BUSINESS ROUNDUP: Inflation rate hits 26.72%; Tinubu eyes $1.5bn World Bank loan; Other stories

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week —from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

• Nigeria’s inflation rate climbs to 26.72%
• Despite mounting debts, Tinubu to take another $1.5bn World Bank loan
• Telcos may approach court over N120bn USSD debt, threaten service withdrawal
• Nigerian govt spent N135.2bn to subsidise electricity in three months – NERC

Summary:

Nigeria’s inflation rate has increases to 26.72 per cent for September 2023, according to the National Bureau of Statistics (NBS).

The body made this known on Monday in its latest Consumer Price Index report for September 2023.

The September rate as shared on its X handle, marks an increase of 0.92 per cent from the previous month’s rate of 25.80 per cent.

READ ALSO:BUSINESS ROUNDUP: Food inflation soars; Naira weakens 40% against dollar; Other stories

The Federal Government is about securing another $1.5 billion loan from the World Bank, despite mounting debt pressure hanging on the country.

The new $1.5 billion loan, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, would soon be released since it has been in pipeline for a while.

According to Edun, given the prevailing high interest rate regime across the world, the FG will focus on initiatives for financing on reasonable terms.

There is yet to be an end to the controversies surrounding the about N120 billion owed telecommunication companies by banks in the country for the Unstructured Supplementary Service Data (USSD).

This is as the telcos have issued fresh threats to withdraw the USSD service if banks do not pay their N120bn debt owed to them.

According to the telcos, the issue has dragged on for too long and a court resolution might be needed since the banks do not seem to be ready to clear the debt.

The Nigerian Electricity Regulatory Commission (NERC) said on Wednesday the Federal Government paid N135.23 billion to subsidise electricity consumption in the second quarter of this year.

The commission disclosed this in its Q2 2023 report posted on its website in Abuja.

NERC said the federal government spent N135.2 billion to plug the revenue shortfall in the power sector during the period.

ON THE TECH SCENE, Bako Motors, Sony Group, Haba, Cycls, Coinazer, iiDENTIFii, Lisa, Orange, Koolboks, Treepz, Curacel, were some of the names that made the headlines this week.

Sony Group during the week unveiled a $10 million innovation fund earmarked for African entertainment startups.

Also, Haba, a Nigerian insurtech startup founded in 2022 by Constance Oshafi, Stephen Onwe, and Paul Showemimo, announced raising a $75,000 pre-seed funding round.

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