1.N13.7TN FEDERATION ACCOUNT REVENUE WITHHELD BY NNPCL – FAAC REPORT
The punch, page 19, Leade5rship, page 19
The papers reported that, the Nigerian National Petroleum Company Limited has withheld a staggering N13.763tn in revenue from the Federal Government, exacerbating struggles to fund the national budget.
This is according to documents obtained from the Federal Accounts Allocation Committee following its January 2025 meeting on Wednesday.
This amount covering a period between 2012 and 2024 has significantly impacted the Federation Account, the central pool of funds from which the government allocates resources to federal, state, and local governments across the country.
The document domiciled with the Federation Accounts department revealed the growing financial gap between what the NNPCL should have remitted and the amount deposited into the Federation Account.
2.INVESTORS STAKE N2.41TN IN TREASURY BILLS AUCTION
The punch, page 19
The paper reports that, Nigeria’s latest treasury bills auction, conducted on February 19, 2025, saw total subscriptions hit N2.41tn, reflecting sustained investor interest across the three tenors on offer.
However, this marked a decline from the N3.22tn recorded in the previous auction held on February 5, 2025. This is according to the auction results seen by The PUNCH on Thursday.
The Central Bank of Nigeria increased allotments, particularly for the 364-day tenor, while stop rates edged lower, signalling a shift in investor sentiment and yield expectations.
The auction results showed a marked increase in demand for shorter-term treasury bills, with the 91-day and 182-day instruments witnessing significant jumps in subscriptions compared to the preceding auction.
3.EMIRATES AIRLINES INVESTS $200M TO BOOST PHARMACEUTICAL CARGO
The punch,page 19
The paper reports, Emirates SkyCargo, a subsidiary of Emirates group, says it has invested $200m on equipment and faculties to ensure pharmaceutical cargo gets premium priority and also gets to their destinations as made without any form of interruption or damage.
This was made known by the Divisional Vice President of Emirates Skycargo, Badr Abbas, on the second day of the Air Cargo and Transport Logistics Africa conference where over 4,000 aviation stakeholders from 150 countries converged to discuss cargo in the aviation industry.
Speaking at the event in Nairobi, Kenya’s Capital, Abbas stated that considering the importance of pharmaceutical cargo because it deals with human health, the airline always places top priorities on cargo of such nature and always ensures it is delivered as received.
To prove the airlines’ seriousness on health-related cargo, the airline boss said Emirates had invested in 15,000 square meters of GDP-certified facilities in Dubai, a facility he adjudged as the largest and most advanced globally.
4.NAIRA RISES TO 1,494.03/$ AT OFFICIAL MARKET
The punch, page 19
The paper reports that, the naira strengthened to 1,494.03/$ at the official window on Thursday according to data from FMDQ Securities Exchange Limited.
Similarly, it appreciated at the parallel market to 1,510.00/$, further reducing the spread between the markets to 15.5/$.
The gap between the official foreign exchange and the parallel market rates is closing, following the various policies of the Central Bank of Nigeria.
According to CardinalStone Research’s daily market report, the naira rate appreciated by 1.04 per cent to 1,494.03/$ on the official window, while the parallel market rate also appreciated by 1.66 per cent to 1,510.00/$.
5.BINANCE ACKNOWLEDGES $81.5BN NIGERIAN LAWSUIT, PROMISES UPDATES
The punch, page 19
The paper reports that, Binance has acknowledged the Nigerian government’s lawsuit seeking $81.5bn in damages and unpaid taxes, stating that it is aware of the legal action and will provide updates as necessary.
In response to an email inquiry from The PUNCH, a Binance spokesperson said, “Noting that we have seen your email. We will reach out to you should there be any updates on this.”
The Federal Inland Revenue Service filed the case at the Federal High Court in Abuja on Wednesday under case number FHC/ABJ/CS/1444/2024, naming Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, as defendants.
The lawsuit alleges that the cryptocurrency exchange violated tax laws, failed to register for tax compliance, and contributed to economic distortions.
6.BEARISH SENTIMENT RESUMES AS NGX DROPS BY N26BN
The punch, page 23
The paper reported that, Bearish sentiment resurfaced in the Nigerian stock market on Thursday as investors lost N26bn, dragging the market capitalisation of the Nigerian Exchange to N67.7tn. The All-Share Index dipped by 41.01 points, or 0.04 per cent to close at 108,568.50, reflecting a one-week loss of 0.55 per cent, a four-week gain of 5.62 per cent, and a year-to-date growth of 5.48 per cent.
Despite the decline, market activity improved as investors traded 421.26 million shares worth N8.42bn in 13,269 deals. This represents a 23 per cent increase in volume, a two per cent drop in turnover, and a two per cent improvement in deals compared to the previous trading session.
Abbey Mortgage Bank led the gainers’ chart with a 10 per cent increase to close at N3.41 per share, followed by University Press, which gained 9.78 per cent to close at N5.05. Sovereign Trust Insurance rose by 9.57 per cent to N1.26, while Regency Alliance Insurance and The Initiates Plc appreciated by 7.58 per cent and 7.23 per cent to close at N0.71 and N4.30, respectively.
