FINANCE - 11 JUN 2020

Daily Briefing: Reps approve new 2020 budget of ₦10.8 trillion

Daily Briefing: Reps approve new 2020 budget of ₦10.8 trillion
Zainab Ahmed, Nigeria's minister of finance, budget and national planning. Source: UD via Flickr
Macroeconomy

Reps approve new 2020 budget of ₦10.8 trillion

The House of Representatives has approved a revised budget for 2020 with an expenditure of ₦10.8 trillion. This is about ₦300 billion higher than the initial revision of ₦10.52 trillion submitted by the Federal government last month. The crude oil benchmark, initially reduced to $25 per barrel, was increased to $28 per barrel due to a recent increase in price. 

 

Energy

Recent oil price increase unsustainable - NNPC

The Group Managing Director of the Nigerian National Petroleum Commission (NNPC), Mele Kyari, has stated that the recent rise in crude oil price is unsustainable unless the agreed production cuts are complied with. Kyari revealed that the demand increase has not been significant enough to explain the price increases. Nigeria’s benchmark crude, Bonny Light, has risen from $25 per barrel to $40 per barrel over the past month.


Transport

APM Terminals, NRC to restore cargo transportation by train

APM Terminals, Apapa, the biggest container terminal in West Africa, has collaborated with the Nigerian Railway Corporation (NRC) to restore the evacuation of cargos (used for delivering goods to customers) by train. This is aimed at reducing the backlog of containers at the Lagos port. There has been congestion at the port since the state government closed Apapa Marine Beach bridge for repairs from May 27 to October 21, 2020. 

 

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