Banking and Finance

'Minimum Wage will Boost Nigeria’s Economy'

The President, Nigeria Labour Congress (NLC), Mr Ayuba Wabba, has said that the proposed workers minimum wage will boost the country’s economy rather than trigger inflation.

The NLC boss said this while addressing newsmen in Asaba, Delta, on Thursday.

The News Agency of Nigeria (NAN) reports that Wabba was in the state as a Special Guest at the 6th Quadrennial National Delegates Conference of the National Union of Hotels and Personal Services Workers.

He said that the assertion that an increase in workers’ salary would lead to inflation was not true.

2018 Budget: DMO Raises ₦88.08b at Oct. Bond Auction

The Debt Management Office (DMO), says the Federal Government raised N88.08 billion at its bond auction on Wednesday, as part of moves to finance the 2018 budget.

The DMO said on its website that the bonds were auctioned in three tenors of five, seven and 10 years.

This, it said, was to give its diverse investor base an opportunity to choose their preferred tenors.

The DMO initially offered N115 billion worth of shares to be bought but only N88.08 billion was allotted, though subscribers made bids worth N143.48 billion.

FAAC: FG, States, LGAs share ₦698.71b for September

The Federal Government, 36 States and FCT as well as 774 Local Governments on Thursday shared N698.7billion for the month of September.

The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja, while briefing newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting.

Giving a breakdown of the revenue accrued in September to be distributed in October, Ahmed said N569.28 billion which was received as gross statutory revenue, was lower than the N587.1 billion shared in August by N17.8 billion.

Diamond Bank directors quit, paving way for recapitalisation

Four Diamond Bank directors quit with immediate effect, the bank said on Wednesday, paving the way for new investors to recapitalise the Nigerian mid-tier lender.

Local lenders have been trying to raise fresh capital after huge loan losses worsened by an economy that has just recovered from a recession. The crisis turned a once lucrative oil sector loan book sour with banks looking for new avenues to make money, Reuters reports.

Central Bank to Adopt Policies for Nigeria’s Economy

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, said that Nigeria should take a cue from the ongoing global trade war by adopting policies to protect the local economy.

Emefiele made this call while delivering the keynote address at the annual CBN seminar for finance correspondents and business editors in Lokoja, Kogi State.

Citing the example of the foreign exchange restriction placed on 41 items by the CBN, Emefiele stressed that selective protection is necessary to address the challenges confronting the nation’s economy.

FEC Approves ₦8.73tr 2019 Budget Proposal

The Federal Executive Council (FEC) on Wednesday approved a budgetary proposal of N8.73 trillion for 2019 fiscal year, N400 billion lower than the 2018 budget.

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, made this known when he briefed State House correspondents at the end of the Council’s meeting.

The meeting was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

Udoma revealed that the council also approved the 2019/2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

'CBN Resisted Pressure to Float the Naira'

The acting Director, Corporate Communications, Central Bank of Nigeria (CBN), Mr Isaac Okoroafor, says the apex bank resisted suggestions to float the Naira when the country was battling with economic recession.

Okoroafor spoke at the Capital Chapter Congress/Dinner of the Nigerian Institute of Public Relations (NIPR), FCT chapter, yesterday in Abuja.

Delivering a lecture titled, “Managing Public Confidence in a Period of Economic Challenge -The Role of Public Relations’’, the CBN spokesman said the bank was vindicated afterwards for rejecting the suggestion.

Market Operators to FG: Invest in Infrastructure

Capital market operators on Tuesday urged the Federal Government to focus more on infrastructure development to boost local employment and consolidate the achievements of the past three years.

The operators stated this in an interview with the News Agency of Nigeria in Lagos, while appraising the three years of President Muhammadu Buhari’s administration.

Rasheed Yussuf, a former President of Association of Stockbroking Houses of Nigeria (ASHON), said the government should invest more in power, roads and railway.

MPC Maintains Status Quo

At the end of its 261st meeting (second this year), the Central Bank of Nigeria's (CBN) Monetary Policy Committee (MPC) voted to maintain status quo for the tenth consecutive session by retaining the: 

1. Monetary Policy Rate (MPR) at 14.0%;
2. Asymmetric corridor around the MPR at +200/-500bps;
3. Cash Reserves Ratio (CRR) at 22.5%; and
4. Liquidity Ratio (LR) at 30.0%.

Value Added Tax: ₦269.79b Generated in Q1 2018

Sectoral distribution of Value Added Tax (VAT) data released by the National Bureau of Statistics for Q1 2018 reflected that the sum of N269.79bn was generated as VAT in Q1 2018 as against N254.10bn generated in Q4 2017 and N221.38bn in Q1 2017 representing 6.17% increase Quarter-on-Quarter and 21.87% increase Year-on-Year.