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Tinubu departs Nigeria for 78th UNGA

President Bola Tinubu has left Nigeria for New York to attend the 78th United Nations General Assembly (UNGA) from September 18 to 26, 2023.

The UNGA theme is “Rebuilding Trust and Reigniting Global Solidarity: Accelerating Action on the 2030 Agenda and its Sustainable Development Goals towards Peace, Prosperity, Progress, and Sustainability for All.” This marks Tinubu’s first UNGA meeting since assuming the presidency in May.

He plans to engage in bilateral talks with world leaders, including US President Joe Biden and EU Commission President Von Der Leyen. Tinubu will also address American business leaders at the US Chamber of Commerce.

Discos to resume meter deployment says Ikeja Electric

Electricity distribution companies are set to resume the distribution of prepaid meters through the Meter Assets Provider (MAP) programme.

This announcement was made during a virtual stakeholders’ forum by Morenikeji Amosun, the Head of the Metering Team for Ikeja Electric. New meters have been imported under the program, with deployment beginning soon.

Existing customers who ordered meters at old prices will receive their meters without additional payment.

However, fresh orders will be subject to the new meter prices set by the Nigerian Electricity Regulatory Commission. This move aims to address the backlog of orders and improve meter access for electricity consumers.

23 states foreign loan grew by 64%

Despite the falling value of the Nigerian naira, 23 Nigerian states increased their bilateral loans by 64.26 percent to $462.81 million by June 2023.

These loans, obtained from countries like China, India, France, and others, reflect a growing appetite for foreign loans among state governors, data gathered from the Debt Management Office has revealed.

The naira’s depreciation, which saw it drop from 471/$ to 750/$ in June, didn’t deter states from seeking these loans. Notable borrowers include Lagos ($130.67m), Ogun ($32.29m), and Ondo ($8.50m).

In 2018, Nigeria secured a $475 million loan from France for development projects in Kano, Lagos, and Ogun states, emphasizing the importance of foreign funding for infrastructure.

12.5kg cooking gas price may hit N18,000 December

Gas retailers have issued a warning that the price of a 12.5kg cooking gas cylinder in Nigeria could soar to N18,000 by December if the government doesn’t intervene and regulate the actions of terminal owners.

The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, in a conversation with Punch newspaper expressed concern over the steep rise in liquefied petroleum gas (cooking gas) prices at terminals, attributing it to an abrupt increase in costs from N9–N10 million per 20 metric tons to N14 million per 20 metric tons.

Oladapo emphasised that this unjustified price hike would burden the masses and urged government intervention. Terminal owners cited high foreign exchange rates as the reason for the price hikes.

China Evergrande shares tumble 25% after wealth management staff detained

China Evergrande Group’s shares plummeted by 25 percent as police detained individuals from its wealth management unit, raising concerns of a new investigation amid the company’s ongoing financial crisis.

Evergrande, the world’s most indebted property developer, has struggled since late 2021, causing a series of defaults that shook global markets.

The recent police action targeted individuals at Evergrande Financial Wealth Management Co., including Du Liang, according to reports. Evergrande’s stock hit a two-week low, falling 25 percent to HK$0.465 before recovering slightly.

The company’s woes persist, with a substantial net loss reported for January–June and a delayed decision on offshore debt restructuring.