Top Financial News   

28 June 2018 ( Lagos )

Nigeria eyes US$2.8bn debt from offshore sources - DMO: Nigeria plans to raise US$2.8bn of debt offshore as part of its 2018 budget and will explore all options to lower costs, the head of the Debt Management Office (DMO) told Reuters. The government has laid out plans to borrow abroad even though interest rates are rising in the United States which could see the West African country pay a higher premium on this occasion compared with its most recent debt sale in February. (Source: Reuters)


Again, revenue underpayment stalls allocation to states: For the fourth time this year, the Federation Account Allocation Committee meeting, which was convened on Wednesday to consider and approve statutory allocation for the month of May, was postponed as a result of revenue discrepancies. (Source:Punch)

NPA set to begin dredging of Warri Port: The Nigerian Ports Authority (NPA) has concluded plans to commence the dredging of the Escravos channel of the Warri Port. The agency gave this indication on Tuesday when its Managing Director, Hadiza Usman, paid a courtesy call on the Olu of Warri, Ogiamen Ikenwoli II, in Warri, Delta State. (Source: Punch)

PenCom begins verification of intending FG retirees: the National Pension Commission said it had commenced the final verification of prospective retirees from the public service. (Source: Punch)


Govt, oil firms lose $674m to pipeline shutdowns: The shutdown of two pipelines since last month may have caused oil firms and the nation a huge loss of revenue estimated at $674.25m. (Source: Punch) 


Buhari intervenes in FAAC, NNPC feud: President Muhammadu Buhari has offered to intervene in the disagreement between the Federation Account Allocation Committee (FAAC) and the Nigerian National Petroleum Corporation (NNPC).  This disagreement had frequently disrupted the monthly Federation Allocation disbursements. (Source:The Nation)


Dangote Cement to raise N150b new capital: Dangote Cement Plc-Nigeria’s most capitalised quoted company and Africa’s largest cement producer, plans to raise N150 billion in new debt capital to finance its business operations. (Source:The Nation)


Nigeria eyes 10% of global LNG market: The Federal Government is targeting 10 per cent of the world’s market share in traded Liquefied Natural Gas (LNG) as part of its strategic aspirations to derive maximum value from the country’s abundant natural gas resources. (Source:The Nation)


VAIDS: NASME holds tax compliance clinic for MSMEs: The Nigerian Association of Small and Medium Enterprises (NASME) has called on Micro, Small and Medium Enterprises (MSMEs) to take advantage of opportunities offered tax payers through the Voluntary Asset and Income Declaration Scheme (VAIDS) to regularize their tax status by June 30 2018 to avoid prosecution for tax offences. (Source:Vanguard)


FGN bond auction oversubscribed: The FGN bond auction for June 2018, which was held yesterday, at which bonds of three tenors – 5 years, 7 years and 10 years - were offered was oversubscribed. The Debt Management Office (DMO) said in a statement that investors bid for N66.7bn (US$184.7m) compared with the N60bn (US$166.2m) on offer. (Source: Thisday)


CBN Sensitises Stakeholders on Currency Swap Deal: Following its release of regulations for transactions with authorised dealers in Renminbi, the Central Bank of Nigeria (CBN) Wednesday commenced the sensitisation of exporters, regulators and other stakeholders in three locations across three locations in the country on the details of the deal between the CBN and the People’s Bank of China (PCoB). (Source: Thisday)

Nigeria spent N26m importing toothpick from China, Germany:  Nigeria spent N26 million importing wooden toothpicks from China and Germany in the last three years. (Source: Daily Trust)

Nigeria earns N3.2trn from PPT, royalties in three years: The federal government received N3.21trn (US$8.9bn) as Petroleum Profits Tax (PPT) and royalties between Q3 2015 and Q3 2017, according to an economic report of the Central Bank of Nigeria (CBN). (Source: Guardian)

Reporting for EasyKobo on Thursday, 28 June 2018 in Lagos, Nigeria

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