7.NDIC CHARGES EXTERNAL SOLICITORS ON DEBT RECOVERY
The punch, page 21, This Day, page 44, Daily Sun, page 25, Leadership, page 19,
The papers reported that, the Nigeria Deposit Insurance Corporation has charged its external solicitors to be diligent in aiding the corporation to achieve its mandate of debt recovery and asset realisation.
This was disclosed by the Managing Director/Chief Executive, NDIC, Bello Hassan, on Thursday in Lagos at the 2024 Sensitisation Seminar for External Solicitors of NDIC under the theme, ‘Consolidating the Collaborative Efforts in Mastering Deposit Insurance Scheme & Bank Resolution.’
The NDIC is mandated to supervise banks to protect depositors’ funds, foster monetary stability, and ensure that failing and failed institutions are resolved in a timely and efficient manner.
Speaking at the event, Hassan, who was represented by the head of the legal department, Henry Fomah, added that NDIC had appointed new external solicitors following the failure of Heritage Bank in June 2024.
8.STAKEHOLDERS AWAIT FG ON PROPOSED MSMES CENSUS
The punch, page 25
The paper reports that, stakeholders have disclosed that the Federal Government has begun preliminary consultations with business membership organisations as they await an inaugural meeting to discuss the planned Micro, Small, and Medium Enterprises census.
The PUNCH learnt from separate phone interviews with the National Vice President of the National Association of Small-Scale Industrialists, Segun Kuti-George, and the President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, that the Federal Ministry of Industry, Trade, and Investment was in the process of forming a preliminary committee.
NASSI National Vice President Kuti-George said, “They (FMITI) are forming a committee on the (MSMEs census) involving all the business membership organisations. The committee is not fully formed, but they are compiling the list. It is about 80 per cent formed.”
Kuti-George added that he was not aware of a prospective meeting date but was optimistic that major stakeholders were almost fully reached out to, stating, “By 80 per cent formed, I meant they have notified all the key business membership organisations, and that is how the information got to us also.
9.MONEY SUPPLY RISES 18% TO N110.97TRN AS NIGERIANS RAMP UP SAVINGS
Vanguard, page 19
The paper reports that, Nigeria’s Money Supply (M2 ) rose by 18.3 percent year-on-year, YoY, to N110.97 trillion in January 2025, from N93.77 trillion in the corresponding period of 2024 following increased savings in investment instruments by Nigerians.
The CBN disclosed this in its Money and Credit Statistics data released yesterday which showed that the increase in money supply was driven by a 21 per cent surge in volume of money in investment instruments (Quasi Money) such as savings accounts, treasury bills, money market instruments and foreign currency deposits.
According to the CBN, Quasi Money grew by 21 percent YoY to N74.07 trillion from N61.2 trillion in January 2024. Similarly, Demand Deposits increased by 13.6 percent YoY to N32.15 trillion in January 2025 from N28.3 trillion in January 2024.
10.NAIRA APPRECIATES TO N1,540/4 IN PARALLEL MARKET
Vaguard, page 25
The Naira yesterday appreciates to N540 per dollar in the parallel market from N1,550 per dollar on wednsday.
But the Naira was stable at N1,509.53 per dollar in the Nigerian Foreign Exchange Market (NFEM) data published by FMDQ showed.
Consequently, the margin between the parallel market and NFEM rate narrowed to N30.47 per dollar from N40.47 per dollar Wednesday
11.CITING POSITIVE MACROECONOMIC DEVELOPMENTS, CBN RETAINS MPR AT 27.50%, OTHER MONETARY TOOLS UNCHANGED
This Day, page 1& 17, Daily Sun, page 25, Leadership, page 18,Vanguard, page 19, The Nation, page 1&7, Daily Trust, page 19
The papers reported that, the Central Bank of Nigeria (CBN) yesterday resolved to retain the Monetary Policy Rate (MPR), the benchmark interest, at 27.50 per cent, with the asymmetric corridor of +500/-100 basis points around the MPR.
The apparent halt in the bank’s tightening regime came against the backdrop of recent stability in the Foreign Exchange (FX) market with the resultant appreciation of the exchange rate and gradual moderation in the price of Premium Motor Spirit (PMS).
The central bank also left all monetary policy parameters unchanged, including the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 50 per cent, and that of Merchant Banks at 16 per cent as well as the Liquidity Ratio (LR) at 30 per cent.
Addressing journalists at the end of the two- day meeting of the Monetary Policy Committee (MPC) in Abuja, CBN Governor, Mr. Olayemi Cardoso, said the committee was unanimous in its decision to hold rates at current levels, having expressed satisfaction with recent macroeconomic developments, which were expected to positively impact price dynamics in the near to medium term.
12.STOCK MARKET REVERSE GAINS AS CBN RETAINS MPR AT 27.5%
This Day, page 37, Leadership, page 18
The papers reported that, the Nigerian equities market yesterday bowed to investors’ profit-taking with a decline of 0.04 per cent, as the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) in its first meeting in 2025 retained benchmark rates.
