The proposed FGN budget of N10.3 trillion for the 2020 fiscal year was presented to the National Assembly on Tuesday, October 8, 2019. The budget represents an increase of 11% from the approved N9.1 trillion FGN budget for 2019. Of the total proposed 2020 budget,
non-debt recurrent expenses accounts for 47.6% (N4.9 trillion), while capital outlay represents 20.7% (N2.1 trillion).
We have done an in-depth analysis of the budget proposal evaluating it against such other issues such as our debt profile, ERGP, plans to raise VAT and performance of previous budgets.
The Nigeria Real Estate Market Outlook report by Northcourt Real Estate. This report analyses the residential, retail, office and industrial markets from the investor's perspective. Economic indicators are also assessed.
Union Budget Preview - Reinforcement of Fiscal Stimulusemkayglobal
The Union Budget is round the corner and as it comes closer, speculation is getting rife. In this report we bring to you a preview into what you can expect from this year's budget and its impact in the ensuing period
The Nigeria Real Estate Market Outlook report by Northcourt Real Estate. This report analyses the residential, retail, office and industrial markets from the investor's perspective. Economic indicators are also assessed.
Union Budget Preview - Reinforcement of Fiscal Stimulusemkayglobal
The Union Budget is round the corner and as it comes closer, speculation is getting rife. In this report we bring to you a preview into what you can expect from this year's budget and its impact in the ensuing period
An update by the Department of Revenue on the FY21 & 22 revenue outlook and the oil tax credit obligations reverting to the state following the Supreme Court's rejection of HB331.
Macro Pakistani | BaKhabar Special Episode | Federal Budget 2021-22 Faiz Ahmed
Highlights from the Federal Budget 2021-22 along with comparisons of previous years' budgeted and actual revenue collection/expenditure. Ambitious target setting for revenues continues with fiscal deficits budgeted at 6.3%. Higher GDP growth is expected to bring in higher tax revenues and lower deficit. Expenditure to rise mainly for subsidies, development expenditure and higher transfer to provinces.
Greetings,
Attached FYI ( NewBase Special 29 February 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• UAE cuts petrol prices for March, but raises diesel
• Kuwait:Govt wants to raise petrol prices by up to 83 %
• Qatar: Steep decline in Qatar trade surplus as Asian LNG fell to $4.5/MMBTU
• UK: green light for £2.5 billion East Anglia ONE offshore windfarm
• European distillate oversupply means some shippers take the long route around Africa
• Oil prices rise, signs mount that market is bottoming out
• Oil industry sees Paris climate deal as chance to innovate
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Dig what’s for you in the Union Budget 2020 amidst the economic slowdown. From direct to indirect taxes and policy updates. The Economic Survey 2020 expects growth to rebound in H2 of FY2021 and annual growth to be in the range of 6-6.5 percent. See More : https://www2.deloitte.com/in/en/pages/tax/topics/union-budget2020-2021.html
Federal Budget FY21: A Barrier Eclipsing ReliefSCPL Capital
FY21 : Key Budgetary Targets
GDP is expected to grow 2.2% vs. -0.4% in FY20e
Inflation to clock in at 6.5% as compared to 10.9% in FY20e
PSDP allocation of 1.3trn (up 13% YoY)
Tax revenue targeted at PKR4.7trn (up ~1trn YoY)
Fiscal Deficit to stand at 7% vs. 9.1% in FY21
An update by the Department of Revenue on the FY21 & 22 revenue outlook and the oil tax credit obligations reverting to the state following the Supreme Court's rejection of HB331.
Macro Pakistani | BaKhabar Special Episode | Federal Budget 2021-22 Faiz Ahmed
Highlights from the Federal Budget 2021-22 along with comparisons of previous years' budgeted and actual revenue collection/expenditure. Ambitious target setting for revenues continues with fiscal deficits budgeted at 6.3%. Higher GDP growth is expected to bring in higher tax revenues and lower deficit. Expenditure to rise mainly for subsidies, development expenditure and higher transfer to provinces.
