Economy
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FIRS to commence tax monitoring compliance nationwide
The Federal Inland Revenue Service (FIRS) has stated that it would embark on a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) compliance exercise from July, 2022. This was contained in a public notice announcing the compliance monitoring exercise, signed by the FIRS Executive Chairman, Muhammad Nami. The exercise is coming on the heels of an earlier notice by…
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Equities market sustains investors profit-taking, drops by 0.04%
The bearish run in the equities market of the Nigerian Exchange Limited (NGX) continued yesterday as the All-Share Index dipped by 0.04 per cent. The All Share Index (ASI) decreased by 23.25 basis points or 0.04 per cent to close at 53,170.73 basis points. Similarly, the market capitalisation lost N12 billion to close at N28.665 trillion. Market breadth closed negative, with…
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Equities market down by 0.14% amid investors profit-taking in FBN Holdings, 17 others
Trading activities in the domestic equities market yesterday returned back to decline by 0.14 per cent, as investors booked profits in FBN Holdings (FBNH) and 17 other stocks. In summary, the All-Share Index (ASI) declined by 76.90 absolute points, representing a decrease of 0.14 per cent to close at 53,193.98 points. Similarly, the overall market capitalization value lost N42 billion…
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Stagflation risk rises amid sharp slowdown in growth, says World bank
Compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth and elevated inflation, according to the World Bank’s latest Global Economic Prospects report. This raises the risk of stagflation, with potentially harmful consequences for middle- and low-income economies…
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Nigeria’s public debt climbs by N2.04trn in Q1, says DMO
The Debt Management Office (DMO) said on Tuesday that Nigeria’s total public debt stock increased to N41.60trillion in the first quarter of 2022 from N39.56trillion as of December 2021. This shows an increase of N2.04tn within a period of three months. The public debt stock covers the total domestic and external debt of the Federal Government and state governments and…
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SEC introduces unique identifiers for capital market participants
The Securities and Exchange Commission (SEC) has embarked on an identity management project with capital market participants to be given unique identifiers to curb issues of fraud in the market. SEC also said that the unique identifiers will reduce high number of unclaimed dividends adding that the identity management project in the capital market would ensure that market transactions be…
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LAMATA, Oando sign MoU to launch electric mass transit buses
Oando Clean Energy Limited (Oando Clean Energy) has announced the signing of a Memorandum of Understanding (MoU) with the Lagos Metropolitan Area Transport Authority (LAMATA), the Lagos State Government agency tasked with planning, implementing, regulating and franchising sustainable integrated public transport in Lagos. The MoU establishes a partnership between OCEL and Lagos State in her journey to becoming a sustainable…
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Equities market appreciates by N96bn, commences week positive
Starting the week, equities market of the Nigerian Exchange Limited (NGX) on Monday, extended gains from prior trading session as the All-Share Index closed 0.34 per cent stronger on renewed bargain hunting. In summary, the All-Share Index (ASI) grew by 178.22 absolute points, representing a rise of 0.34 per cent, to close at 53,086.46 points. Similarly, the overall market capitalisation…
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Campaign spending pushes Currency in Circulation to N3.31trn in April
Amid campaign spending, the Central Bank of Nigeria (CBN) has disclosed that currency in circulation increased to N3.31trillion in April 2022, to reached its highest peak. The apex bank had disclosed that currency in circulation dropped Month-on-Month (MoM) by N4.59billion or 0.14 per cent to N3.25 trillion in March from N3.25 trillion in February 2022. The apex bank in its…
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Ogun, Ondo, Osun fail to attract capital into Nigeria in Q1 2022
Three Southwest states, Ogun, Ondo and Osun have failed to attract capital importation into their domain in the first quarter (Q1) of 2022, according to National Bureau of Statistics (NBS) report. The NBS report titled, ‘Nigerian Capital Importation’ disclosed that Lagos and Oyo states reported $1,119.44million and $2million capital importation respectively. The report said: “By Destination of Investment, Lagos State…
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