Fowler replies Kyari, blames revenue shortfall on recession

Chairman of the Federal Inland Revenue Service, Mr Babatunde Fowler, has blamed the drop in the price of crude oil and recession for the shortfall recorded in actual tax collections from 2015 to 2018. Click here for more.

Power Generation Drops To 3,014.8MW As FG Loses N92.28b In 49 Days

Power output from Nigeria’s generating companies (GenCos) dropped to 3,014.8 megawatts (MW), yesterday from a monthly average of 3,578MW in August, latest data from the National Control Centre (NCC), Osogbo, has shown. Click here for more.

South-West tops domestic debtors’ list with N1.04tn

The South-West has more domestic debt than other regions of the country. Statistics obtained from the Debt Management Office on Monday showed that the geopolitical zone was exposed to a domestic debt of N1.04tn as of March 31. Click here for more.

Power Sector: Nigeria received $961 million loan from World Bank and AfDB in 2018

As Nigeria’s debt profile keeps building, it has been revealed that the country obtained the sum of $961 million or N349.8 billion in the form of loans from the World Bank and the African Development Bank (AfDB) in 2018 alone. Click here for more.

Abuse of Incentives, Others Impediments to Tax System, Says CITN

The Chartered Institute of Taxation of Nigeria (CITN) has said multiple taxation and abuse of tax incentives were challenges impeding development of the Nigerian taxation system. Click here for more.

Investors Gain N92.88bn As NSEASI Inches Up By 0.71% To Open The Week Positive

Equities market closed yesterday on a positive note, as NSEASI appreciated by +0.71% to close at 27,115.89 points as against -0.47% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.73%. Click here for more.

CBN Records N112bn Oversubscription On T-Bills Auction

The Central Bank of Nigeria has recorded an oversubscription of N112.15bn on its last Treasury Bills auction. The CBN offered a total of N34.38bn worth of T-bills across the 91-day, 182-day and 364-day tenors. Click here for more.

CBN to defend reserves against UK $9b court ruling

The Central Bank of Nigeria (CBN) on Monday it will strive to protect the country’s currency reserves after a British court ruling granted a small natural gas firm the right to seize $9 billion in assets from the Federal Government. Click here for more.

It’s 2015 All Over Again for Nigeria as Pressure Builds on Naira

Faced with the prospect of a weakening naira, the Central Bank of Nigeria is digging out its 2015 playbook to stem the currency’s decline. After losing out then, traders are betting on history to repeat itself. Click here for more.

Yields Rush to the Rescue of One of World’s Worst Stock Markets

Nigerian stocks may be among this year’s worst performers, but that’s at least boosting the appeal of their yields. The benchmark index in Africa’s biggest oil producer has fallen 14% this year, making it the fourth-worst among 94 major bourses tracked by Bloomberg. Click here for more.

Zenith Bank to Boost Credit as Loan Ratio Falls Below Threshold

Zenith Bank Plc, Nigeria’s second-biggest lender by market value, plans to accelerate lending in the second half after its loan-to-deposit ratio fell short of the regulator’s minimum target. The bank’s loan book dropped 3% to 1.95 trillion naira ($5.4 billion) for the six months through June. Click here for more.

Worries as Trump cancels aviation safety initiative for Nigeria, others

President Donald Trump’s cancellation of the Safe Skies Africa initiative for Nigeria and other countries has raised fresh concerns for safety in local air travel, especially the sustenance of gains already made. Click here for more.