Greetings,
Attached FYI ( NewBase Special 29 February 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• UAE cuts petrol prices for March, but raises diesel
• Kuwait:Govt wants to raise petrol prices by up to 83 %
• Qatar: Steep decline in Qatar trade surplus as Asian LNG fell to $4.5/MMBTU
• UK: green light for £2.5 billion East Anglia ONE offshore windfarm
• European distillate oversupply means some shippers take the long route around Africa
• Oil prices rise, signs mount that market is bottoming out
• Oil industry sees Paris climate deal as chance to innovate
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Dig what’s for you in the Union Budget 2020 amidst the economic slowdown. From direct to indirect taxes and policy updates. The Economic Survey 2020 expects growth to rebound in H2 of FY2021 and annual growth to be in the range of 6-6.5 percent. See More : https://www2.deloitte.com/in/en/pages/tax/topics/union-budget2020-2021.html
Federal Budget FY21: A Barrier Eclipsing ReliefSCPL Capital
FY21 : Key Budgetary Targets
GDP is expected to grow 2.2% vs. -0.4% in FY20e
Inflation to clock in at 6.5% as compared to 10.9% in FY20e
PSDP allocation of 1.3trn (up 13% YoY)
Tax revenue targeted at PKR4.7trn (up ~1trn YoY)
Fiscal Deficit to stand at 7% vs. 9.1% in FY21
Public Presentation of Approved 2022 FGN Budget FinalNGFSecretariat
At the public presentation of the approved 2022 budgets, there were breakdowns and highlights made by the Honourable Minister of Finance, Budget, and National Planning, Mrs. (Dr.) Zainab Shamsuna Ahmed.
EY's summary and analysis of Dr. Ashni Singh's 2021 Guyana National Budget for Guyana South America the Caribbean's wealthiest and fastest growing economy
Vietnam's state owned enterprises divestment targets - striking a delicate ba...Christiana Wu
Vietnam’s budget deficit is growing amidst dwindling crude oil revenue and ballooning public debt. Will the proceeds from the divestments of multi-billion dollar state-owned companies and highly controversial across-the-board tax hikes proposal be enough to balance the state’s finances? Will the mega sales of Government’s stakes in Vinamilk, Sabeco, Habeco, Petrolimex, Vietnam Airlines, and other corporations be in time to provide desperately needed capital? | For more reports like this? Follow SPEEDA on Linkedin: www.linkedin.com/showcase/3687396/ or visit https://goo.gl/VfHswA
Economic recovery remains lackluster...
Real GDP growth improved to 2.4% (Q3'18: 1.8%), sustaining its quarterly climb from Q2'18. The marginal improvement in GDP continues to be driven wholly by expansion in non-oil sector activities, which grew further to 2.7%. This time around, the agriculture sector also contributed to the sustained improvement in the sector, even as the services sector continues to undergird non-oil growth.
However, when compared with the corresponding quarter in 2017 (Q4'17: 2.1%), GDP growth was marginal. This indicates that the country's economic recovery remains flat and below expectations.
Read our detailed analysis of Nigeria's Q4'18 GDP figures and other economic projections in our latest Nigeria Economic Alert.
New base energy news issue 838 dated 26 april 2016Khaled Al Awadi
Greetings,
Attached FYI ( NewBase Special 26 April March 2016 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In today’s issue you will find news about:-
• Saudi Arabia economic transformation as Drop in oil prices force reforms for after oil
• What’s In Saudi Arabia’s Blueprint for Life After Oil?
• Qatar Shell sees big potential for gas-to-liquids from Qatar
• Egypt: Energean completes 2D seismic survey onshore ahead of drilling
• Turkmenistan Adding More Infrastructure to Increase Gas Supply to China
• Canada's Oil Rebound Elusive as Rig Count Drops to Record Low
• Oil futures stable with Brent at 44.84 and WTI at 42.85 U$/B
• $390bn fall in exports for Mena oil producers
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
This publication is the first of a three-part series on the Nigerian Gas sector. The series aims to highlight the industry issues and challenges as well as assess the opportunities across the value-chain in addition to providing an outlook for the sector. In this first part we assess the impact of gas flaring on the Nigerian economy by estimating in monetary terms the economic and health effects of gas flaring as well as the revenue potential lost from flaring.
Data has shown a strong correlation between strong intellectual property rights and economic development. Strong IP rights create an enabling environment for the innovation necessary for economic stimulation. Unfortunately, Nigeria is home to one of the weakest intellectual property protection regimes which hampers growth prospects of our already weak economy.
IP violations hinders economic growth by discouraging investment, decreasing innovation, discouraging research and diminishing financial benefits from creation and may pose harm to consumers.
The strongest tool with which to restore Nigeria’s intellectual property protection and enforcement regimes are legislation and policy initiatives that prioritise IP protection.
This is a White Paper presented at Power Sector Roundtable Conference hosted by Mainstream Energy Solutions Limited on September 24, 2019 at Kainji Dam Hydropower Plant, Niger State.
