Here are the seven top business stories you need to track this week — November 10 to November 14.
TINUBU SEEKS APPROVAL TO BORROW N1.15TRN
President Bola Tinubu, on November 4, asked the national assembly to approve a N1.15 trillion domestic borrowing programme to fund the 2025 budget deficit.
The request, contained in a letter addressed to the president of the senate, said the gap was created by an increase in the size of the budget beyond earlier approved revenue and borrowing plans.
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FG TO UNVEIL RAILWAY DEVELOPMENT ROADMAP
The federal government says it will soon unveil a comprehensive national railway development roadmap aimed at ensuring rail connectivity across all 36 states and the federal capital territory (FCT).
Kayode Opeifa, managing director (MD) of the Nigerian Railway Corporation (NRC), on November 5, said the roadmap is designed to enable every state to access and utilise the national rail corridors at no additional cost.
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NIGERIA’S $2.2BN EUROBOND RECORDS LARGEST-EVER OVERSUBSCRIPTION
The Debt Management Office (DMO) said Nigeria has successfully issued a $2.25 billion eurobond in the international capital market (ICM).
In a statement on November 5, the debt office said the transaction attracted investors’ peak orderbook of over $13 billion, “marking the country’s largest-ever orderbook”.
FEC APPROVES BUSINESS CASE FOR CONCESSION OF PH INTERNATIONAL AIRPORT
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Festus Keyamo, the minister of aviation and aerospace development, said the federal executive council (FEC) has approved the business case for the concessioning of the Port Harcourt International Airport.
On May 27, 2024, Keyamo said the federal government is reviewing the concession process for the country’s airports to ensure transparency.
He said the president has approved the review of the concession process of the major airports to make sure they operate at international standards.
NIGERIA RECEIVES FIRST DRY-LEASE AIRCRAFT
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Nigeria has received a dry-leased aircraft from AerCap Holdings, an Ireland-based leasing company.
Air Peace is the first Nigerian carrier to benefit from the lease, with other domestic airlines expected to follow soon.
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The ministry of aviation and aerospace development on November 7, said as more dry-leased aircraft enter the country, insurance costs are expected to decline, paving the way for lower airfares.
FG TO ESTABLISH NIGERIAN AIRCRAFT LEASING COMPANY
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The federal government is set to establish a Nigerian aircraft leasing company to ease aircraft acquisition challenges faced by domestic carriers.
Speaking while unveiling the Air Peace dry-lease aircraft, Keyamo said discussions have advanced with global investors to establish the company, a long-awaited goal in the country’s aviation roadmap.
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AEDC SACKS SOME WORKERS IN RESTRUCTURING EXERCISE
The Abuja Electricity Distribution Company PIc (AEDC) has sacked some of its workers who failed to meet performance expectations as part of its “restructuring exercise”.
Media reports had claimed that the DisCo conducted a mass retrenchment exercise affecting about 800 employees.
The company, in a statement on November 7, confirmed dismissing the workers but did not disclose the number of those affected.
