Nigeria Economic News in Brief 14 September 2020 by ICAN - PensionNigeria

Nigeria Economic News in Brief 14 September 2020 by ICAN

The following are the “Nigeria Economic News in Brief” contained in ICAN Newsletter 14 September 2020.
Nigeria owes World Bank N3.96tn – DMO
FG goes tough on 11 DISCOs over settlement of N173bn NBET debt as new tariff begins – Investigation
Manufacturers: We spent N67.3bn on self-generated electricity in 2019
Bakers demand govt palliatives to avert hike in bread prices
Read it below;

Nigeria owes World Bank N3.96tn – DMO

Nigeria’s highest external debt stock to a multilateral or bilateral financial institution is $10.46bn (N3.965tn at the official rate of N379/$ ) indebtedness to the World Bank Group, latest figures from the Debt Management Office have shown. An analysis of the country’s external debt stock as of June 30, 2020 showed that Nigeria’s indebtedness to the International Development Association and the International Bank for Reconstruction and Development were $10.05bn and $409.51m respectively.  Read more at: https://punchng.com/nigeria-owes-world-bank-n3-96tn-dmo/

FG goes tough on 11 DISCOs over settlement of N173bn NBET debt as new tariff begins – Investigation

BARELY a week after the introduction of its controversial Service Reflective Tariff, SRT, the Federal Government has adopted a new plan, targeted at recovering more than N173 billion Nigerian Bulk Electricity Trading, NBET Plc debt from 11 Distribution Companies, DISCOs. The debt owed NBET Plc – the administrator of the electricity pool in the Nigerian Electricity Supply Industry, NESI, involved in purchasing electricity from the Generating Companies, GENCOs, through Power Purchase Agreements, PPAs and sells to the DISCOs, through Vesting Contracts – had risen over time because of liquidity challenge, which constrained the DISCOs from meeting their financial obligations. Read more at: https://www.vanguardngr.com/2020/09/fg-goes-tough-on-11-discos-over-settlement-of-n173bn-nbet-debt-as-new-tariff-begins-investigation/

Manufacturers: We spent N67.3bn on self-generated electricity in 2019

Manufacturers in the country say energy and alternative electricity generation accounted for 38 percent of their production costs in 2019. According to Mansur Ahmed, the president of the Manufacturers Association of Nigeria (MAN), the manufacturing sector spent N67.38 billion on self-generated electricity in 2019. Ahmed was speaking at the 48th annual general meeting of the association that held in Lagos on Thursday. “The manufacturing sector performance that was expected to be strong having recorded an impressive performance in the 4th quarter of 2019 on account of border closure suffered a huge set back. In the same vein, inflationary pressure remains a source of concern as COVID-19 disrupted the demand and supply side of the global economy,” he said.  Read more at: https://www.thecable.ng/manufacturers-we-spent-n67-3bn-on-self-generated-electricity-in-2019

Bakers demand govt palliatives to avert hike in bread prices

Bakers in Nigeria have demanded that the Federal Government reviews duty and tariff regime on wheat importation and also make foreign exchange (forex) accessible to investors in the business to avert possible hike in bread cost. The bakers under the aegis of Premium Breadmakers Association of Nigeria (PBAN) and Association of Master bakers & Caterers of Nigeria (AMBCN) at a press briefing in Lagos
lamented that their businesses have become comatose due to incessant increase in prices of baking ingredients, inability to pass on the cost to consumers and erosion of their profits in trying to maintain prices that don’t reflect economic realities. They said if government failed to come to their aid, they would be left with no option than to increase the prices of bread to reflect the corresponding rise in the cost of basic baking ingredients like flour, butter, wheat, milk, sugar and groundnut oil. Readmore: https://www.sunnewsonline.com/bakers-demand-govt-palliatives-to-avert-hike-in-bread-prices/

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