The crux of the presentation is that Nigerian power industry is suffering from a lack of profitability and liquidity, including the DISCOs. We've put forth suggestions on how this situation can be addressed and outlined a number of advantages of the proposed approach.
This article is the second part of a three-part series. In the first part, we discussed the current state of intra-African trade, the AfCFTA and its importance, and highlighted businesses that have successfully leveraged regional integration in ASEAN.
Since the publication of the first part of this article, Nigeria has joined the CFTA. With Nigeria in the CFTA, Nigerian businesses have direct access to a market of over one billion people. Therefore, they must prepare to take advantage of the new markets that the AfCFTA grants access to. However, the Nigerian market is now directly open to intra-African competition from businesses in countries with comparative advantage.
In this part, we discuss the current state of trade in Nigeria, and highlight African countries with businesses with the capacity to compete with Nigerian businesses in the Processed Agriculture, Retail and Trade, and FMCG sectors.
In 2018, three global economic threats emerged from socioeconomic and political conflicts. These are Brexit, US-China trade war and the Iran sanctions. Our latest Nigeria economic alert highlights recent developments in these events.
Bringing Dead Capital to life: What Nigeria should be doingOmosomi Omomia, MBA
PwC estimates that Nigeria holds at least $300 billion or as much as $900 billion worth of dead capital in residential real estate and agricultural land alone. The high value real estate market segment holds between $230 billion and $750 billion of value, while the middle market carries between $60 billion and $170 billion in value.
This report estimates the amount of dead capital in residential and agricultural real estate across Nigeria. We also recommends ways in which the estimated capital can be unlocked and leveraged to create value and grow wealth in the economy.
Nigeria's economy expanded by 2.01% y/y in the first quarter of 2019 (Q1'19) from growth of 1.89% (Q1'18) in the corresponding quarter, on the back of improved aggregate demand underpinned by election spending within the period under review. The Q1'19 growth was the best first quarter performance of the economy since 2015.
However, the GDP growth result was below the 2.38% growth recorded in Q4'18, consequently dampening the upward growth trajectory of the economy since Q2'18.
Top ten themes for 2019
From Diaspora remittances to unemployment, oil prices, population growth and the exchange rate, our economists, using relevant data and charts, highlight top ten themes around Nigeria's economic outlook for 2019.
Please note that this document has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice.
Feeding Nigeria's current and future population is a critical challenge. This challenge necessitates the adoption and application of innovations to agriculture so as to make the sector more competitive and sustainable. Boosting economic growth in agriculture is a function of three factors: farmland expansion, yield growth and reduction in post-harvest losses.
Nigeria's allocation to tertiary education has declined over the years. Relying solely on the government to fund tertiary education is no longer adequate because of the growing government budget deficit and a need to focus on hard infrastructure such as transport network and power.
The world over, the cost of providing tertiary education is expensive, however multiple avenues of funding are available, exclusive of government allocation and out-of-pocket payments.
Our new publication Closing the funding gap in social infrastructure: Making the case for adoption of endowment funds observes that Nigeria needs to find sustainable ways to fund tertiary education and makes the case for adopting endowment funds, which have been successfully established in the West, as a sustainable strategy. It also shares steps for setting up such a fund in Nigerian universities.
This is a very topical issue as the conversation continues on how to augment government funding for Nigerian universities. It would thus be of great value to academics, university administrators, founders of private tertiary institutions, policy makers, labour unions in tertiary institutions, civil society, philanthropists, donor agencies, students association etc.
To maintain its share of the continent’s agriculture GDP by 2030, Nigeria will need to grow its agriculture sector revenues by a compounded annual growth rate (CAGR) of 4.7% annually. To ensure this is achieved, agriculture budget to GDP will have to be sustained by at least 7% annually. It is estimated that agriculture is Africa’s largest economic sector, representing 15% of the continent’s total GDP. Nigeria contributes 14% of Africa’s agriculture GDP. The World Bank forecasts that by 2030, the food market in Africa will grow to be a US$1 trillion industry. Nigeria will need to intensify its investments in improving agriculture yield and integrating the value-chain over the next decade to effectively capture a significant share of the US$1 trillion market.
Real GDP growth improved to 1.8% y/y in Q3'18 driven wholly by the continued expansion in non-oil activities to 2.3%, the highest since 2016. The services sector is largely responsible for the sustained improvement in the non-oil sector, on account of growth in information & communication technology (ICT).
