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Coronation Research Daily Insights
(Source: Coronation Research, Date: 06-Oct-2022)

THURSDAY, 06 OCTOBER 2022

OPEC Quota | Fuel Subsidy| 2023 Budget | Growth Reduction | Anti-crypto Directive

Good morning,

Here are your top 5 news items for the day.

OPEC Quota


Nigeria to maintain quota as OPEC+ slashes crude output target by 2mbpd "" Guardian

The Organisation of Petroleum Exporting Countries and its allies, (OPEC+), yesterday, agreed to slash its crude production target by two million barrels a day (bpd) from November, the biggest cut since the group reduced quotas by 9.7mn b/d at the start of the Covid-19 crisis in 2020. The coalition has also agreed to extend its production cooperation agreement until the end of 2023. By the action, Nigeria and other countries lagging in their production output will maintain their quota, while Saudi Arabia takes the largest cut. Indeed, 14 out of the 19 countries undershot their August quotas as Russia, Nigeria and Kazakhstan had the largest shortfalls. As a result of crude theft, Nigeria's production is presently below the 1.826mbpd quota assigned to it by the cartel. The Nigerian National Petroleum Company Limited (NNPC) on Tuesday, disclosed that in its effort to fight rising crude oil theft, which has seen Nigeria's average crude production fall to under one million barrels a day in August, it has so far shut down the operations of 395 illegal refineries. Read more @ Nigeria to maintain quota as OPEC+ slashes crude output target by 2mbpd | The Guardian Nigeria News - Nigeria and World News "” Business "” The Guardian Nigeria News "" Nigeria and World News.


 

Fuel Subsidy


Committee recommends N1.7tn subsidy in budget, Senate kicks "" Punch

The Senate kicked against the move by its finance committee to reduce the N3.6trllion proposed for subsidy in the 2023 budget by the executive to N1.7tn. President Muhammadu Buhari had in the 2023 "" 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper proposed N3.6trillion for fuel subsidy from January to June in 2023. The Senate Committee on Finance had, in its report on the proposals presented for consideration by the Senate, recommended N1.7tn for fuel subsidy for the entire 2023, which was rejected by sustaining the earlier proposed N3.6trillion earmarked for subsidy. The committee chairman, Solomon Adeola, led the committee's recommendation for a $73 per barrel oil price benchmark for the proposed N19.76  2023 budget. It was however approved against the $70 per barrel proposed by the executive in the MTEF/FSP documents. Read more @ Committee recommends N1.7tn subsidy in budget, Senate kicks (punchng.com).

 

 

2023 budget


Senate approves expenditure, okays $73/barrel oil price"" Punch

The Senate on Wednesday approved the 23-25 Medium Term Expenditure Framework and Fiscal Strategic Paper ahead of the presentation of the 2023 budget proposals by the President on Friday. The Senate gave the approval following the consideration of the report of its Joint Committee on Finance and National Planning on the 2023-25 Medium Term Expenditure Framework and Fiscal Strategy Paper which the President, Major General Muhammadu Buhari (rted.) recently proposed to the National Assembly. The report was presented by the chairman of the Committee, Senator Adeola Olamilekan (APC "" Lagos West).After the debate on the report, the Senate approved, for 2023, the oil price benchmark of $73 per barrel of crude oil and sustained, as contained in the MTEF/FSP documents, the exchange rate of N437.57 to one dollar. The Senate also approved N3.6tn as subsidy on petroleum products for 2023. Read more @ 2023 budget: Senate approves expenditure, okays $73/barrel oil price (punchng.com).

 

 

Growth Reduction


World Bank Reduces African Economic Growth To 3.3%"" Leadership

The World Bank has reviewed African economy to be on the negative slop as global and local headwinds slow the continent's economic growth as countries contend with rising inflation, hindering progress on poverty reduction. The Bank also harped on the need for governments in the continent to take urgent actions to ensure macro economic stability and support the poorest amidst rising prices, as inflation soared to above 20.5 per cent in Nigeria and double digits in major economies in Africa. According to the World Bank's latest Africa's Pulse, a biannual analysis of the near-term regional macroeconomic outlook, economic growth in Sub-Saharan Africa (SSA) is set to decelerate from 4.1 per cent in 2021 to 3.3 per cent in 2022. Read more @ World Bank Reduces African Economic Growth To 3.3% (leadership.ng).


 

Anti-crypto Directive


CBN urged to review anti-crypto directive in banking system "" Guardian

The Central Bank of Nigeria (CBN) has been urged to re-evaluate its current anti-crypto directive banning commercial banks and other financial institutions from handling related transactions. It is also urged to focus on efficient and effective transaction monitoring and reporting system instead of outright prohibitions. The position was advanced at the second yearly Blockchain Associations Forum's (BAF) Member Summit held virtually, which had over 53 countries present. The summit was held to debate crypto asset policies, national digital asset strategies and the future of the global economy. Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), a founding member of BAF, represented Nigeria. The Presiden of SiBAN, Senator Ihenyen, stated that the CBN's directive stopping financial institutions from. Read more @ CBN urged to review anti-crypto directive in banking system | The Guardian Nigeria News - Nigeria and World News "” Business "” The Guardian Nigeria News "" Nigeria and World News.

 

 

 

 

 



Information used in the preparation of this publication is believed to be accurate at the time of going to press, though not verified independently. No liability is accepted for errors nor omissions of fact, nor is any warranty given for the reasonableness, accuracy or completeness of the information presented. Neither Coronation Asset Management, nor its directors, employees and contractors accept(s) responsibility for losses or opportunity costs, whether direct or consequential, that may be incurred as a result of trading, or not trading, on information covered in this publication, or other securities, as a result of any decision taken after reading this publication.

 

 

For further enquiries, please contact  cec@coronationam.com 

Coronation Asset Management, 10 Amodu Ojikutu Street, Off Saka Tinubu Street Victoria Island, Lagos, Nigeria

Copyright © 2022, All rights reserved.

 

 

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