Connect with us

Economy

Nigeria’s Debt Stock Hits N42.84trn in 2nd Quarter – DMO

Published

on

Share

By Tony Obiechina, Abuja 

Nigeria’s total Debt stock in the second quarter of this year rose by N1.24trn to N42.84trn.

This was contained in a press statement released by the Debt Management Office (DMO) in Abuja on Tuesday. 

The DMO report explained that domestic debt pushed Nigeria’s total public debt stock from N41.

60tn as of March 2022 to N42.
84tn as of June of the same year.

According to the DMO, the Federal Government was unable to secure any foreign loans in the second quarter of 2022.

The DMO noted that external debt remained the same at N16.61tn ($40.06bn) from Q1 to Q2 2022.

It added that 58 per cent of external debt was concessional and semi-concessional loans from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim, African Development Bank and bilateral lenders, including Germany, China, Japan, India and France.

The statement reads, “The Total Public Debt Stock, representing the Domestic and External Debt Stocks of the Federal Government of Nigeria, the 36 State Governments and the Federal Capital Territory, was N42.84tn ($103.31bn) as at June 30, 2022. The comparative figures for March 30, 2022, was N41.60tn ($100.07bn).”

It also noted that domestic debt rose to N26.23tn ($63.24bn) due to new borrowings by the government to part-finance the deficit in 2022 Appropriation {Repeal and Enactment) Act, as well as new borrowings by state governments and the Federal Capital Territory.

The DMO further disclosed that the Total Public Debt to Gross Domestic Product as at June 30, 2022 was 23.06 per cent compared to the ratio of 23.27 per cent as at March 36 2022, adding that the debt service-to-revenue ratio remained high.

Economy

Investors Gain N183bn on NGX

Published

on

Share

The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

Continue Reading

Economy

Yuan Weakens to 7.1870 Against Dollar

Published

on

Share

The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

Continue Reading

Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

Published

on

Share

Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS6 hours ago

NDA Commandant Decorates Ombugadu, Others as Fellows of Solar Energy Society of Nigeria

ShareFrom Abel Zwànke, Lafia The 2023 gubernatorial candidate of the People’s Democratic Party (PDP) in Nasarawa State, His Excellency Rt....

NEWS19 hours ago

Yuletide: Bode George Urges Tinubu to Reduce Petrol Price

ShareChief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to...

NEWS19 hours ago

Tinubu Set for Groundbreaking of Renewed Hope City in Lagos 

Share President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in...

NEWS19 hours ago

Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly 

ShareGov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House...

NEWS19 hours ago

Tax Bills: NASS will not Betray the Trust of Nigerians, says Akpabio

Share The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians...

NEWS19 hours ago

Alia Has Demonstrated Capacity, Courage to Entrench Good Governance—Speaker 

Share The Speaker, Benue Assembly, Mr Hyacinth Dajo, has said that Gov. Hyacinth Alia has so far demonstrated capacity, courage,...

Economy19 hours ago

Investors Gain N183bn on NGX

Share The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion. Accordingly, the market capitalisation, which...

NEWS19 hours ago

Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen

Share President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors...

NEWS19 hours ago

Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School 

Share Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a...

POLITICS19 hours ago

INEC Staff Welfare Association Warns Members Against Manipulating Election Results

Share The Abia Chapter of the INEC Staff Welfare Association (ISWA) has warned its members to uphold the integrity of...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc