Economic News Update

Economic News Update: 28th February, 2017

news-brief

CBN pumps fresh $180m into forex market

The Central Bank of Nigeria on Monday increased the liquidity in the foreign exchange market by releasing additional $180m for settlement of various transactions. This was confirmed by the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor.

He said while the sum of $100m was released into the wholesale forwards segment of the market, additional $80m was provided to banks specifically for the settlement of dollar demands for school fees, medicals and Personal Travel Allowance, among others.

Read More

‘Fed Govt owes pensioners N183b’

The Nigeria Labour Congress (NLC) has warned that unless urgent steps are taken, the Contributory Pension Scheme (CSP) designed to ease the suffering of pensioners in the country may collapse, saying the government was indebted to pensioners under the scheme to over N183 billion.

Speaking at the inaugural meeting of the Contributory Pensioners branch of the Nigeria Union of Pensioners (NUP) in Abuja, NLC President, Comrade Ayuba Wabba said government attitude towards remitting the retirement savings bond for many workers who migrated to the new scheme is threatening the survival of the scheme.

Read More

AMCON, helicopters firm in talks over debt payment

Asset Management Corporation of Nigeria (AMCON) and Odengene Air Shuttle (OAS Helicopters) have began talks over debt payment plan and withdrawal of a takeover bid of the helicopter service company. AMCON, which sealed the company a fortnight ago, said essence of the action was to draw attention of the management, which OAS is currently doing to resolve the issues.

The Guardian gathered the AMCON’s seal and marks on the company’s property have been removed, with the company operating without hinderance. OAS is said to have made a good response, bordering on finance and business programme that impressed AMCON.

Read More

GenCos warn of imminent blackout over N601b debt

Investors in the generation companies (GenCos) have warned of an imminent blackout nationwide if the N601 billion debts owed them by consumers through the off-taker, the Nigerian Bulk Electricity Trading Plc (NBET) – a Federal Government’s owned public liability company.

The investors spoke yesterday at the Nigeria Power Summit, part of the ongoing Nigeria Oil and Gas Conference (NOG) holding in Abuja.

Read More

CIBN Urges Support for TSA

The Chartered Institute of Bankers of Nigeria (CIBN) has stressed the need for Nigerians to continue to support the Treasury Single Account (TSA) policy.

The President of CIBN, Prof. Segun Ajibola, who made the observations at a recent TSA retreat in Abuja, described the TSA as a tool for fighting the hydra headed corruption in public and private sectors. He however, sought the extension of the initiative to other areas of the country where “parasites, pests and locusts still operate freely” and feeding fat on the commonwealth.

Read More

We‘ll review BPP Act, says Minister

The Minister of Information and Culture, Alhaji Lai Mohammed yesterday said the Federal Government will review the Bureau of Public Procurement (BPP) Act to promote local goods and services.

He said the government was determined to diversify the economy through made-in-Nigeria goods and services. Also,  additional 28 offices for issuance of residence permits in Nigeria will soon be opened to attract foreign investors.

Read More

Nigeria, Algeria, others lost $1tn to oil crash – OPEC

Nigeria, Algeria and other members of the Organisation of Petroleum Exporting Countries lost a cumulative revenue of about $1tn as a result of the crash in crude oil prices, the Secretary-General of OPEC, Mohammed Barkindo, has said.

He stated this at the headquarters of the Federal Ministry of Petroleum Resources during a visit to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in Abuja on Monday. Crude oil prices crashed from over $100 per barrel in 2014 to as low as $23 in 2016, a development that threw many oil dependent countries into economic crisis.

Read More

IPMAN threatens strike, accuses Depot owners DPR of extortion

Lagos State chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to go on strike in the next few days over  the exorbitant prices charged by depot owners on fuel and extortion by officials of the Department of Petroleum Reources (DPR).

The group, in a statement endorsed by its chairman, Alhaji Ayo Alanamu, and General Secretary, Prince Kunle Oyenuga, also threatened to shut down all its members 2000 fuel stations across the state and its environs.

