2023 budget signing, senate’s request to CBN… 7 top business stories to track this week

Here are the seven top business news you need to track this week — January 2 to January 6.

BUHARI TO SIGN 2023 APPROPRIATION BILL ON JAN 3

President Muhammadu Buhari is expected to sign the 2023 appropriation bill into law on Tuesday, January 3, 2023.

Ahmad Lawan, senate president, had disclosed this to state house correspondents after a meeting with Buhari last week.

Lawan’s hint had come two days after lawmakers in both the house of representatives and senate passed a budget of N21.83 trillion for the 2023 fiscal year.

The two chambers of the national assembly increased the budget spending by N1.33 trillion from the proposed N20.51 trillion to N21.83 trillion.

SENATE REQUEST EXTENSION OF OLD NAIRA NOTES CIRCULATION TO JUNE 30 

The senate has appealed to the Central Bank of Nigeria (CBN) to extend the deadline for the withdrawal of old naira notes from circulation from January 31, 2023 to June 30, 2023.

The appeal was sequel to the adoption of a motion raised by Ali Ndume, senator representing Borno-south, during a plenary session.

Ndume cited orders 41 and 51 of the senate standing rule to seek the leave of the senate to move a motion on the urgent need to extend the circulation of old naira notes.

The lawmaker said the notice given by the CBN is too short, considering the limited number of banks in Borno and Yobe, and the inability of people in these states to lodge the old notes in time to meet the deadline.

LAGOS FINALLY PICKED PREFERRED BIDDER FOR CONSTRUCTION OF FOURTH MAINLAND BRIDGE

The Lagos state government recently announced CCECC-CRCCIG Consortium as the preferred bidder for the construction of the Fourth Mainland Bridge (4MB) project.

The 4MB project, which is a proposed PPP transport infrastructure development, will comprise the construction and operation of a greenfield tolled road and bridge with a design speed of 120 kilometres per hour, including the development of adjacent real estate.

According to the government, when completed, it would become the second longest bridge in Africa with three toll plazas, nine interchanges, a 4.5km Lagoon bridge and an eco-friendly environment.

AJAOKUTA STEEL PLANT READY FOR CONCESSIONING 

President Muhammadu Buhari says the Ajaokuta steel company is ready to be concessioned to private investors.

Buhari spoke at the inauguration of several projects in Kogi recently.

He said no project was closer to his heart than the Ajaokuta steel company in Kogi state, which he noted was inherited in a moribund state from previous governments.

“I am glad to say that through our concerted effort we are able to settle the dispute by paying some money and the company is now ready for concessioning to competent private investors that will operationalise it for the people of Kogi state and Nigerians at large,” he said.

685M PEOPLE COULD BE LIVING IN EXTREME POVERTY, ACCORDING TO WORLD BANK

The World Bank says a total of 685 million people could be living in extreme poverty by the end of 2022.

The international financial organisation, in its report titled ‘2022 in nine charts’, said slowing economic growth contributed to a reversal of progress on the global poverty agenda and an increase in global debt.

The bank further projected that seven percent of the world’s population would be in extreme poverty in 2030.

REPS ASK NNPC TO SUSPEND PLANNED SALE OF OML 11 ASSET 

The house of representatives has asked the Nigerian Petroleum Development Company (NPDC) to suspend its planned auction of the $1 billion oil mining lease (OML) 11 asset for a meagre sum of $250 million.

NPDC, which operates the OML 11, is a subsidiary of the Nigerian National Petroleum Company (NNPC) Limited.

The resolution was reached following the adoption of a motion of urgent national importance by Victor Mela, a member of the house, at a plenary session.

Moving the motion, Mela said the oil field under OML 11 was operated by the Shell Petroleum Development Company (SPDC) joint venture (JV).

MORE BANKS SUSPEND INTERNATIONAL TRANSACTIONS ON NAIRA CARDS 

Guaranty Trust Bank (GTBank) has suspended international transactions on its naira Mastercard from Saturday, December 31, 2022.

The bank made this known in a statement to its customers.

It said customers will be unable to make international automated teller machine (ATM), and point of sales (POS) transactions on their naira Mastercards.

The development is not the first time financial institutions are reducing spending limits or suspending international transactions on their cards.

In February and March 2022, Zenith Bank and the United Bank for Africa (UBA) reduced the international spending limit on their naira cards from $100 to $20 a month.

Also, in July, Standard Chartered Bank suspended international transactions on its naira visa debit card.