Nigerian Court Upholds President Buhari’s Election Victory
A Nigerian court upheld President Muhammadu Buhari’s victory in February elections, dismissing a challenge by the main opposition candidate that sought to overturn the win. Click here for more.
FEC okays 7.2% VAT rate, N10tn 2020 budget
The Federal Executive Council on Wednesday approved 7.2 per cent as new Value Added Tax rate for the country, up from the current five per cent. However, a decision has yet to be taken on the effective date of the new rate. Click here for more.
How Federal Government plans to increase VAT to 7.2% affects you
In a bid to increase government revenues, the Federal Executive Council has approved plans to increase Value Added Tax (VAT) from 5% to 7.2%. This represents a 44% increase (VAT has remained at 5% since January 1, 1994, when it became active). Click here for more.
SDG targets’ll add $29bn to national income – Osinbajo
The Vice President Yemi Osinbajo on Wednesday said that meeting the nutrition targets of the Sustainable Development Goal can add up to 29bn to Nigeria’s national income. The Vice President said the Global Panel on Agriculture and Food Systems for Nutrition in Africa also supported this position. Click here for more.
Discos reject 90% power allocation during rains – TCN
Power distribution companies often reject about 90 per cent of the quantum of energy that is allocated to them whenever there is rainfall in their areas of operation; data obtained from the Transmission Company of Nigeria have shown. Click here for more.
Investors Gain N51.54bn As NSEASI Erases Previous Day Loss
Equities market closed yesterday on a positive note, as NSEASI appreciated by +0.39% to close at 27,153.53 points as against -0.16% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.61%. Click here for more.
NSE promotes investment diversification, as it holds 4th Market Data Workshop
The Nigerian Stock Exchange (NSE) has renewed its commitment to promote diversity in investment, manage risk and make information readily available to all investors in the stock market. Click here for more.
Nigerian Exchange Wants to Kick-Start Mortgages to Boost Trading
Nigeria’s FMDQ Securities Exchange Plc is working on a plan to kick-start mortgages to boost trading on the nation’s capital markets. “The lack of housing finance is one of the reasons why our capital market has not grown as it should,” Chief Executive Officer Bola “Koko” Onadele said in an interview. Click here for more.
CBN Injects $210m Into Forex Market
The interbank segment of the Foreign Exchange Market has received another boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, September 10, 2019. Click here for more.
OPEC may need more cuts amid unchanged demand
The Organization of the Petroleum Exporting Countries (OPEC) yesterday, held its forecast for the world’s reliance on its oil next year unchanged, despite a weaker demand outlook, ahead of a key OPEC+ ministerial meeting to assess its current output curbs and country-level quotas. Click here for more.
‘Nigeria’ll abide by OPEC’s rules’
The Minister of State, Petroleum Resources, Chief Timipre Sylva, on Wednesday said the Federal Government will comply with the rules of the Organisation of Petroleum Exporting Countries (OPEC). Click here for more.
Nigeria LNG says it moves closer to Train 7 investment decision
Nigeria LNG said on Wednesday it had moved closer to an investment decision on the long-awaited Train 7 project to expand its liquefied natural gas plant on Bonny Island. The company said in a statement it had signed a letter of intent for the engineering, procurement and construction of Train 7, one of the key milestones towards a final investment decision (FID). Click here for more.