The House of Representatives Committee on Power on Wednesday described as illegal President Muhammadu Buhari’s directive that the Nigeria Bulk Electricity Trading Company, NBET should become an agency under the Ministry of Finance. The Chairman of the House Committee on Power, Hon. Magaji D’au Aliyu, pointed out during the 2021 budget defence session at the […]
Nigeria’s Manufacturing PMI in the month of October stood at 49.4 index points, indicating slowing contraction in the manufacturing sector compared with the last five months, the Central Bank of Nigeria (CBN) has reported. Similarly, the apex bank’s October 2020 Purchasing Manager’s Index Survey reflected that the PMI for the non-manufacturing sector stood at 46.8 […]
The Department of Petroleum Resources (DPR) has disclosed that Waltersmith Modular Refinery located in Ibigwe, Imo State, with refining capacity of 5,000 barrels per day (bpd) is ready for operations. The Director of DPR, Engr. Sarki Auwalu, who gave this hint during a pre-commissioning visit to the project site recently, said the purpose of the […]
The Nigerian Electricity Regulatory Commission (NERC) has reported that its total revenue increased by 57 per cent in the first quarter of 2020. It attributed the improved revenue accruals to operating levies and Internally Generated Revenue (IGR) sources During the quarter, the power sector regulatory agency disclosed that its total expenditure rose to N1.94 billion, […]
As Nigeria’s economy continues to be hampered by the COVID-19 impact with the #EndSars protests worsening its productivity prospects in recent weeks, analysts at the Centre for the Study of The Economies of Africa (CSEA) have advised the fiscal authorities to build fiscal buffers to reverse the nation’s worrisome current account balance and stall further […]
The African Tax Administration Forum (ATAF) has suggested an approach to drafting legislation on digital sales tax services. The Suggested Approach – published on September 30 – has been developed by the ATAF Secretariat and ATAF’s Cross-border Taxation Technical Committee. It is aimed at helping African countries that are considering implementing digital service tax to […]
The Executive Vice Chairman (EVC) of the Nigerian Communications Commission, NCC, Prof. Umar Danbatta, has disclosed that internet users across mobile networks in Nigeria stand at 149.8 million as at August, 2020. The industry regulator gave this hint while declaring open the commencement of a series of enlightenment and awareness campaign activities initiated by the […]
The Central Bank of Nigeria (CBN) has approved the appointments of Engr. Henry Ikem Obih as the Independent Non-Executive Director, and Dr. Kenneth Onyewuchi Opara as Executive Director of Fidelity Bank Nigeria Plc with effect from September 21, 2020 and January 1, 2021 respectively. According to a Notice to the effect sent by the bank […]
The World Bank President, David Malpass, has advocated the need for debt cancellation for the poorest countries as the COVID-19 pandemic could trigger a debt crisis in some nations. Malpass, while making a strong case for debt forgiveness for the affected countries globally during a media interview on Sunday, said investors must be ready to […]
The Centre for the Study of Economies in Africa (CSEA) has charged the federal and state governments on the need to ensure that borrowed funds are utilized for capital projects with great value-addition potential for the nation’s sustainable development. The economic research think-tank gave the charge in its ‘Nigeria Economic Update Issue 37’ sourced by […]