Read More

FG: Green Bond Will Deepen Capital Market, Tackle Poverty

The acting President of Nigeria, Prof. Yemi Osinbajo, monday said proposed N20 billion Green Bond to be issued by the federal government would provide an opportunity to further deepen the nation’s capital market and tackle poverty.

Green bonds enable capital-raising and investment for new and existing projects with environmental benefits. The federal government is to raise N20 billion via the issuance of Green Bond initiative.

Read More

FIRS seals Kabo Airlines, others over N200m tax liabilities

The Federal Inland Revenue Services (FIRS), on Monday, sealed the offices of Kabo Airlines, Monaco Ventures Limited and Paki International Motors, all in Kano, over tax liabilities.
Kabo Airlines owes N149,707,949.03 from an assessment of 2004 to 2013.

According to the Head of the enforcement team in Kano, Mr. Bukar Gana, the airline’s liabilities comprise Income Tax (IT) and Education Tax (ET). He explained that the company did not contest the liabilities, an action which led to the sealing of its premises on Ashton Road, Kano State. Also sealed up was Paki International Motors, which owes Company Income Tax (CIT) totalling N51,148,117.57, accumulated between 2008 and 2014.

Read More

Naira trades flat, set for further gain

The naira closed flat at 445 against the United States dollar at the parallel market on Monday as the foreign exchange market awaits the further release of the greenback by the Central Bank of Nigeria.

The CBN has sold additional $180m into the market this week, barely one week after selling about $600m. The steady supply of forex is in line with the modification made to the forex policy by the regulator.

Read More

FG appoints 5 new Directors, General Manager for NCAA

The Federal Government has approved the appointment of five new Directors and one General Manager for the Nigerian Civil Aviation Authority (NCAA).

A statement on Monday by the spokesman of the NCAA, Mr. Sam Adurogboye, gave the names of the new appointees and their designations as Group Captain Edem Oyo-Ita, Director of Air Transport Regulations (DATR); Ahmed Abbas Sanusi, Director, Human Resources and Administration; Bilikisu Adamu Sani, Director of Finance and Accounts; Odunowo Tayyib Adetunji, Director of Aerodrome and Airspace Standards; Ita Awak, Director of Airworthiness Standards; and Mr. Lawrence Mathew Kwajok, General Manager, Air Navigational Standards.

Read More

Buhari not critically ill, not in hospital, says Lai Mohammed

The Minister of Information and Culture, Alhaji Lai Mohammed, says President Muhammadu Buhari is neither critically ill nor in life threatening situation and there is no cause for alarm.

The minister reiterated this position on Monday in Umuahia at the second town hall meeting for the South East and the launch of national reorientation campaign, “Change Begins With Me’’ in Abia. The minister, who was asked to tell the country about the health condition of the president and whether there was need for a regular briefing on his health stressed that there was no reason for such briefings.

Read More

FG appoints new directors for NCAA

The Federal Government has approved the appointment of five new directors and one general manager for the Nigerian Civil Aviation Authority. Those appointed are Group Captain Edem Oyo-Ita as the Director of Air Transport Regulations; and Ahmed Sanusi as the Director, Human Resources and Administration.

Others are Bilikisu Sani, Director of Finance and Accounts; Odunowo Adetunji, Director, Aerodrome and Airspace Standards; Mr. Ita Awak, Director of Airworthiness Standards; and Lawrence Kwajok, as the General Manager, Air Navigational Standards. According to the General Manager, Public Relations, NCAA, Sam Adurogboye, the appointments are with immediate effect.

Read More

Industrialists seek tax review on pharm products

Industrial pharmacists in the country have urged the Federal Government to review the current tax regime on pharmaceutical products. They said that the regime, which they blamed for the high cost of healthcare products, was overdue for a review to ease the suffering of most Nigerian.

Meanwhile, renowned economist, Opeyemi Agbaje, has said Nigeria can attain between two to four per cent of growth in 2017 with the policy documents that has always been the missing link.

