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Border close in Nigeria takes toll on commodities’ prices

The closure of Nigeria’s borders by the Federal Government continues ti take its toll on prices of basic commodities. The National Bureau of Statistics (NBS), said in its report that headline inflation rose for the first time in three months in September, advancing by 22bps to 11.24% YoY to beat Bloomberg consensus estimate of 11.00%…

Key takeaways from Buhari’s budget estimates

President Muhammadu Buhari has recently presented the 2020 Budget estimates to the joint session of the National Assembly. A report sourced from Proshare by United Capital, a Nogerian financial institution, presents the few takeaways from the budget. According to the report, Nigeria plans to spend N10.3tn in 2020 while revenue is expected to come in…

Senate revisits bill to establish N’Assembly budget office

The Senate on Thursday reintroduced a bill seeking to establish the National Assembly Budget and Research Office (NABRO). The bill, which was passed by the 8th Senate on May 3, 2019, however, failed to receive assent by President Muhammadu Buhari. The move seeking to establish the National Assembly Budget office was first conceived in 2005…

2020 Budget: Senators commend Buhari for adherence to Fiscal Responsibility Act

…Senate adjourns debate on 2020 Budget till next week Tuesday Senators belonging to the All Progressive Congress (APC) and Peoples’ Democratic Party (PDP) on Thursday commended President Muhammadu Buhari for adhering strictly to the provisions of the Fiscal Responsibility Act by ensuring the timely submission of the 2020 Appropriation Bill to the National Assembly. The…

Nigeria: Inflation rises in September

Inflation in Nigeria in September is likely to spike to 11.22%, says the National Bureau of Statistics. This is coming after three months of consecutive decline. This spike in the general price level would be driven partly by the closure of the Seme border which has resulted in shortages of smuggled commodities especially rice, turkey,…

Senate begins debate on 2020 Appropriation Bill

The Senate on Wednesday commenced debate on the 2020 Appropriation Bill presented to the National Assembly by President Muhammadu Buhari. Buhari on Tuesday presented a budget estimate of N10.33 trillion for the year 2020 at a joint sitting of the National Assembly. The debate on the appropriation bill, which continues on Thursday, had senators making…

Forex: CBN injects $311.5m, CNY15m into Retail SMIS

The Central Bank of Nigeria (CBN) on Friday October 4, 2019, made an intervention of $311.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY 15million in the spot and short-tenored forwards segment of the inter-bank foreign market. The Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, confirmed the latest injection, disclosing…

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