NECA, LCCI, fault Buhari’s directive on food importation

The Nigeria Employers’ Consultative Association and the Centre for Social Justice say the directive by President Muhammadu Buhari to the Central Bank of Nigeria to withdraw foreign exchange for importation of food is coming at a wrong time. Click here for more.

Senate frowns on bailout funds for power sector

The total amount of energy on Nigeria’s power grid plunged by 1,669.6 megawatts in one day, as the Senate has kicked against the continuous disbursement of bailout funds by the Federal Government to power firms. Click here for more.

FG denies fraud allegation against N-Power again 

The Federal Government (FG) has again denied the fraud allegations raised against N-Power, the job creation and empowerment initiative of the Social Investment Programme (SIP). The scheme has been dragged into application scandal several times. Click here for more.

FIRS Issues Deadline For VAT Remittance

The Federal Inland Revenue Service has said all companies must remit value-added tax and withholding tax by the 21st day of every month. It disclosed this in a public notice on Wednesday signed by its Chairman, Mr Babatunde Fowler. Click here for more.

Falling Oil Price Won’t Change Our Production – NNPC

Nigeria will not alter the production adjustments agreed upon between Organisation of Petroleum Exporting Countries and Non-OPEC countries despite recent volatility in global oil prices, the Nigerian National Petroleum Corporation has said. Click here for more.

Nigerian Stock Market Maintains Downtrend As NSEASI Dips By -0.82%

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.82% to close at 27,083.11 points as against -0.43% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.83%. Click here for more.

CBN Auctions N34bn Treasury Bills

The Central Bank of Nigeria (CBN) held a treasury auction on Wednesday to try to lure foreign investors. According to Reuters, traders said the central bank asked them to increase their rates at a bills auction on Wednesday compared with rates that the bank paid at the last sale in July. Click here for more.

AfDB gets $20m investment for energy inclusion

African Development Bank says it has received $20m investment from the Clean Technology Fund for the Facility for Energy Inclusion. The bank, in a statement on Wednesday, said the Facility for Energy Inclusion was sponsored by the AfDB to provide sustainable financing for small-scale renewables in Africa. Click here for more.

Fuel Subsidy Removal Will Add 4% to Global GDP, IMF Tells Nigeria, Others

The International Monetary Fund (IMF) wednesday reiterated the need for Nigeria and other countries that still retain the policy of subsiding fossil fuel to put an end to the policy. Click here for more.

How technology can drive insurance penetration in Nigeria

Worried by the poor insurance penetration in the country, stakeholders in Nigeria’s insurance industry are demanding that greater investment be made in the acquisition and deployment of contemporary technology to address the crisis. Click here for more.

China Curbs Gold Imports As Trade War Heats Up

China has severely restricted imports of gold since May, bullion industry sources with direct knowledge of the matter told Reuters, in a move that could be aimed at curbing outflows of dollars and bolstering its yuan currency as economic growth slows. Click here for more.

Stocks rattled, oil sinks as bond markets scream recession

Asian stocks stumbled and oil prices extended a punishing sell-off on Thursday as investors feared an historic drop in long-term U.S. bond yields could portend a recession globally. Spooked investors stampeded to the safety of sovereign debt and drove yields on 30-year Treasuries US30YT=RR to alltime lows at 1.965%. Click here for more.