Business

President of the African Development Bank Group, Akinwumi Adesina, has said Africa faces an infrastructure deficit of $68bn to $108bn annually. Adesina noted that the bank had committed over $44bn to infrastructure across the continent in the last six years. He added that since the government must improve the efficiency of public financing for infrastructure.

Reports say the amount spent on fuel subsidy monthly rose from N60.39bn in March 2021 to N245.77bn in March 2022. According to data obtained from the Nigerian National Petroleum Company Limited, within this one-year period, fuel subsidy gulped N2.08tn. In March, April, May, and June 2021, under-recovery for PMS amounted to N60.39bn, N61.96bn, N126.29bn, and N164.33bn respectively.

Oil is bullish at the start of the London trading session. The global benchmark, the Brent oil futures is up 0.82%, currently trading$108.14 a barrel, after jumping 2.1% during the previous session. Also the United States benchmark, the West Texas Intermediate, WTI, futures is also up 0.52%, currently trading at $105.91, after settling 3.3% higher on Thursday.

Nigeria Extractive Industries Transparency Initiative, NEITI, has revealed that four Federal Government agencies earned N28.02 trillion between 2017 and 2019. NEITI disclosed this in its Fiscal Allocation and Statutory Disbursement. It added that N22.68 trillion was remitted to the Federation Account; FIRS generated the sum of N13.48 trillion within the period under review with Petroleum Profit Tax, accounting for N5.80 trillion.

The Federation Accounts Allocation Committee, FAAC, shared a total sum of N725.57bn among the three tiers of government, for the month of March, 2022. This indicates a 23 per cent increase from the N590bn that was shared by the three tiers of government in February. The total revenue of N725.57bn, distributable for the current month was drawn from Statutory Revenue of N521.16bn and Value Added Tax of N204.40bn.

The subsidy on petrol between January and March 2022 has risen to N675.93bn. Latest data obtained from the Nigerian National Petroleum Company Limited revealed that the oil firm spent N210.38bn, N219.78bn and N245.77bn as subsidy on petrol in January, February and March 2022 respectively. It described the N671.88bn as a value shortfall incurred by the NNPC.

Investors recorded a slight gain of N1.7bn at the end of trading on Wednesday. The All-Share Index rose from 48,568.57 basis points to 48,571.75 basis points, while the market capitalization of equities listed rose from N26.183tn to N26.185. Eighteen companies recorded gains at the end of trading on Wednesday, while the equities of 23 companies depreciated in price.

The World Bank has said Nigeria has the largest shortfall among oil-producing countries due to sabotage within the oil production system. According to the bank, Nigeria has a shortfall of 500,000 barrels per day.

The African Development Bank Group President, Akinwumi Adesina, has said a fertilizer crisis triggered by the Russian war in Ukraine could put more than $10billion worth of food production at risk in Africa. Adesina said this during a three-day official visit to Washington DC, which included several bilateral engagements with stakeholders on African development. According to the AfDB President, the bank is focused on boosting massive food production to combat […]