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Federal Government Counts N3.94t Trade Loss In Q1

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Federal Government Counts N3.94t Trade Loss In The First Quarter Of 2021
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Federal Government Counts N3.94t Trade Loss In The First Quarter Of 2021

The Federal Government recorded N3.94tn trade deficit in the first quarter of 2021, the National Bureau of Statistics revealed on Sunday.

Federal government counts loss according to NBS’ report titled ‘Foreign trade statistics Q1,2021’,Q1,2021’, the value of total trade was 6.99 per cent higher in Q1 2021 compared to Q4 2020 and 14.13 per cent higher than the value recorded in Q1, 2020.

Part of the report containing federal government counts loss read, “For the first quarter of 2021, Nigeria’s total merchandise trade stood at N9.76tn representing 6.99 per cent increase over the value recorded in Q4,2020 and 14.13 per cent compared to Q1,2020.

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“The export component of this trade stood at N2.91tn, representing 29.79 per cent of the total trade while import was valued at N6.85tn representing 70.21 per cent.

“The higher level of imports over exports resulted in a trade deficit (in goods) of N3.94tn.

“The value of crude oil export stood at N1.93tn representing 66.38 per cent of the total export recorded in Q1, 2021, while non –crude oil export accounted for 33.62 per cent of the total export.”

According to the report, in Q1 2021, total import was valued at N6.85tn representing 70.21 per cent of the total trade.

This value rose by 15.61 per cent in Q1, 2021 compared to Q4,2020 and 54.30 per cent compared to Q1,2020.

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Imports by SITC revealed that machinery & transport equipment accounted for N2.492.73bn.

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N2.4bn debt: How Court ruled in favour of GTB over Innoson Motors

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N2.4bn debt: How Court ruled in favour of GTB over Innoson Motors
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N2.4bn debt: How Court ruled in favour of GTB over Innoson Motors

The Apex Court has ruled in favour of Guaranty Trust Bank after it reversed its earlier decision which dismissed an appeal by GTB against a N2.4bn judgment given in favour of Innoson Motors Nigeria Limited by the Court of Appeal in Ibadan, Oyo State.

According to PUNCH, A senior official who confirmed this on Sunday, said, “Yes, the Supreme court ruled in favour of GTbank on Friday.”

A judgment delivered on Friday by a five-member panel, led by Justice Olukayode Ariwoola, held unanimously that the Supreme Court erred when, in a ruling on February 27, 2019, it erroneously dismissed the appeal marked: SC/694/2014 filed by GTB.

In the lead judgment, written by Justice Tijani Abubakar, but read on Friday by Justice Abdu Aboki, the court held that it was misled by its Registry, which failed to promptly bring to the notice of the panel that it sat on the case on February 27, 2019, and that GTB had already filed its appellant’s brief of argument.

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The judgment was on an application by GTB seeking the re-listing of the appeal on the grounds that it was wrongly dismissed.

The Supreme Court said the panel that sat on the case on February 27, 2019, being notified of the existence of the appellant’s brief of argument, would not have given the ruling which dismissed GTB’s appeal on grounds of lack of diligent prosecution.

Relying on Order 8 Rules 16 of the Supreme Court’s Rules, Justice Abubakar, in the lead judgment, held that the apex court has the power to set aside its decision in certain circumstances, like any other court.

N2.4bn debt: How Court ruled in favour of GTB over Innoson Motors

He added that such circumstances include where there is any reason to do so, such as where any of the parties obtained judgment by fraud, default or deceit; where such a decision is a nullity or where it is obvious that the court was misled into giving a decision.

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Justice Tijani held that the circumstances of the GTB case fall into the category of the rare cases where the Supreme Court could amend or alter its own order on the grounds that the said order or judgment did not present what it intended to record.

“I am convinced that at the material time that the appellant’s appeal was inadvertently dismissed by this court, there was in place, a valid and subsisting brief of argument filed by the applicant.

“It will be unjust to visit the sin of the court’s Registry on an innocent, vigilant, proactive and diligent litigant.

