VenturesNow

Nigeria meets Q1 oil target, earns N1.8tn from export in March

Published

2 years ago

April 4, 2023

West African country, Nigeria earned a total of N1.8tn from oil export in March as it attained its crude oil production target of 1.6 million barrels per day for the month.

The revenue performance is three million over the February score which was 1.3 million, and January’s which was 1.25mbp.

By leaping 300,000 barrels per day in March, the country’s production jumped 9.3 million barrels in the period under review. Total production was 49,600,000 barrels.

In March, Nigeria’s Bonny Light sold for $78 per barrel, compared with Brent’s $77 per barrel. In other words, the country earned an extra N337bn for the month. In total, crude oil production generated about N1.8tn in revenue.

In December, Nigeria’s Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, at a recent World Bank Nigeria Development Update and Country Economic Memorandum, projected the country’s crude oil production to reach 1.6 million barrels per day by the first quarter of 2023.

Nigeria’s public finance is currently affected by dwindling oil prices, industrial-scale crude oil theft, and the high amount expended on fuel subsidies as Nigeria continues to grapple with an increasing debt burden.

According to the state enterprise, NNPC, about 700 million dollars worth of crude oil is lost to oil theft monthly. Between January and July 2022, Nigeria lost 10 billion Dollars which is equivalent to 4.3 trillion Naira— more than fifty percent of its foreign reserves.

VenturesNow

IMF mission concludes 4th loan program assessment in Egypt

Published

1 day ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

VenturesNow

Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

3 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.