• President Buhari has sent the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper to the Senate for consideration and approval. At a public consultation last week in Abuja, budget minister, Udo Udoma and the DG of the Budget Office, Ben Akabueze, had explained that the FG would reduce the 2019 budget from ₦9.1 trillion this year to 48.6 trillion in 2019. The key parameters of the 2019 budget are premised on an oil production volume of 2.3 million barrels per day at $60 per barrel, an exchange rate of ₦305 per dollar, inflation rate of 9.98% and a nominal GDP rate of 3.0%.
  • Figures from the CBN’s half-year 2018 economic report shows an increased activity in the electronic payment platforms available in the country. The volume and value of electronic payments increased to 953,176,045, amounting ₦62.81 trillion at the end of June 2018, when compared with 829,422,069, amounting ₦52.65 trillion at the end of December 2017. This is an increase of 14.92 and 19.31 percent. During the review period, the volume and value on e-money products (comprising ATM, POS, Mobile payments and Internet transactions) increased to 596.0 million, amounting to ₦4.89 trillion in the first half of 2018 from 461.8 million (₦4.29 trillion) in the corresponding period of 2017. This is an increase of 29.1 and 13.9 percent respectively.
  • The Senate has voted to probe the Nigerian National Petroleum Corporation’s alleged withdrawal of $1.05 billion (₦378 billion) from gas company, Nigeria LNG. Premium Times had reported on Monday that the NNPC had used proceeds from NLNG – a venture between the state oil firm, Royal Dutch Shell, Total and ENI – to fund purchases of, and subsidies for, fuel during a shortage in early 2018. This is coming after the Senate had set up an ad hoc committee chaired by the Majority Leader, Senator Ahmad Lawan, to investigate an alleged $3.5 billion (₦1.26 trillion) account kept by the NNPC for petrol subsidy payment. NNPC has yet to comment on the story.
  • President Muhammadu Buhari has endorsed ₦30,000 as the new national minimum wage after receiving the report of the Tripartite Committee on the Review on the wage. The report was submitted by the committee’s chairman, Amal Pepple, where the president also promised to send a bill to the National Assembly to effect the change from ₦18,000 to ₦30,000.