Hull Blyth commences rail haulage of containers from Wasimi, Ogun State to Apapa port:In a bid to free the port access roads of the perennial gridlock, Nigeria’s foremost shipping and cargo logistics services provider, Hull Blyth, has opened a rail hub at Wasimi, Ewekoro Local Government Area of Ogun State, for use by importers and exporters.
Nigeria Requires $400bn Investments For Zero-Emission-FG:The Minister of State for Power, Mr Goddy Jedy-Agba, has said investments of over $400bn are required for Nigeria to achieve universal energy access by 2030 and net-zero emission targets by 2050.
Govt Earmarks N59 Billion for Rural Roads Development – Budget Minister:The Minister of State for Budget and National Planning, Clem Agba, has disclosed that a total of N34 billion has been set aside by the Federal government for the development of rural roads, with additional N17 billion added to it, under the sustainability planning.
FG to reintroduce toll plazas on highways — Fashola: The Federal Government yesterday announced that it was set to reintroduce toll collections on some selected dual carriage highways across the country.
FG Okays $2.5m, N498.2m for Four Power projects:The Federal government has approved a total sum of $2.54 million and N498.23 million for four power projects across the country. Minister of Power, Saleh Mamman, and his Environment counterpart, Mohammed Abubakar, made these known Wednesday after the weekly virtual Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo at the State House, Abuja.
GCR accords initial national scale long term and short-term Issuer ratings of BBB(NG) / A3(NG) to Sundry Markets Limited, Outlook Stable: GCR Ratings (“GCR”) has assigned national scale long-term and short-term Issuer ratings of BBB(NG) and A3(NG) respectively to Sundry Markets Limited, with the Outlook accorded as Stable.
GCR accords an Indicative Rating to LFZC Funding SPV Plc’s N10bn Series 1 Senior Guaranteed Bond Issue, Outlook Stable:GCR Ratings (“GCR”) has assigned a national scale long term indicative Issue rating of AAA(NG)(IR)) to LFZC Funding SPV Plc’s N10 bn Series 1 Senior Guaranteed Bond, with the Outlook accorded as Stable.
Fiscal deficit pressure: FG increases domestic borrowing by 3.9% to N3.3trn in H1’21:Pressured by widening fiscal deficit worsened by weak revenue inflow, the Federal Government took advantage of investors’ appetite for higher interest rate to increase domestic borrowing in the first half of the year (H1’21) by 3.9%.
Nigeria recorded $85.21 bn net foreign liabilities – IMF:Nigeria’s foreign liabilities stood at $187.36 bn while the country’s foreign assets amounted to $102.15 bn as of December 2020, the International Monetary Fund has said.
Revenue Generation: VAT grows by 56% YoY, rises to N 512.23 billion:The Nigerian government generated a sum of N512.23 billion as Value Added Tax (VAT) in the second quarter of the year (Q2 2021), representing a 56% increase compared to N327.2 billion recorded in the corresponding period of the previous year (Q2 2020).
Total pension assets will hit N20tn by 2023 – Report:Nigerian pension industry’s net assets is expected to hit the N20 trillion mark by 2023, recording an average growth of 18% in the next three years leading to 2023, Agusto & Co, a pan-African credit rating agency, has said.
Foreign reserves resume decline after rising to $33.59 bn:The foreign exchange reserves in Nigeria have started declining again after rising to $33.59 bn, the highest level in more than a month. The forex reserves, which fell to a record low of $33.09 bn on July 12, had gained $500m in almost a month to close at $33.59 bn on August 10.