07 June 2018 ( Lagos)

Nigeria’s trade grew to N7.2tn in Q1 – NBS: The country recorded an increase of N1.18tn in merchandise trade in the first quarter of this year to N7.21tn from N6.02tn in the fourth quarter of last year. (Source: Punch)

NNPC to invest $2.5bn in LPG plants: The Nigerian National Petroleum Corporation has revealed plans to invest $2.5bn in revamping Liquefied Petroleum Gas plants in the country. (Source: Punch)

FG, states earned N30bn from VAIDS in 11 months: A total of N30bn (US$83.1m) has been realised from taxpayers who have declared their assets under the Voluntary Assets and Income Declaration Scheme (VAIDS). The Executive Chairman, Federal Inland Revenue Service, Babatunde Fowler, gave the figure on Wednesday during the official presentation of the VAIDS certificates of declaration to chairmen of states’ tax revenue agencies. (Source:Punch)

Power sector loses N201.3bn in 6 months: The daily financial losses in Nigeria’s power sector since the beginning of this year have risen to N201.3bn (US$557.5m), findings from the Office of the Vice President showed on Wednesday. It was also gathered that the industry lost about N1.7bn (US$4.7m) on June 5, 2018 alone due to insufficient gas supply to power generation companies and the non-availability of distribution and transmission infrastructure. (Source: Punch)

AMCON Plans Sale of Arik, Aero, PAN, Others in 2018: The Asset Management Corporation of Nigeria (AMCON) has indicated plans to sell some of its assets in 2018, which it listed to include Arik Air, Aero Contractors, Peugeot Automobile Nigeria (PAN), Delta Queen, among others.(Source:Thisday)

Nigeria Achieved 5% Reduction in Financial Exclusion in 8yrs: The Central Bank of Nigeria (CBN) has expressed worry that a large number of Nigerians are financially excluded and are without bank accounts.(Source:Thisday)

Alcohol Manufacturers Reject 500% Excise Duty Hike: The Distillers and Blenders Association of Nigeria (DIBAN) has called on the federal government to halt the implementation of the new excise duty hike and hold genuine consultation with all stakeholders in the domestic wines and spirits space in order to prevent unemployment, as well as ensure the continued survival of the wine and spirits sector.(Source:Thisday)

Commercial Papers market crosses N1trn mark: Transaction value in Commercial Papers (CPs) market in Nigeria has risen to N1.06 trillion from zero level in 2013, raising fresh window of opportunity for businesses looking to tap the non-bank debt market for short-term capital and investors seeking to diversify their portfolios.( Source: Vanguard)

CBN to sell N1.1trn Treasury Bills in 3 months: The Central Bank of Nigeria (CBN) has rolled plans to issue N1.1 trillion worth of Treasury Bills (NTBs) in the next three months to August 30, 2018.( Source: Vanguard)

 FG approves 2 Executive Orders, 5 Amendment Bills to reduce tax burden on Nigerians: The Federal Executive Council (FEC) has approved two Executive Orders and five Amendment Bills to the country’s tax policies aimed at reducing tax burden on Nigerians and boosting ease of doing business.( Source:Vanguard)

Equities market extends gains, rises by 1.53%: Gains persisted on the Nigerian Stock Exchange, NSE, for the third consecutive session today, with the All Share Index, ASI, posting 1.53 percent return to 38,435.20 points as investors continued to hunt bargains across major sectors.( Source: Vanguard)

No fuel price hike, says NNPC: There won’t be increase in fuel price, despite the rise in the landing cost of imported fuel, Nigerian National Petroleum Corporation (NNPC) Public Affairs Group General Manager, Ndu Ughamadu, has said. (Source: The Nation)

Seplat targets acquisitions, diversification to drive growth: Seplat Petroleum Development Company Plc plans to acquire additional assets that would help in strengthening and diversifying its growth base as the indigenous oil and gas company seeks to create greater values for stakeholders. (Source: The Nation)

PIB will be passed fully next month: The House of Representatives has said that the remaining three parts of the Petroleum Industry Bill (the fiscal, administration and host communities’ bills) will be passed next month. Its gas committee chairman, Fred Agbedi, gave the assurance at the 2018 Natural Gas Business Forum 2018 organised by the Nigerian Gas Association in Lagos. (Source: The Nation)