Hello Readers, Bizwatchnigeria brings the latest business news highlights in Nigeria for the week, September 04-10, 2022.
Nigerian Stock Market Increases By N197bn In Bullish Trading Week
Investors in the Nigerian stock market saw an N197 billion increase in the value of their shares. The market capitalization and NGX All-Share Index of the Nigerian Exchange Limited both increased by 0.73 per cent to end the week at 50,045.83 and N26.994 trillion, respectively.
DataPro Expresses Fear For Nigerian Banks, Says Their Future Is Bleak
DataPro, a frontline technology-driven credit rating agency, has expressed fear that Nigerian banks, including Access Bank, might have a lot of issues to battle in the future to sustain their businesses.
NNPC Defends Petrol Subsidy Payments Claim With Forensic Audit
The Nigerian National Petroleum Company Limited (NNPC), has offered to submit itself for a forensic audit of petrol supply and subsidy payments. BizWatch Nigeria understands that a forensic audit in this context is the evaluation of NNPC’s financial records. The corporation replied to the Comptroller-General of Nigeria Customs Service (NCS), Col. Hameed Ali (retd.), who said NNPC was unable to justify its claim that Nigerians consume at least 60 million litres of petrol daily.
Nigeria’s Average Daily Petrol Supply Is 68 Million Litres -NNPC
The Nigerian National Petroleum Company (NNPC) Limited has claimed that the country’s average petrol supply is 68 million litres per day in reaction to the purported inflation of imports and consumption in Nigeria. The corporation also revealed that the amount of gasoline imported into the nation overall between January and August 2022 was 16.46 billion litres or 68 million litres per day.
FG Halts Implementation Of 5% Tax On Phone Calls
The Federal Government has halted the implementation of a 5% excise duty in the digital economy sector, a tax previously proposed by the Minister of Finance. Isa Pantami, Minister of Communications and Digital Economy, stated that he personally opposed the policy and advised President Muhammadu Buhari against it due to the consequences for the digital economy.
Power Discos, Gencos Target 5000MW Generation
Companies that generate and distribute electricity are working to meet the 5,000 MW goal set by the federal government. Meanwhile, the power supply in some Nigerian households has started to progressively improve. The production of electricity grew to 5,043 megawatts a few days ago, according to Tuesday’s findings.
FG Increases VAT By 20%, Accumulates N1.2tn In Return
Through the Federal Inland Revenue Service, the Federal Government increased its value-added tax (VAT) revenue by 20% to N1.2 trillion in the first half of 2022. According to various sources by the National Bureau of Statistics (NBS), the total amount made by VAT in the first two quarters of 2021 was N1.008 trillion.
Amid ASUU Strike, FG Charges Nigerians For UK Scholarships
Amid the prolonged Academic Staff Union of Universities (ASUU) strike, the Federal Government has encouraged Nigerian students to apply for the Chevening scholarships, an initiative of the United Kingdom (UK) government.
Naira Currently In Circulation Falls To N3.24tn
According to the Central Bank of Nigeria’s (CBN) most recent data on currency, the amount of money in circulation decreased by N107.08 billion from N3.35 trillion in April to N3.24 trillion in July. The CBN claims that the CIC, which was N3.33 trillion in May, was N3.25 trillion in June.
Petrol Scarcity Hits Abuja Again As Queues Return
Petrol scarcity was yesterday (Tuesday, September 6, 2022) experienced in many cities in Abuja, as long queues returned to filling stations. According to multiple reports, as several filing stations were unable to dispense petrol for consumers, the few outlets that dispensed the commodity were filled with consumers and panic buyers.
FG, UN To Establish Digital Agric Platform For Women
The Federal Government says it will work with the United Nations (UN) Women on its digital agricultural platform to maximize its benefits for Nigeria’s rural women farmers. The announcement was made by Pauline Tallen, minister of women affairs, in a statement issued on Wednesday while receiving Beatrice Eyong, UN Women’s country representative in Nigeria.
CBN Sends Strong Warning To Firms Over N5.67bn Debt
The Central Bank of Nigeria (CBN), has asked some companies to pay up their N5.67 billion debt, warning that their failure to do so would attract sanctions. BizWatch Nigeria understands that about seven companies that benefited from the Anchor Borrowers Programme (ABP) were the ones mandated to pay up the debt obligation as settlement of the credit facilities they took.
Federal Government To Increase Gas Export To Europe In 2022
The Federal Government said on Wednesday that Nigeria will be able to deliver more liquefied natural gas to Europe by next winter. Chief Timipre Sylva, the Minister of State for Petroleum Resources, said this during the Gastech conference in Milan, according to Reuters.
NGX Stock Investors’ Three Days Loss Hits N241.27bn
The stock market remained gloomy on Wednesday as investor losses over the previous three days increased to N241.27 billion from N30 billion on Monday. At the close of trade on Monday, the Nigerian Exchange Limited’s equity market had lost N30 billion.
World Bank Dolls Out $700m For Nigeria To Fund Climate
Nigeria has been able to secure $700 million out of the $31.7 billion that World Bank disbursed as climate financing in its 2022 fiscal year. The President Muhammadu Buhari-led government secured the credit facility for an Agro-Climatic Resilience in Semi-Arid Landscapes Project that was designed to develop 20 watershed management plans covering all of the northern parts of Nigeria.
NBS Records ₦7.41trn Export Trade In Q2
The National Bureau of Statistics (NBS) revealed that Nigeria had a trade surplus of ₦3.2 trillion between January and June of 2022. This was stated by the bureau in a recent report titled ‘Foreign trade in goods statistics (Q2 2022).’ Nigeria’s total exports were ₦14.5 trillion in the first half of the year, while total imports were ₦11.3 trillion, yielding a trade surplus of ₦3.2 trillion.
Nigeria Risks N1.37tn Loss Amid Insufficient Revenue, Here’s Why
Nigeria stands a chance of recording N1.37 trillion loss amid the insufficient revenue it’s plagued with. This is as members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) threatened to shut down oil production in the country for 30 days.
