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CRYPTOCURRENCY BAN: Is the battle ground shifting?
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By Emeka Anaeto, Business Editor
The furore over the ban on Crypto currency by the Central Bank of Nigeria, CBN, three weeks ago may appear to have settled, but Vanguard Public Finance findings indicate that the battle may have been over just temporarily and the war is actually still raging. Put differently, the battle ground may have just shifted. The market may have moved underground.
The implication is that the apex bank still needs to do a lot more in addressing the matters arising from the ban, or rather, the battle, whether lost or won.
Vanguard News
FG finances record mixed performance
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· Analysts see downside to 2021 targets
The state of the finances of the Federal Government of Nigeria, FG, appears to be running on mixed performance following a record rise in actual revenue against target.
But this is coming with a significant increases in deficit level, dampening the speculations that the three-month consistent rise in oil price would have meant that the financial pressures on the government arising from the adverse impact of Coronavirus Pandemic may have started easing off.
Information available to the
Vanguard Public Finance Report has indicated that as at December 2020, the budget implementation report of the Ministry of Finance shows that the Federal Government had realised 73.4 percent (or ₦3.9trillion) of its budgeted revenue of ₦5.4trillion for the year.
Vanguard News
Oil export revenue declines 41%
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By Obas Esiedesa
REVENUE from oil export fell by a whopping 41.44 percent to $2.033 billion in the first nine months of 2020, compared to $3.47 billion received in the corresponding period of 2019, data from the Nigerian National Petroleum Corporation, NNPC, has revealed.
NNPC had, in its September 2020 edition of the Monthly Financial and Operations Report (MFOR) disclosed that revenue from oil and gas export for the month of September, 2020, rose by 16 percent to $120.49 million.
But a closer look at previous months’ data contrasted with corresponding months’ figures in 2019 which shows a huge cumulative decline in revenue from oil export.
Vanguard News
Oil revenue to remain subdued as output dips 15%
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Despite the recent rise in oil prices, there are strong indications that Nigeria is not likely to be out of the woods in its petroleum revenue performance and budget funding, due, mainly to the significant drop in its oil output.
The Vanguard Public Finance Report has indicated that the sector recorded a 15 percent output decline in the first 11 months of this year.
A breakdown showed that the nation produced an average of 1.5 million barrels per day, mb/d, (excluding Condensate) between January and November 2020, indicating a drop of 0.30 mb/d when compared to 1.8mb/d recorded in the corresponding period of 2019.