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Friday , 23 March 2018

Nigeria’s foreign reserve rises to $42 billion as @ Feb. 13th – Presidency

In its weekly newsletter release, the Presidency today shared updates and figures to show the level of progress made by the Buhari led administration.

Below is a breakdown of the numbers…
Central Bank of Nigeria: Nigeria’s foreign reserves have risen to $42 billion as at February 13, 2018, from $40.4 billion as at early January 2018.

Ministry of Finance: Nigeria has just issued a US$2.5 billion Eurobond; a follow-up to the US$3bn Issuance in late 2017. Details above.

From the National Bureau of Statistics (NBS): Headline inflation dropped by 0.24 percentage points in January 2018, to 15.13% from 15.37% recorded in December. This is the 12th consecutive monthly decline in headline inflation.

The Accountant General of the Federation:
Balance in Excess Crude Account (ECA) as at 14th February, 2018 stands at US$2.317 billion. Balance in the Stabilization Fund Account as at 14th February, 2018 stands at N11.290 billion

The balance in the Natural Resources Development Fund as at 14th February, 2018 stands at N123.624 billion. These 3 Accounts are Special Accounts managed by the Federal Government on behalf of the Federal, State and Local Governments. Monthly updates are released on the status of the accounts.
Total Federal Government support to states so far, under the Excess Crude Account loan, Budget Support Facility, and Paris Club Refunds, is N1.91 trillion. A breakdown of the disbursement comprises N876.3 billion for Excess Crude Account loan and Budget Support Facility, while the balance of N1.034 trillion is for the Paris Club refund.

Federal Ministry of Power, Works and Housing: Nigeria currently has 2,000MW of generated power that remains undistributed to consumers because of limited DisCo capacity. On account of this, the Federal Government has invited manufacturers to take advantage of the newly available opportunity to purchase this excess power, under the conditions outlined by the new Eligible Customer Regulations of the National Electricity Regulatory Commission (NERC), which permit electricity customers to buy power directly from the generation companies. Download the Regulations here

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