Our Economist hold that for economic growth to be inclusive, the FG has to ensure that real GDP grows at a faster rate than population growth. We believe that intensifying focus on the Economic Recovery and Growth Plan (ERGP) reforms in Q1'19 will improve non-oil sector growth, particularly in manufacturing. This growth should be supported by ongoing business reforms including legislative reforms facilitated by the Presidential Enabling Business Environment Council (PEBEC) and the Senate. Furthermore, boosting oil production to normal level may provide much-needed revenues to support macro-economic growth.
BusinessDay Research & Intelligence Unit (BRIU) presents excerpts from over 200 pages of the maiden edition of our annual Innovation Report 2018 sub-titled Companies to Inspire Nigeria following the first BusinessDay Innovation Awards held in 2017.
The report tracks the innovative trends and strides of 88 Companies who introduced and pioneered inventive and ground-breaking products, services, models, processes and ideas in Nigeria that revolutionised our local markets over the last three (3) years (2014 to 2017).
Innovation is a prerequisite for corporate survival and the lifeblood of sustainable business growth and development globally. Organisations that innovate successfully are those that drive the future of the sectors or markets in which they play and indeed the overall economy they are located.
BusinessDay Research & Intelligence Unit (BRIU) is delighted to present the results of our Construction Survey which reflects the views of 114 professionals from segments of the Construction Industry, as well as Finance and the Public Sector.
Our report provides in-depth analysis of the construction industry including trends and challenges being
experienced on the ground.
Sentiment for the construction industry is somewhat optimistic and the outlook for 2018 is relatively positive, with further increases in activity expected across a few strategic sectors.
However, there are a number of challenges currently facing the industry, and of these, the country's currency value and access to finance/funding for activities is causing the greatest concern.
BusinessDay Research & Intelligence Unit (BRIU) is delighted to present the results of our Construction Survey which reflects the views of 114 professionals from segments of the Construction Industry, as well as Finance and the Public Sector.
Our report provides in-depth analysis of the construction industry including trends and challenges being experienced on the ground.
Sentiment for the construction industry is somewhat optimistic and the outlook for 2018 is relatively positive, with further increases in activity expected across a few strategic sectors.
However, there are a number of challenges currently facing the industry, and of these, the country's currency value and access to finance/funding for activities is causing the greatest concern.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...
Economic alert-nov-2019
1. Nigeria
Economic Alert
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 276,000
people who are committed to delivering quality in assurance, advisory and tax services. Find out more by visiting us at www.pwc.com/ng
X-raying the 2020
FGN budget proposal
The proposed FGN budget of N10.3 trillion for the 2020 fiscal year was presented to the National Assembly on Tuesday, October 8, 2019.
The budget represents an increase of 11% from the approved N9.1 trillion FGN budget for 2019. Of the total proposed 2020 budget,
non-debt recurrent expenses accounts for 47.6% (N4.9 trillion), while capital outlay represents 20.7% (N2.1 trillion).
The cost of governance remains a cause for concern, as recurrent expenditure continues to grow annually. By 2020, cumulative FG
personnel costs, pensions and gratuities (from 2011 to 2020) will be over N20 trillion. As at 2018, the federal government’s workforce was
reported to be about 400,000 in total, signifying that about 0.2% of the country's population consumed about one-third (33%) of the
national budget. This figure is expected to expand further in coming years, especially given the low staff turnover in the federal civil
service and the new minimum wage.
The proposed 2020 budget is anchored on two policy frameworks – the Finance Bill, and the Deep Offshore and Inland Basin Production
Sharing Contract (Amendment) Bill 2018. The former intends to amend the existing VAT regimes and make it more dynamic. The latter,
which was previously rejected by the National Assembly, has been returned for reconsideration. These Bills have the potential of
generating substantial revenue stream from tax and crude oil.
Personnel costs, pension and gratuities of FG workforce (N'bn)
Source: Budget Office of the Federation, PwC analysis
1,854.0 1,810.7 1,861.1
1,656.2
2,077.4
1,874.7
2,057.1
2,288.1
3,000.0
3,600.0
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2011 2012 2013 2014 2015 2016 2017 2018 2019b 2020b
Despite this substantial revenue generation potential, the achievement of the proposed 2020 FGN fiscal plan remains in doubt, as the
Federal Government's actual revenue has fallen short of the budgeted revenue in eight years (2011 – 2018). The continued shortfall in
budgeted revenue has resulted in a widening budget deficit which is proposed at N2.8 trillion in 2020, fuelling the debate of the growing
debt burden of the government. This debate continues, with the Federal government's plans to spend N2.5 trillion on debt servicing in
2020 – approximately 23% of the total proposed budget.
