Presidency queries FIRS boss, Fowler, over persistent revenue shortfall
Businessam Staff
August 19, 2019
The Presidency has queried Babatunde Fowler, the executive chairman of the Federal Inland Revenue Service (FIRS), over shortfalls in revenue collection since the inception of the Muhammadu Buhari administration. The presidency complained that there had been significant variances between the budgeted revenue collections and the actual collections from 2015 to 2018. Fowler was also directed […]
Buhari clarifies directive on forex, says no ban on food import
Businessam StaffAugust 19, 2019
The presidency yesterday clarified that president Muhammadu Buhari has not banned or restricted food importation. The presidency, in a letter to the Editor of Financial Times over its report titled “Muhammadu Buhari sparks dismay over policy shift on food imports,” said what the president did was to shut out food importers from accessing foreign exchange […]
Non-oil imports surpass exports by 463%
Businessam StaffAugust 19, 2019
The first quarter trade statistics have shown that Nigeria’s non-oil imports by sea surpassed exports by over 463 percent. This is despite government’s efforts in the last four years to diversify the economy from oil (Nigeria’s major revenue source) to non-oil revenue sources. Also, Nigeria’s total merchandise trade by sea declined by N411.4bn in the […]
Stock investors lose N186bn in three days
Businessam StaffAugust 19, 2019
Investors in the nation’s equity market lost a total of N186bn in the three trading days witnessed last week. It was a brief trading week as the market opened for three days in observance of the public holidays (Monday and Tuesday) declared by the federal government to mark the Eid-El-Kabir. The equity market extended its […]
Nigeria needs buffers to avert financial sector crisis
Moses ObajemuAugust 19, 2019
By Moses Obajemu Unless there are buffers in place in Nigeria, the recent dovish policies of some central banks, including the Central Bank of Nigeria (CBN), which have created huge pool of low cost loanable funds in the global market and in Nigeria by extension, may damage Nigeria’s financial market if the current trade […]
Uduk seeks address of cross border listing challenges, others at inaugural WASRA conference
Adesola AfolabiAugust 18, 2019
Mary Uduk, acting director general of the Securities and Exchange Commission (SEC) has expressed expectations for the upcoming West Africa Securities Regulators Association (WASRA) conference scheduled for October. A statement from the SEC, quoted the acting dg to have said, she expects that challenges facing regulators and market operators in regulating cross border activities and […]
China’s investment in Nigeria’s oil sector hits $16bn
Businessam StaffAugust 16, 2019
China has invested up to $16 billion in Nigeria’s oil industry, mostly upstream, over the last 14 years through its state oil firm, the China National Offshore Oil Corporation (CNOOC), Lu Yan Ji, the executive vice president of the company, said. Ji, disclosed this when he visited Mele Kyari, the group managing director of the […]
Oil prices gain after days of decline
Businessam StaffAugust 16, 2019
Hope rises for oil exporting countries as crude oil rose on Friday after two days of declines, buoyed following data showing a rise in U.S. retail sales helped ease some concerns about a recession in the world’s biggest economy. Brent crude was up 31 cents, or 0.5 percent at $58.54 a barrel after falling 2.1 […]
British court orders Irish firm to seize $9bn Nigeria’s foreign reserves
Businessam StaffAugust 16, 2019
A British court has ordered an Irish firm, Process and Industrial Developments Ltd (P&ID) to seize 20 percent in assets, of Nigeria’s foreign reserves, amounting to $9bn (£7.4bn). Justice Butcher of the British Commercial Court gave the ruling on Friday. The ruling will likely raise concerns among foreign investors. The case dates back to 2010, […]
Inflation rate decelerates for two consecutive months at 11.08%
Adesola AfolabiAugust 16, 2019
Data released by the Nigerian Bureau of Statistics Friday, shows that the July 2019 annual inflation rate has fallen to 11.08 percent. It was a year-on-year decline from 11.22 percent in June 2019, printing two consecutive months of decline. This is also as core inflation moderated further into single digit 8.80 percent y-o-y in July […]