Evening Briefing: Today's top news

Good Evening,

Read some of today’s top news.

Insurers await N224bn windfall from Budget lift on infrastructure

Insurers are waiting with bated breath for a potential N224 billion windfall from a stimulation of the industry by government’s record 30.7 percent capital expenditure in the 2017 budget that will trigger activity in infrastructure.

Analysts’ expectations are based on the effective implementation of the total budget of N7.2 trillion of which N2.24 trillion is allocated for capital projects. They regard the allocation, a great departure from past years which were below 20 percent, as the most favourable budget in recent times. Read more here https://goo.gl/7wxqAC

2. FG finalising economic recovery and growth plan

The Federal Government says it is finalizing a Medium Term Economic Recovery and Growth Plan (ERGP 2017 – 2020) which addresses the current economic challenges and is aimed at restoring growth. Udoma Udo Udoma, Minister of Budget and National Planning, disclosed this during the break down of the 2017 budget yesterday.

“The Plan builds on the existing Strategic Implementation Plan (SIP), and contains strategic objectives and enablers required to revive the economy. The strategic objectives of the NERGP are: Pulling the economy out of recession; Investing in our people; and laying the foundation of diversified, inclusive and sustainable growth.” Read more here https://goo.gl/Uo4Pf6

3. NASS spent N1.3trn in ten years without records -CSOs

Some Civil Society Organisations under the aegis of OpenNASS project have accused the National Assembly of spending N1.3 trillion allocated to it between 2006 and 2016 with no records to show how the monies were spent. The CSOs explained that it was a great concern to Nigerians that members of NASS do not know the content of their budget, yet they hold court over how the budget of the country is spent.

Addressing a press conference in Abuja on Tuesday, Dan Nengel, programme officer, Enough is Enough said lack of accountability in the National Assembly was dangerous to Nigeria’s democracy. Read more here https://goo.gl/ijShtT

4. CBN will eliminate forex black market, says Kemi Adeosun

Finance minister, Kemi Adeosun has said on Tuesday that the central bank would eliminate the hard currency black market where the naira trades about 40 percent weaker against the dollar than the official rate reports Reuters. The central bank (CBN) “has been directed to do this and CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy,” Kemi Adeosun told a conference.The dollar currently sells at N305/dollar at the interbank rates as against N475/dollar in the parallel markets. Read more here https://goo.gl/fyjUAR

5. No robust funding for foreign missions till after recession, Buhari warns

Optimistic, Buhari says recession will ebb in 2017 Nigeria will not be able to robustly fund its foreign missions until the recession ebbs, President Muhammadu Buhari warned on Monday in Abuja. He however expressed optimism that the economic recession will wear off in 2017. Read more https://goo.gl/Br0tsL

Nigerian President Muhammadu Buhari listens during a panel discussion during the Anti-Corruption Summit London 2016, at Lancaster House in central London on May 12, 2016. British Prime Minister David Cameron announced plans Thursday to stop the flow of dirty money through the London property market, as he prepared to welcome world leaders and NGOs to an anti-corruption summit. / AFP / POOL / Dan Kitwood (Photo credit should read DAN KITWOOD/AFP/Getty Images) — Nigerian President Muhammadu Buhari listens during a panel discussion during the Anti-Corruption Summit London 2016, at Lancaster House in central London on May 12, 2016.
British Prime Minister David Cameron announced plans Thursday to stop the flow of dirty money through the London property market, as he prepared to welcome world leaders and NGOs to an anti-corruption summit. / AFP / POOL / Dan Kitwood (Photo credit should read DAN KITWOOD/AFP/Getty Images)

6. WAPIC Plc: Surge in other income, gains in associate company bolster profit

Wapic Insurance Plc’s profit has soared in the third quarter of the year, thanks to a surge in other operating income and share of profit of associate company amid an adverse operating environment. Industry experts attribute the company’s stellar performance in the period under review to the introduction of market penetrating products across a wide.. Read more here https://goo.gl/Onb4gY