Read More

Comment here

Economic News Update

Economic News Update: 28th February, 2017

news-brief

CBN pumps fresh $180m into forex market

The Central Bank of Nigeria on Monday increased the liquidity in the foreign exchange market by releasing additional $180m for settlement of various transactions. This was confirmed by the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor.

He said while the sum of $100m was released into the wholesale forwards segment of the market, additional $80m was provided to banks specifically for the settlement of dollar demands for school fees, medicals and Personal Travel Allowance, among others.

Read More

‘Fed Govt owes pensioners N183b’

The Nigeria Labour Congress (NLC) has warned that unless urgent steps are taken, the Contributory Pension Scheme (CSP) designed to ease the suffering of pensioners in the country may collapse, saying the government was indebted to pensioners under the scheme to over N183 billion.

Speaking at the inaugural meeting of the Contributory Pensioners branch of the Nigeria Union of Pensioners (NUP) in Abuja, NLC President, Comrade Ayuba Wabba said government attitude towards remitting the retirement savings bond for many workers who migrated to the new scheme is threatening the survival of the scheme.

Read More

AMCON, helicopters firm in talks over debt payment

Asset Management Corporation of Nigeria (AMCON) and Odengene Air Shuttle (OAS Helicopters) have began talks over debt payment plan and withdrawal of a takeover bid of the helicopter service company. AMCON, which sealed the company a fortnight ago, said essence of the action was to draw attention of the management, which OAS is currently doing to resolve the issues.

The Guardian gathered the AMCON’s seal and marks on the company’s property have been removed, with the company operating without hinderance. OAS is said to have made a good response, bordering on finance and business programme that impressed AMCON.

Read More

GenCos warn of imminent blackout over N601b debt

Investors in the generation companies (GenCos) have warned of an imminent blackout nationwide if the N601 billion debts owed them by consumers through the off-taker, the Nigerian Bulk Electricity Trading Plc (NBET) – a Federal Government’s owned public liability company.

The investors spoke yesterday at the Nigeria Power Summit, part of the ongoing Nigeria Oil and Gas Conference (NOG) holding in Abuja.

Read More

CIBN Urges Support for TSA

The Chartered Institute of Bankers of Nigeria (CIBN) has stressed the need for Nigerians to continue to support the Treasury Single Account (TSA) policy.

The President of CIBN, Prof. Segun Ajibola, who made the observations at a recent TSA retreat in Abuja, described the TSA as a tool for fighting the hydra headed corruption in public and private sectors. He however, sought the extension of the initiative to other areas of the country where “parasites, pests and locusts still operate freely” and feeding fat on the commonwealth.

Read More

We‘ll review BPP Act, says Minister

The Minister of Information and Culture, Alhaji Lai Mohammed yesterday said the Federal Government will review the Bureau of Public Procurement (BPP) Act to promote local goods and services.

He said the government was determined to diversify the economy through made-in-Nigeria goods and services. Also,  additional 28 offices for issuance of residence permits in Nigeria will soon be opened to attract foreign investors.

Read More

Nigeria, Algeria, others lost $1tn to oil crash – OPEC

Nigeria, Algeria and other members of the Organisation of Petroleum Exporting Countries lost a cumulative revenue of about $1tn as a result of the crash in crude oil prices, the Secretary-General of OPEC, Mohammed Barkindo, has said.

He stated this at the headquarters of the Federal Ministry of Petroleum Resources during a visit to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in Abuja on Monday. Crude oil prices crashed from over $100 per barrel in 2014 to as low as $23 in 2016, a development that threw many oil dependent countries into economic crisis.

Read More

IPMAN threatens strike, accuses Depot owners DPR of extortion

Lagos State chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to go on strike in the next few days over  the exorbitant prices charged by depot owners on fuel and extortion by officials of the Department of Petroleum Reources (DPR).

The group, in a statement endorsed by its chairman, Alhaji Ayo Alanamu, and General Secretary, Prince Kunle Oyenuga, also threatened to shut down all its members 2000 fuel stations across the state and its environs.

