Reps to probe N571bn loss to tax waivers
The House of Representatives said on Tuesday that the country was losing an estimated $2.9bn (N571.3bn) yearly to tax waivers granted to multinational corporations and indigenous companies operating in Nigeria. The House noted that this was a huge revenue loss to the country and ordered an investigation into such waivers with a view to either reducing or abolishing them completely… Read More...http://www.punchng.com/reps-probe-n571bn-loss-tax-waivers/
CBN adopts flexible forex policy as reserves dip to $26.6bn
The Monetary Policy Committee of the Central Bank of Nigeria has directed the management of the apex bank to adopt a flexible exchange rate policy in the inter-bank forex management structure. The CBN Governor, Mr. Godwin Emefiele, disclosed this on Tuesday while addressing journalists shortly after the two-day MPC meeting held at the apex bank’s headquarters in Abuja… Read More...http://www.punchng.com/cbn-adopts-flexible-forex-policy-reserves-dip-26-6bn/
FG saves N220bn through integrated payroll system
The Federal Government on Tuesday said it had recorded savings of about N220bn since April 2007 when it commenced the implementation of the Integrated Personnel Payroll Information System. A statement from the Office of the Accountant-General of the Federation said that the amount was expected to increase when other agencies of government would enroll onto the platform… Read More...http://www.punchng.com/fg-saves-n220bn-integrated-payroll-system/
Buhari softens economic stance with second major policy shift
CBN signals dual exchange rate coming MPR/CRR unchanged States to see higher allocations Unshackled economy may return to growth In a second major economic policy shift following the deregulation of fuel prices Nigerian President Muhammadu Buhari softened his rigid posture on the naira dollar rate with the Central Bank of Nigeria (CBN) signaling yesterday, the… Read More...https://businessdayonline.com/2016/05/buhari-softens-economic-stance-with-second-major-policy-shift/
AfDB moves to boost electricity supply along Nigeria-Benin corridor
The African Development Bank (AfDB) and West Africa Power Pool (WAPP), a specialised institution of the Economic Community of West African States (ECOWAS), have signed a grant agreement worth $1.99million to support the Nigeria-Benin Interconnector Reinforcement Project (IRP). The grant will help the construction of a 330 kV double circuit high voltage transmission line from… Read More...https://businessdayonline.com/2016/05/afdb-moves-to-boost-electricity-supply-along-nigeria-benin-corridor/
Manufacturers explore export markets to beat FX crunch
The foreign exchange (FX) crisis has pushed a number of Nigerian manufacturers who hitherto had an entirely domestic focus into the export market, as they seek to earn more money and have FX with which to import raw materials. Even manufacturers that are in the export business are now registering more products for export, as… Read More...https://businessdayonline.com/2016/05/manufacturers-explore-export-markets-to-beat-fx-crunch/
Budget delay throws Nigeria’s economy into recession –MPC
The Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) ended yesterday with a decision to retain the Monetary Policy Rates (MPR), with indicators that the economy was on the throes of an imminent recession following the late passage of 2016 budget.
The Governor of the apex bank, Godwin Emefiele, who read the communique said that the conditions that led to the contractions in the first quarter of 2016 were still largely unresolved… Read More...http://sunnewsonline.com/budget-delay-throws-nigerias-economy-into-recession-mpc/
Fuel price to crash soon –Marketers
Nigerians may soon witness a systematic drop in the price of petrol, if the words of the Executive Secretary of Major Marketers Association of Nigeria (MOMAN), Mr. Obafemi Olawore, is anything to go by.