Nigeria's fiscal revenue profile remains highly susceptible to oil price shocks in the global energy market, as the oil sector contributes
more than 60% of the annual budgetary income. In 2016, the global oil crisis resulted in an economic recession.
As a result, fiscal revenue generated from oil sales decreased to about N0.70 trillion (representing 46% of total fiscal revenue) in 2016, the
lowest in eight years (2011 – 2018). In 2018, actual oil revenue grew to N1.96 trillion, representing 64% of total fiscal revenue.
Non-oil revenues, on the other hand, continued to grow in the same period. Consequently, in terms of contribution to fiscal revenue, the
non-oil sector contributed 54% in 2016.
FG's revenue profile still vulnerable to oil price shocks
www.pwc.com/ng
2. Actual vs Budgeted Share of Oil Revenue
to FG (N' billions)
Source: PwC, Budget Office of the Federation
This was the first time in the history of the country that non-oil revenue outpaced oil revenue. Despite this significant trend in 2016, the
proportion of actual non-oil revenue slowed marginally to 36% in 2018.
From 2011 to 2018, actual oil revenue generated remained below budgeted oil revenue. In 2018, the gap between the actual and the
budgeted oil revenue reached a peak of N1.02 trillion, due to contraction in oil sector GDP.
Actual vs Budgeted Share of Non-oil Revenue
to FG (N'billions)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2011 2012 2013 2014*** 2015 2016 2017 2018
Actual Oil revenue Budgeted Oil revenue
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2011 2012 2013 2014*** 2015 2016 2017 2018
Actual non-oil revenue Budgeted non-oil revenue
Source: PwC, Budget Office of the Federation
*** represents an estimation of revenue breakdown using an average of 70% of budget revenue as share of oil revenue budget to FG
Appraisal of previous budget documents
In the period under review (2011 – 2018), the Federal Government did not achieve the revenue projections for both oil and non-oil
revenue. As the gap between projected oil revenue and the actual revenue inflow widens, so also the increasing need to borrow to
close the growing deficit.
Actual and budgeted federal government revenue (N'billions)
Source: Budget Office of the Federation, PwC analysis
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2011 2012 2013 2014 2015 2016 2017 2018
Actual revenue Budgeted revenue
Implementation of the recurrent expenditure portion of the budget continues to outperform capital spending. In 2018, budgeted
recurrent expenses stood at N3.52 trillion but actual recurrent expenses incurred for the year was N3.24 trillion representing 92%
implementation rate. In contrast, capital budget implementation was slightly above half (58%) of the over N2.8 trillion budgeted in the
same year. Since 2010 (except for 2015), the FG has not been able to implement up to three-quarters of its capital spending plan.
3. How realistic are the assumptions of the 2020 budget?
Assumptions of the 2020 budget Historical trend Explanation
• Oil price benchmark
- US$57
On average, daily crude oil price has
been higher than the benchmark of
US$57 since February 2019.
The assumption of US$57 appears realistic based
on historical trends. Except there are major
events that may precipitate a shock, US$57 is
achievable.
• Oil production
- 2.18 million barrels per day
Since January 2018, daily oil
production has been below the
projection of 2.18 mbpd. The peak
was 2.02 mbpd in March 2019.
If there is no major rehabilitation of existing
domestic refineries and OPEC maintains the current
state of oil caps, the assumed 2.18 mbpd in oil
production may not be met.
• Official exchange rate
- N305/US$
Based on historical trend, the official
exchange rate has been diverging
from a base rate of N305 since
January 2018.
The CBN will only achieve the assumed official
exchange rate by supplying U.S. Dollars to the
market. This is at the expense of reserve depletion.
Without deliberate action from the CBN, N305/US$
may not be achievable.
• Real GDP growth rate
- 2.9%
Since Q1 2018, quarterly real GDP
growth rate has been below 2.9%.
The highest growth rate was 2.38% in
Q4 2018.
In the absence of major economic policies that will
stimulate domestic production, achieving a real GDP
growth of 2.9% in 2020 may not be attainable.
• Inflation rate
- slightly above single digit.
Inflation rate since January 2018
assumed double digits.
There is a slight chance that inflation will be slightly
above single digit, except there is a significant
growth in domestic production, exchange rate
appreciation and effective counter - cyclical policies.
Raising VAT: To what extent will it fund the budget?
