National Assembly to pass 2018 budget April 24

The Senate and the House of Representatives have taken a decision to pass the 2018 budget on April 24.

MAN seeks reversal of alcohol, tobacco excise duty hike

The Manufacturers Association of Nigeria has called on the Federal Government to forget the proposed hike in the excise duty on alcohol and tobacco products, saying if it goes ahead to implement the proposal, the firms producing the products will shut down and increase job losses.

Prepaid meter providers must deliver in 10 days –NERC

Meter asset providers are expected to supply and install meters within 10 working days of payment on the premises of electricity customers who choose the option of paying for the meters.

We’ve increased tax revenue by over N700bn – Fowler

Through the deployment of Information and Communications Technology, the Federal Inland Revenue Service has been able to raise tax revenue by over N700bn in the last two years.

Don’t sell NLNG, RMAFC tells FG

The Revenue Mobilization Allocation and Fiscal Commission has warned the Federal Government against the proposed sale of national assets, especially the Nigerian Liquefied Natural Gas.

THISDAY

Dangote Cement to Sell N300bn Bonds

Dangote Cement Plc on Wednesday disclosed that it has gotten approval from the Securities and Exchange Commission (SEC) and other regulators to raise N300 billion ($833 million) in local-currency bonds.

Access Bank’s Profit Declines to N62bn on Loan Impairment Charges

Access Bank Plc announced its audited results for the full year ended 31 December, 2017, showing profit before tax fell by 11 per cent to N80 billion, from N90.33 billion, while profit after tax declined by 13 per cent to N71.439 billion to N61.991 billion.

Teleology Beats Deadline, Pays $50m Non-refundable Deposit for 9mobile

Teleology Holdings on Wednesday beat the deadline stipulated under the bid process for the acquisition of 9mobile by paying a $50 million non-refundable deposit for Nigeria’s fourth largest network operator.

Adeosun: FG Has Released N1.248tn for Capital Spending from 2017 Budget

The federal government on Wednesday in Abuja said it had released N1.248 trillion for the execution of capital projects from the 2017 budget with the Ministry of Power, Works and Housing getting the lion share of N301.89 billion.

THE NATION

Marketers tackle govt over N650b subsidy arrears

The Depot and Petroleum Marketers  Association of  Nigeria (DAPMA) Executive Secretary, Mr. Femi Adewole, has said the Federal Government is yet to pay members over N650 billion subsidy arrears.

NNPC to cut daily loss on fuel supply to N516m

The Nigerian National Petroleum Corporation (NNPC) is to reduce its daily loss from N774 million to N516 million, Group General Manager, Public Affairs Division, Ndu Ughamadu, has said.

Shell eyes $9b investments in downstream

Royal Dutch Shell Plc said it plans to invest between $7 billion and $9 billion a year across downstream operations and deliver a return on average capital employed (ROACE) above 15 per cent.

BLOOMBERG

Nigeria’s Sahara Revives IPO Plan as It Looks to Pump More Oil

Nigerian energy conglomerate Sahara Group Ltd. said it revived plans for a share-sale as it looks to increase oil production four-fold to 100,000 barrels per day.