Sunday, September 15, 2019

OPEC Cuts 2020 Oil Demand Forecast

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said oil demand worldwide would...

Buhari Appreciates The Support Nigeria and China Give To Each Other and Wishes It Sustained

Nigeria is ready to provide counterpart funding on all agreements reached with China for the provision of infrastructure that directly improves the livelihood of Nigerians, President Muhammadu Buhari said Thursday in Abuja. Receiving Yang Jiechi, Special Envoy of the President of China, Xi Jinping, at State House, President Buhari expressed deep appreciation for China’s sustained...

Airtel overtakes Globacom to become Nigeria’s second largest network

Airtel Nigeria is now the second-largest telecommunications service provider in the country. According to the July subscriber data released by the Nigerian Communications Commission (NCC), Airtel gained a total of 906,400 customers in July to become second. Airtel currently has 123,327 subscribers more than Globacom that has occupied the position for years. In total, there are now...

Uber, Jumia, Netflix…. businesses that may be affected by FIRS’ new VAT policy

Businesses operating in Nigeria’s internet space are preparing to add value-added tax (VAT) to their cost of doing business. Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS) recently announced that the service will extend its tax net by charging 5% VAT on online transactions. Since its inception, the Muhammadu Buhari-led administration has made...

Nigerian Govt To Recover N614bn Budget Support From 35 States

The Nigerian government has begun talks to finalise the modalities for repayment of N614 billion budget support facilities loaned to 35 states by the Central Bank of Nigeria (CBN). The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this to State House correspondents on Thursday after the National Economic Council meeting in...

Delta Govt. Earmarks 33,000 Hectares For Oil Palm Cultivation

Delta Government has earmarked over 33,000 hectares of land in 28 communities across the state for commercial cultivation of oil palm. The News Agency of Nigeria (NAN) reports that the state’s  decision to establish large scale oil palm production was in line with Central Bank of Nigeria (CBN) Oil Palm Development Initiative (OPDI) aimed at...

Forex ban on food imports will protect local producers — AgroNigeria Boss

Mr Richard-Mark Mbaram, Managing Director, AgroNigeria, says that the Federal Government’s suggestion to divert forex to other profitable economic activities will provide protection for local producers of agro commodities. Mbaram made the assertion while speaking with Newsmen on Monday in Lagos against the backdrop of the Federal Government ’s suggestion to the Central Bank of...

More Items ‘ll Be Denied FOREX – CBN Gov

…Says no going back on Buhari’s directive on food import …As FG plans to apply stay of action on $9billion judgement THE Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, on Monday said more items will soon be denied foreign exchange from government institutions and Nigeria banking industry. Emefiele, who disclosed this in...

5% VAT On Online Shopping: Nigerians React

Mixed reactions have trailed the proposed plan by the Federal Government to slam a five per cent Value Added Tax (VAT) on goods bought online. Experts told the News Agency of Nigeria (NAN) on Friday in Lagos, that the plan could discourage the growing digital economy, while some expressed worry that the revenue realised would...

Buhari directs CBN to halt forex for food importaton

President Muhammadu Buhari has given the Central Bank of Nigeria (CBN) directive on restricting forex for food importation. Newsmen gathered that the directive will be implemented in phases so that the impact on food prices and inflation can be managed. A source said, “A lot of times CBN is hindered in implementing macroeconomic policies because of...

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