Senate queries CBN over $3.3bn unremitted foreign tax
Businessam StaffJune 4, 2020
The senate has queried the Central Bank of Nigeria over alleged unremitted $3.3bn from the $21.3bn collected by the Federal Inland Revenue Service as foreign tax in 2015. The public accounts committee of the red chamber issued the query after its meeting on Wednesday. The senate panel said it acted on an audit query raised […]
COVID-19: NAICOM relaxes deadline for recapitalization of insurance companies
Omobayo AzeezJune 4, 2020
By Omobayo Azeez The National Insurance Commission (NAICOM) has extended deadlines for recapitalization of insurance companies in Nigeria even as it segmented the process of meeting the target for them. In a circular referenced NAICoM/DPR/CIR/25-04/2020 and dated June 3, the commission described the latest development as part of its efforts to cushion effects of Coronavirus […]
Oil rebound eases concerns about devaluation of Nigeria’s naira
Businessam StaffJune 3, 2020
The rebound in oil prices has given Nigeria’s naira a reprieve, easing investors’ concern that a steep devaluation may be unavoidable. Brent crude prices have doubled since hitting a two-decade low in April, and traded close to $40 a barrel on Wednesday. Since Nigeria relies on oil sales for 90% of export earnings, that’s helped […]
Brent oil rises to $40 amid hopes for recovery
Businessam StaffJune 3, 2020
Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and recovery from the coronavirus pandemic will spur fuel demand. Brent crude futures for August rose 43 cents, or 1.1 per cent, at $40 a barrel, by 0252 GMT. The contract […]
N’Assembly raises 2020 budget oil price benchmark to $28
Businessam StaffJune 3, 2020
The National Assembly yesterday increased the oil price benchmark to $28 per barrel from the $25 proposed by the executive in the revised medium term expenditure framework (MTEF) and fiscal strategy paper (FSP) forwarded to the lawmakers for approval. The two chambers also reduced from 1.9 million to 1.8 million barrel per day oil production […]
Foreign reserves gained $2.7bn in one month –CBN
Businessam StaffJune 3, 2020
The nation’s foreign reserves rose by $2.7bn in May after declining for several months, figures from the Central Bank of Nigeria showed on Tuesday. According to the CBN, the foreign reserves, which stood at $33.52bn as of April 30, 2020, rose to $36.59bn as of May 29, 2020. The reserves had plunged to a record […]
Revised budget: FG gives National Assembly N27bn for renovation, cuts health, UBE votes
Businessam StaffJune 3, 2020
The federal government has reduced the N37bn budget for the renovation of the National Assembly complex to N27.7bn. The federal government, in the 2020 revised budget proposal, according to documents, cut N9.3bn from the budget for the renovation of the National Assembly complex. The renovation of the complex at the initial cost of N37bn, which […]
Senate approves Buhari’s $5.5bn loan request
Businessam StaffJune 2, 2020
The senate on Tuesday approved the $5,513,000,000 external loan request submitted by president Muhammadu Buhari last week Thursday. Ahmad Lawan, the president of the senate, who read the letter which accompanied the loan request last week, had asked the committee on local and foreign debts to work on the document. Buhari had said the loan […]
I’ll stand by you, Buhari assures AFDB president, Adesina
Businessam StaffJune 2, 2020
President Muhammadu Buhari says Nigeria will stand solidly behind Akinwumi Adesina in his bid to get re-elected as President of the African Development Bank (AfDB) The President spoke at State House, Abuja, Tuesday, while hosting Adesina on a courtesy visit. “In 2015, when you were to be elected for the first term, I wrote to […]
Reps kill motion to suspend implementation of 7.5% VAT
Businessam StaffJune 2, 2020
The House of Representatives has rejected a motion seeking to suspend implementation of the 7.5% Value Added Tax (VAT) Act in the interest of Nigerians owing to impacts of the COVID-19 pandemic. In rejecting the motion, the lawmakers said since the 2.5 % increase in VAT was already an Act of the National Assembly, which […]