The Nigerian National Petroleum Corporation (NNPC) has spent N175.32bn on petrol subsidy in July 2021, which will be deducted from its remittance to Federation Account Allocation Committee (FAAC) in September. The corporation also noted that a previous outstanding balance of N40bn will also be deducted, bringing the total deductions to N215.32bn.
On a monthly basis, Nigerian Exchange Limited ("NGX") polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 31 August 2021, total transactions at the nation's bourse decreased marginally by 0.39% from N89.77billion (about $218.20million) in July 20215 to N89.42billion (about $217.53million) in August 20216.
The DMO held another successful auction of FGN bonds on Wednesday when it offered the same menu of debt instruments (ten, 20, and 30-year benchmarks) for the third month in succession. It offered the usual NGN150bn according to its calendar, raised NGN277bn (USD670m), and attracted a total bid of NGN334bn.