Author: Ogochukwu Ndubuisi

68m Poor Nigerians in National Social Register – Official The National Social Safety Net Coordinating Office (NASSCO), says it has so far captured more than 68 million poor and vulnerable Nigerians into the National Social Register (NSR). NASSCO disclosed this on Tuesday in its verified social media handle on Instagram nassco_nigeria. The agency also explained that the figure represented a total of 19 million vulnerable Households across the 36 states and the FCT. The idea behind the NSR is to create a comprehensive database of poor and vulnerable households in the country. This is to assist government design, coordinate and…

FG Unveils Economic Plan for the Country The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Federal Government has unveiled a comprehensive economic plan for sustainable development. Edun disclosed this in a statement issued by the Ministry’s Director of Information and Public Relations, Mr Mohammed Manga, on Tuesday in Abuja. The minister, who unveiled the plan at the 2025 KPMG Arise TV Budget News Day, also outlined Nigeria’s fiscal priorities and economic direction for the coming year. Edun said that government was commitment to fiscal discipline, revenue mobilisation, and an improved investment climate. According…

Naira-for-Crude Policy Remains in Place – Zacch Adedeji Naira-for-crude policy remains in place, the Federal Inland Revenue Service (FIRS) chief said in an official statement amidst media report that the programme has been discontinued. “Our attention has been drawn to reports suggesting that the naira-based crude oil supply arrangement with local refineries has been discontinued, forcing them to rely solely on international crude purchases. “These reports do not reflect the realities of the ongoing work under the Federal Executive Council Initiative on Domestic Sales of Crude Oil and Refined Products in Naira”, FIRS boss said. FIRS said as the committee…

Oil Prices Rebound Amidst Lingering Uncertainties Oil prices rebounded amidst uncertainties in the commodities market and concerns over the global economic impact of tariffs, a potential US recession, and OPEC+ output increase plans. The international benchmark Brent crude increased by 0.5%, trading at $69.32 per barrel, up from $68.97 at the close of the previous session. The US benchmark West Texas Intermediate rose by 0.48%, settling at $65.98 per barrel, compared to its prior session close of $65.66. As global concerns over inflation and recession persist, the trade war initiated by US President Donald Trump through tariffs is adding uncertainty…

U.S. Dollar Mixed as Euro Stabilises at 4-Month High The US dollar was mixed against its major trading partners early Monday — up versus the pound and Canadian dollar, down versus the euro and yen — as the focus turns to inflation data for February later in the week. Analysts have maintained that the US dollar is fragile and would be hit by a soft number. However, FX markets are starting to settle down after a momentous week, ING says in a note. Federal Reserve officials are in their ‘quiet period’ ahead of the March 18-19 Federal Open Market Committee…

Geregu Power Sets N8.651bn as Q2 Profit Target Geregu Power Plc has estimated N8.651 billion as its profit target for the second quarter of the financial year 2025.  The company is expecting revenue to print at N53.143 billion in the same period, estimating a gross profit of N20.588 billion as costs of sales amounting to N32.55 billion.   The power-generating company estimated an impairment charge of N4 billion on its financial assets, and about N2.7 billion was set for administrative expenses. For the second quarter of the year, Geregu Power estimated that the company’s operating profit will be N13.877 billion.…

Transcorp, Dangote Sugar Drive Intraday Gain on NGX Recovering from sell heats, Transcorp and Dangote Sugar Refinery Plc, among other early risers, are currently driving the Nigerian Exchange, NGX, all share index higher. During early trading hours, investors have started to reposition in these top two early risers after their latest price declined. Other stocks in the banking sectors are tracking higher along, with the potential to reverse the negative performance of the exchange this week. Trading activities were relatively bearish last week, with the local exchange closing negative for four out of five trading sessions. On Monday, buying momentum…

Canada Will Never be Part of U.S. – Carney Former Bank of England governor Mark Carney has said that Canada will “never ever’’ be part of America after winning the race to succeed Justin Trudeau as the country’s prime minister. Carney, who headed Britain’s central bank between 2013 and 2020 would replace the 59-year-old after winning the Liberal Party leadership race. Trudeau, who has served as prime minister since 2015, announced he was stepping down in January after facing calls to quit from his own lawmakers. Carney, 59, is currently chairman of Canadian alternative investment firm Brookfield Asset Management. He…

Naira Skids as Foreign Investors US Dollar Demand Clouds Supply The Nigerian local currency, the naira, lost against the US dollar across foreign exchange markets as FX demand by foreign investors weakened Central Bank sales to banks. The exchange rate fell by N24.75 amidst daily fluctuations before it closed at $/N1,517.24 per US dollar on Friday. The official market faced huge pressures arising from increasing demand for the US dollar. In its note, CardinalStone Partners Limited noted that the exchange rate fell as increased demand pressure arising from profit-taking actions by foreign portfolio investors (FPIs) and local corporates offset support…

OMO Bills Yield Falls as Banks, FPIs Boost Holdings The average yield on OMO bills fell by 9 basis points in the secondary market to close at 22.4%, fixed income market analysts said in a report. The yield on OMO bills declined as local deposit money banks, and foreign portfolio investors (FPIs) boosted their holdings. Last week, the Central Bank of Nigeria (CBN) conducted an OMO auction on Thursday, offering instruments worth N600.00 billion across two maturities. The offer was split into N300.00 billion for the 355 days and N300.00 billion for the 362 days to investors at the primary…