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IMF Tasks Nigeria, Others On Fiscal Policy Re-balancing

The International Monetary Fund (IMF) has tasked Nigeria and other emerging economies to prioritise their spending and embrace tax reform in order to overcome the current economic challenges. In its latest World Economic Outlook (WEO), entitled: “Slower Growth in Emerging Markets, a Gradual Pickup in Advanced Economies,” the IMF stated that in emerging markets and developing economies, macroeconomic policy space ... Read More »

Nigeria needs $1 billion to boost refining capacity

Nigeria would need about $1 billion to fix some key pipelines and jetties that would aid crude refining and supply across the country. This is coming on high expectations that the nation’s refineries would soon spring to life, going by the indications from the Nigerian National Petroleum Corporation (NNPC). Indeed, it was gathered that the 125,000 barrels per day (bpd) ... Read More »

Naira devaluation inevitable – S&P

Nigeria will have to devalue its currency at some stage, possibly by more than 15 percent, ratings agency Standard & Poor’s said on Wednesday. Investors have seen a devaluation of the naira as long overdue for Africa’s largest economy and biggest oil exporter, which has been battered by the recent tumble in crude prices. Following devaluations in November and February, ... Read More »

New online service for tax payers launched

The Federal Inland Revenue Service (FIRS) has in collaboration with the Nigerian Interbank Settlement System (NIBSS) introduced an online self-service tax payment system. The e-Taxpay will enable taxpayers pay through their banks’ online payment portals. According to the revenue agency, the system is an initiative meant to facilitate payments of taxes from the comfort of taxpayers’ offices or homes. “Taxpayers ... Read More »

NUPENG, PENGASSAN Threaten Strike Over Agip, Arco Face-off

The Port Harcourt zone of the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have threatened to embark on an industrial action as a result of a prolonged face-off between the Nigeria Agip Oil Company (NAOC) at its contractor, Arco Petroleum (Nigeria) Plc. Recall that Arco filed ... Read More »

State Govts Raise Bonds Worth N600bn In 10 Years – DMO

The Debt Management Office (DMO) says state governments have been issued bonds worth over N600 billion to fund infrastructure development in the past 10 years. Statistics released by Dr Abraham Nwankwo, DMO Director-General, in Lagos and obtained by the News Agency of Nigeria (NAN) said that the amount was raised between 2005 and 2014. Nwankwo said that the N600 billion ... Read More »

Nigerian, British firms agree 27 partnerships in Shell sponsored-collaboration

A total of 27 partnerships have been agreed by Nigerian and British companies under the auspices of the annual Nigeria-UK engagement programme sponsored by the Shell Nigeria Exploration and Production Company Limited (SNEPCo). The partnerships cover a wide range of oil and gas activities including engineering, maintenance, fabrication and support services and were the outcome of several business summits held ... Read More »

President Buhari asks NNPC to review swap scheme

President Muhammadu Buhari has instructed the Nigerian National Petroleum Corporation (NNPC) to review agreements behind a programme to swap crude for refined products, his spokesman said on Monday. Nigeria’s anti-corruption agency and intelligence service began an investigation in May into whether the government was losing money through opaque contracts in which crude oil worth billions of dollars is given to ... Read More »

Inflation rises to 9.2 percent in June

Consumer inflation rose by 0.2 percentage points to 9.2 percent in June compared with the same month last year, its highest rate since February 2013 and above the central bank’s targeted upper limit. The figure released on Tuesday was in line with that forecast by a Reuters poll of analysts last week. Food inflation edged higher to an annual 10.0 ... Read More »

Access Bank emerges Best Flow House in Africa

Access Bank Plc has emerged winner of the Best Flow House in Africa accolade in the Euromoney Awards for Excellence 2015, which held at the Natural History Museum in London yesterday. It is the first time an African bank will be recognised as winner of this highly sought after award.  Access Bank’s win comes in recognition of the its increasing ... Read More »