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Breakfast Report - 11 October 2022
| Recently, the Senate approved the 2023-2025 Medium Term Expenditure Framework (MTEF), which outlines two fiscal scenarios—the business-as-usual and reform scenarios. The business-as-usual scenario is premised on continued retention of subsidy in 2023 where Nigeria would be expected to spend ₦18.75 trillion and earn ₦6.34 trillion, denoting a fiscal deficit of ₦12.41 trillion. Meanwhile, the reform scenario assumes a subsidy reform by mid-2023. Under this scenario, Nigeria is expected to spend ₦19.76 trillion and earn ₦8.46 trillion resulting in a lower fiscal deficit of ₦11.3 trillion. | |||||
| Equity: The month started off weak, with price dips in heavyweights dragging the market. We expect another series of mixed trading activities this week as investors look to the attractive counters across board. | |||||
| Fixed Income: The NTB market is expected to open the week on a tepid note ahead of the NTB auction on Wednesday. Given the lack of buy interest across benchmark bonds, investors are likely to maintain their bearish sentiment this week. |
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