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House of Rep to pass Petroleum Industry Bill March 2021

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The House of Representatives has announced its plan to pass the Petroleum Industry Bill by end of the first quarter of 2021. The ad hoc committee on pib disclosed this in Abuja after it passed the bill for second reading.

The House of Representatives has announced its plan to pass the Petroleum Industry Bill by end of the first quarter of 2021.
The ad hoc committee on pib disclosed this in Abuja after it passed the bill for second reading.
The speaker, Femi Gbajabiamilia, had referred the bill to the committee for further legislative processes.

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Chief Whip of the house and chairman of the committee, Mohammed Monguno, in his opening speech at the inaugural meeting of the panel, noted that the PIB, when passed into law, would improve the clarity of structures, roles accountability, transparency, and overall efficiency and effectiveness of the institutions in the oil industry.
He added that they would do their best by engaging various stakeholders, civil societies, and the general public by subjecting the bill to detailed and public scrutiny to ensure that Nigerians were carried along.

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Finance

Global Economy to grow by 6%, Nigeria at 2.5% – IMF

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Global Economy to grow by 6%, Nigeria at 2.5% – IMF

The International Monetary Fund retained its growth outlook for both Nigeria and the global economy for the year 2021, stating that the global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022, while Nigeria’s growth outlook has been maintained at 2.5% for the period.

The IMF disclosed this on Tuesday in its World Economic Outlook (WEO) for July titled “Fault Lines Widen in the Global Recovery.”

Prospects for emerging market and developing economies have been marked down for 2021, especially for Emerging Asia.
By contrast, the forecast for advanced economies is revised up,” it said.

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They also stated that “better global cooperation on vaccines could help prevent renewed waves of infection and the emergence of new variants, end the health crisis sooner than assumed, and allow for faster normalization of activity, particularly among emerging market and developing economies.

Moreover, a sooner-than-anticipated end to the health crisis could lead to a faster than-expected release of excess savings by households, higher confidence and more front-loaded investment spending by firms.”

For 2022, IMF says it forecasts Nigeria’s economy to grow by 2.6% and South Africa’s by 2.2%.

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Finance

IMF Retains Nigeria’s Growth Prospect at 2.5% Amid Slow Vaccinations

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IMF: Reinstatement of Fuel Subsidy Worries IMF

The International Monetary Fund (IMF)I in its July World Economic Outlook (WEO) Update released on Monday, has retained its projection for Nigeria’s economic growth prospect for this year at 2.5 per cent.

Nigeria’s projection is 0.9 percentage points lower than sub-Saharan Africa’s estimated growth of 3.4 percent. It is also far less than the six per cent global average growth estimate.

In the new document, the global institution marked down growth prospects of low-income developing countries (LIDCs) by 0.4 percentage points, citing slow rollout of vaccines as the main factor weighing on the recovery.

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“The overall fiscal deficit in 2021 was revised up by 0.3 percentage points from the April 2021 WEO, mainly because of the re-emergence of fuel subsidies as well as the additional COVID-19 and security-related support in Nigeria’’, it stated.

Still, at 5.2 per cent of gross domestic product (GDP), the overall fiscal deficit remains well below that of advanced and emerging market economies, reflecting financing constraints, adding that about 60 percent of LIDCs are assessed to be at high risk of or in debt distress,” the Fund said of Nigeria.

The IMF also estimated the country’s public debt-to-GDP ratio, which is currently at about 35 per cent, for 2021 at 48.5 per cent.

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Finance

CBN Stops Forex Sales to Bureau De Change

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CBN Stops Forex Sales to Bureau De Change

The Central Bank of Nigeria (CBN) says it has stopped forex sales to Bureau De Change (BDC) operators in the country.
Godwin Emefiele, governor of the apex bank, announced this at the end of the monetary policy committee’s meeting in Abuja on Tuesday.

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Emefiele said BDC operators have become a channel for illegal financial flows working with corrupt people to conduct illegal flows and money laundering in Nigeria.

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