In the news: Buhari presents N8.612tn budget

By November 8, 2017Research
Punch

FG’ll prosecute tax defaulters who shun VAIDS – Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government would prosecute tax defaulters who fail to take advantage of the nine-month amnesty period offered under the Voluntary Assets and Income Declaration Scheme.

NSE announces changes in executive management

The Nigerian Stock Exchange, on Tuesday, confirmed that its Executive Director, Market Operations and Technology, Mr. Ade Bajomo, had resigned his appointment effective December 31, 2017 to pursue other challenges.

2018: Buhari bans recruitment by MDAs, presents N8.612tn budget

President Muhammadu Buhari on Tuesday banned fresh recruitment by all Federal Government Ministries, Departments and Agencies, except by presidential approval.

Jersey Island gives FG condition for returning $300m Abacha loot

The government of Jersey Island says the $300m stashed within its territory by the late military dictator, Gen. Sani Abacha, will only be released to the Nigerian Government directly, not through any third party.

Dufil Prima Foods lists N10bn bond on FMDQ

Dufil Prima Foods Plc, following the approval granted by the FMDQ Board Listings, Markets and Technology Committee, on Tuesday listed the Dufil Prima Foods N10bn Series 1 Fixed Rate Bond under its N40bn Bond Issuance Programme (the Dufil Prima Bond) on the OTC Exchange.

There won’t be fuel queues in December – NNPC

The country will not experience fuel queues this end of year festive season, the Nigerian National Petroleum Corporation has assured the citizens.

Thisday

Banks to Adopt Basel IV Regulation from 2019

Banks in Africa, Nigeria banks inclusive, will from January 2019 be expected to adopt the Basel IV regulation, which is expected to place them at par with other global operators.

CBN Boosts Forex Supply with $195m

The Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank foreign exchange market with the injection of another $195 million.

Adeosun: Offshore Tax Havens, Avoidance Schemes Not Illegal

As revelations from the Paradise Papers continue to make waves globally, the Minister of Finance, Mrs. Kemi Adeosun, has clarified that offshore tax havens are not illegal insofar as Nigerian taxpayers using such shelters have paid the applicable taxes locally before the transfer of funds or assets to the tax shelters.

FG to Launch First African Sovereign Green Bond in December

President Muhammadu Buhari has said the Federal Government will launch the first African Sovereign Green Bond in December 2017, to finance renewable energy projects.

FG Releases $200m Local Content Fund to BoI

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has stated that the federal government has released the $200 million Nigerian Content Development Fund (NCDF) to the Bank of Industry (BoI) for Nigerian oil and gas service providers.

Recovered Loots Yet to Be Used to Fund Budget, Says BudgIT CEO

The chief executive of BudgIT, a civic organisation, Mr. Seun Onigbinde tuesday revealed that contrary to statements by some government officials that some of the recovered funds by the federal government had been used to fund the 2017 budget, findings by his organisation showed otherwise.

Guardian

NSE’s market capitalisation up by N29b

The bulls upstaged the bears on the Nigerian Stock Exchange (NSE) yesterday, as most blue chip stocks appreciated in price, causing market capitalization to rise by N29billion.

Nigeria’s refineries lose N4.54b in one month

The Nigerian National Petroleum Corporation (NNPC) has put the losses made by Nigeria’s three refineries in the month of August at N4.54 billion.

Restrictions on foreign banks affect growth, says World Bank

The rising level of restrictions imposed on foreign banks operating in developing countries has been assessed as an impediment to growth in those countries, the World Bank Group has said.

Government explains delay in clearing EEG backlogs

The Federal Government has attributed the delay in clearing the backlog of the revived Export Expansion Grant (EEG) payments to prolonged approvals from the National Assembly, adding that efforts are underway to commence the programme soon.

The Nation

Senate seeks abolition of excess crude account

The Senate yesterday resolved to ask President Muhammadu Buhari to abolish the operation of the controversial Excess Crude Account (ECA).

Fed Govt saves N24.7b from TSA, others monthly

President Muhammadu Buhari says Federal Government’s leveraging  Information and Communication Technology (ICT) and the enforcement of Bank Verification Number (BVN) has saved the nation of N24.7 billion monthly.

Fed Govt, others share N9.9b solid minerals revenue

Minister for Mines and Steel Development and Chairman, National Stakeholders’ Working Group (NSWG) of the Nigeria Extractive Industries Transparency Initiatives (NEITI), Kayode Fayemi, has said the N9.9billion revenue generated directly from solid minerals was shared among the three tiers of government in July, 2017.

Ghana seeks more trade with Nigeria

The Honourable Deputy Minister of Trade and Industry in Ghana, Hon Carlos Kingsley Ahenkorah has called on the federal government of Nigeria to allow more intra trade between Ghana and Nigeria as being done by the French speaking West African nations.

Business Day

Buhari seeks oil JV restructuring to fund 2018 budget

President Muhammadu Buhari on Tuesday outlined plans to largely fund next year’s budget with revenues from non-oil sources including an ambitious plan to restructure the nation’s shareholdings in Joint Venture (JV) companies that pump most of the oil produced by Africa’s largest oil producer.

Double edged oil rally revives petrol subsidy controversy

Nigeria claims it no longer incurs petrol subsidy costs, yet the renewed rally in oil prices make a N145 per litre price template set in May 2016 obsolete.

Reuters

Moody’s downgrades Nigeria’s sovereign issuer rating

Moody’s downgrades Nigeria’s sovereign issuer rating to B2 with a stable outlook.

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