Nigeria in 1min: Economic, Business and Financial Headlines - 271219


Friday, December 27, 2019 / 7:10 AM / By News Aggregator / Header Image Credit: @followlasg


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FIRS: Why Fowler Was Not Reappointed - When Fowler became FIRS boss revenue or collection per staff was NN521.02m in 2015 but slid by -11.71% in 2016 to N460.04m before rising strongly to N614.21m or +33.51% in 2017 reflecting an economic recovery from a previous recession that had started in 2016 and continued till 2017. Source Proshare Read More 

Petrol Subsidy Now N47.5/Litre As Oil Price Hits $67.86 - The subsidy on Premium Motor Spirit, popularly known as petrol, has risen to N47.5 per litre as the expected open market price of the commodity hit N180.78 on Monday, latest data from the Petroleum Products Pricing Regulatory Agency showed. Source Punch Read More 

Brexit, US-China Trade War Threats To Nigeria's Economy -World Bank - The planned withdrawal of the United Kingdom from the European Union and the ongoing trade war between the United States and China constitute major threats to Nigeria's economy, the World Bank has said. Source Punch Read More 

FG Earmarks N61bn For Nigeria-Siemens Power Deal - The Federal Government has set aside the sum of N61bn for the Nigeria Electrification Road map to be developed in partnership with Germany-based Siemens AG. The amount provisioned for the Presidential Power Initiative is one of the key expenditures captured in the 2020-2022 Medium-Term Expenditure Framework and not in the 2020 budget. Source Punch Read More 

Fresh Gridlock Looms As Kara/Berger Bridge Reconstruction Resumes Jan 6 - Motorists and other users of the  Berger/Kara Bridge section of the Lagos-Ibadan Expressway may have to brace for another round of gridlock as reconstruction work will resume by Monday, January 6, in the area. Source Punch Read More 

FG'll Attain Higher Percentage of Budget Implementation in 2020, Says Minister - Minister of State, Budget and National Planning, Prince Clem Agba, yesterday assured that the federal government would score a higher percentage of budget implementation in 2020 than it did in previous years. Source Thisday Read More 


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Commercial Banks' Assets, Liabilities Hit N41.42tn - Total assets and liabilities of commercial banks amounted to N41.42tn at the end of October 2019, showing 4.6 per cent increase when compared with the level at the end of the preceding month. The Central Bank of Nigeria disclosed in its economic report for November that funds were sourced, mainly, from increase in unclassified liabilities, mobilisation of time savings and foreign currency deposits. Source Punch Read More 


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SEC To Robustly Tackle The Problem of Unclaimed Dividends In 2020 - Acting Director General of the SEC, Ms. Mary Uduk, who spoke in Abuja, said in the new year, the Commission would employ various strategies in a bid to ensure that issues of unclaimed dividends are effectively tackled. Source SEC Nigeria Read More

Nigerian Stock Market Dips Further By -0.10% As YTD Returns Stands At -16.99% - Equities market closed today on a negative note, as NSEASI depreciated by -0.10% to close at 26,090.88 points as against -1.55% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.98%.  Source Proshare Markets Read More 

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CBN Debits Banks N650bn For Loan To Deposit Ratio Failure - The Central Bank of Nigeria, CBN, yesterday, deducted N650 billion from the account of some banks as Cash Reserve Ratio, CRR, the levy for failure to meet the 65 per cent Loan to Deposit Ratio, LDR. Source Vanguard Read More 

Airlines Forecast $29.3 Billion Net Profit In New Year -  Challenges of the year 2019 notwithstanding, global airlines are warming up for more profitable 2020 with the net profit already anticipated to hit $29.3 billion. The profit margin is an improvement over $28 billion forecast for 2019. The key performance drivers will include economic growth, cheaper fuel, new employments, and improved passenger and cargo traffic.  Source Guardian Read More 

China Commerce Ministry Says In Close Touch With U.S. On Signing Trade Deal - China is in close touch with the United States on signing a Phase 1 trade deal, the country's commerce ministry said on Thursday, adding that both sides are still going through necessary procedures before the signing. Source Reuters Read More 

Oil Hits Three-Month Highs As Strong U.S. Consumer Spending Underpins Growth Hopes - Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world's no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. Source Reuters Read More


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