In the news: PFAs invest N5.2tn of pension fund in FG securities
The House of Representatives on Tuesday moved to legalize the controversial Excess Crude Account by proposing a bill to capture all excess revenue in a new account to be called Excess Revenue Fund Account.
Out of the total N7.52tn total pension assets as of December 31, 2017, about N5.29tn, representing 70 per cent of the entire fund, was invested in Federal Government securities by Pension Fund Administrators.
Short-term Treasury bill yields fell by 0.5 per cent on Tuesday on expectations the government would sell less debt at auctions in the second quarter after raising $2.5bn via Eurobond.
The Nigerian National Petroleum Corporation on Tuesday said it had imported 9.8 million metric tonnes of Premium Motor Spirit, popularly known as petrol, worth $5.8bn to combat the fuel crisis that resurfaced late last year.
The Central Bank of Nigeria (CBN) has amended the guidelines to the Commercial Agriculture Credit Scheme (CACS) which was set up to promote commercial agricultural enterprises in the country.
The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele and the Ondo State Governor, Mr. Rotimi Akeredolu are expected to in the coming days, jointly inaugurate a new Egg Powder Plant in Emure-Ile, near Owo, Ondo State established through a Public Private Partnership (PPP) arrangement between the Ondo State Government and Greenfield Assets Limited soon.
Despite assurances from the Ministry of Petroleum Resources, and Nigerian National Petroleum Corporation (NNP), that the Federal Government has no intention of increasing the pump price of Premium Motor Spirit (PMS) also known as petrol, the product actually sold for N190.9 per litre in January.
Transactions on the trading floor of the Nigerian Stock Exchange (NSE), closed in upbeat yesterday, following price gains recorded by major highly capitalized stocks, especially Nestle and Dangote Cement, as the All-share index appreciated 0.4 per cent.
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