Read More

FG: Green Bond Will Deepen Capital Market, Tackle Poverty

The acting President of Nigeria, Prof. Yemi Osinbajo, monday said proposed N20 billion Green Bond to be issued by the federal government would provide an opportunity to further deepen the nation’s capital market and tackle poverty.

Green bonds enable capital-raising and investment for new and existing projects with environmental benefits. The federal government is to raise N20 billion via the issuance of Green Bond initiative.

Read More

FIRS seals Kabo Airlines, others over N200m tax liabilities

The Federal Inland Revenue Services (FIRS), on Monday, sealed the offices of Kabo Airlines, Monaco Ventures Limited and Paki International Motors, all in Kano, over tax liabilities.
Kabo Airlines owes N149,707,949.03 from an assessment of 2004 to 2013.

According to the Head of the enforcement team in Kano, Mr. Bukar Gana, the airline’s liabilities comprise Income Tax (IT) and Education Tax (ET). He explained that the company did not contest the liabilities, an action which led to the sealing of its premises on Ashton Road, Kano State. Also sealed up was Paki International Motors, which owes Company Income Tax (CIT) totalling N51,148,117.57, accumulated between 2008 and 2014.

Read More

Naira trades flat, set for further gain

The naira closed flat at 445 against the United States dollar at the parallel market on Monday as the foreign exchange market awaits the further release of the greenback by the Central Bank of Nigeria.

The CBN has sold additional $180m into the market this week, barely one week after selling about $600m. The steady supply of forex is in line with the modification made to the forex policy by the regulator.

Read More

FG appoints 5 new Directors, General Manager for NCAA

The Federal Government has approved the appointment of five new Directors and one General Manager for the Nigerian Civil Aviation Authority (NCAA).

A statement on Monday by the spokesman of the NCAA, Mr. Sam Adurogboye, gave the names of the new appointees and their designations as Group Captain Edem Oyo-Ita, Director of Air Transport Regulations (DATR); Ahmed Abbas Sanusi, Director, Human Resources and Administration; Bilikisu Adamu Sani, Director of Finance and Accounts; Odunowo Tayyib Adetunji, Director of Aerodrome and Airspace Standards; Ita Awak, Director of Airworthiness Standards; and Mr. Lawrence Mathew Kwajok, General Manager, Air Navigational Standards.

Read More

Buhari not critically ill, not in hospital, says Lai Mohammed

The Minister of Information and Culture, Alhaji Lai Mohammed, says President Muhammadu Buhari is neither critically ill nor in life threatening situation and there is no cause for alarm.

The minister reiterated this position on Monday in Umuahia at the second town hall meeting for the South East and the launch of national reorientation campaign, “Change Begins With Me’’ in Abia. The minister, who was asked to tell the country about the health condition of the president and whether there was need for a regular briefing on his health stressed that there was no reason for such briefings.

Read More

FG appoints new directors for NCAA

The Federal Government has approved the appointment of five new directors and one general manager for the Nigerian Civil Aviation Authority. Those appointed are Group Captain Edem Oyo-Ita as the Director of Air Transport Regulations; and Ahmed Sanusi as the Director, Human Resources and Administration.

Others are Bilikisu Sani, Director of Finance and Accounts; Odunowo Adetunji, Director, Aerodrome and Airspace Standards; Mr. Ita Awak, Director of Airworthiness Standards; and Lawrence Kwajok, as the General Manager, Air Navigational Standards. According to the General Manager, Public Relations, NCAA, Sam Adurogboye, the appointments are with immediate effect.

Read More

Industrialists seek tax review on pharm products

Industrial pharmacists in the country have urged the Federal Government to review the current tax regime on pharmaceutical products. They said that the regime, which they blamed for the high cost of healthcare products, was overdue for a review to ease the suffering of most Nigerian.

Meanwhile, renowned economist, Opeyemi Agbaje, has said Nigeria can attain between two to four per cent of growth in 2017 with the policy documents that has always been the missing link.

Read More

Comment here