Business Tips

FIRS Generates ₦778b in First Quarter 2017

The Federal Inland Revenue Service (FIRS) says it generated N778.19 billion revenue in the first quarter of 2017.

This is according to a progress report by the FIRS sent to the Federal Ministry of Finance, and obtained by the News Agency of Nigeria on Tuesday in Abuja.

The report, which showed the revenue performance for the first quarter of 2017, gave a breakdown of money collected.

Equities Rebound on Renewed Interest in Banking Sector

Photo L-R: Gilles Kolifrath, Partner, Kramer Levin Naftalis & Frankel,  ISDA Member; Irene Robinson-Ayanwale, Head, Legal Department, The Nigerian Stock Exchange (NSE); Marilyn Ramplin, Founder, Novia One Group, incorporating Hedge Fund Academy; and Ade Bajomo, Executive Director, Market Operations and Technology, NSE, at the NSE X-Academy Training on “Legal and Risk Aspects of Derivatives & Clearing Central Counter Party Transactions” at Civic Centre, Victoria Island, Lagos today.

Budget: FG Directs MDAs to Spend on Nigerian Goods

The Federal Government has directed Ministries, Departments and Agencies (MDAs) to spend more of their budget on locally produced goods.

Acting President Yemi Osinbajo gave the directive when he signed the 2017 appropriation bill into law on Monday.

He said the directive was to support the government’s policy on investment in critical infrastructure.

Osinbajo said: “beyond the huge provisions for investments in critical infrastructure, we have mandated government agencies to spend more of their budgets on locally produced goods.

Nigeria’s Merchandise Trade in Q1 Hits ₦5b

The National Bureau of Statistics (NBS) said the total value of Nigeria’s merchandise trade at the end of first quarter of 2017 was N5.292 billion.

Total exports for the period under review stood at N3, 006 billion while total imports stood at N2. 286.5 billion.

The NBS stated this in a report on it Foreign Trade in Goods Statistics for 1st Quarter of 2017 posted on the bureau’s website on Wednesday in Abuja.

FG Pays ₦375.8m to 20 Whistleblowers

The Federal Ministry of Finance says N375.8 million has been paid to 20 providers of information under the Whistleblower Policy.

The Director of Information, Mr Salisu Dambatta in a statement on Wednesday in Abuja, said that payment was related to the recovery of N11.6 billion.

Dambatta explained that the payment was only for recovered assets that had been declared free of legal disputes or litigation by the Attorney-General of the Federation.

He said that in addition, taxes have been removed before final  payments to beneficiaries.

FG Seeks Approval from Lawmakers for $1.5b Loan

Nigeria's government is seeking approval from lawmakers to borrow $1.5 billion from international lenders to fund projects in a number of the country's states, a letter by the acting president said on Tuesday.

The OPEC member, which has Africa's largest economy, is grappling with its first recession in 25 years which was largely brought on by low oil prices and the impact of attacks on energy facilities in the Niger Delta, Reuters reports.

Crude sales makes up two-thirds of government revenues which are then shared among the country's 36 states.

Why Financial Institutions Warehousing Illicit Funds Must Be Punished

The Acting President, Prof.  Yemi Osinbajo, and an anti-corruption Chief, Mr Akere Muna, on Monday said banks and other financial institutions warehousing illicit funds should be made to face the consequences of the criminal conduct.

Both said this in separate addresses at the “Conference on Promoting International Co-operation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development’’ in Abuja, the News Agency of Nigeria reports.

U.S. Partners Lagos on Ports Administration

The United States of America Government on Thursday indicated its readiness to facilitate and develop trade, investment, commercial ties and technical exchange with the Lagos State Government.

Ms Audrey Edmonson, the Commissioner, Miami-Dade County of Florida, made this known in Lagos.

Edmonson spoke when she led the U.S Trade Facilitation Group on a courtesy visit to the Lagos State Deputy Governor, Dr Idiat Adebule.

The delegation comprised of American Economic Development Agencies, Multi-Sectoral Business Technocrats and Port Miami officials.

Stock Exchange Launches X-Academy

Photo L-R: Olumide Orojimi, Head, Corporate Communications, The Nigerian Stock Exchange (NSE); Oscar Onyema, Chief Executive Officer, NSE; and Pai Gamde, Acting Head, Corporate Services Division, NSE at the media launch of the NSE X-Academy at the Exchange today.

The Nigerian Stock Exchange (NSE) on Thursday, at an interactive session, launched X-Academy, a knowledge-platform designed to provide education services to individuals who want to gain a better understanding of various aspects of the capital markets.