23rd January 2024

Electricity: DisCos’ revenue collection rises 30% to N782.74bn: In spite of ongoing epileptic power supply across the country, revenue collection by eleven electricity distribution companies, DisCos rose by 30 percent in the first nine months of 2023 to N782.74 billion when compared to N598.13 billion collected over similar period in 2022, latest data from the Nigerian Electricity Regulatory Commission, NERC, has shown.
MOFI clarifies FG’s 40% shares take-over in DISCOs: The Ministry of Finance Incorporated, MOFI, yesterday explained that its take-over of the 40 per cent Federal Government shares in the Electricity Distribution Companies, DISCOS, was in line with its mandate and to ensure efficiency in running those companies, as well as raise revenue for the government.
Telcos spending on diesel rises by 35%, hits N429bn: The cost of powering Nigeria’s communications network rose by 34.57 per cent to N429.43bn in 2023 as diesel prices soared.
AEDC signs tripartite deal on energy solutions: Abuja Electricity Distribution Plc has signed a tripartite agreement with Daystar Power Solutions Limited and Wood Factory Limited, to deliver its first grid-connected and solar hybrid power solution for commercial and industrial customers in Nigeria.
GCR places Union Bank of Nigeria Plc on Ratings Watch Negative: GCR Ratings (GCR) has placed Union Bank of Nigeria Plc on Rating Watch Negative following the dissolution of the Board and Management by the Central Bank of Nigeria (CBN). Concurrently, GCR has placed Union Bank of Nigeria Plc’s NGN6.3Bn Series 2 Senior Unsecured Bonds national scale long term.
Fitch Assigns Oyo State ‘B-‘ IDR, Outlook Stable: Fitch Ratings has assigned Oyo State a ‘B-‘ Long-Term IDR with a Stable Outlook. Fitch assesses Oyo’s Standalone Credit Profile (SCP) at ‘b’. A full list of rating actions is below.
Fitch Places Union Bank of Nigeria on Rating Watch Negative Following CBN Intervention: Fitch Ratings has placed Union Bank of Nigeria PLC’s (UBN) Issuer Default Ratings (IDRs), Viability Rating (VR) and National Ratings on Rating Watch Negative (RWN). A full list of rating actions is below.
Currency Outside Banks at 92.04% of Currency in Circulation as of November 2023: Money Supply statistics from the Central Bank of Nigeria (CBN) as of November 2023 revealed that currency in circulation (CIC) surged by 21.24% in November to N3.35trn (highest in 2023) from N2.76trn as of September 2023.
Nigeria’s External Debt Service Cost Increased by 74% YoY to USD1.4bn in Q3 2023: Nigeria’s total external debt service payments increased by 74% y/y to almost USD1.4bn in Q3 ’23, according to data from the Debt Management Office (DMO).
FSDH Economic Outlook 2024: GDP Growth Rate Expected to Average 2.9% in 2024: Macroeconomic Environment includes analyst’s views on GDP Growth, Inflation, Monetary Policy Rate, and Exchange Rate for 2024.
Private Sector Credit Extension Increased by 44% YoY to N59.7trn as of November 2023: According to the most recent data from the Central Bank of Nigeria (CBN), private sector credit extension (PSCE) increased significantly by 44% y/y to NGN59.7trn as at Nov ’23.
FG in talks with World Bank for $1.5 billion loan, contemplates tapping domestic dollar savings: The federal government is in talks with the World Bank for a $1.5 billion loan to support the budget and also provide liquidity in the forex market.
FIRS plans to increase tax revenue by 57% to N19.4 trillion in 2024: The Federal Inland Revenue Service (FIRS) has revealed plans to significantly increase its tax revenue collection by 57% to N19.4 trillion.