Saturday, October 12, 2019
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    NERC asks DisCos to disconnect defaulting MDAs

NERC asks DisCos to disconnect defaulting MDAs

The Nigerian Electricity Regulatory Commission (NERC) has asked electricity distribution companies (DisCos) to disconnect government ministries, departments and agencies (MDAs) who are defaulting in the payment of energy bills.In a notice signed by Dafe Akpeneye, commissioner for legal, licensing and compliance, on Tuesday, the regulator said the responsibility of revenue collection from all customers including MDAs of states and federal [...]

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    NPA: Our pensioners get their N700m monthly entitlements before we pay regular staff

NPA: Our pensioners get their N700m monthly entitlements before we pay regular staff

The Nigerian Ports Authority (NPA) says it ensures that all its pensioners get their N700m monthly entitlements early before serving members of staff.In a statement on Wednesday, Jatto Adams, NPA's general manager of corporate and strategic communications, said the organisation is committed to the overall welfare of its former staff.He said the authority does not recognise the Nigerian Ports Authority [...]

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    ‘Tax default’: Kaduna seals Access Bank branches

‘Tax default’: Kaduna seals Access Bank branches

The Kaduna State Internal Revenue Service (KDIRS) has sealed three branches of Access bank in the state over alleged non-remittance of N175 million Pay-As-You-Earn (PAYE).In an interview with journalists, Francis Kozah, legal adviser to KDIRS, said the branches of the bank were sealed on Wednesday.He said the sealed branches located along Bida road, Ahmadu Bello way and Isa Kaita road [...]

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    IMF endorses VAT increase, says it will cushion declining oil revenue

IMF endorses VAT increase, says it will cushion declining oil revenue

Amine Mati, a senior resident representative with the International Monetary Fund (IMF) and mission chief for Nigeria, says an increase in value-added tax is a step in the right direction for the country as it will contribute to declining revenue.The federal executive council recently approved an increase in VAT to 7.2% and the 2020 budget submitted by President Muhammadu Buhari [...]

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    NERC threatens to revoke licences of AEDC, Ikeja DisCo

NERC threatens to revoke licences of AEDC, Ikeja DisCo

The Nigerian Electricity Regulatory Commission (NERC) has threatened to withdraw the licences of eight electricity distribution companies (DisCos) over an alleged breach of market rules.In a notice signed by Dafe Akpeneye, commissioner for legal, licensing and compliance, on Tuesday, the regulator accused the DisCos of breaching the provisions of the electric power sector reform act (EPSRA).The affected companies were listed [...]

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    2020 budget: FG pegs oil benchmark at $57, targets N8.1trn

2020 budget: FG pegs oil benchmark at $57, targets N8.1trn

President Muhammadu Buhari has presented the 2020 appropriation bill with total expenditure of N10.33 trillion to the national assembly.While presenting the budget on Tuesday, Buhari said the federal government is targetting a revenue of N8.155 trillion; N2.64 trillion from oil revenue, N1.8 trillion from non-oil tax revenue and N3.7 trillion from other revenues.Buhari said the appropriation bill is based on the [...]

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    2020 budget based on new 7.5% VAT

2020 budget based on new 7.5% VAT

President Muhammadu Buhari says the 2020 budget is based on the new value added tax of 7.5 percent.The federal executive council had approved the increment of VAT from 5 percent to 7.5 percent in September.While presenting the 2020 budget to a joint session of the national assembly on Tuesday, the president said additional revenue to be generated from the higher [...]

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    Fowler: No harm in introducing communication tax, Nigerians talk a lot on phone

Fowler: No harm in introducing communication tax, Nigerians talk a lot on phone

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says there is no harm in introducing a communication tax.Fowler made this known on Monday while speaking to TheCable on the sidelines of the ongoing Nigerian Economic Summit Group conference holding in Transcorp Hilton in Abuja."I will put it this way, Nigerians talk a lot on the phone; they even [...]

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    Buhari nominates Akinwunmi Adesina for second term as AfDB president

Buhari nominates Akinwunmi Adesina for second term as AfDB president

President Muhammadu Buhari has nominated Akinwunmi Adesina for a second term as the president of African Development Bank (AfDB).Adesina made this known on Sunday while receiving the Emeka Anyaoku lifetime achievement award presented to him by the Hallmark of Labour Foundation.This comes ahead of the bank's election scheduled to hold in 2020."When asked by former President Goodluck Jonathan to serve [...]

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    What the recent oil disruption means for Nigeria

What the recent oil disruption means for Nigeria

The unprecedented oil disruption in Saudi Arabia in September shocked the markets and triggered multiple financial reactions for investors across the globe.Oil prices exploded 20% higher on Monday, September 16 after attacks on Saudi oil fields caused disruptions of 5.7 million barrels per day, roughly 5% of global oil supplies. Oil later gave back gains after Saudi Arabia pledged that [...]

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Exchange Rates

October 11, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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