“It is obvious from the material before us, that there were errors committed by the Registry of this court, having failed to bring to the notice of the panel of Justices that sat in chambers on the 27th February 2019 that the appellant had indeed filed its brief of argument.

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“This is a case deserving of positive consideration by this court.

“Having gone through all the materials in this application, therefore, I am satisfied that the appellant/applicant’s brief of argument was filed before the order of this court made on the 27th of February 2019 dismissing the applicant’s appeal.

“The order dismissing the appeal was therefore made in error. It ought not to have been made if all materials were disclosed. The application is, therefore, meritorious and hereby succeeds,” Justice Abubakar said.

He proceeded to set aside the court’s ruling of February 27, 2019, dismissing GTB’s appeal and ordered that the appeal marked 694/2014 “be relisted to constitute an integral part of the business of the court until its hearing and determination on the merit.”

Other members of the panel – Justices Ariwoola, John Okoro, Helen Ogunwumiju, Aboki – agreed with the lead judgment.

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Bola Tinubu: How I Made My First Million

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Bola Tinubu: How I Made My First Million
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Bola Tinubu: How I Made My First Million

Former Lagos State Governor and a leader of the ruling All Progressives Congress, APC, Bola Tinubu, has narrated how a working trip he made while serving as an auditor for auditing giant, Deloitte and Touche, made him an “instant millionaire”.

Mr. Tinubu first served as a senator in the short-lived third republic and later as governor of Lagos State between 1999 and 2007. He has been accused of making a fortune from politics.

“At Deloitte and Touche, I chose to travel more than 80 per cent of my working years there. And that is because if a staff chose to travel, he would make more money because he would get travel allowances,” Mr. Tinubu said in a lengthy interview he granted TheNews Magazine on March 29 about his journey through life as he celebrated his 64th birthday.

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Bola Tinubu: How I Made My First Million

Mr. Tinubu said he was sent on an assignment to help set up a an accounting and auditing system for a joint-venture between National Oil and Aramco in Saudi Arabia but by the time he returned to the United States, he discovered that his account had been credited in millions.

Mr. Tinubu said he was sent on an assignment to help set up a an accounting and auditing system for a joint-venture between National Oil and Aramco in Saudi Arabia but by the time he returned to the United States, he discovered that his account had been credited in millions.

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“We had gone there to set up their accounting and auditing system. It was while on that service that I got my financial break. When I returned to the United States, my employers gave me a huge bonus, which instantly turned me into a millionaire.

“The bonus was $850,000, before taxes. My salaries were also being paid into the bank and I was not touching them. At the time, my salary deposits in the bank had risen to about $1.8 million.”

Asked if he was not frightened by the development, Mr. Tinubu said, “No. This is because I had a strong grasp of financial matters. I was happy. I bought a house from the money and invested the rest in the U.S. I was living well. I was living in one of the most affluent neighbourhoods in the south of Chicago.”

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Mr. Tinubu said he stayed back working for several years in the United States after completing his degree in Chicago. He worked in Deloitte and Touch before returning to Nigeria to serve as an accounting executive for Mobil.

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First time in three months Oil price hits $85 a barrel

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First time in three months Oil price hits $85 a barrel
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First time in three months Oil price hits $85 a barrel

On Wednesday, Brent crude futures, the global benchmark, rose 1.66% to $85.11 a barrel by 19.06 GMT+1, while West Texas Intermediate (WTI) crude futures increased 2.25 percent to $83.05 a barrel.

The price of Brent crude had crossed the $85 mark on October 15, 2021.

Last week, the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided to increase oil output by 400,000 barrels per day.

Morgan Stanley, a multinational investment bank, had predicted that Brent crude would climb $90 a barrel in the third quarter of this year.

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The bank added that it expects oil prices to “overshoot” to $125 a barrel this year and $150 in 2023.

In the 2022 budget, President Muhammadu Buhari earmarked $62 per barrel as the oil benchmark, up from the $57 per barrel in 2021.

Rising oil prices would translate to an increase in Nigeria’s oil revenue.

However, Nigeria has been ploughing its oil revenue into fuel subsidy shortfall payments, which stripped the country of more than N1 trillion last year.

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