NECA, CIBN, MAN, Others Back Sanusi’s Call For Fuel Subsidy Removal
Against the backdrop of the statement by the Emir of Kano, Mallam Muhammad Sanusi II, that the country was on the brink of bankruptcy, the Nigeria Employers’ Consultative Association and other stakeholders have asked the Federal Government to scrap fuel subsidy. Click here for more.
Buhari removes Kachikwu, appoints new NNPC board chairman
President Muhammadu Buhari has appointed Dr Thomas John as the acting alternate chairman of the Governing Board of the Nigerian National Petroleum Corporation, bringing to an end the tenure of the former Minister of State for Petroleum Resources, Dr Ibe Kachikwu. Click here for more.
Ex Finance Minister Zainab Ahmed, explains why VAT will rise to 7.5% next year
As Nigerians anticipate the “sacred list” of President Muhammadu Buhari’s new ministers who will pilot his cabinet for another four years, the immediate past Minister of Finance, Zainab Ahmed has indicated interest to be re-appointed to continue leading the finance ministry for another four years. Click here for more.
Hope rises for new revenue formula as Buhari inaugurates RMAFC board
The quest of the 36 state governments for a new revenue formula may soon become a reality as President Muhammadu Buhari is set to inaugurate the board of the Revenue Mobilisation, Allocation and Fiscal Commission, on Thursday (today). Click here for more.
Investors Lose N26.29bn As Sell Pressure Persists
Equities market closed yesterday on a negative note, as NSEASI depreciated by 0.20% to close at 29,609.00 points as against 0.47% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.80%. Click here for more.
Forex: CBN Boosts Market With $210m
The Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market. Figures obtained from the CBN on Tuesday, June 25, 2019, indicate that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Click here for more.
NDIC Raises Concern Over Huge Financial Exclusion
Nigeria Deposit Insurance Corporation (NDIC) has raised concern over the huge financial exclusion in Nigeria, which it put at 60 per cent.The managing director/chief executive officer, Alhaji Umar Ibrahim, disclosed this yesterday when he visited the Senate president, Ahmed Lawan. Click here for more.
Can Nigeria’s Workforce Compete Globally
In 2017, India was said to be the best country for global outsourcing, an industry with annual revenues of over $85 billion. But Nigeria, Africa’s largest economy, is losing money to global outsourcing. For example, in 2016, Nigerian Information Technology (IT) consumers spent over $1 billion, but less than two per cent of payments went to local entities. Click here for more.
Nigerians may pay more for commodities, as new duty regime bites
Nigerians may be bracing for higher prices of commodities as the spiral effect of the sudden increase in import duty by over 6.1 per cent by the Federal Government, takes toll on prices.Already, importers and manufacturers are groaning under the new regime and the impact on their businesses. Click here for more.
Lagos ranks fourth as Africa’s most expensive city
A new report, on Wednesday, rated Lagos as the fourth costliest city in Africa, moving up 17 places from last year’s ranking by research firm, Mercer. N’Djamena, Chad, had the highest ranking in Africa, followed by Kinshasa in the Democratic Republic of Congo and Libreville, Gabon in second and third places, respectively. Click here for more.
Oil Prices Jump To $65.91 As U.S. Crude Stocks Fall
Oil prices rose more than one per cent on Wednesday to their highest in nearly a month as industry data showed U.S. crude stockpiles fell more than expected, underpinning a market already buoyed by worries over a potential U.S.-Iran conflict. Click here for more.