Victor EzejaHere we present to you the top 10 business stories from Nigerian newspapers today, 15 December 2023 set off your day.
1.FAAC Allocates N1.088trn Revenue To Federal, State, LGAs For November
The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N1,088.783 trillion to the three tiers of government as federation allocation for the month of November 2023 from a gross total of N1, 620.335 trillion.
This was disclosed in a communique released at the end of the Committee meeting on Friday.
The total amount shared is a slight increase compared to N906.9 billion shared in the previous month.
2. Forex: Naira Gains, Dollar Drops In Official Market
The official market had a positive shift in the exchange rate, with the value of the Naira rising by 1.3 per cent at to N889.86 against $1.
The market experienced a significant intraday spread, ranging from N700.00/$1 to N1126.53/$1, suggesting underlying instability, notwithstanding this bullish change.
3. Nigeria’s Inflation Rate Hits 28.30% As Food, Cost Of Living Crisis Worsens
Nigeria’s headline inflation rate for November increased to 28.20% compared to the October 2023 rate which was 27.33%.
This was disclosed in the CPI and Inflation report for November 2023 released by the National Bureau of Statistics (NBS).
According to the report, food prices continue to be a major cost component as it hit 32.84 per cent. This development underscores a worsening cost of living crisis in the country across the country.
4. Panic buying Cause Of Fuel Queues -Marketers
As the Christmas season approaches, queues have resurfaced in different cities like Lagos, Abuja, Nasarawa, Ogun Niger among others as motorists besieged the fuel stations to buy Premium Motor Spirit (PMS) popularly known as petrol.
However, oil marketers said there was enough stock of the product to serve beyond the Yuletide season, adding that the queues are as a result of panic buying by motorists and high vehicular movement.
5. World Bank Approves $750m to Boost Renewable Energy in Nigeria
The Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project, which is being funded by a $750 million International Development Association (IDA) credit and will leverage over $1 billion in private capital and significant parallel financing from development partners, has been approved by the World Bank in an effort to increase access to clean energy for 17.5 million Nigerians.
The financing from development partners include $100 million from the Global Energy Alliance for People and Planet and $200 million from Japan International Cooperation Agency (JICA).
6.TajBank Earns Highest Credit Ratings in NIB Sub-Sector
TAJ Bank Limited, Nigeria’s leading non-interest banking services provider, has again set a record with Bbb+ rating by the foremost rating agency – Agusto & Co -, thereby making the fast-growing non-interest lender the best rated in the nation’s Non-Interest Banking (NIB) space.
The latest rating, which was a notch up from the Bank’s previous rating, comes in recognition of the bank’s high quality balance sheet and robust earnings capacity.
7. 2024 budget: Wike seeks speedy approval of N17.1 billion allocated to FCTA
Minster of the Federal Capital Territory (FCT), Nyesom Wike, has appealed to the National Assembly to speedily approve the N17.1 billion appropriated for the Federal Capital Territory Administration (FCTA) in the N27.5 trillion 2024 proposed National Budget.
The minister made the appeal when he appeared before the joint session of the Senate and House Committees on FCT, in Abuja on Friday.
Wike, the immediate past governor of Rivers State, explained that the N17.1 billion allocated to the FCTA would be used to complete several abandoned projects as well as to sustain the implementation of critical projects.
8. Trapped Funds: Tinubu Assures Investors Ease of Repatriation from Nigeria
President Bola Tinubu has assured foreign investors that repatriating funds will be easier, aligning with the Federal Government’s increased efforts to attract more businesses to the country.
The Nigerian leader made the promise on Friday at the State House in Abuja, while receiving Letters of Credence from Lorand Endreffy (Hungary’s Ambassador), Christophe Bazivamo (Rwanda’s High Commissioner), and Ivan Kholostenko (Ukraine’s Ambassador).
He assured that efforts are underway to address concerns related to trapped funds, pledging swift processing for their prompt release.
9. Air Peace Wins Best Airline For Customer Service
Air Peace has won the “Best Airline for Customer Service, West Africa” for 2023 at the Global Brand Awards.
The Global Brand Awards, an annual event by Global Brands Magazine (GBM) based in England, strives to honour worldwide brands that distinguish themselves across diverse industries while ensuring that readers are up-to-date on pivotal trends in the realm of branding. Global Brands Magazine conducted an extensive evaluation encompassing various criteria, such as passenger feedback, service quality, communication, staff courtesy and professionalism, safety and security, innovation in customer service among others.
According to the organisers, Air Peace stands out prominently due to its excellent client support and therefore, well deserves Global Brands Magazine’s recognition.
10. MTN Nigeria Plc Raises N72.1bn via Commercial Paper
MTN Nigeria Communications Plc has completed its series 10 commercial paper issuance under its upsized N250 billion commercial paper issuance programme.
This was made known in the company’s notice to the Nigerian Exchange Limited and the investing public.
The telecom giant said it sought to raise N72.1 billion and the offer recorded 149% subscription with N721.1 billion issued.
The 266-day commercial paper was issued on 29 November 2023 at a yield of 16%.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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