Tinubu’s Economic and Financial Reforms: Gains, Pains, and Missed Targets
CBN also implemented wide ranging foreign exchange reforms, chiefly the elimination of multiple exchange rates to curb arbitrage, enhance transparency and boost investors’ confidence.
ACCOUNT MAINTENANCE: Banks’ customers pay N25bn in Q1’22
…as earnings from fees, commission rise 48% By Elizabeth Adegbesan Customers of leading commercial banks in Nigeria paid N25.1 billion as account maintenance fee in the first quarter of this year (Q1’22). This represents a 17 percent year-on-year (YoY) increase when compared to N21.4 billion the customers of those banks paid in corresponding period of […]
Why Nigeria’s National Plans fail
By Dele Sobowale “Planning is a process by which you continuously create your own future.”Roger Fritz, in Entrepreneur 1996. Every serious plan should have at least one goal in mind. A National Development Plan, NDP, ideally sets many development goals at once. It is always best if the goals are all very complimentary. Albert Einstein, […]
Financial advisory critical in combating tax issues — Oguntayo
By Nkiruka Nnorom On the backdrop of billions of Naira lost annually by the government to tax evasion and avoidance, a financial expert, Mr. Timothy Oguntayo, has indicated that proper financial advisory and tax planning are necessary tools to combat the growing list of tax problems in the country. Oguntayo, who was the former Chief […]
FG steps up efforts to end secret ownership of companies
By Obas Esiedesa, Abuja The Federal Government is working on the beneficial ownership register that would see an end to secrete ownership of companies in Nigeria. The Minister of State Budget and National Planning, Prince Clem Agba, disclosed this yesterday in Abuja when he received a team from the Nigeria Extractive Industries Transparency Initiative (NEITI), […]
Food prices drive inflation to 16.8%, analysts project further rises
By Elizabeth Adegbesan Analysts in the financial sector have projected further inflationary pressure in the coming months, even as inflation maintained an uptrend for the third consecutive month in April to 16.82 per cent. They cited the sustained pressure on food prices and energy costs on the back of the Ukraine-Russia conflict. In its Consumer […]
FG pays N58bn to oil marketers as bridging cost
By Obas Esiedesa The Federal Government has paid petroleum marketers over N58 billion as bridging cost in the past five months. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) who disclosed this in Abuja yesterday, explained that out of the amount, N34 billion went directly to members of the Independent Petroleum Marketers Association of […]
Nigeria’s oil output drops 13.3% to 1.3 mbpd
By Udeme Akpan THE Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil output at 1.3 million barrels per day, bpd, in April 2022. This showed a decrease of 13.3 percent compared to 1.5 million bpd recorded in the corresponding period of 2021. Despite the low output, Nigeria remains the highest producer in Africa, […]
Household consumption expenditure rises to 25%
By Elizabeth Adegbesan •As GDP at basic price grows 3.4% The National Bureau of Statistics, NBS, said household consumption expenditure rose year-on-year (YoY) by 1,414 percentage points to 25.6 per cent in 2021 from -1.69 per cent in 2020. However, the Bureau said that government expenditure fell YoY by 80 percentage points to -34.03 per […]
Q1’22: Int’l Breweries back to profitability, records N1.9bn PBT
By Nkiruka Nnorom International Breweries Plc (IBPLC) has bounced back to profitability from its loss position, recording N1.9 billion Profit Before Tax (PBT) for the first quarter (Q1) ended March 31, 2022, representing 152.8 per cent increase from N3.6 billion loss before tax in Q1’21. The financial statement released to the Nigerian Exchange Limited (NGX) […]
Petrol marketers hint of impending crises in fuel supply
•Says fuel scarcity may linger unless FG pays N500bn claims •We have 2.8bn litters stock of PMS — NNPC By Levinus Nwabughiogu & Abdulmumin Murtala Amidst lingering queues at filling stations in some locations in Abuja yesterday, there are indications that a major fuel scarcity may hit the country soon. Giving this hint yesterday, the […]
Oil marketers fault airline operators over aviation fuel price
•We sell to aviation operators at N540/L – MOMAN •We now buy aviation fuel at N700/L By Prince Okafor Oil marketers under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) have faulted airline operators’ claim of buying aviation fuel at N700 per litre. The airline operators, under the aegis of Airline Operators of […]
SEC moves to fully digitise capital market operations
By Nkiruka Nnorom In a bid to fully digitalise operations of the Nigerian capital market, the Securities and Exchange Commission (SEC) is proposing some guidelines that will enable investors to execute their transactions in the capital market on their internet-enabled appliances and at their convenience. These are contained in a guideline on Minimum Operating Standards […]
CONTRIBUTION TO ECONOMY: Manufacturing sector stagnates
lAverage GDP contribution, 9% in 3 years lTrails agric sector’s 26% contribution lNigeria well below industrialisation goals — NACCIMA lFG must tackle binding constraints urgently — MAN lSector remains largely import dependent — CPPE By Yinka Kolawole In apparent reflection on the nation’s slow progress towards industrialisation, the manufacturing sector recorded a dismal 9% average […]
Stock market sustains bulls run as investors gain N699bn
By Nkiruka Nnorom The bullish run in the stock market occasioned by the release of the first quarter (Q1) 2022 financial results continued last week, resulting in N699 billion gains to investors. As a result of the bulls rampage, the benchmark All Share Index (ASI) of the Nigerian Exchange Limited (NGX) crossed the 50,000 basis […]
Waist trimming: Why women now choose corset to gym
Waist trimming: Why women now choose corset to gym
