Global Market News

Stocks sink, oil jumps as Middle East attack reports unnerve markets "” Reuters

Asian shares and bond yields sank on Friday while safe-haven currencies, gold and crude oil jumped after reports of a sharp escalation in Middle East hostilities. Click here for more

Fed's rate-cut foot-dragging grates on global peers at IMF meetings "” Reuters

Finance chiefs from economies large and small are scrambling to keep pace with the Federal Reserve's rapid resetting of rate-cut expectations as U.S. inflation data roils markets from London to Brazil. Click here for more

Macroeconomic News

FG needs N3.2 trillion subsidy to reverse electricity tariff hike "" NERC"” Punch

The Federal Government of Nigeria will need to come up with the sum of N3.2trn in 2024 to reverse the recent hike in electricity tariff, the Chairman of the Nigeria Electricity Regulatory Commission, Sanusi Garba said in Abuja on Thursday. Click here for more

Nigeria's public debt hits N97 trillion ""DMO "" The Sun

Nigeria's public debt stock as at December 31, 2023 has hit N97.341 trillion (108.229 billion dollars). It said that the increase was largely due to new domestic borrowing by the Federal Government to part "" finance the deficit in the 2024 budget, and disbursements by multilateral and bilateral lenders. Click here for more

World bank, AfDB to provide electricity for 300 million Africans by 2030 "” The Guardian

The World Bank Group will work to connect 250 million people to electricity through distributed renewable energy systems or the distribution grid, while the AfDB Group will support an additional 50 million to people. Click here for more

N7.3 trillion remitted to Federation Account in six months "" RMAFC "” Punch

The Revenue Mobilization Allocation and Fiscal Commission has disclosed that a total sum of N7.3 trillion accrued into the Federation Account between July and December 2023, indicating an increased revenue inflow. It said the amount shared by the Federation Account Allocation Committee was remitted to the Central Bank of Nigeria under the caption ...CBN Federation Account Component Statement" . Click here for more

NIPCO Gas targets 35 CNG stations"” Dailytrust

NIPCO Gas Limited has concluded plans to construct 35 CNG stations across the country. ...NIIPCO Gas presently operates 15 AutoCNG stations across Nigeria and CNG vehicles from Lagos can travel up to Abuja and Kaduna by taking CNG from the in-between NIPCO Gas AutoCNG stations. We are sure soon motorists can travel across every nook and cranny of Nigeria. Click here for more

Company News

ETI announces successful repayment of $500 million Eurobond"” ThisDay

Ecobank Transnational Incorporated (ETI) announced on the Nigerian Exchange Limited (NGX) that it has successfully repaid its $500 million 5-year Eurobond that matured on April 18, 2024. The repayment, totaling $524 million inclusive of principal and interest, was distributed to bondholders through the transaction agent on the specified maturity date. Click here for more

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