13 July 2018 ( Lagos )

FAAC: States fail to agree on May revenue sharing: For the third time in one month, the Federation Account Allocation Committee meeting, which was to consider as well as approve revenue sharing among the three tiers of government for the month of May ended in a deadlock on Thursday. (Source: Punch)

External reserves drop by US$102m in six days: The nation’s foreign exchange reserves have pared some of the gains recorded last month, falling by US$102m in the six days to Wednesday. Data obtained from the Central Bank of Nigeria (CBN) on Thursday showed that the reserves stood at US$47.697bn on July 11, down from US$47.799bn on July 5. (Source: Punch)

Foreign investment outflows from NSE rise by 125%: Foreign portfolio investment outflows from the nation’s stock market rose by 125 per cent in May, with the market capitalisation of listed equities losing N1.146tn as it fell to N13.802tn. (Source: Punch)

Senate to allow AMCON publish debtors’ list: The Senate yesterday said it would soon authorise the Asset Management Corporation of Nigeria (AMCON) to publish names of the debtors responsible for 80% of its N4.8trn (US$13.3bn) debt. (Source: Vanguard)

Picketing: MTN takes case to United Nation-ILO: MTN Nigeria said its assets worth millions of dollars have been vandalised following the three-day picketing by the Nigeria Labour Congress (NLC) at some of the telecommunication company’s offices across Nigerian states. (Source: The Nation)

Development Bank to offer N5bn loans to 20,000 SMEs: The Development Bank of Nigeria (DBN) is gearing up to provide N5bn (US$13.8m) to 20,000 Small and Medium Enterprises (SMEs), its Managing Director, Tony Okpanachi, has said. He said the lending started last November with loans to three of the largest microfinance banks in the country. (Source: The Nation)

China’s demand for Nigeria’s cassava to boost output:  Nigeria’s cassava output is set to increase as a result of rising demand by China for cassava products used in food and pharmaceuticals and as a bio-fuel, according to the Nigerian Cassava Growers Association (NCGA). (Source: The Nation)

We’ll continue to borrow for infrastructure, Buhari tells AFREXIM: President Muhammadu Buhari on Thursday told the members of the Board of African Export and Important Bank, AFREXIM that his administration will continue to knock on their doors for assistance so as to fix the long decayed infrastructure in the country. (Source: Vanguard)

NSE: Quick budget implementation, new listings will stem slide – Experts: Financial experts on Thursday stressed the need for quick implementation of the 2018 budget and listing of new companies on the Nigerian Stock Exchange (NSE) to tackle the exodus of foreign investors. (Source: Vanguard)

New Abuja terminal to be operational October - FAAN MD: The managing director/CEO, Federal Airports Authority  (FAAN), Engr. Saleh Dunoma, has said the new international terminal at the Nnamdi Azikiwe International Airport Abuja will be operational by October 2018. (Source: DAILY TRUST)

NPA to sanction shipping coys, terminal operators over non-compliance to holding bays: The authority in change of the Nigerian Ports Authority (NPA) has threatened to sanction shipping companies and terminal operators over non-compliance to agreement on holding bays. (Source: DAILY TRUST)

NCS Seme Command Rakes in N2.8bn in Six Months: The Nigeria Customs Service (NCS), Seme Area Command has announced that it collected the sum of N2.861 billion as revenue in the first six months of 2018. The command in a statement said it also made a total of 620 seizures with duty paid value (DPV) of N432.930 million during the period under review. (Source: THISDAY)

Nigeria Opens First Phase of $824 Million Abuja Metro Rail: Nigerian President Muhammadu Buhari opened the first phase of a new metro-rail service in Abuja, the capital, for public use eight years after the project was initiated. (Source: BLOOMBERG)

FAAC suspends meeting indefinitely: The monthly Federation Account Allocation Committee (FAAC) meeting has been suspended indefinitely. Chairman of Commissioners Forum, Mr. Mahmood Yunusa, said the meeting can only be reconvened after the process of remitting proceeds to the federation account is strengthened. (Source: The Nation)

FG set to formulate policy on gold processing: The Ministry of Mines and Steel Development says it will soon conclude work on a gold policy that will facilitate gold processing and refinery in the country. The ministry’s Permanent Secretary, Abdulkadir Muazu, while inaugurating the ministry’s Economic Recovery and Growth Plan delivery unit said with the policy in place, companies will be able to set up gold processing centres in Nigeria. (Source: Punch)

Reporting for EasyKobo on Friday, 13 July 2018 in Lagos, Nigeria