FINANCE - 13 MAY 2020

DB: Power generation improves; Q1 FAAC allocation; Google’s mobility report

DB: Power generation improves; Q1 FAAC allocation; Google’s mobility report
Daily Briefing via Stears

 

Energy
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Power generation on national grid improves
 

Energy generated on Nigeria’s power grid rose to 102,370 MWHr on Monday after a drop of about 6,000 MWHr on Sunday. The reduction was due to inadequate gas supply to 11 gas-powered plants, causing worse power outages. Electricity generating companies (Gencos), which manage the power plants, have claimed that they are being owed around ₦1 trillion by the Nigerian Bulk Electricity Trading Company (NBET) for electricity transmitted.

 

Economy

FAAC allocation for Q1 highest since 2014
 

The Federal Allocation Account Committee's disbursements for Q1 2020 was ₦1.95trillion, the highest Q1 allocation since 2014. The increase was due to new transfers to other non-government accounts such as the North East Development Commission. However, disbursements to the FG, States and LGs reduced by 1.45%, 0.9% and 0.6% respectively. In the face of falling revenues, $150 million from the NSIA Stabilisation fund was approved to supplement the allocation.  



Retail

Google’s mobility report shows impact of Covid-19 in Nigeria
 

Google’s recent mobility report showed that between March and May this year, mobility dropped across most areas in Nigeria, with the most affected sector being retail & recreation centres (-53%). This is in comparison with the first five weeks of 2020. Other major drops were in transit stations & parks (-51%), local markets & pharmacies (-43%), and visits to workplaces (21%), while movement in residential areas increased by 21%.

 

 

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