Business
Economist Urges CBN to Release 2023 Financial Statement
Economist Kelvin Emmanuel has urged the Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, to promptly release its financial statement for the year 2023. Emmanuel made this request through his official X handle on Wednesday.
He highlighted that this call aligns with the CBN Act of 2007, which mandates that the apex bank must submit its annual accounts, certified by an auditor, to both the National Assembly and the President.
Emmanuel emphasized the importance of making these accounts public to assess the improvements in the CBN’s balance sheet. This includes scrutinizing the differences between the gross and net external reserves, as well as the impact of FX swaps and forwards involving external asset managers.
Furthermore, Emmanuel pointed out that it is crucial for Nigerians to have transparency regarding the details of loans related to foreign exchange (FX) currency positions held by banks on behalf of their customers.
Additionally, there should be clarity on the FX non-deliverable forwards that banks have with the CBN for their customers.
He referenced Sections 50(1) and 50(3) of the CBN Act, which stipulate that the bank must submit its annual accounts to the National Assembly and the President within two months after the end of each financial year, and ensure these accounts are published in the Gazette as soon as possible.
It is worth noting that in August 2023, the CBN had released its financial statements for the period 2016-2022, following a probe led by Jim Obazee into the activities of the bank under the former governor, Godwin Emefiele.
This scrutiny had led the Auditor General of the Federation to request an explanation for a missing $4.5 billion in Nigeria’s foreign reserves between 2018 and 2019.
Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.
Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.
In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.
“We have now announced a new price of N899.50 per litre.
This reduction is designed to ease transport costs during the festive period,” he said.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.
Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.
This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
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