Equities market sustain positive trend on post-election tribunal outcome
Businessam Staff
September 12, 2019
The Nigerian Stock Exchange (NSE) on Thursday sustained positive trend on post-election tribunal ruling. Specifically, the market capitalisation rose by N142 billion to close at N13.351 trillion against N13.209 trillion. Also, the All Share Index rose by 273.11 points or 1.01 percent to close at 27,426.64 compared with 27,153.53 achieved on Wednesday. Nigeria’s president Muhammadu […]
Proposed VAT increase: Senate to invite Ahmed, Fowler
Businessam StaffSeptember 12, 2019
The senate committee on finance says it will invite Zainab Ahmed, minister of finance ; and Babatunde Fowler, the chairman, Federal Inland Revenue Service,to provide reasons for the proposed increase in Value Added Tax. Solomon Adeola,the chairman of the committee, disclosed this in a statement issued by Kayode Odunaro, his media adviser, in Abuja on […]
Oil prices fall after OPEC+ talks, ECB rate cut
Businessam StaffSeptember 12, 2019
Oil prices fell on Thursday after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas. Oil came under further pressure after the European Central Bank cut its deposit rate to a record low -0.5% from -0.4% and […]
FG approves $5.3bn for Ibadan-Kano rail project
Businessam StaffSeptember 12, 2019
Rotimi Amaechi, minister of transportation, says the federal government has approved $5.3 billion for the construction of Ibadan-Kano standard gauge rail line. He said this at the third maritime stakeholders interactive forum in Lagos on Thursday. “Just yesterday, we got approval to complete the $5.3bn Ibadan to Kano rail project. We have also applied for […]
Nigeria records N8.6trn merchandise trade in Q2 —NBS
Businessam StaffSeptember 12, 2019
Exports of various types of products dominated Nigeria’s trade structure as the country’s merchandise trade hits N8.6tn in the second quarter of this year, figures released by the National Bureau of Statistics have revealed. The NBS in its second quarter merchandise trade report which was released on Thursday said the second quarter trade of N8.6tn […]
7.2% VAT will render new minimum wage useless – NECA
Businessam StaffSeptember 12, 2019
The Nigeria Employers’ Consultative Association has said the implementation of the 7.2 percent value added tax approved by the Federal Executive Council will make nonsense of the recent increase in minimum wage. VAT is a consumption tax payable on goods and services consumed by individuals, government agencies and business organisations. NECA, in a statement on […]
23,141 tax defaulters owe N254bn – FIRS
Businessam StaffSeptember 12, 2019
The Federal Inland Revenue Service says a total of 23,141 defaulters owe N254bn in tax liabilities. The service also said it recovered over N97.7bn from tax defaulters since it gave the directive to banks. Babatunde Fowler, the executive chairman of FIRS said these at the 49th Annual Accountant Conference organised by the Institute of Chartered […]
Discos reject 90% power allocation during rains –TCN
Businessam StaffSeptember 12, 2019
Power distribution companies often reject about 90 percent of the quantum of energy that is allocated to them whenever there is rainfall in their areas of operation; data obtained from the Transmission Company of Nigeria have shown. It was also observed that most Discos hardly take the electricity load allocated to them in the multi […]
FEC approves N10.07trn 2020 budget proposal, raises VAT to 7.2%
Businessam StaffSeptember 12, 2019
The Federal Executive Council (FEC) on Wednesday approved N10.07 trillion 2020 Budget proposal for onward transmission to the National Assembly for consideration and approval. Zainab Ahmed, the minister of finance, budget and national planning, made this known when she briefed state house correspondents on the outcome of the meeting of the Council which was presided […]
OPEC+ to discuss deeper oil cuts on Thursday: Iraq minister
Businessam StaffSeptember 11, 2019
OPEC and its allies will discuss whether there is a need for deeper cuts in oil production when they hold a ministerial meeting on Thursday, Iraq’s oil minister said. The Organization of the Petroleum Exporting Countries and allied producers led by Russia, a grouping known as OPEC+, agreed last year to cut oil supply by […]