• Sunday, December 03, 2023
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Five things to know to start your Tuesday


CBN’s staff loans soar to N40.6bn in 2022

The Central Bank of Nigeria (CBN) has disclosed issuing N40.67 billion in loans to its staff by December 2022, marking a notable increase of 133.07 percent from the previous year’s N17.43 billion.

The bank’s audited financial statement for 2022 revealed this surge, though specific beneficiary details were lacking. With an employee base of 4,914, down from 10,000 in 1999, CBN’s staff loans come amidst N155.63 billion allocated for staff allowances last year.

Despite these efforts, the bank faces questions regarding the substantial staff borrowing amidst existing support.

Read also: Morgan Stanley applauds Tinubu over bold reforms, urges for more

15,634 retirees with pensions below N10,000 exit scheme says PenCom

No fewer than 15,634 retirees who were part of the Contributory Pension Scheme in Nigeria and had monthly stipends below N10,000 withdrew a total of N7.79 billion from their Retirement Savings Accounts (RSAs) in the span of one year.

These retirees, who had less than N1.6 million in their RSAs, chose to exit the scheme between the second quarter of 2022 and the first quarter of 2023. This brings the total number of retirees who have left the scheme to 149,372, with a total of N41.3 billion returned to them.

The retirees consisted of 7,584 from the Federal Government, 4,203 from state governments, and 137,585 from the private sector.

FG to settle N187.32bn contractors’ debt by Nov 2023

The administration of President Bola Tinubu is set to spend about N187.32 billion to settle debts owed to local contractors this year, according to a document from the Debt Management Office.

The debts were listed as promissory notes, which are debt instruments containing a written promise to pay a definite sum of money. Two promissory notes were issued to settle local contractors, with the first issued on November 23, 2020, and the second issued on July 12, 2021. The debts will be paid from the general revenue and assets of the federation.

Petrol price: Marketers urge FG to tackle FOREX challenge

Oil marketers in Abuja are urging the Nigerian government to take immediate action to address the continuous depreciation of the Naira against the dollar, as it is significantly impacting the price of petrol at the pump.

The President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) stated that the pump price of petrol is expected to increase in the coming days due to the fall in the value of the Naira.

The marketers are calling for the government to streamline the currency trading market and fix the moribund refineries to stabilize petrol prices. They also emphasized the need to improve road networks to reduce operational costs in the downstream sector. Filling stations are closing amid high expenses, and the business environment remains challenging for the downstream sector.

China central bank unexpectedly cuts rates to support sputtering economy

China’s central bank surprised markets by cutting key policy rates for the second time in three months to stimulate a sluggish economic recovery.

The move, which included reducing medium-term lending facility (MLF) rates and injecting liquidity, seeks to counter credit declines and deflation risks. Experts believe this could pave the way for a cut in China’s lending benchmark loan prime rate (LPR).

The central bank’s actions aim to boost consumer and business confidence while addressing housing developer risks and missed payments affecting financial market sentiment.

This move sets China apart from other central banks tightening policy due to inflation concerns.