FG, states add N57tn to debt in 18 months –

Nigeria’s total public debt rose by N57.3tn within the first 18 months of the current administration, according to an analysis of data released by the Debt Management Office. The increase represents a 65.6 per cent surge in the debt stock, growing from N87.38tn recorded at the end of June 2023 to N144.67tn as of December 2024. President Bola Tinubu, who assumed office on May 29, 2023, inherited a debt portfolio that already reflected heavy domestic obligations, including a N22.7tn……(Read More)

Crude shortage stalls 42% capacity utilisation of refineries –

A continued shortfall in crude oil supply to domestic refiners has kept the capacity utilisation of refineries at just 57.8 per cent, leaving over 42 per cent of Nigeria’s installed refining capacity idle. Latest industry data reviewed by Sunday PUNCH showed that out of a combined capacity of 1,214,000 barrels per day across 10 refineries viewed as operational by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, technical constraints and inadequate crude feedstock remain the primary bottlenecks limiting improved petroleum production. The combined refining output from Nigeria’s state-owned, private, and modular refineries currently stands at 701,692 barrels……..(Read More)

 Equity market gains N1.69tn as trading booms –

Investors on the Nigerian Exchange Limited recorded a total turnover of 2.645 billion shares valued at N77bn in 86,110 deals last week, representing an increase from the 2.200 billion shares worth N75.4bn exchanged in 70,329 deals the previous week. This trading performance coincided with a bullish momentum on the local bourse, which added approximately N1.69tn in market capitalisation over the week. The market capitalisation settled at N68.339tn, up from N66.647tn, while the All-Share Index rose to 108,733.40 points. The Financial Services sector led the activity chart in terms of volume, trading 1.638 billion shares valued at N45.825bn in 37,843 deals……..(Read More)

VFD Group Shareholders Approve N2.50 Dividend, 5-for-1 Bonus –

The shareholders of VFD Group Plc have approved a dividend payment of N2.50 per share, amounting to a total payout of N3.17 billion for the 2024 financial year. The shareholders alongside the dividend payout approved, it also rewarded shareholders with a bonus share issuance of five new shares for every one held (5-for-1), a bold move underscoring the Group’s commitment to long-term shareholder value and investor confidence. The 9th Annual General Meeting (AGM) held virtually brought together shareholders and Board Directors to reflect on the Group’s 2024 performance and lay the groundwork for its ambitious continental expansion agenda…….(Read More)

Nigeria’s crude output hits 2-month high, but short of OPEC quota –

 Nigeria’s crude oil production climbed to a two-month high in April, signaling modest recovery efforts in Africa’s largest oil producer, but remained below the country’s official quota set by the Organisation of the Petroleum Exporting Countries (OPEC). Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed the country pumped an average of 1.486 million barrels per day (bpd) last month, up from 1.401 million bpd recorded in March. The April figure represents Nigeria’s best performance since February but still falls short of the 1.5 million bpd quota allocated by OPEC for the same period……..…(Read More)

US, China make ‘substantial progress’ on deal to cut trade deficit –

US Treasury Secretary Scott Bessent on Sunday reported “substantial progress” in U.S. talks with China’s top economic officials to de-escalate a damaging trade war but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva. Bessent told reporters that details would be announced on Monday and that U.S. President Donald Trump was fully aware of the results of the “productive talks.” U.S. Trade Representative Jamieson Greer, who participated in the talks with Bessent, Chinese Vice Premier He Lifeng and two Chinese vice ministers, described the conclusion as “a deal we struck with our Chinese partners” …..(Read More)