stressed the need to revive the ailing industry to spur the growth of the economy. He said, “This decision is a step in the right direction, which brings us closer to our goal of achieving self-sufficiency in steel production. Indeed, the importance of achieving such a feat cannot be overemphasized as the steel industry remains the backbone of modern society.” According to the minister, the steel industry was key in providing the basic raw materials for public infrastructure development projects and key sectors such as housing and real estate development, energy, automotive, defense, and various, small & medium enterprises engaged in downstream engineering and fabrication business. THURSDAY 11/8/2022- FG BORROWS N2.45TN FROM CBN AMID FISCAL RISKS The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in December 2021 to N19.91tn in June 2022. According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex bank within six months. The N19.91tn owed the apex bank by the Federal Government is not part of the country’s total public debt stock, which stood at N41.60tn as of March 2022, according to the Debt Management Office. The public debt stock only includes the debts of the Federal Government of Nigeria, the 36 state governments, and the Federal Capital Territory. Ways and Means Advances is a loan facility through which the CBN finances the shortfalls in the government’s budget. According to Section 38 of the CBN Act, 2007, the apex bank may grant temporary advances to the Federal Government with regard to temporary deficiency of budget revenue at such rate of interest as the bank may determine. The Act read in part, “The total amount of such advances outstanding shall not at any time exceed five per cent of the previous year’s actual revenue of the Federal Government. FRIDAY 12/8/2022- BANKERS, PRIVATE SECTOR SEEK INCREASED FOREX TO MANUFACTURERS The Association of Corporate Affairs Managers of Banks and the Chartered Institute of Bankers of Nigeria have urged the Central Bank of Nigeria to increase foreign exchange allocation to the real sector This was stated in a communique issued at the end of the first national stakeholders’ conference between the banking industry and Organised Private Sector in Lagos with the theme, ‘Promoting synergy between the Nigerian banking industry and Organised Private Sector’, which was released on Thursday. According to the communiqué, the objectives of the conference included bridging the communication gaps between the two sectors, and creating mutually-beneficial avenues for deepening the Nigerian economy The communiqué was signed by the President, ACAMB, Mr Rasheed Bolarinwa, for the promoters, and Registrar/Chief Executive Officer, Chartered Institute of Bankers of Nigeria, Dr. ‘Seye Awojobi, for the partners. Part of the communiqué read, “The CBN should increase foreign exchange allocation to the real sector by restoring the priority window and dedicated access for manufacturers while members of the OPS should repatriate forex to enable the apex bank sustain its forex management.