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Hard But Necessary Reforms, Imperative To Ramp Up Tax Revenues —  Muhammad Nami, Chairman Joint Tax Board For Nigeria to attain optimum tax revenue collection capacity across the Federal, States and Local Government tax authorities, the country must make hard but necessary reforms that would yield long term benefits. This was the position stated by […]

Lagos Foreign Debt Burden Rises Sharply Over FX Reform Amidst sustained borrowings, Lagos State debt stock has been projected to worsen in 2023 as a result of the devaluation of the naira in June.  Lagos continues to lead the pack among top sub-national borrowers even with its huge internally generated revenue. Data obtained from the […]

Naira Appreciates Despite 66% Decline in FX Inflows The Naira appreciated strongly against the United States (US) dollar, shaking off previous demand pressures despite a significant shortage in foreign currency inflows at the investors’ and exporters’ window. The local currency gained N32.84 last week to settle at N743.07. Foreign currency supply at the Investors and […]

Treasury Bills Yield Rises to 7.6% Ahead of CBN Auction Nigerian Treasury bill yield rose by 17 basis points to 7.6% in the secondary market ahead of the Central Bank of Nigeria’s (CBN) primary market auction (PMA) scheduled for Wednesday. The uptick in the yield curve was influenced by selloffs on the 91 and 182-day […]

10 Companies Account for 77% of NGX Market Capitalisation Ten listed companies accounted for 77% of Nigerian Exchange (NGX) equities market capitalisation, market data screened by MarketForces Africa showed. The breakdown shows that the Nigerian Exchange (NGX) has now registered seven market movers after Nigerian banks made an entry into the trillion naira valuation class. […]

Oil Rallies as Saudi Arabia, Russia Extend Supply Cuts Oil prices saw limited gains despite the fact that Saudi Arabia and Russia, rolled over their existing supply cuts for another month, while unclear demand forecasts in China and the US continue to weigh on gains. The Organisation of Petroleum Exporting Countries and Allies (OPEC+’s) largest […]

Stanbic IBTC Crosses N900bn in Market Valuation Ahead of the earnings release, Stanbic IBTC Holding Plc’s market valuation has surged significantly as the market expects that the group will sustain its earnings momentum. The group’s healthy balance sheet and surging earnings attracted bargain hunters seeking to profit from growing and value stocks. In one year, […]

Sanctions Heighten Default Risk, Economic Stress in Niger – Moody’s The Economic Community of West African States (ECOWAS) imposed economic and financial sanctions on the Government of Niger after soldiers of Niger’s presidential guard detained President Mohamed Bazoum at his home and announced a coup d’etat on 26 July. Moody’s said these sanctions and more […]

By Onikepo Braithwaite, Onikepo.braithwaite@thisdaylive.com As usual, last week was rather interesting in the Nigerian scheme of things. The parties, that is, the various Petitioners and Respondents in the Presidential election petitions adopted their final written addresses at the Presidential Election Petition Tribunal (PEPT), and the matters have been reserved for judgement;  the second partly uninspiring list […]

By Reuben Abati, abati1990@gmail.com It seems to me, with due respect, to every party concerned, that while we are all obsessed with the contemporary, topical issues of Ministerial nominations, the likely conflict with Niger and the noted desperation of the Northern Senators and Elders Forum, as well as others across the country, to prevent same, […]

The Nigeria Immigration Service (NIS) has blamed discrepancies in identification such as National Identification Numbers (NINs) for the delay in the processing and issuance of some international passports to Nigerian applicants. The Controller of the Service in Rivers State, Sunday James, made this known in Port Harcourt, while addressing the audience during the 60th anniversary […]

Zoom, the company that powered the remote work revolution during the pandemic, is telling its employees to come back to the office. In a statement, Zoom said it’s now enforcing a “structured hybrid approach,” meaning that employees who live near an office “need to be onsite two days a week” because it’s “most effective” for […]