THE CABLE
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.
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