Cash scarcity at ATMs, Tinubu’s G20 summit participation… business stories to track this week

Here are the seven top business stories you need to track this week — November 18 to November 22.

CBN DIRECTS BANKS TO LOAD ATMs

The Central Bank of Nigeria (CBN) has directed banks to prioritise cash disbursement through automated teller machines (ATMs).

CBN gave the directive in a circular to banks on Friday.

The apex bank said it commenced spot checks to ensure efficient and responsible cash disbursement to the public and prevent the disbursement of mint banknotes to persons hawking naira notes

FG PROPOSES N47.9TRN AS 2025 BUDGET 

The federal government has proposed N47.9 trillion as the total expenditure in the 2025 budget.

Atiku Bagudu, the minister of budget and economic planning, told journalists on Thursday that the council approved the medium-term expenditure framework (MTEF) for 2025-2027.

He said the government pegged the crude oil benchmark at $75 per barrel and oil production at 2.06 million barrels per day (bpd).

The budget minister said the exchange rate was pegged at N1,400 per dollar, noting that the government is targeting a gross domestic product (GDP) growth rate of 4.6 percent.

TINUBU TO ADDRESS GLOBAL LEADERS AT THE G20 SUMMIT

President Bola Tinubu departed Abuja for Rio de Janeiro, Brazil, on Sunday to participate in the 19th G20 leaders summit slated for November 18 and 19.

The summit, convened by Brazilian President Luiz Inácio Lula da Silva, will bring together leaders from the world’s largest economies to discuss critical global issues.

A statement on Sunday by Bayo Onanuga, special adviser to the president on information and strategy, said this year’s summit will focus on the theme, ‘Building a Just World and a Sustainable Planet’, with key discussions on global poverty, hunger, energy transition, and sustainable development.

During the summit, Tinubu  is expected to push for the reform of global governance institutions, an issue Nigeria has consistently championed.

A key area of advocacy for Nigeria is the call for a permanent seat on the United Nations Security Council, a position that has been central to the country’s foreign policy for years.

‘PAYMENT OF PENSION BACKLOG BEGINS THIS WEEK’

On November 12, Edun also said the federal government would begin payments to clear the pension backlog starting this week.

Edun addressed protesters from the Nigeria Union of Pensioners Contributory Pension Scheme Sector (NUPCPS) at the federal ministry of finance, Abuja.

The minister said the plan involves going to the capital market and raising an instrument that will clear the backlog once and for all.

‘NIGERIA’S CRUDE OIL PRODUCTION NOW 1.8M BPD’ 

The Nigerian National Petroleum Company (NNPC) Limited says Nigeria’s oil production has reached 1.8 million barrels per day (bpd).

Lawal Musa, NNPC’s chief production war room officer, spoke during a briefing on the national oil company’s output on Thursday.

Musa, who doubles as a senior business advisor to Mele Kyari, the firm’s group chief executive officer (GCEO), said the increased oil production followed the continuous dislodgement of pipeline vandals and crude oil thieves.

NNPC BOUGHT 40% OF NIGERIA’S 1.9M MT OF FUEL IMPORTS IN SIX WEEKS

Amid pressure from the Dangote refinery’s management for Nigeria to stop the importation of petroleum products, a total of 1.947 million metric tonnes (MT) of fuel was imported in six weeks, TheCable had reported.

Documents seen by TheCable showed that about 110 fuel cargoes were received at various terminals in Warri, Port Harcourt, Calabar, and Lagos between October 1 and November 11.

The products imported within the period include premium motor spirit (PMS), known as petrol; automotive gas oil (AGO), also called diesel; and aviation fuel (Jet-A1).

A breakdown showed that 1.52 million MT of petrol, 414,018 MT of diesel, and 13,500 MT of Jet-A1 were imported.

Out of the total import volume, the NNPC’s share was 789,721 MT of fuel (1.05 billion litres) — representing 40.5 percent.

DANGOTE REFINERY, IPMAN REACH AGREEMENT TO LIFT PETROL, DIESEL DIRECTLY 

The Independent Petroleum Marketers Association of Nigeria (IPMAN), on November 11, said an agreement was reached with Dangote Petroleum Refinery to lift premium motor spirit (PMS), also known as petrol, and diesel directly.

Abubakar Garima, national president of IPMAN, spoke after a meeting of the national working committee of the association in Abuja.

Garima said the partnership will ensure a steady, affordable supply of PMS products nationwide.