Tuesday, July 28, 2020
Ahmed expects Nigeria to exit recession Q1, 2021 with 0.5% GDP contraction
Finance Minister Zainab Ahmed said she expects Nigeria to exit a shallow recession sparked by the coronavirus pandemic by the first quarter (Q1) of next year, if a N2.3 trillion Economic Sustainability Plan (ESP) approved by the Federal Government is strictly implemented. “The National Bureau of Statistics (NBS) has already done an initial assessment that… Read more
Third Mainland Bridge closure: Helicopter shuttle services not sustainable – experts
The business model of operators of new helicopter ‘shuttle’ services launched in Lagos in a bid to cushion the effect of partial closure of the Third Mainland Bridge on motorists has been faulted by industry experts. They argue that Nigerians who do not currently have the disposable income to pay an exorbitant amount for helicopter… Read more
Government may have realised N4.4bn from oil bid round processing so far
The Federal Government of Nigeria may have so far raked in an estimated N4.4 billion already from the marginal oil field processing bid round. Total revenue from processing alone will be more than N5 billion by the end of the process. This amount to be realised from the processing does not include the signature bonus… Read more
N651.77bn generated from VAT in six months – NBS
A total of N651.77bn was generated from Value Added Tax in the first half of 2020, according to latest figures from the National Bureau of Statistics. The NBS disclosed this on Monday in its report on, “Sectoral distribution on Value Added Tax,” for the half year period of 2020. Read more
Banks’ non-performing loans now N1.2tn – CBN
Banks’ non-performing loans stood at N1.2tn as of the end of June according to figures obtained from the Central Bank of Nigeria on Monday. This amounted to about 6.4 per cent of the gross credit of the banks to the economy which stood at N18.9tn as of the period under review. The latest statistics show that the banks have gradually reduced the bad debts in their books in recent years. Read more
E-bills payment rises by 86%, reaches N444.16bn
The payment of bills electronically almost doubled from January to May this year, compared with the same period in 2019. Analyses of the latest data from the Nigerian Interbank Settlement Scheme indicated that the use of digital financial transaction platforms for the payment of utility bills and other subscriptions in the first five months of the year hit N444.16bn. Read more
Banks’ foreign assets rise 10.2% on naira adjustment
The net foreign assets of banks rose by 10.2 per cent in the first quarter of 2020, according to the Central Bank of Nigeria. The CBN, which disclosed this in its monthly economic report for the first quarter of 2020, said the increase was due to the exchange rate adjustment during the period. Read more
Lawmakers partner SEC to tackle issues impeding market growth
The House of Representatives Committee on Capital Markets and Other Institutions, has expressed commitment to work closely with the Securities and Exchange Commission (SEC), to substantially tackle issues impeding the growth of the local bourse, which can be resolved through the provision of enabling laws. Read more
NIPOST reviews operations of courier, logistics services
To enhance the operations of Courier and Logistics services in Nigeria, the Minister of Communications and Digital Economy, Dr. Isa Pantami, has approved new guidelines Courier and Logistics Operations 2020, in line with Section 62 of NIPOST Act, Cap N127, LFN 2004, to replace the former regulation, which has been in existence since 2001. Read more
