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Daily Business News Brief – August 23rd, 2022


Aggregate FX Inflow Down 17.3% to $6.58bn on Decrease in Non-oil Components – Punch
The aggregate foreign exchange (FX) inflow into the Nigerian economy dropped by 17.3 per cent to $6.58 billion in April 2022, compared with $7.95 billion in March, the Central Bank of Nigeria (CBN) Economic Report has revealed.  The central bank in its April 2022 Economic Report released over the weekend, stated that total FX outflow also decreased by 11.3 per cent to $3.95 billion in, from $4.45 billion in the preceding month…………Read More

Amid Cash Crunch, NNPCL Records $1.21bn Deficit in Priority Projects’ Funding in Six Months – Thisday
The Nigerian National Petroleum Company Limited (NNPCL) recorded a project funding underperformance of $1.216 billion between January and June this year, THISDAY analysis of recent data from the national oil firm has revealed.  While the monthly forecast for cost recovery and funding of government priority projects was $536 million, the total projected spending for the purpose for the whole of 2022 was pegged at $3.21 billion………...Read More

Lagos State Targets 40% Self-Sufficiency in Food Production by 2025 – Thisday
The Special Adviser to the Lagos State Governor on Agriculture, Dr. Rotimi Fashola, has declared that the state government is planning to achieve 40 per cent self-sufficiency in food production by 2025. Fashola stated that the move is apt considering the incessant security challenges faced by farmers up north, pointing out the need to reduce its dependence on other states to meet its food demands………..Read More

Oil firms owe banks N5.93tn amid losses, theft – Punch
The combined bank borrowing to oil firms operating in the downstream and upstream subsectors of the Nigerian oil and gas industry was N5.93tn as of June 2022, according to data from the Central Bank of Nigeria.  While operators in the downstream, natural gas and crude oil refining subsector owed banks N4.28tn, operators in the upstream and services subsectors were indebted to banks to the tune of N1.65tn.  This shows an increase of N250bn from the total debt of N5.68tn in December 2021………….Read More

LASG Earmarks N1.65tn for 2023 Budget Expenditure, 5% Revenue to GDP Growth – Daily Independent
The Lagos State Government has earmarked N1.65 trillion for next year budget spend, noting that the target is feasible going by the brilliant performance the current budget has recorded in the first half of the year at 80 per cent. The Lagos State Commissioner for Budget and Economic Planning, Sam Egube who disclosed this while speaking at the 2023 budget consultative forum in Lagos, explained that the present administration is cautious and optimistic about meeting the target, adding that plans are also ongoing to reduce the fiscal deficit of the State currently at N500 billion…….…..Read More
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