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Month: November 2016

FG plans lower tax rate for MSMEs

THE Minister of Finance, Kemi Adeosun, last week said that the federal government will propose reduction in the income tax rate applicable to the Micro, Small and Medium Enterprises, MSMEs, as an incentive to encourage compliance and promote the sector. The minister said this in Lagos, at a Coalition of MSMEs stakeholder Public Private Dialogue, …

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Oil may rise to $55 if all producers cooperate – Iran

Oil prices have risen to their highest in nearly a month, as expectations grow among traders and investors that OPEC will agree to cut production, but market watchers reckon a deal may pack less punch than Saudi Arabia and its partners want. Brent crude has risen 6.5 percent in the last two weeks, hitting nearly …

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Budget 2016: FG spends N3.577tr in 9 months — Udoma

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, yesterday, said that the Federal Government has spent N3.577 trillion as at September out of the N6.06 trillion budgeted for 2016 He disclosed this in Lagos at the KPMG CFO Forum saying: “The Federal Government has spent about N3.577 trillion as at September 2016 …

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Militant Attack – Nigeria considers importing crude oil from Niger Republic

Nigeria, typically Africa’s biggest crude oil producer, is considering importing crude from neighbouring Niger due to militant attacks on pipelines in the Niger Delta that feed its refineries, a state oil company spokesman said on Friday. Nigeria’s crude production, which was 2.1 million barrels per day (bpd) at the start of 2016, fell by around …

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Nigerian interbank rate flat as market awaits monthly budget cash flow

Nigeria’s overnight interbank lending rate held steady for the second consecutive week at 14 percent on Friday even as the market anticipated the injection of October budgetary allocations to government agencies to boost liquidity in the system. On Wednesday, Nigeria distributed 420 billion naira ($1.34 billion) between its three tiers of government from crude oil …

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OPEC Head To meet Iran oil minister over Upcoming Meeting

OPEC Secretary-General Mohammed Barkindo and Iran’s Oil Minister Bijan Zanganeh will meet in Tehran on Saturday to discuss issues linked to an upcoming OPEC meeting, the ministry’s official website reported. “Consultation about the topics of the OPEC ministers meeting in Vienna on November 30 … as well as reviewing recent developments of the oil market …

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40 Arrested By DSS in Kano Bureau De Change Raid

DSS Operative Friday afternoon in Kano raided Bureau de change spots and arrested no fewer than 40 currency dealers. Eyewitness, Umar Iliya explained that the operatives stormed the Wapa area at about noon, seized selected men and took them away in security van. The witness said the operation caused a stir culminating in a pandemonium …

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Nigeria’s GDP could expand 2.5% next year if oil output rises – Moody

Nigeria’s economy can expand by 2.5 percent next year, rebounding from a recession entered in the second quarter, as long it can keep oil output at 2.2 million barrels per day, a senior Moody’s analyst said. Africa’s largest economy faces its worst crisis in 25 years, brought on by low oil prices which have slashed …

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