Five things to know to start your Wednesday

Buhari returns to Abuja after official engagements in Lagos, Senegal, Kano, others

President Muhammadu Buhari has returned to Abuja after official visits to Dakar, Senegal, and five states of the federation, where he inaugurated several developmental projects in the affected states.

The benefitted states are Bauchi, Lagos, Katsina, Kano, and Jigawa.

Before departing for Lagos on January 23, Buhari had attended a political rally of the All Progressives Congress (APC) in Bauchi, Bauchi State.

The president departed Lagos for Senegal on Tuesday after a two-day official visit to the state, where he inaugurated some developmental projects.

While in Lagos, the president inaugurated the Lekki Deep Sea Port and the Imota Rice Mill, which are projected to create more than 300,000 direct and indirect jobs.

Read also: House of representatives approves Buhari’s N1trn loan request

Broadband penetration in Nigeria is 100% – Buhari

President Muhammadu Buhari said on Tuesday at a digital economy conference tagged “Promoting a Vibrant Digital Economy, A Catalyst for Economic Growth in Nigeria,” that the Federal Government has achieved 100 percent broadband penetration across Nigeria.

The conference, which was organised by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), took place in Abuja.

The president, who was represented by Professor Isah Patami, the Minister of Communications and Digital Economy, said the figure was contrary to reports that the country had achieved only 43 percent penetration.

According to him, the 43 percent penetration figure reported was wrong.

“One of the richest persons in the world announced that Nigeria out of the 54 African countries has outstanding broadband.

“As I speak to you today the broadband penetration in Nigeria is 100 percent,” Buhari said.

Kaduna Govt. spends N254.9bn in 2022, representing 82.2% budget performance

The 4th Quarter Budget Performance Report, 2022, produced by the Office of the Accountant General with the support of the State Planning and Budget Commission showed that the Kaduna State Government spent N254.9 billion out of the N309.9 billion budgeted for 2022.

This figure represents 82.2 percent of budget performance, leaving a variance of N55 billion.

The report, which was published on the Kaduna State website on Tuesday, showed that the initial budget was N278.6 billion but was revised to N309.9 billion.

On capital expenditure, the report showed that the government spent N165.6 billion as against the N196.8 billion budgeted for the year, representing an 84.1 percent performance and leaving a shortfall of N31.3 billion.

For recurrent expenditure, the government spent N89.3 billion as against N113 billion, representing a 79 percent performance with a shortfall of N23.8 billion.

Fuel scarcity: CDS, IGP, Customs, NNPCL, Oil Marketers, others brainstorm

Major stakeholders with the capacity to end the lingering fuel scarcity brainstormed on Tuesday in Abuja to find a solution to this terrible situation.

They include the Nigerian National Petroleum Company Limited (NNPC Limited), oil marketers, and security agencies.

The engagement that was held at the instance of the NNPC Limited had in attendance the Chief of Defense Staff, Gen. Lucky Irabor, Inspector-General of Police, Usman Baba, and Comptroller-General, Nigeria Customs Service, retired Col. Hameed Ali.

Other attendees were the Authority Chief Executive, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, and the leadership of oil marketers, including the Major Oil Marketers Association of Nigeria (MOMAN).

Also at the meeting were the leaders of the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG), among others.

The fuel distribution crisis, according to Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd., was of monumental proportions, resulting in a number of issues and taking on a different dimension.

EU tests banks’ ability to withstand ‘high-for-long’ interest rates

The expected interest rate rise, which could push borrowing costs higher, has motivated the European Union banking regulators to launch a stress test to see how banks would cope with a long period of inflation and an interest rate rise.

The latest biannual stress test, which was launched on Tuesday, reflects the change in the macroeconomic environment, as Russia’s invasion of Ukraine has helped push inflation in Europe to decades-highs and interest rates have risen rapidly to tackle it.

The previous stress test in 2021 was set against a “low for long” interest rate backdrop.

The broadest and toughest test to date, it assumes that Russia will cut off its remaining gas supplies to the EU, sending energy prices surging and EU inflation to 9.7 percent, compared with the eurozone peak of 10.6 percent last October. This is according to Reuters.




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