FAAC Allocates N720.8bn To FG, States, LGs

The Federation Accounts Allocation Committee on Thursday allocated the sum of N720.88bn to the three tiers of government. The N720.880bn comprised revenue from Value Added Tax, exchange gain and gross statutory revenue. Click here for more.

FG Approaches World Bank For Another $2.5bn Loan

The Federal Government is currently in talks with the World Bank for a fresh $2.5bn loan. World Bank Vice President for Africa, Hafez Ghanem, disclosed this in an interview in Abuja on Wednesday, Bloomberg reported. Click here for more.

NEC Approves N100bn Proposal for National Livestock Transformation Plan

The National Economic Council (NEC) presided over by Vice-President Yemi Osinbajo Thursday in Abuja approved N100 billion proposal to support the take-off of the National Livestock Transformation Plan (NLTP). Click here for more.

VP puts real sector financing gap N770bn

Vice-President Yemi Osinbajo on Thursday declared that Nigeria would require N770bn annually to close the financing gap in the country’s real sector. Nigeria’s real sector has its key output industries as agriculture, mining, manufacturing, building and construction, as well as services and commerce. Click here for more.

Investors Lose N17.26bn As Market Sentiment Turns Negative; NSEASI Dips By -0.13%

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.13% to close at 27,646.15 points as against +1.00% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.04%. Click here for more.

CBN Restricts Forex For Importation Of Cassava Products

The Central Bank of Nigeria has said it will no longer provide foreign exchange for the importation of cassava, starch, ethanol and all other derivatives into Nigeria. The CBN Governor, Mr Godwin Emefiele, said this during a meeting with some state governors held at the headquarters of the CBN. Click here for more.

CBN spends N146bn to support 849,480 rice farmers, says Emefiele

The Central Bank of Nigeria (CBN) says it spent N146 billion to support 849,480 wet and dry seasons rice farmers across the country.The CBN Governor, Mr Godwin Emefiele, gave the details at a meeting with some state Governors in Abuja on Thursday. Click here for more.

Seplat Relocates All Lagos Offices To One Location

SEPLAT Petroleum Development Company Plc (“SEPLAT” or the “Company”), a leading Nigerian indigenous oil and gas company dual-listed on the Nigerian Stock Exchange and London Stock Exchange, hereby notify The Exchange and the investing public that due to expected business growth. Click here for more.

$1.3bn Crude Oil Lost In Six Months – Govs

Nigeria lost $1.3bn worth of crude oil to theft and pipeline vandalism in the first six months of 2019, according to state governors, who looked into the criminal cases in the oil sector in the Niger Delta.The governors were members of a 13-member ad hoc committee raised by the National Economic Council. Click here for more.

Prolonged Funding Stress Boosts Calls for Permanent Fed Fix

Signs that stress in U.S. funding markets is rebuilding ramped up pressure on the Federal Reserve to permanently increase reserves by boosting Treasury holdings, even as it was preparing a temporary liquidity injection for a fourth straight day. Click here for more.

India Cuts Corporate Tax in $20 Billion Boost to Growth

India cut tax on local businesses to one of the lowest rates in Asia, while providing a more than $20 billion boost to revive economic growth from a six-year low. Tax on all domestic companies will be lowered to 22% from a base rate of 30% currently, Finance Minister Nirmala Sitharaman said Friday. Click here for more.