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Economy

(Video) Economic News Summary for July 16 – 22, 2018  

 

  1. The Debt Management Office (DMO) has said that the Federal Government will issue another Green Bond before the end of the year, to finance capital projects in the 2018 budget.

Ms Patience Oniha, DMO Director-General, at the listing ceremony of the pioneer FGN N10.69 billion Green Bond in Lagos, however said the amount to be raised in the second tranche had not been determined by government.

  1. The Apapa Area 1 Command of the Nigeria Customs Service has generated N176.75 billion in the first half of 2018, up from the N165.74 billion it generated during the same period in 2017.

The command’s Spokesman, Mrs Nkeiruka Nwala, said the increase in revenue was due to the implementation of the Nigeria Integrated Customs Information System II, which had blocked revenue leakages in cargo clearance procedures.

  1. The Enugu Electricity Distribution Company says it has spent N10 billion on the purchase and installation of certified prepaid metres for its customers in the South-East zone.

It’s Head of Communications, Mr Emeka Ezeh, said the company inherited more than 700,000 unmetred customers from the defunct Power Holding Company of Nigeria.

He, however, said that due to inadequate funds, the company could not provide metres to all its customers.

  1. The American Business Council says Nigeria attracted a Foreign Direct Investment of not less than 1.3 billion dollars from the U.S. in 2017.

Darrel McGraw, Vice President of the council, said a survey, which was conducted in collaboration with Accenture, KPMG, PWC, and the U.S. Embassy, provided an overall economic impact of U.S. companies in Nigeria.

 

  1. The African Union Commission has said that it will partner with institutions and organisations that have the capacity to fix Africa’s infrastructure deficit to ensure the realisation of its Vision 2063 Goal.

The Senior Technical Advisor, Department of Trade and Industry, AUC, Dr Oswald Chinyamakabru, said the AU was committed to a significant reduction of poverty in member countries.

  1. The German government through the German International Cooperation says it committed 45.6 million Euros to supporting development programmes in Nigeria, in the past three years.

The “Aid Information Management System’’ website, a Development Assistance Database of the Nigeria’s Ministry of Budget and National Planning, revealed that the funds were committed to new and ongoing programmes between 2015 and 2017.

Economy

DMO hails release of N1.2trn capital funding

uploads/2017/08/DMO-Ms.jpg Ms Patience Oniha, the Director-General, Debt Management Office (DMO) (NAN photo)

NAN-H-113
Capital
By Abdulfatah Babatunde
Lagos, Jan. 16, 2018 (NAN) The Debt Management Office (DMO) says the release of N1.2 trillion for capital projects by the Federal Government in six months is a positive development in the country.

The capital projects are contained in the 2017 Appropriation Act.

The News Agency of Nigeria (NAN) recalls that the 2017 budget was only finalised in July 2017, when its implementation started.

The DMO said in a statement on Tuesday evening that the disbursement of the N1.2 trillion, over a short period of six months to capital, “is a strong and positive development in Nigeria’’.

“The release of such a large amount for capital projects is a strong demonstration of the commitment of the present administration to prioritise improvement in infrastructure in order to stimulate economic growth and development.

“Since the 2017 Budget is still being implemented, more releases to capital expenses are expected,’’ the statement read in part.

The DMO also stated that in line with its statutory mandate of funding federal budgets, it raised a total of N1.254 trillion from the Domestic Market through the issuance of Federal Government of Nigeria Bonds, Nigerian Treasury Bills, as well as Sukuk and Green Bonds.

“This amount was consistent with the provision for New Borrowing in the 2017 Appropriation Act.

“The DMO also raised USD2.8 billion in the International Capital Market through a USD300 million Diaspora Bond in June 2017 and a USD2.5 billion Eurobond in November 2017.

“Altogether, these represent about 80 per cent of the N1.0675 trillion (about USD3.5 billion), provided as New External Borrowing in the 2017 Appropriation Act.

“The outstanding amount of USD700 million in External Borrowing is expected from multilateral sources,’’ the DMO said. (NAN)
AIB/MST
Edited by Muhammad Suleiman Tola