Business
FEC approves N169bn tax credit for road projects
The Federal Executive Council has approved N169bn in private sector investments for road infrastructure through the government’s tax credit programme.
The approval came on Wednesday at a FEC meeting in Abuja presided over by President Muhammadu Buhari.
Minister of Works and Housing, Babatunde Fashola, said the programme was initiated in 2019 through executive order No 7 signed by the President.
He said the executive order allowed the private sector to finance public infrastructure in lieu of tax and then offset it over time using tax credit.
Fashola further explained that the first project the council approved based on the policy was the 234-kilometre road from Bali to Sheti through Gashaka to Gembu in Taraba state at the sum of N95,232,474,010.72.
He said the existing N20bn under the Nigerian National Petroleum Corporation (NNPC) tax credit scheme would be used to kick-start the project immediately.
“The second road which is also the tax credit scheme, which was approved by the council is three roads. The applicant, in this case, is Mainstream Energy Solutions, a major energy player in the country is now seeking to also participate in this policy by investing a total of N74,486,577, 050,” he said.
Also, Minister of Information and Culture, Lai Mohammed, who spoke on behalf of his counterparts in aviation, power, and agriculture, said the council approved the sum of N3,491,622,340 for the purchase of a property in Abuja for the ministry of aviation.
He said the property would enable the ministry to co-locate with many of its agencies.
Mohammed said that the council also awarded a N553.575 million contract for the establishment and deployment of advanced report generation utility engine web-based reporting tools in favour of Messers Sinecou Limited with a delivery date of 12 months.
He said the council approved (for the power ministry) an upward review of the original contract sum in respect of the construction of 232 kilometres Yola, Song, Gombe, Mubi, Gulako 132 KV double circuit transmission line from $16 million, plus N1.248 billion to $16.698 billion, plus N2,337,643,640.
The minister added that N409 million was approved for the power ministry to replace defective circuit breakers.
He also said a memo from the minister of agriculture seeking approval for a national agricultural technology innovation policy was approved.
Business
Nigeria’s foreign reserves records marginal increase, now $40.88bn – Cardoso
Nigeria’s foreign reserves records marginal increase, now $40.88bn – Cardoso
Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.
He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.
The amount represents an increase of $82 million or 2.05 per cent in 21 days.
“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.
However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.
Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.
“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.
“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.
“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary
“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”
Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.
The CBN governor said, “The currency has been stable compared to what it was in June”.
But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.
Cardoso said diaspora remittance had increased due to policies put in place.
He commended those in the diaspora for helping the country accomplish over $600 million in remittances.
Business
Naira rises to N1,755/$ in parallel market
Naira rises to N1,755/$ in parallel market
The Naira yesterday appreciated to N1,755 per dollar in the parallel market from N1,770 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.44 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.44 per dollar from N1,675.62 per dollar on Monday, indicating N16.18 appreciation for the naira. The volume of dollars traded (turnover) increased by 219.5 percent to $425.98 million from $108.79 million traded on Monday.
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Consequently, the margin between the parallel market and NAFEM rate narrowed to N95.56 per dollar from N117.38 per dollar on Monday.
Naira rises to N1,755/$ in parallel market
Business
PH refinery to blend 1.4-million litre petrol daily – NNPC
PH refinery to blend 1.4-million litre petrol daily – NNPC
Rehabilitated old Port Harcourt refinery is currently operating at 70 per cent of its installed capacity, the Nigerian National Petroleum Company Limited has said.
The Port Harcourt Refining Company (PHRC) operates two refineries: the old refinery with a capacity of 60,000 barrels per stream day (bpsd) and a new refinery with an installed capacity of 150,000 bpsd.
The NNPCL in a statement on Tuesday, said it planned to increase the operation to 90 per cent of the refinery’s capacity.
“The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) express heartfelt appreciation to Nigerians for their support and excitement over the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery,” the statement reads.
“This achievement marks a significant step forward after years of operational challenges and underperformance.
“We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products. For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%.”
According to NNPC, the refinery has commenced production of daily outputs of straight-run petrol (naphtha), which is blended into 1.4 million litres of petrol.
The national oil company said the refinery has also started producing 900,000 litres of kerosene per day and 1.5 million litres per day of diesel.
The NNPC said 2.1 million litres daily volume of low-pour fuel oil (LPFO) would also be produced at the refinery, adding that additional volumes of liquefied petroleum gas (LPG) will be refined at the plant.
“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications,” NNPC said.
“Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.”
Additionally, the NNPC said it has made substantial progress on the new Port Harcourt refinery, “which will begin operations soon without prior announcements”.
“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation,” the energy firm said.
According to the statement, malicious attacks on “clear progress” only undermine the “significant strides made by NNPC Ltd and the country”.
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