TOP DAILY NEWS HEADLINES TODAY: 16TH AUGUST 2021

Domestic borrowing jumps 20.6%
Domestic borrowing jumps 20.6%, inches towards N4trn

THERE are indications that the Federal Government’s domestic borrowing will further escalate in the second half of the year, H2’21, as records show additional N680 billion, a huge 20.6 percent jump to N3.98 trillion from first half, H1’21, closing figure of N3.3 trillion. This is also coming at the backdrop of a modified deficit funding plan accompanying the just concluded supplementary budget. The FG modified 2021 fiscal plan provided a supplementary revenue projection of about N135 billion on a total supplementary expenditure of N982.7 billion, an indication that the supplementary budget would increase the annual deficit by N847.729 billion. To read more, click HERE

PDP alleges APC plotting to rig 2023 polls

THE National Chairman of the Peoples Democratic Party, Uche Secondus, on Sunday, raised the alarm over an alleged underhand rigging of the 2023 general election by the All Progressives Congress. Secondus said this in a statement titled, “APC has begun the rigging of 2023 Polls, Secondus screams…says INEC is abdicating its responsibilities,” signed by his Media Adviser, Ike Abonyi. He alleged that there were strong indications that the President, Major General  Muhammadu Buhari (retd.), and his party, the APC, were averse to conducting free, fair and transparent elections in 2023. HERE

Nigerians trade $24.87m worth of bitcoin in three weeks

Nigerians traded $24.87m in bitcoin volume in the first three weeks of August, according to data analysed from www.usefultulips.org. The market capitalisation of bitcoin has gained more than $220.24bn so far this month, according to an analysis of data on CoinMarketCap. Bitcoin gained $28.99bn between August 7 and 15. To read more, click  HERE  

Naira records significant gain at official market despite 27.8% drop in dollar supply

The exchange rate between the naira and the US dollar closed at N410.80/$1 at the official Investors and Exporters window. Naira appreciated against the US dollar to close at N410.80/$1 on Wednesday, representing a 0.21% gain when compared to the N411.67/$1 that was recorded the previous day. However, the naira still remained stable at the parallel market to close at N515/$1 on Friday, August 13, 2021. This was the same rate that it traded the previous day. To read more, click HERE

Forex fluctuations affect aviation handling companies’ operations – Expert

High and frequent exchange rate changes and fluctuations are major challenges to the aviation handling companies in Nigeria. This was disclosed by the Managing Director/CEO of Mainstream Cargo Limited, Mr Seyi Adewale, during an interview. He said, “Handling companies also need forex for purchase of new equipment and spare parts. This also affects their operations, cost, handling rates, and tariff to consumers.” On his rating of the air cargo business in Nigeria, he rated the sub-sector 6 out of 10. To read more, click HERE

Gender Equality: Women make up 20% of executive teams in Nigeria, higher than global average

Gender equality in the workplace has become a globally recognized and acceptable reality. In Nigeria, Women make up 20% of executive teams, higher than the global average according to a report by the International Finance Corporation (IFC). This growth presents a strong business case for reducing gender gaps in Nigeria and building a stronger and more inclusive ecosystem; however, there are still gaps that need to be filled at the corporate leadership level, in the workforce, and in corporate supply chains. To read more, click HERE

Strengthening Domestic Resource Mobilisation

Obinna Chima writes that increasing domestic revenue is central to improving economic growth as well as the quality of public utilities. It is a common knowledge that Nigeria’s revenue to gross domestic product (GDP) ratio, at about eight per cent is the lowest in the world. To read more, click  HERE

Adegbite Reiterates FG Commitment to Support Investors in Mineral Sector

The Minister of Mines and Steel Development, Mr. Olamilekan Adegbite on Thursday reiterated that his ministry will continue to collaborate and support legitimate and genuine entrepreneurs in Mineral Sector who are adding value to the economy and creating employment for the teaming Nigerian youths. Adegbite disclosed this while on a working visit to ZEBERCED Limited Quarry, along Arab Road, Kubwa, Abuja, to have an on the spot assessment of the operational modalities of the company. To read more, click HERE

MAN expresses concerns over sector performance, dwindling GDP contribution

The Manufacturers Association of Nigeria (MAN) has expressed concerns over the dwindling contribution of manufacturing to the nation’s Gross Domestic Product (GDP). Describing the situation as unfortunate, MAN said the manufacturing sector which has the potential of contributing more than 25 percent to Nigeria’s GDP, is currently doing less than 10 percent. This was discussed at the 50th annual general meeting of MAN, Apapa Branch themed Current economic challenges: Way forward for Nigerian manufacturers held in Lagos. To read more, click HERE

Why FG Placed Embargo On Employment –Ngige

Minister of Labour and Employment, Sen. Chris Ngige has said the poor state of the economy was the reason behind the Federal Government’s decision to place an embargo on employment. Ngige, who is a member of both the Federal Cabinet Committee for Economic Recovery and Economic Sustainability Committee amongst others, explained that the government created small jobs and empowerment programmes, to fortify social safety nets and establish a social protection system. To read more, click HERE