Olawore at an interactive session with Energy Editors in Lagos yesterday, clarified the misconception that the downstream sector had been deregulated, saying what the Petroleum Pricing Regulatory Agency (PPPRA) did with its template was price adjustment and not deregulation… Read More...http://sunnewsonline.com/fuel-price-to-crash-soon-marketers/
Adeosun insists on auditing military payroll
Minister of Finance, Mrs. Kemi Adeosun, yesterday maintained she will not succumb to pressures from powerful interests to shelve plans to audit the security agencies’ payroll, which she described an important national assignment that must be carried out holistically in line with the directives of President Muhammadu Buhari. Speaking in Abuja with the representatives of the para-military agencies, she said the exercise was very necessary to check the alleged phoney allowances and other financial misappropriations of the agencies… Read More...http://sunnewsonline.com/adeosun-insists-on-auditing-military-payroll/
Power Output Seen at 20% of 2016 Peak After Attacks
Power output in Nigeria plunged to a fifth of this year’s peak after attacks on natural gas pipelines cut supplies of the fuel to electricity producers, according to Egbin Power Plc, the country’s largest generator. Total generation fell to 1,000 megawatts on Monday from almost 2,000 MW at the end of last week and is expected to decline further, Egbin’s Chief Executive Officer… Read More...http://www.thisdaylive.com/index.php/2016/05/25/power-output-seen-at-20-of-2016-peak-after-attacks/
Senate Asks FG to Recover N42bn Waivers Granted Dangote, Bua, Others
The Senate on Tuesday asked the federal government to recover N42 billion grants as import duty waivers to six companies including Dangote Limited and BUA Sugar Refinery between 2013 and 2015. The upper chamber also asked the federal government to compel Olam International Limited, Popular Foods, a subsidiary of Stallion Group, and Milan Group to pay the import… Read More...http://www.thisdaylive.com/index.php/2016/05/25/senate-asks-fg-to-recover-n42bn-waivers-granted-dangote-bua-others/
Japaul plans to raise fresh funds as foreign investors indicate interest
THERE are plans by Japaul Oil & Maritime Plc to raise fresh funds to boost its business, even as it cleans its balance sheet for the year 2015. Vanguard gathered that there are foreign investors that have indicated interest in the company and are ready to inject millions of dollars as a result of the intricate value seen in the company, more so that the company has cleaned up its books for profitability… Read More...http://www.vanguardngr.com/2016/05/japaul-plans-to-raise-fresh-funds-as-foreign-investors-indicate-interest/
Fuel price: FG meets Wabba faction of NLC today
THE Federal Government will today resume negotiation with the Ayuba Wabba-led faction of Nigeria Labour Congress, NLC, following Sunday’s suspension of its nationwide industrial action to force government to reverse the pump price of petrol to pre-May 11 price of N86.50 from the current price of N145 per litre… Read More...http://www.vanguardngr.com/2016/05/fuel-price-fg-meets-wabba-faction-nlc-today/
Now there is no money to run government – Amaechi
The Minister of Transportation, Rotimi Amaechi on Tuesday appealed to Nigerians to be patient and give the administration more time to achieve its objectives. Making the appeal while answering questions at the forum of the News Agency of Nigeria (NAN) in Abuja, Amaechi said… Read More...http://www.vanguardngr.com/2016/05/amaechi-appeals-nigerians-patient/
Forex: CBN throws Naira into open market, nullifies N197/$ exchange rate
The Central Bank of Nigeria, CBN, yesterday, announced a flexible exchange rate regime aimed at making foreign currencies more accessible. With this action, the CBN has nullified the official exchange rate regime of N197/dollar. The CBN took the measure following severe pressures on external reserve and foreign exchange supply crisis… Read More...http://www.vanguardngr.com/2016/05/forex-cbn-throws-naira-into-open-market/
We spend N165bn on salaries, allowances every month —FG
The Federal Government says it spends N165 billion on salaries and allowances every month. Minister of Finance, Mrs. Kemi Adeosun, disclosed this yesterday in Abuja, at a joint meeting with the security chiefs of paramilitary agencies under the Ministry of Interior on continuous audit and migration from manual to automated payment system… Read More...http://www.vanguardngr.com/2016/05/spend-n165bn-salaries-allowances-every-month-fg-2/
Nigeria ranks 64th on minority shareholders’ interest index
Finance Minister, Kemi Adeosun, yesterday, described as gladdening Nigeria’s 64th ranking among 140 countries on the protection of minority shareholders interest, comparing favourably with China, 71st; Brazil, 78th; and Russia 116th respectively in the latest World Economic Forum ranking index of 2013/2016… Read More...http://m.guardian.ng/business-services/business/nigeria-ranks-64th-on-minority-shareholders-interest-index/
CBN warns of imminent recession, retains interest rates
Nigeria is on the brink of recession. This is due to the low level of economic activities in the country occasioned by the late passage of the Federal Government budget by the current administration which has made the country to suffer two successive negative quarters… Read More...http://m.guardian.ng/news/cbn-warns-of-imminent-recession-retains-interest-rates/
Nigeria loses $2.9b yearly to tax incentives
The House of Representatives has lamented the loss of over $2.9billion yearly to tax incentives by the government. The lawmakers said the need to review the incentives granted foreign investors has become expedient as a result of the nation’s current precarious economic situation… Read More...http://thenationonlineng.net/nigeria-loses-2-9b-yearly-tax-incentives/
More Nigerian entrepreneurs in UK coming home to invest
MANY Nigerians and Africans in the United Kingdom are returning home to invest, an international expert, Evadney Campbell has said. Campbell, who was in Lagos to conduct training for small and medium enterprises under the auspices of Sterling Business Network(SBN), told The Nation that situation in Nigeria is welcoming for those in the diaspora, adding that Nigeria has prospect for rapid growth, with increasing business opportunities and a thriving consumer market… Read More...http://thenationonlineng.net/nigerian-entrepreneurs-uk-coming-home-invest/
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