By Milcah Tanimu
1. CBN Instructs Banks to Prioritize ATM Cash Disbursement
The Central Bank of Nigeria (CBN) has directed banks to focus on cash distribution through ATMs. This initiative is part of ongoing checks to ensure efficient cash flow and curb the illegal selling of mint banknotes.
2.Nigeria Proposes N47.9 Trillion Budget for 2025
The Nigerian government has unveiled a proposed N47.9 trillion budget for 2025. The government has pegged crude oil at $75 per barrel and projected a 4.6% GDP growth rate, focusing on economic stability amid global challenges.
3. President Tinubu to Speak at the G20 Summit in Brazil
President Bola Tinubu has traveled to Brazil to attend the 2024 G20 Summit. The summit, focusing on global challenges like poverty and sustainable development, will provide Tinubu with a platform to advocate for reforms in international governance and push Nigeria’s case for a permanent UN Security Council seat.
4. Nigeria Begins Clearing Pension Backlog This Week
The Nigerian government is set to clear pension backlogs starting this week. The Ministry of Finance has confirmed plans to raise funds via the capital market to settle the arrears, providing relief for retirees.
5. Nigeria’s Oil Production Reaches 1.8 Million Barrels Per Day
Nigeria’s oil production has increased to 1.8 million barrels per day (bpd). The surge follows successful efforts to combat crude theft and pipeline vandalism, boosting the nation’s oil output.
6. NNPC Accounts for 40% of Nigeria’s Fuel Imports
The Nigerian National Petroleum Corporation (NNPC) has imported 40% of the country’s 1.9 million metric tonnes (MT) of fuel in the last six weeks. This includes petrol, diesel, and jet fuel, essential for maintaining national fuel supplies.
7. IPMAN and Dangote Refinery Forge Direct Fuel Supply Agreement
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has partnered with Dangote Refinery to directly supply petrol and diesel. This collaboration aims to ensure a steady, affordable fuel supply across Nigeria.
