Saturday, April 29, 2017 08:00 AM / Proshare
From the Editor’s Desk
On May 4, 2017 there will be an auction of Federal Government Treasury bills, which has tenors for 91 days, 182 days and 364 days; with maturity of 45.17 billion, 23.42 billion and 82 billion naira, respectively. We expect this to cause liquidity strains in the money market in the week ahead.
Recently, the Central Bank stated that its stock of Federal Government domestic debt rose from 1.695 trillion naira in the first half of 2016 to 1.7 trillion at the end of the second half of 2016. This reflects a rise of 0.2% and 93.4% compare to the previous half and corresponding half. The consolidated domestic debt stock of the federal government by the end of 2016 rose to 11.738 trillion naira from 10. 606 trillion naira, this reflects an increase by 10.8% in the consolidated domestic debt stock.
Fig 1: Illustration of Central bank of Nigeria’s stock of Federal Government domestic debt stock from 2012 to 2016
Source: CBN, Proshare Research
Certainly, there is a growing fiscal dominance, which is a fall out from heavy deficit spending. It is important that the monetary side avoid advances from the fiscal side to serve as its pseudo financier. Historically such advances limit monetary space, hinder macro adjustment and makes balance sheet repair an herculean task. Empirically, such advances create an “unholy” alignment.
Here are the happenings expected this week.
Monday, May 1, 2017
The National Bureau of Statistics will release the Q4 2016 and Q1 2017 Motor Vehicles Registration and Personal Driving License Report.
Tuesday, May 2, 2017
The Nigeria-British Chamber of Commerce Roundtable on “Concessioning in the Transportation Sector” with Rt. Hon Rotimi Amaechi, Minister of Transportation holds today, as Dangote Sugar Refinery Plc engages the investing community for its Facts behind the Figures at the Nigerian Stock Exchange.
The National Bureau of Statistics will release the 2016 Nigerian Domestic and Foreign Debt report today
Consolidated Hallmark Insurance Plc will be marked down having proposed a dividend of 2kobo.
Wednesday, May 3, 2017
Topical issues affecting Nigeria, SMEs, financial Institutions and many more will be discussed at the Southwest Investment Exhibition & Summit scheduled to commence place today.
The National Bureau of Statistics will release the Full Year 2016 States Disaggregated Internally Generated Revenue Data
Thursday, May 4, 2017
The Debt Management Office (DMO) will auction Federal Government Treasury 91 days bill, 182 days and 364 days bills, with maturity of 45.17 billion, 23.42 billion and 82 billion naira, respectively.
Skye Pearl, the women empowerment initiative of Skye Bank Plc, will host leading lights in Nigeria’s Tech space for its Free Webinar on Facebook titled “Technology Adoption: The New Normal for Business Optimization and Economic Growth”.
Techpoing.ng will be hosting the Founder of Main Street Technologies and the CEO of MainOne, Funke Opeke for its May’s edition of Techpoint AMA Live Sessions (#TPAMA).
Friday, May 5, 2017
The National Bureau of Statistics will release the report of the 2015/16 Nutrition Surveillance in North East Survey.
Saturday, May 6, 2017
The 4th edition of the Nation Building Workshop hosted by Apostles in the Marketplace (AiMP) will hold today with the Honourable Minister of Trade, Industry and Investment, Dr. Okechukwu Enelamah as the Keynote Speaker.
The 2017 maiden Technovation Challenge Regional Pitch Event will hold today.