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Value Added Tax revenue Declines to N204.7bn 

The National Bureau of Statistics on Tuesday released the total revenue generated by the country through Value Added Tax with receipts from VAT dropping from N207.35bn in the fourth quarter of 2016 to N204.77bn in the first quarter of this year. The NBS in the report stated that manufacturing sector generated the highest amount of VAT with N28.73bn, adding that ... Read More »

UBA’s Debut $500m Eurobond Oversubscribed 240% by Global Investors

United Bank for Africa Plc (UBA) successfully raised USD500 million, though a debut Eurobond, which was 240% over-subscribed. The significant investor demand reflects the strong global investor appetite for UBA’s credit and support for the Group’s pan-African financial services strategy. The Global Offering is a five-year senior unsecured benchmark bond (144A/Reg S) listed on the Irish Stock Exchange and will further support the Group’s strategic vision, ... Read More »

N7.44tr budget ’ll deliver prosperity, says Osinbajo

Acting President Yemi Osinbajo yesterday signed the 2017 Appropriation Bill into law. President Muhammadu Buhari presented in December 2016 a N7.28 trillion estimate, which was raised to N7.44 trillion by the lawmakers. The Budget includes N1.84 trillion for debt servicing, N177.4 billion for sinking fund, N2.97 trillion for recurrent expenditure (non-debt) and N2.177 trillion for capital expenditure. Details of the budget ... Read More »

CBN boosts FOREX market with $413.5m

  The Central Bank of Nigeria (CBN) has intervened in the inter-bank Foreign Exchange market to the tune of $413.5 million, further underscoring its resolve to guarantee liquidity in the market as well as shore up the international value of the naira. Giving a breakdown of the Bank’s latest round of intervention on Monday, June 12, 2017, the CBN Acting Director ... Read More »

Acting President Osinbajo Signs 2017 Appropriation Bill

Acting President Yemi Osinbajo on Monday signed the 2017 Appropriation bill into law. Osinbajo accented the Budget around 4:42 p.m. The budget was passed by the National Assembly some weeks back while President Muhammadu Buhari left Nigeria for the United Kingdom on 7th May to follow up on his medical consultation with his doctors. The budget, which was presented in ... Read More »

HEIRS Holding Appoints Director Of Corporate Comms

 Heirs Holdings has announced the appointment of Pelumi Fadairo as Director of Marketing and Corporate Communications. Fadairo will be responsible for driving the Group’s strategic marketing objectives and co-ordinating brand management of its rapidly growing portfolio of pan-African investments in the power, financial services, oil and gas, hospitality and real estate, and healthcare sectors. Prior to joining Heirs Holdings, Fadairo was the ... Read More »

FG to boost CMD’s capability for institutional and human capacity development

  The Federal Government is poised to assist the Centre for Management Development (CMD) to increase its capability for institutional capacity and human resources development to aid effective delivery of government’s economic plans and national management objectives.   Minister of Budget and National Planning, Senator Udoma Udo Udoma, told staff of the Centre at the weekend in Lagos that Nigeria ... Read More »

SERAP Sues FG Over Non-Distribution Of Free Pre-Paid Meters

The Socio-Economic Rights and Accountability Project (SERAP) is suing the Federal Government over what it has described as “their collective failure, refusal and negligence to enforce their own directives to electricity distribution companies (DISCOs) to provide free prepaid meters to all Nigerians”. The government has also been accused of “not ending the use of patently illegal, arbitrary, unfair and discriminatory estimated ... Read More »

Mark Zuckerberg, others lose billions as US stock crashes

Billion of dollars have been wiped off the value of US tech giants, shrinking the net worth of some of the world’s richest people. Sun Online reports that Amazon founder Jeff Bezos, Facebook’s Mark Zuckerburg and Google chiefs Larry Page and Sergey Brin lost a combined $6.6bn on Friday. Facebook golden boy Zuckerberg lost $2bn of his personal net worth on ... Read More »

FG Releases details of Paris Club refunds to states

The federal government has finally released a breakdown of the first tranche of Paris Club refunds paid to states to date. The payments, totalling N516.38 billion, were made to the 36 states and the Federal Capital Territory upon the approval of President Muhammadu Buhari on November 21 2016, a statement by Salisu Danbatta, director of information in the Ministry of ... Read More »