11 Dec

Daily Watch – CBN to start loan scheme for graduates, No census next year

The CBN governor, Godwin Emefiele, has announced that a low-interest loan scheme for one million young graduates will take off next year. Emefiele said the scheme, which would be managed by the CBN in collaboration with commercial banks, was part of a government strategy to boost the Micro, Small and Medium Enterprises sub-sector and curtail unemployment among the youth. The National Population Commission has announced that

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10 Dec

Daily Watch – Fowler confirmed as Nigeria’s tax man, Subsidy claims paid

The Senate has confirmed Babatunde Fowler as chairman of the Federal Inland Revenue Service. Fowler was appointed acting chairman of the agency by President Muhammadu Buhari on August 20 to replace Samuel Odugbesan, a former coordinating director at the agency, who was appointed to the position by President Goodluck Jonathan in March. Fowler was the Executive Chairman of the Lagos State Board of Internal Revenue from 2005 to 2014, and is widely

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09 Dec

What is the true cost of petrol in Nigeria?

In Nigeria, the continuous repetition of a set of beliefs in the public space is all it takes to accept them as true, even in the face of data clearly showing otherwise.

Nothing typifies this truth more than the argument about the fuel subsidy being one of the ways that the most Nigerians benefit from the “national cake”. This argument however falls Short when held up to scrutiny.

Based on figures from the NNPC website, accurate as of December 7, 2015, the subsidized

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09 Dec

Daily Watch – FG wants half a trillion for social welfare, Nigeria blows 7 trillion on subsidy

President Buhari has proposed to spend N500bn on social services to cater for the needs of youths and other “vulnerable” groups in 2016. In separate letters to the Senate President and the House Speaker, Buhari explained that the social welfare programme would be executed in phases, but did not say whether the request was meant to implement his campaign promise to pay each unemployed person in the country <del

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08 Dec

Daily Watch – FG to break NNPC up in new PIB, Budget pegged at N6 trillion

The FG will break up the Petroleum Industry Bill and replace it first with a law to overhaul the NNPC and close loopholes that breed corruption. According to the Reuters news agency, the NNPC will be split in two – rather than a series of units as envisaged by the stalled 2012 Bill – including a National Oil Company that will be run on commercial lines and partly privatised. The inability to pass the PIB has stunted investment, particularly in deep-water

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07 Dec

Daily Watch – Naira at all time low, Refineries to go semi-autonomous

Nigeria has said it will soon allow its refineries to operate as semi-autonomous entities in order to run as profitable ventures. The country also expressed its readiness to raise funds from international investors and the private sector in 2016 to fund the Joint Venture cash calls between the Nigerian National Petroleum Corporation and International Oil Companies operating in the country. The Minister of State for Petroleum Resources and Group Managing Director

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04 Dec

The week ahead – IPOB takes centre stage

Separatist group, the Indigenous People of Biafra, laid siege on Onitsha for two days demanding the release of their incarcerated leader, Nnamdi Kanu. The protest turned violent on the second, as property was looted and destroyed. This forced the hand of the military and police, who intervened and dislodged the protesters. The protesters had blocked the only bridge linking the South-West and South-East geopolitical zones for two days, leading to a massive traffic tailback

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04 Dec

Daily Watch – Union prepares for showdown with NPA over plans to cut 5000 jobs, MTN to seek further reduction of fine

The naira fell 1.22 percent against the American dollar at the unofficial market on Thursday as nearly half of bureaux de change operators failed to get dollar supply at a central bank sale due to incomplete documentation, traders said. The National Association of Stevedoring Companies has kicked against the decision by the Nigerian Ports Authority to lay off 5,000 tally clerks and on-board security men. President of NASC

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03 Dec

Daily Watch – Nigeria to register unemployed people, Shiroro to add 300MW via solar power

A few days after reiterating that a campaign promise of N5000 monthly, will be paid to unemployed people, the National Directorate of Employment has announced said plans are in top gear to register all unemployed citizens across Nigeria. Acting Director General of the NDE, Kunle Obayan, said, “Actually some of them (projects) are brand new and they are coming up in 2016. We are going to tenaciously pursue the employment

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02 Dec

Daily Watch – Petrol subsidy forces rise in supplementary budget, Finally, Dasuki picked up

The Federal Ministries of Petroleum Resources, Budget and National Planning and Finance have been asked to include an additional N108 billion in the N465.3 billion supplementary budget submitted to the National Assembly by President Muhammadu Buhari two weeks ago. This request was made by the Senate Committee on Appropriation in order for the budget to adequately provide

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