At the end of the 299th MPC meeting held on February 19 and 20, 2025, the committee voted to hold the MPR at 27.5 per cent; retain the asymmetric corridor at +500/-100 around the MPR; retain the CRR of Deposit Money banks at 50 per cent; retain the CRR of Merchant Banks at 16 per cent; and hold the liquidity ratio constant at 30.00 per cent.
The Nigerian Exchange Limited All-Share Index (NGX ASI) fell by 41.01 points, 0r 0.04 per cent to close at 108,568.50 basis points with the Month-to-Date and Year-to-Date returns settled at 3.9per cent and +5.5per ccent, respectively.
Accordingly, investors lost N25 billion in value as market capitalisation declined to N67.659 trillion.
13.CBN ADOPTS CAUTIOUS APPROACH TO REBASED INFLATION, UPHOLDS PARAMETERS
The Guardian, page 3
The paper reports that, despite the newly rebased economy that brought inflation down from 34.8 per cent to 24.48 per cent in December last year, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has restored all the rate parameters.
Announcing the decision after the two-day 299th MPC meeting in Abuja, yesterday, CBN Governor, Yemi Cardoso, stated that the bank was still analysing the new rebased parameters for inflation calculation by the National Bureau of Statistics (NBS).
Even with the favourable new figure, Cardoso refuted the insinuation that inflation is declining in the country.
14.FEDERAL GOVERNMENT SEEKS CHINA’S COOPERATION IN ECONOMIC DIVERSIFICATION
The Guardian, page 4
The paper reports that, Federal Government is seeking the assistance of the People’s Republic of China in the diversification of the nation’s economy, especially relating to industrialisation.
The Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, disclosed this in her office at the Tafawa Balewa House, Abuja, when the Chinese Ambassador to Nigeria, Yu Dunhai, paid her a courtesy visit.
She told the envoy that Nigeria had had a robust relationship with China spanning over five decades, and noted that the Renewed Hope Agenda of President Bola Ahmed Tinubu had prioritised the diversification and strengthening of the nation’s economy.
15.TAX EXPERTS STRESS REGULATORY ENFORCEMENT TO ACHIEVE ECONOMIC STABILITY
The Guardian, page, 20,Daily Trust, page 19
The papers reported that, for a successful implementation of the Federal Government’s economic stabilisation programme, tax experts said the proposed reforms would depend on the clarity of legislation, consistent regulatory enforcement and effective stakeholder engagement.
Ensuring these, they said, would pave the way for successful implementation as the agenda combined with existing tax structures under the Petroleum Industry Act (PIA), Petroleum Profits (PPTA) and the Deep Offshore Inland Basing (DOIBPSC) aimed to strike a balance between revenue generation for the government and investment incentives for operators.
They said this at the fourth edition of the Economic Stabilisation Bill organised by the Chartered Institute of Taxation of Nigeria (CITN).
16.NES SEEKS COLLABORATION WITH FG FOR WORKABLE ECONOMIC REFORMS
Leadership, page 15
The paper reports that, on thursday, the Nigerian Economic Society (NES) urged policymakers in President Bola Ahmed Tinubu’s led federal government to collaborate more with it to find workable economic reforms to address the plethora of economic crises currently bedevilling the nation’s economy.
NES specifically mentioned the continuous fall in the value of the nation’s currency in the International market. NES mainly blamed the continued economic turbulence on the federal government’s preference for listening to foreign experts’ advice when making economic decisions and reforms rather than relying on the recommendations of local financial experts.
17.2.5MBPD CRUDE OUTPUT: FEDERAL GOV’T TARGETS ACTIVATING 50 WELLS BY MARCH
Leadership, page 18
The paper reports that, the Federal government is set to activate 50 oil wells by March this year as part of efforts to achieve a crude output of 2.5 million barrels per day (bpd) by the end of 2025.
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, announced this goal while speaking in a panel session at the Heirs Energies Leadership Forum in Abuja, on Thursday.
He highlighted that Nigeria’s current production has improved, reaching approximately 1.75 million bpd, and emphasised the need to bridge the gap to meet the target of 2.5 million bpd by activating additional wells and improving operational efficiency.
18.DON’T SUSPEND 4% FOB CHARGE, CANCEL IT, DIRECTORS TELL CUSTOMS
Daily Trust, page 20
The paper reports that, the Chartered Institute of Directors (CIoD) Nigeria yesterday added its voice to the recently suspended 4% charge on the Free on Board (FOB) value of imports by the Nigeria Customs Service (NCS), calling for policy reforms to safeguard Nigeria’s economic growth and competitiveness.The NCS had introduced the levy in accordance with the provisions of the Nigeria Customs Service Act (NCSA) 2023.But it later suspended the implementation of the charge following public outcry from importers, manufacturers and other stakeholders.
However, Director-General/CEO of CIoD, Bamidele Alimi in a statement said, “Though it has been temporarily suspended, according to the NCS, for further engagements and consultation with stakeholders, if we go by the trend of public policy in Nigeria, government is usually somehow rigid and unwilling to review its stands. So we are not so sure that anything would change.”
Francis Lahnim Kusa
ACIO& PR
For: Director, Information & PR
FEBRUARY 21, 2025
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