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Daily Business News Brief |  Thursday, February 17th,  2022.

17
Feb

Bank loans to private sector rise by N5.1tn, hit N36.7tn – CBN report – Punch

Between January and December 2021, the Nigerian banking sector’s credit to the private sector rose by N5.1tn or 16.67 per cent, according to data obtained from the Central Bank of Nigeria.  This was contained in the Money and Credit statistics released by the regulator.  The report showed that credit to the private sector stood at N30.6tn during the first month of 2021.  The data, however, put credit to the private sector at N35.7tn by December of last year, indicating a N5.1tn increase……………… read more

Marketers resolve to blend dirty fuel, scarcity persists in states- Thisday

Oil marketers have resolved to start blending the over 100 million litres of adulterated Premium Motor Spirit, popularly called petrol, which was imported into Nigeria over two weeks ago.  It was gathered on Tuesday that the Nigerian National Petroleum Company Limited had yet to recall all the contaminated PMS, as the commodity had been occupying spaces in the tanks of filling stations.  As a result, marketers said the situation had made it difficult for filling stations to take delivery of new products to sell to their customers, a development that worsened the scarcity of petrol, resulting in massive queues in Abuja, Lagos, Port Harcourt, Niger, Nasarawa and many other states………….. read more

Contributory pension assets rise by N1.11tn, hit N13.42tn – Punch

Pension assets under the Contributory Pension Scheme rose by N1.11tn in 2021, latest figures obtained from the National Pension Commission revealed on Wednesday.  PenCom, in its unaudited reports on pension funds industry portfolio, said the pension assets rose to N13.42tn on December 31, 2021 from N12.31tn at the end of 2020.  The reports showed that N8.77tn was invested in Federal Government’s securities, N943.34bn in corporate debt securities, N2.01tn in local money market securities, and N120.73bn in mutual funds.  PenCom said N915.31bn was invested in domestic ordinary shares while N122.49bn was invested in foreign ordinary shares…………… read more

FG gross debt to grow by 92%, hits N136tn in 2026, says IMF- Daily Independent.

The Federal Government’s gross debt profile is projected to grow by 92.11 per cent from N70.85tn in 2022 to N136.11tn in 2026, according to the International Monetary Fund. The Washington based lender made this projection in a report titled ‘Nigeria Staff Report for the 2021 Article IV Consultation.” According to the Fund, the gross debt figures of the Federal Government and the public sector include overdrafts from the Central Bank of Nigeria, promissory notes and AMCON debt. This means debt including Ways and Means have been factored into the total debt profile of the government……………..read more

Stations run out of petrol, scarcity paralyses states- Thisday

Many filling stations in Nigeria are still not dispensing Premium Motor Spirit, popularly called petrol,  a development that worsened the nationwide PMS scarcity and paralysed activities across the country on Wednesday.  In Abuja, Lagos, Rivers, Bayelsa, Kwara, Nasarawa, Niger, Kano, Ogun states, among others, queues by motorists for petrol greeted the very limited number of filling stations that dispensed the commodity.  The crisis caused by the adulterated petrol imported into Nigeria about two weeks had led to a hike in the cost of the commodity in many states, as black marketers of the PMS also cashed in on the development…………….. read more

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