CAPITALDIGEST, DAILY NEWS, 29TH AUGUST, 2022
NIGERIA RECOVERS N86.2BN STOLEN OIL IN ONE MONTH
Different government security outfits operating across the country have recovered stolen oil worth N86.2bn in August, according to The Punch’s findings. A total of 16, 000 litres of diesel valued at N800/litre (N12.8m) were on Monday reported to have been recovered by members of the Nigeria Security and Civil Defence Corps in Cross River. Speaking with the media, Rivers State NSCDC Commandant, Samuel Fadeyi, said the stolen products, which were mainly Automotive Gas Oil also known as diesel, were recovered within the last two weeks. Also, last Wednesday, the Nigeria Customs Service, NCS, Seme Area Command, said it intercepted 3,998 jerry cans of Premium Motor Spirit, PMS, in 30 litres each, equivalent to 119,940 litres.
AGGREGATE FX INFLOW DOWN 17.3% TO $6.58BN ON DECREASE IN NON-OIL COMPONENTS
The aggregate foreign exchange (FX) inflow into the Nigerian economy dropped by 17.3 per cent to $6.58 billion in April 2022, compared with $7.95 billion in March, the Central Bank of Nigeria (CBN) Economic Report has revealed. The central bank in its April 2022 Economic Report released over the weekend, stated that total FX outflow also decreased by 11.3 per cent to $3.95 billion in, from $4.45 billion in the preceding month. The report disclosed that FX inflow through the CBN declined by 25.6 per cent to $2.47 billion, from $3.32 billion, attributed mainly to 54.3 per cent decrease in non-oil components as a result of an inflow of $1.25 billion proceeds from government debts in the preceding month, as well as TSA, Third-party receipts and other official receipts. According to the report, “FX autonomous inflow also decreased by 11.4 per cent to $4.11 billion from $4.63 billion, due to a decline in invisible purchases: ordinary domiciliary account ($1.33 billion) and non-oil export receipts ($0.49 billion).
AMIDST CBN DIRECTIVE TO DMBS, CREDIT TO PRIVATE SECTOR UP N4.69TRN TO N39.87TRN
Following the Central Bank of Nigeria (CBN) mandate to Deposit Money Banks (DMBs) to improve lending to the real sector of the nation’s economy, credit to private sector has so far in 2022 added N4.69trillion to reach N39.87 trillion in July. According to the latest money and credit statistics released by central bank, credit to private sector reached a record N39.87 trillion in July 2022, a significantly 3.6 per cent month-on-month (MoM) increase from N38.46trillion reported in June. The CBN numbers revealed that credit to private sector commenced 2022 at N35.18 trillion and increased by N4.69 trillion or 13.32 per cent in its Year-till-Date (YtD) growth to N39.87 trillion as of July 2022. THISDAY analysis of the numbers revealed that credit to the private sector has gained 21.33 per cent Year-on-Year (YoY) from N32.86 trillion reported July 2021. Further analysis revealed that all sectors of the Nigerian economy have benefitted from the increased lending with the top three being Oil & Gas, Manufacturing, and General. The CBN data also revealed that credit to government has been on steady increase and hit N20.09 trillion as at July 2022 an increase of 11.29 per cent and 42.36 per cent in MoM and YTD respectively.
FOREX INFLOWS DROP 17% TO $6.6BN
Aggregate foreign exchange inflows into the economy fell by 17.3 per cent to $6.58bn in April. The Central Bank of Nigeria disclosed this in its April monthly report on foreign exchange flows through the economy. It stated that, “The economy recorded a lower net foreign exchange inflow of $2.63bn, from $3.53bn in the preceding month. Aggregate foreign exchange inflow into the economy fell by 17.3 per cent to $6.58bn in April 2022, compared with $7.95bn in March. “Similarly, total foreign exchange outflow decreased by 11.3 per cent to $3.95bn, from $4.45bn in the preceding month.”
NIGERIA’S REVENUE UP 3.28% TO N1.26TRN IN JULY
The revenue inflow to the federation account from the oil and non-oil sector increased by 3.28 percent to N1.26 trillion in July 2022 from the N1.22 trillion recorded in June. According to the details in the revenue report of the office of the Accountant General of the Federation, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) raked in N292.8 billion, while the Nigeria Customs made N190.26 billion for the month. On taxes, revenue from the oil sector to the Federal Inland Revenue Service (FIRS) amounted to N191.7 billion, while the non-oil sector contributed the highest for the month at N444.65 billion.