Segun Ajibola: Average Nigerian Can Feed With ₦500, Naira Still Strong naija247news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naija247news.com Daily Mail and Mail on Sunday newspapers.
• Deficit already N3 trillion at end of May
• Debt service ratio hits 97%
The possibility of the Federal Government resorting to further borrowings or ‘ways and means’ (government facility from the Central Bank of Nigeria) to cushion the effect of revenue shortfall is imminent due to the rising fiscal deficit, despite a rise in oil prices.
As observed in the 2021 performance up to May, the 2022-2024 Medium Term Expenditure Framework Fiscal Strategy document (MTEF/FSP) showed that inflation, subsidy payments, and weaker-than-expected economic performance continue to threaten government’s ambitious revenue growth targets.
Specifically, government’s revenue from January to May 2021 was N1.8 trillion, a 33.3 per cent shortfall of the budgeted amount, compared to an expenditure profile of N4.86 trillion, representing 92.7 per cent of the prorated budget. This has pushed the deficit to N3 trillion already at the end of May, over half of the N5.6 trillion projected for the
Nigerian Stock Exchange
Completion of the 10 -year demutualisation project of the Nigerian Stock Exchange (NSE) has opened a new vista, especially growth prospects in the bourse, as more people are likely to deepen investments and project the organisation more to the world.
The move, which would usher in the public listing of the exchange’s shares, was finalised yesterday following approvals from the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC).
Demutualisation is the transformation of a stock exchange into a public company that is shareowner-based. It allows the shares of the bourse to be quoted on its floor.
Between downstream deregulation and petrol subsidy re-introduction guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.