Browsing: FGN

COVID-19: Nigeria may go into severe recession – World Bank. The World Bank says collapse in oil prices coupled with the COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s.

Nigeria’s Balance of Payment Plunged to Deficit in Q1. The Nigeria’s balance of payment (BoP) has slipped to $11.18 billion deficit in the first quarter of 2020 according to data released by the apex bank.

COVID-19 Infection Hits 19,808 as NCDC records 667 New Cases

Nigeria’s Headline Inflation Rate Rises to 12.40%. The Nigerian Bureau of Statistics (NBS) recent data shows that the consumer price index (CPI) which measures inflation increased by 12.40 % year-on-year in May 2020.

PMA: Demand for Low-risk Investment Options to Fuel Subscription. Analysts have said that increasing demand for low-risk investments option would support demand at the Federal Government bond auction on Wednesday.

Nigerian Senate Up Oil Price Benchmark For Budget 2020 to $28. In what looks like improved optimism about global prices of oil, the Nigerian Senate on Tuesday raised oil price benchmark for budget 2020. The Senate on Tuesday lifted the price outlook from $25 per barrel oil price benchmark proposed by the executive.

MPR Cut Positive for FG Borrowing Plan, Negative for inflation. Analysts have interpreted the Central Bank of Nigeria’s Monetary Policy Committee decision to cut rate as part of big plan to reduce the nation’s borrowing cost as budget deficits widened.

Analysts’ $40 Brent Forecast to Hurt Nigeria’s FX receipts. Federal Government’s expectation of improve global prices of oil may be douse as Reuter’s poll of dozens of analysts set target price below $40 a barrel for 2020.

President Buhari reconstitutes NNPC Board. President Muhammadu Buhari has approved the reconstitution of the Board of the Nigerian National Petroleum Corporation (NNPC). This President made the call after the expiration of the term of the board members appointed in 2016.

Nigeria to record current account deficits near 4% of GDP – Reports. Experts have estimated that Nigeria will record current account deficits