Economy
FG Opens Bid for Concession of 12 Highways June 1

The Federal Government has announced that it will officially open the bid for the concession of 12 highways to the private sectors on June 1, 2021.
This is contained in a statement by Boade Akinola, director of press and public relations in the ministry of works and housing.
The ministry said the concession is under its highway development and management initiative (HDMI).
HDMI is to develop and manage the federal road network through private sector investment, thus maximising the use of assets along the right of way.
The 12 federal highways for concession under the first phase of the HDMI are Benin-Asaba, Abuja-Lokoja; Kaduna-Kano; Onitsha-Owerri-Aba; Shagamu-Benin; Abuja-Keffi-Akwanga.
Others include Lokoja-Benin; Enugu-Port Harcourt; Ilorin-Jebba; Lagos-Ota-Abeokuta; Lagos-Badagry; and Kano-Shuari-PortisKum-Damaturu.
Babatunde Fashola, minister of works and housing, had received the certificate of compliance for the outline business case for the HDMI in December 2020, setting the stage for the commencement of procurement for concession of the roads.
This followed the official launch of the e-portal by Fashola on March 29, 2021 for the public to access all the information concerning the process and put in their applications.
According to the statement, applications were received from interested prospective concessionaires in response to the request for qualification (RfQ) thereby paving the way for opening the bid on June 1.
The ministry said the initiative is aimed at creating an alternative source of financing road development and management across the country while unlocking the massive economic potential of the project routes with attendant job creation.
Economy
Naira Gains over Dollar for Three Straight Days in Parallel FX Market

The Naira recorded three consecutive days of appreciation against the dollar in the parallel foreign exchange market, ending the week on a high note on Friday.
According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira strengthened to N1,565 per dollar on Friday, up from N1,570 on Thursday.
On a day-to-day basis, the Naira gained N5 against the dollar compared to the N1,570 traded on Thursday.
In the last three days, the Naira has gained N15 against the dollar in the black market.
In contrast, in the official market, the Naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.
The apex bank’s exchange rate data showed that the Naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.
Overall, exchange rate movements across FX markets showed that the Naira ended the week with mixed sentiments of losses and gains against other foreign currencies.
Economy
NASS Passes Tinubu’s N54.99tr 2025 Budget Proposal

The National Assembly, on Thursday passed, the N54.99trillion 2025 Appropriation Bill.
The bill was passed separately by the Senate and the House of Representatives.
A breakdown of the budget showed N3.645trillion for statutory transfers, N14.317trillion for debt servicing, N13.64trillion for recurrent expenditure and N23.963trillion capital expenditure (development fund), with fiscal deficit put at N13.08trn.
The Deficit-to-Gross domestic product (GDP) Ratio was put at 1.52%.
Last Week, President Bola Tinubu increased the 2025 fiscal year budget from an initial N49.7trillion to N54.2trillion, seeking approval from the Senate and the House of Representatives.
Chairman of the House Committee on Appropriations, Abubakar Bichi, while presenting the bill for consideration, stated that the committee met with the Presidential Economic Planning team to further discuss revenue projections and expenditure for the 2025 Appropriation Bill.
According to him, the 2025 Appropriation Bill was presented late, compared to that of 2024.
He urged the executive to present subsequent budgets to the National Assembly not later than three months before the next financial year, to maintain the January to December budget cycle.
Economy
CBN Reviews ATM Fees, Imposes N100-600 Charges for N20k Withdrawal

The Central Bank of Nigeria (CBN) has imposed a withdrawal charge of between N100 and N600 for every N20,000 worth of interbank ATM withdrawals.
The new policy eliminates the three free monthly withdrawals that customers enjoy on interbank ATM withdrawals.
According to a CBN circular, FPR/DIR/GEN/CIR/001/002 with title, ‘Review of Automated Teller Machine Transaction Fee,’ dated February 10, 2025, the new fees would take effect March 1, 2025.
The apex bank said: “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide)”.
The CBN said customers withdrawing at the ATM of their financial institution in Nigeria would not be charged.
“Withdrawal from another institution’s ATM in Nigeria (Not-On-Us): On-site ATMs (within bank premises): A fee of N100 per N20,000 withdrawal will apply,” the apex bank further directed.
For Off-site ATMs (outside bank premises), the apex bank said a charge of N100 plus a surcharge of not more than N500 for every N20,000 withdrawal would be applicable.
It said that international withdrawals would be based on the exact amount imposed by the international acquirer.
The CBN added: “This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service.
“Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”
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