ICMA: Daily financial news updates for 21th February, 2018. Below are the summaries of today’s news, do have a blissful day.

Fuel Scarcity: NNPC Imports Petrol, Worth $5.8bn

The Nigerian National Petroleum Corporation on Tuesday said it had imported 9.8 million metric tons of fuel, worth $5.8bn to battle the unavailability of fuel that reemerged before the end of last year.

Maikanti Baru, The Managing Director of NNPC disclosed this at a public gathering organized by the senate Committee on Public Accounts at the National Assembly complex in Abuja.


SSA countries’ debt increased to over $200bn

According the record from the Bank for International Settlements, the sum of the money borrowed from the international debt market by Nigeria and other nation in the sub-Saharan African has increased by 550% to $200bn, from $30bn in 2007

This indicates an increase of over 550 per cent within the period.


Reps to legalize excess crude oil account

The House of Representatives on Tuesday moved to authorize the dubious Excess Crude Account by proposing a bill to catch all abundance income in another account to be called Excess Revenue Fund Account.

The bill, proposed by an individual from the House, Mr. Lovette Idisi, passed second perusing amid Tuesday’s entire.


DBN to Support Small Businesses with N610m

The Development Bank of Nigeria (DBN) has revealed a plan to assist millions of Medium, Small and Micro Enterprises (MSMEs) across the nation.

Under the arrangement, SMEs would have the capacity to access up to N610 million for the improvement of their housing needs at reasonable rates.

The Managing Director of DBN, Tony Okpanachi, said this at the just concluded Kogi State SMEs facility, which was flagged-off by Vice President Yemi Osinbajo in Lokoja, as per report from the DBN, yesterday.

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