Under the New Finance Bill, Micro and Small Enterprises (MSMEs) with a turnover of less than N25 million will be exempted from Compànies Income Tax (CIT) according to the Minister of Finance, Budget and National Planning, Zainab Ahmed. Zainab Ahmed said this on a programme of the Nigerian Television Authority (NTA) on Monday. SEE ALSO:… Read More »
The electricity tariffs being paid by consumers will increase in April this year the Nigerian Electricity Regulatory Commission, NERC has said. This was disclosed in its ‘December 2019 Minor Review of Multi-Year Tariff Order 2015 and Minimum Remittance Order for the Year 2020,’ which was dated December 31, 2019. See Also: Electricity tariff hike imminent… Read More »
Price of gold jumped to the highest in almost four months after a US airstrike killed one of Iran’s most powerful generals, ratcheting up tensions in the Middle East and spurring demand for haven assets. The strike in Baghdad ordered by President Donald Trump killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards’… Read More »
The rand on Friday morning reversed its gains from earlier in the week to weaken by 2% in the wake of the assassination of a top Iranian general by the US military. Iranian commander Qasem Soleimani was killed in a US strike on Baghdad’s international airport on Friday. “News of the killing of an Iranian… Read More »
The Federal Government, through the Nigerian National Petroleum Corporation, NNPC, spent N55.58 billion on Premium Motor Spirit, (PMS) also known as petrol subsidy in December 2019. The Petroleum Products Pricing Regulatory Agency, PPPRA, the Nigerian petroleum downstream sector regulator, disclosed this in a data obtained yesterday by Vanguard. According to PPPRA’s pricing templates for PMS,… Read More »
The Brent crude, against which Nigeria’s oil is priced, gained 30 cents to trade at $66.30 per barrel as of 5.40pm Nigeria’s time. This slight increase on the Brent came on the back of improving trade relations between the United States and China as well as rising tensions in the Middle East. SEE ALSO: Oil… Read More »
Power generation from the nation’s generating companies hits an average of 3,781MW in 2019 from a yearly average of 3,807MW in 2018, latest data from the office of the Vice President has shown.At 50.17Hz with an installed capacity of available units of 6,985.9MW and generation capability of available units of 5,983.1MW, power generation has remained… Read More »
Mobile operator MTN has been named in a lawsuit filed in a top US court for allegedly supporting the Taliban in Afghanistan by making protection payments, and deactivating its cellular network at night because the Taliban told it to. The complaint was filed in the United States District Court for the District of Colombia on… Read More »
The US Energy Information Administration (EIA) has said that The United States’ imports of crude oil from Nigeria and other members of the Organisation of Petroleum Exporting Countries, (OPEC) fell below 1.2 million barrels per day, the lowest since February 1985. The decline in imports arrived as the US continues to break production output records… Read More »
At the beginning of January 2019, Nigeria’s foreign reserves, stood at $43.07bn but fell by $4.45bn to $38.619bn as of the end of December, 2019. Latest figures from the Central Bank of Nigeria, CBN, have revealed the reserves, had been recording a downward trend dropping from $39.8bn on November 11 to $39.24bn on December 13.… Read More »
Nigerian (Naira) Currency Exchange Rate For | Dollar | Pounds | Euro & Other. DATE Countries & Currency Qnty Curr. Flags BUY SELL 30.12.2019 United States Dollar $1 USD ₦358 ₦362 30.12.2019 UK Pounds Sterling £1 GBP ₦470 ₦477 30.12.2019 European Euro €1 EUR ₦390 ₦398 30.12.2019 Canadian Dollar $1 CDA ₦272 ₦277 30.12.2019 Australian… Read More »
A new report by the World Bank Group (WBG) has canvassed reforms in Nigeria’s digital economy, saying by leveraging Information Communication Technology (ICT), the country has the potential for economic diversification and job creation. The multilateral financial institution said digital financial services alone could be transformative and capable of creating over three million new jobs… Read More »
The agreement reached by eight West African countries to change the name of their common currency to Eco, has elicited response from the Federal Government. The Federal Government says it is studying the situation on change of West African Economic and Monetary Union (UEMOA) currency, Eco, to be used as ECOWAS single currency. SEE ALSO:… Read More »
The National Insurance Commission, NAICOM has extended the recapitalisation deadline for insurance companies to December 31, 2020 from the earlier scheduled date of June 30, 2020. This was disclosed on Monday by the commission in a circular which was signed by the Director (Policy & Regulation), NAICOM, Pius Agboola, to all insurance and reinsurance companies.… Read More »
The Central Bank of Nigeria (CBN) says it has no plans for devaluation of the Naira next year, while expressing optimism that crude oil price will remain stable in the New Year. Mr. Isaac Okoroafor, the Director, Corporate Communications, CBN said this in a telephone interview with a newspaper while reacting to some analysts’ predictions… Read More »
Aminu Gwadabe, the President of Association of Bureaux De Change Operators of Nigeria (ABCON) in defending the Central Bank of Nigeria’s (CBN) N305 to dollar exchange rate policy on Sunday, explained that the rate is for settling government obligations and not a transactional rate as being speculated. He faulted the petition against the CBN Governor… Read More »
Portfolio transactions for Nigeria declined by N280 billion as foreign portfolio investors (FPIs) tended to be more on the sell side than the buy side. Latest official transactional report on FPIs obtained at the weekend indicated that total foreign transactions at the Nigerian stock market dropped to N879.40 billion over the past 11 months, 24.1… Read More »
South Africa’s energy company, Eskom breaking down again soon, is a very high possibility as it announced on Sunday morning that load shedding was not expected for the day due to drop in demand during the holiday period and a return of some generating units to service. However, a massive 14,574MW remains missing from SA’s… Read More »
South Africa Minister of Mineral Resources and Energy, Gwede Mantashe announced on Saturday that Petrol (both 93 ULP and LRP) will go down by 4 cents per litre on Wednesday January 1 2020. As from January 1, 2020, South Africa Petro price; 95 ULP will cost R16.16 in Gauteng and R15.52 at the coast, while… Read More »
For three consecutive months, not a single drop of crude oil was refined by the three Nigerian refineries under the management of the Nigerian National Petroleum Corporation (NNPC) as they were all dormant over this period, according to the latest report on the operations of the facilities. The refineries under the management of the NNPC… Read More »