Budget deficit financing gains transaction as DMO raises N850bn

Budget deficit financing gains transaction as DMO raises N850bn: The Debt Management Office (DMO) has raised almost half of the amount required from the domestic market to finance the 2017 federal government budget deficit. President Muhammadu Buhari presented a budget of N7.3trn (US$22.5bn) while the National Assembly passed N7.4trn. The budget deficit is put at N2.3trn. (Source: Thisday)

France to invest EUR1bn in Nigeria’s oil sector: The French government has announced that it has set aside about EUR1bn to be invested inNigeria’s oil and gas industry, and that Nigeria remains its first economic trading partner in Africa. The French Ambassador to Nigeria, Denys Gauer, announced this when the group general manager, group public affairs division of the Nigerian National Petroleum Corporation, Ndu Ughamadu, led a delegation to his office in Abuja. (Source: Punch)
Electricity – FG seeks US$5bn loan from World Bank: The federal government (FG) is seeking a loan of US$5bn from the World Bank Group to boost power availability in Nigeria. The World Bank had in April stated that a delegation from Nigeria was in Washington DC to discuss assistance for the nation’s power sector but did not disclose the details of the talks. (Source: Punch)
Customs generated N239.4bn revenue in Q1 2017The Nigeria Customs Service (NCS) generated a total sum of N239.4bn (US$737.2m) in the first three months of this year, figures obtained from the federal ministry of finance have revealed. The NCS, according to the document, stated that its revenue performance for the first quarter exceeded its target of N193.2bn. (Source: Punch)

Nigeria, Mexico trade volume hits US$600m: The trade volume between Nigeria and Mexico has grown by 360% from US$166.5m in 2012 to US$600m in 2016. The Mexican Embassy Deputy Head of Mission, Rodrigo Tenorio, made this known in Abuja on Monday(Source: Punch)

FG loses N131.8bn as oil production drops again: The total volume of crude oil produced in Nigeria has been falling since January this year, leading to a cumulative loss of about N131.8bn (US$405.9m), an analysis of reports from the Nigerian National Petroleum Corporation has shown. After increasing to 1.84 million barrels per day (mbpd) in January this year from 1.58mbpd in December 2016, the country’s crude production closed at 1.82mbpd and 1.59mbpd in February and March 2017 respectively. (Source: Punch)

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