The proposed 2020 budget is premised on the increase in VAT rate from 5% to 7.5%. Between 2013 and 2018, when the VAT rate was
pegged at 5%, VAT revenues only financed an average of 3% to 5% of recurrent expenditure. Therefore, it is expected that the
increase in VAT will cover a small fraction of the proposed recurrent expenditure in 2020.
In relation to non-oil revenues, VAT contribution was between 11% to 14% from 2011 to 2018. The all-time high contribution of VAT to
non-oil revenue was 14.1% in 2013.
PwC forecasts VAT contribution of 12.5% to non-oil revenue in 2020. Therefore, the rise in VAT rate from 5% to 7.5% is insufficient to
boost non-oil revenues, especially with the low collection rate. Consequently, PwC estimates that the increase in VAT to 7.5% will
cover about 4.5% of recurrent expenditure in 2020.
VAT to recurrent expenditure (%)
Source: NBS, CBN Bulletin
VAT to non-oil revenue (%)
Source: NBS, CBN Bulletin
3.5
4.0
4.5
4.8
4.1
4.5
4.7
4.5 4.4 4.5
0%
1%
2%
3%
4%
5%
6%
2011 2012 2013 2014 2015 2016 2017 2018 2019e 2020f
11.0
13.5
14.1 13.7
12.7
13.3 13.6
13.0
12.4 12.5
0%
2%
4%
6%
8%
10%
12%
14%
16%
2011 2012 2013 2014 2015 2016 2017 2018 2019e2020f
4. Evaluating the budget in line with the ERGP
The 2020 budget is short of the ERGP with respect to several key variables. The table below shows some of the divergence between
the 2020 budget and the ERGP.
2020 Budget
Benchmarks
ERGP
Projections
Remarks
Inflation Slightly above 10% 9.9% Proposed Inflation benchmark in 2020 is short of the ERGP’s
target
Real GDP growth 2.93% 7% Nigeria will not meet up with the ERGP’s growth projection
Oil price benchmark US$57 US$52 Oil prices will be higher than the ERGP’s target
Oil production 2.18mbpd 2.5mbpd There will be a production gap of 0.32mbpd in 2020
Annual increase in
fiscal revenue
N 1.15 trillion N 800 billion
annually
Revenue in 2020 will increase more than is proposed in
the ERGP
Oil revenue N 2.64 trillion N 2.76 trillion Oil revenue will trail behind the ERGP’s projection
Non -oil revenue N 5.51 trillion N 3.36 trillion Non -oil revenue is expected to rise beyond projection
Non -debt recurrent
expenditure
N 4.88 trillion N 2.79 trillion A negative trend – non -debt recurrent expenditure will be
higher than projection
Interest payments N 2.45 trillion N 2.12 trillion Interest payments will be higher than the ERGP’s projection
Sinking fund N 296 billion N 350 billion Provisions for principal retirement of debts will be lower than
the projection in 2020
Capital expenditure N 2.14 trillion – 21% N 1.93 trillion –30% Capital expenditure, though higher in absolute terms
accounts for 21% of budget in 2020, compared to the
ERGP’s projection of 30%.
Assessing Nigeria's debt profile in the context of the 2020 budget
The growing debt profiles of the federal and sub-national governments continues to raise concerns among policymakers and
analysts. The widening budget deficit necessitates government's resolve to borrow to cover its revenue shortfalls. The government
has reiterated that the existing debt level has not breached the internationally acceptable threshold of 30% debt-to-GDP ratio.
As at 2018, the federal government's total debt stock stood at N20.5 trillion, a 12% increase from N18.4 billion in 2017.
Consequently, debt-to-GDP rose to 29% from 27% recorded in the prior year. By H1 2019, the debt-to-GDP ratio surged to 61%.
With a slowing economic growth rate and a spiraling debt growth rate, the debt-to-GDP ratio may pass the 30% threshold by year-
end 2019.
However, the debt-to-GDP ratio paints just half of the picture. The issue bordering on debt sustainability is the ratio of debt service to
government revenue on one hand, and the ratio of government debt to government revenue. Since 2011, debt service-to-revenue
ratio rose consistently from 21.2% to 51.9% in 2015 peaking at 86.6% in 2016. It declined thereafter to 78.6% and 67.7% in 2017
and 2018 respectively. This significantly exceeds the international acceptable threshold of 20 – 25%.
The continuous decrease in debt service-to-revenue ratio over the last two years is underpinned on revenue growth which outpaced
growth in debt servicing within the period under review.
Source: ERGP document, PwC analysis