Buhari Exempts Firms With N25m Turnover From VAT

Firms making a turnover of N25 million and below will be exempted from payment of the Value Added Tax (VAT), President Muhammadu Buhari said on Tuesday. He stated this while presenting his N10.33 trillion 2020 budget estimates to the joint sitting of the National Assembly in Abuja. Click here for more.

FG Defends VAT Increase, Says It’ll Help Struggling States

The Federal Government, yesterday, defended its decision to increase Value Added Tax, VAT, rate to 7.5 per cent from five per cent, stating that the review should have been done nine years ago. Click here for more.

Banks Take N11.57tr Loan From CBN in Six Months

The Central Bank of Nigeria (CBN) loaned N11.57 trillion to Deposit Money Banks (DMBs) in the first half of this year, the apex bank’s financial markets report has shown. A breakdown of the report showed that banks borrowed N95.63 billion in each of the 121 trading days within the coverage period ended June. Click here for more.

FG may revoke Abuja, Ikeja, six Discos’ licences

The Federal Government may cancel the licences of eight power distribution companies as the Discos breached some provisions of the Electric Power Sector Reform Act in July 2019. According to the Nigerian Electricity Regulatory Commission, the eight power firms include Abuja, Benin, Enugu and Ikeja Discos. Click here for more.

NSEASI Dips Further By -0.21% As Sell Pressure Persists

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.21% to close at 26,809.92 points as against -0.45% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.70%. Click here for more.

NSE to Launch Growth Board for SMEs Funding

Small and medium enterprises (SMEs) finding it difficult to access funding will soon heave a sigh of relief as the Nigerian Stock Exchange (NSE) Growth Board(GB) will soon become operational. Click here for more.

Nigeria’s Buhari Bets on Revenue Surge Despite Repeated Misses

Nigerian President Muhammadu Buhari has raised the country’s revenue goals for next year even after repeatedly missing past targets by a wide margin. Africa’s top oil producer foresees government revenues of 8.155 trillion naira ($22.7 billion) in 2020, Buhari said while presenting a 10.33 trillion-naira expenditure plan to parliament on Tuesday. Click here for more.

IMF blames risky CBN lending to FG on “over optimistic revenue projections”

The International Monetary Fund (IMF) team on a visit to Nigeria has blamed the FG’s “over-optimistic revenue projections” as the main reason why the CBN’s lending to the FG continues to increase at an alarming rate. This is contained in a press release published on its websites following a visit by the team of experts. Click here for more.

NNPC To Publish Petroleum Products’ Supplies

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Tuesday said the oil firm was set to commence the publication of details of its petroleum products’ supplies. Beyond publishing the corporation’s monthly financial and operations reports. Click here for more.

With Banks all out to lend, here’s how you should borrow

Recent moves by the Central Bank of Nigeria to help the economy grow faster than it currently means that banks have to give a large part of their deposits as loan. With up to N6.3 trillion private demand deposit (not including time and savings deposits) in the custody of Commercial Banks as at July. Click here for more.

Amazon Invests $15m on SMEs

Amazon, an American multinational technology company-based in Seattle, Washington, has announced the investment of $15 million globally on tools and services in an effort to support their merchants to succeed on the marketplaces. Click here for more.