| Thursday, February 20, 2020|
Nigeria’s oil reserves’ll run dry in 49 years – DPR The nation’s crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be depleted in 49 years, according to the Department of Petroleum Resources.The reserves, which stood at 37.45 billion barrels in 2014, fell to 37.06 billion barrels in 2015 and 36.74 billion barrels in 2016. It, however, rose to 36.97 billion barrels in 2017 and 37 billion barrels in 2018, the DPR data showed…read more.
FIRS targets 17% tax to GDP ratio by 2023 The Federal Inland Revenue Service has said that it will raise Nigeria’s tax ratio to Gross Domestic Product ratio from the current six per cent to 17 per cent by 2023. The FIRS Executive Chairman, Muhammad Nami, said this during a meeting with traders in Lagos…read more.
Buhari enlarges NDDC team, appoints Pondei The President, Major General Muhammadu Buhari (retd.), on Wednesday named a new acting Managing Director for the Niger Delta Development Commission. He is Prof Kemebradikumo Pondei, who has replaced Joi Nunieh. The replacement was part of the President’s decision to enlarge the membership of NDDC’s Interim Management Committee from three to five….readv more.
World Bank approves Nigeria’s identity project, five others Projects estimate worth $2.2 billion, targets economic development. Nigeria’s digital identity ecosystem project, along with five others, has been approved by the World Bank in Washington DC, the United States, yesterday….read more.
SEC tasks states on specific target projects to boost IGR The Acting Director-General, Securities and Exchange Commission Nigeria (SEC), Ms Mary Uduk, has urged states government to establish specific target projects or companies capable of boosting their Internally Generated Revenue (IGR). The approved projects, whose worth is estimated to be around $2.2 billion…read more.
FAAC distributes N647.3b as January proceeds to FG, states, councils The Federation Accounts Allocation Committee (FAAC), has distributed a total of N647.353billion January 2020 Federation Account Revenue to the Federal, states and local governments in Nigeria….read more.
Anyaoku Calls for FG’s Utilisation of Capital Market to Fund Infrastructure Former Secretary General of the Commonwealth, Chief Emeka Anyaoku has joined stakeholders calling on the federal government to utilise the Nigeria’s capital market to develop the economy. Worried by the high level of infrastructure deficit and inadequacy of government financial resources….read more.
Driving Palm Oil production Oluchi Chibuzor writes on factors required to stimulate palm oil production in the country. The drive to achieve backward integration in the agricultural sector, led the country to introduce the Anchor Borrowers Programme (ABP) in 2015….read more.
Spectranet, Zenith Insurance Introduce Modem Protection Plan Spectranet, in collaboration with Zenith Insurance, has launched a protection plan called SpectraSure, designed to protect spectranet modem against theft and damage. Speaking at the launch ceremony, which held recently in Lagos, the Managing Director, Spectranet, Ajai Awastchi, said the partnership was borne out of the need to ease the pains of customers against eventuality……read more.
United Capital Posts N4.9 billion Profit, to Pay N3 Billion Dividend The board of directors of United Capital Plc, an investing banking firm, has recommended a dividend of N3 billion for the year ended December 31, 2019. The dividend, which translates into 50 kobo per share, will be paid from the N4.97 billion profit after tax (PAT) recorded for the year….read more.
Experts share their best advice for making your first investment Making your first investment can feel like a daunting prospect. Memories of the global financial crisis — and subsequent market dips — hang heavy for savers, particularly those who came of age during the 2008 downturn. Multiple studies point to millennials’ and Gen Z’s skepticism toward investing: One Bankrate report found that just 23% of those between 18 and 37 years of age saw the stock market as the best long-term money store….read more.