Business

Senate increases FG’s borrowing limit from CBN to 15%

Published

1 year ago

May 28, 2023 9:43 am

BodexNG

The Senate has amended the Central Bank of Nigeria (CBN) act — increasing the “ways and means borrowing” threshold for the federal government.

During an emergency session held on Saturday, the senate raised the limit from a 5 percent threshold to a maximum of 15 percent that the government can get from the CBN.

Ways and means is a loan facility through which the CBN finances the government’s budget shortfalls.

The facility allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund important projects.

According to Ibrahim Gobir, senate leader, the amendment was necessary to “enable the federal government to meet its immediate and future obligation in the approval of the ways and means by the national assembly and advances by the CBN”.

“Mr President, my respected colleagues, permit me to lead the debate on this bill which seeks to amend the Central Bank of Nigeria (CBN) act to increase the total CBN advances to the federal government from 5 percent to a maximum of 15 percent,” Gobir said.

“The bill was read for the first time in this chamber on Wednesday, 24th May, -2023.

“The very essence of this bill my respected colleagues is to enable the federal government to meet its immediate and future obligation in the approval of the ways and means by the National Assembly and advances to the federal government by the Central Bank of Nigeria.

“This amendment is very consequential and it needs the support of us all. This is to enable the federal government to embark on very important projects that will inflate and rejig the economy.

“I, therefore, urge you all to support the passage of this bill.”

Section 38 of the CBN act, 2007, stipulates that the total amount of ways and means advances outstanding shall not at any time exceed 5 percent of the previous year’s actual revenue of the federal government.

But the federal government’s borrowings from the apex bank have repeatedly exceeded the 5 percent threshold.

“All advances shall be repaid as soon as possible and shall, in any event, be repayable by the end of the federal government financial year in which they are granted and if such advances remain unpaid at the end of the year, the power of the bank to grant such further advances in any subsequent year shall not be exercisable, unless the outstanding advances have been repaid,” the act reads in part.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

8 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

11 hours ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

12 hours ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others