Banking and Finance

Govt. Officials Collect Over ₦400b Bribes Annually –Report

The National Bureau of Statistics (NBS) has said roughly N400 billion is spent on bribes each year in Nigeria, taking into account that nine of every 10 bribes are paid in cash.

The NBS stated this in “Corruption in Nigeria, Bribery: Public Experience and Response 2017 Survey’’, posted on the bureau’s website.

The bureau stated that it was estimated that the total amount of bribes paid to public officials in Nigeria in the 12 months prior to the survey was around N400 billion.

Whistleblower Policy a Successful Initiative –Adeosun

The Minister of Finance, Mrs Kemi Adeosun, says the whistleblower policy of the Federal Government is one of the current administration’s successful initiatives.

She said this on Tuesday in Abuja at a seminar organised by the Bureau of Public Service Reforms (BPSR) on “The Whistleblower Policy and its Implication for Public Servants’’.

The Whistleblower Policy was introduced in December 2016 by the Federal Government as part of the initiatives to wage war against corruption.

Debt Office to Raise ₦135b in Bonds

Nigeria plans to raise 135 billion naira ($442.62 million) in bonds on August 23, the debt office said on Tuesday.

The debt office will sell 35 billion naira of bonds due in 2021 and 50 billion naira each of bonds due in 2027 and in 2037, using a Dutch auction system, Reuters reports.

Settlement is expected two days after the sale. The bonds are re-openings of previous issues.

Lagos Raises ₦85b in Bond Issue to Fund Projects

Nigeria's Lagos state on Monday raised 85.14 billion naira ($271 million) in 7- and 10-year bonds to fund infrastructure and environmental projects, its commissioner for finance said on Monday.

The bond consists of 46.37 billion naira 7-year debt at a 16.75 percent rate and 38.77 billion naira via a 10-year paper with 17.25 percent interest, Akinyemi Ashade said in a statement, Reuters reports.

The issue is the third tranche of a 500 billion naira debt programme approved by the state parliament last year and was sold through book building, Ashade said.

Foreign Exchange Reserve Rises to $31.2b

Nigeria's foreign exchange reserves rose to more than two-year high of $31.22 billion by Aug. 8, central bank data showed on Wednesday.

Nigeria's dollar reserves, which have been battered by lower oil prices, climbed back to a level they last reached in July 2015, shortly after President Mohammadu Buhari took office, the data showed, according to Reuters report.

FEC Approves Spending Plan, Lowers 2018 GDP Forecast

Nigeria's government approved its medium-term expenditure framework for 2018-2020 on Wednesday, and revised its growth forecast for next year downwards, its budget minister said.

Udoma Udo Udoma, minister for budget and national planing said after the Federal Excecutive Council (FEC) meeting that the government had approved "a slightly different" growth trajectory of 3.5 percent for next year, down from 4.8 percent it announced in its strategy paper, Reuters reports.

PMI Reading Sustains Uptrend

The Central Bank of Nigeria (CBN), last Wednesday, released the Purchasing Manager’s Index (PMI) for July, with data showing an expansion in manufacturing activity for the fourth consecutive month while non-manufacturing sector growth entered the third month.

FG says Economy to Grow a Lot; IMF says Not so Much

Nigeria and the International Monetary Fund disagree over how much the economy will grow this year, with the government saying 2.2 percent and the Fund opting for just 0.8 percent, Reuters reports.

Either would be an improvement on last year, when Nigeria suffered its first recession in more than two decades as low crude prices and oil production slashed government revenues and caused chronic dollar shortages.

Economist wants FG to Reduce Cost of Governance

An Economist, Dr Charles Nwaekeaku on Tuesday in Abuja advised the Federal Government to reduce the country’s overhead and other costs rather than engage in incessant borrowing.

Nwaekeaku, an Associate Professor of the Nasarawa State University, Keffi, told the News Agency of Nigeria that continued borrowing by the government would continue to worsen the debt profile and detrimental to the country.

Forex Buffer at Near 3-Month High

Nigeria's foreign exchange reserves had risen to an almost three-month high of $30.74 billion by July 27, latest central bank data showed on Monday.

Nigeria's dollar reserves grew 1.62 percent from a month earlier. The bank did not provide a reason for the increase, Reuters reports.

Reserves have risen 17.24 percent from a year earlier, partly due to increases in the production and price of crude oil, Nigeria's mainstay, and to offshore investment inflows into its financial markets.