The Federal government spent a whopping sum of $3.95 billion as estacodes and Personal Travel Allowances to ministries, departments as well as to fund Bureaux De Change operations in 2019.
“The receipt and authentication of foreign currency deposits by Deposit Money Banks reduced significantly due to the downturn in global trade in 2020,” it said.
The apex bank said it recorded a significant reduction in the volume and cost of forex procurement last year.
It said, “A total of $1,830.00m was procured over the course of 2020. This value represents a decrease of $2,120.00m or 53.67 percent relative to the $3,950.00m procured in 2019.
“This was used to fund Bureaux De Change operations, payment of estacode and Personal Travel Allowances to Ministries, Departments, and Agencies.”
The CBN said it used N538.59m to destroy unfit naira notes worth N698.59bn last year.
The report said, “The bank sustained banknotes disposal operations in 2020 to ensure the circulation of clean banknotes
“At end-December 2020, a total of 1,514.66 million pieces (151,427 boxes) valued at N698.59bn was disposed, compared with 1,572.17 million pieces (157,217 boxes) valued at N814.44bn in 2019.
“The boxes and value of unfit notes disposed of in 2020 decreased by 5,790 boxes and N1.12bn, respectively, below 157,217 boxes, valued at N814.44bn in 2019.
“The sum of N538.59m was incurred on currency disposal activities in 2020, compared with N647.82m in 2019. This was N109.23m or 16.86 percent lower than the cost in 2019,” it added.
The report said a total of 79,993 pieces of mutilated banknotes of various denominations valued at N52.82m was audited, disposed and replaced in 2020, compared with 865,775 pieces valued at N45.99m.
The CBN said to maintain the integrity of the banknotes in circulation, it sustained efforts at combating counterfeiting activities in 2020, in collaboration with security agencies.
It said a total of 67,265 pieces of counterfeit notes with a nominal value of N56.83m was recorded in 2020, compared to 84,934 pieces valued at N64.71m in 2019.
It said the N1,000 and N500 denominations constituted the bulk of counterfeited banknotes, accounting for 69.06 percent and 30.79 percent, respectively, of the total counterfeit notes.
FG may merge NIWA with NPA, stop funding recurrent expenditure of MAN, ORON in a public service reform
Recommendations were made for 263 of the statutory agencies to collapse into 161, a merger of 52 agencies, and the outright expungement of 38 redundant agencies while returning 14 as sub-units In ministries.
Privatise Nigerian Communication Satellite.
The Nigerian Institute of Social and Economic Research is to be funded by a proposed National Research Development Fund.
National Board for Technical Education and the National Commission for Colleges of Education to morph into the Tertiary Education Commission.
The Federal Ministry of Environment and the Department of Petroleum Resources take over the National Oil Spill Detection and Response Agency.
Cut the Directorate of Technical Cooperation in Africa.
Merger the National Council of Arts and Culture with the National Troupe of Nigeria and the National Theatre.
Close down the duplicating National Institute for Cultural Orientation.
Aftermath of subsidy removal: Nigerians to buy Petrol for N462 per litre. — NNPC
The Eyewitness reporter
The NNPC spokesman, in a statement, also defended the consumption rate disclosed by the NNPC, after the Customs Comptroller-General, Col. Hameed Ali (retd.) faulted the oil company’s claim.
” Daily Evacuation (Depot loadouts) records of the NMDPRA do carry daily oscillation ranging from as low as 4 million litres to as high as 100 million litres per day” he declared.
On petrol and its cost burden which the NNPC now bears, Mohammed said after oil marketing companies (OMCs) withdrew from PMS import in 2017, NNPC has been the sole supplier of petrol into the country.
In the statement, Muhammad explained that “rising crude oil prices and PMS supply costs above PPPRA (now NMDPRA) cap had forced oil marketing companies’ (OMCs) withdrawal from PMS import since the fourth quarter of 2017.
“In the light of these challenges, NNPC has remained the supplier of last resort and continues to transparently report the monthly PMS cost under-recoveries to the relevant authorities.
“NNPC limited also notes the average Q2, 2022 international market determined landing cost was US$1,283/MT and the approved marketing and distribution cost of A46/litre.
” This will continuously be adjusted by market and demand realities.
CBN rescues ailing airlines with $265 million to settle outstanding ticket sales
The Central Bank of Nigeria (CBN) has intervened in the brewing crisis in the aviation sector when on Friday, it released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales.
A breakdown of the figure indicates that the sum of $230 million was released as a special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.
Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said the Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations.
Mr. Nwanisobi reiterated that the Bank was not against any company repatriating its funds from the country, adding that what the Bank stood for was an orderly exit for those that might be interested in doing so.
With Friday’s release, it is expected that operators and travelers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face suffocating business environment.
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