- The NBS says that the total revenue generated by the country through Value Added Tax dropped from ₦207.35 billion in the fourth quarter of 2016 to ₦204.77 billion in the first quarter of 2017. The manufacturing sector generated the highest amount of VAT with ₦28.73 billion, followed by professional services and commercial trading, with ₦20.82 billion and ₦12.89 billion, respectively. Mining sector recorded the least VAT collection of ₦35.07 million.
- Acting President Yemi Osinbajo has signed the 2017 budget into law. The budget was due to be signed a fortnight ago, but the signing was put off for undisclosed reasons. President Buhari had presented a budget proposal of ₦7.298 trillion to the National Assembly on December 14, but the senate which passed it on May 11 jerked it up by ₦143 billion. The budget has a projected revenue of ₦5.08 trillion with a deficit of ₦2.36 trillion. A total of ₦2.98
- Shareholders of Arik Air have started discussions with a major investor to partner with the airline and offset the debt it owes AMCON and other creditors. The News Agency of Nigeria reports that the airline shareholders have held series of meetings with other investors before reaching a firm commitment with the Dubai-based conglomerate. The Chairman of Arik Air, Joseph Arumemi-Ikhide, said the investor had started negotiation with the shareholders of the company
At least ten persons have been confirmed dead and as much as 40 injured as Boko Haram suicide bombers staged multiple attacks targeting mosques where worshippers were praying on Wednesday night, witnesses said. The attack occurred while soldiers were battling to repel another Boko Haram insurgent formation trying to enter the city via its southern flank. According to Premium Times, the attack was in the Jiddari Polo district of the city, with the army saying it repelled
- Royal Dutch Shell lifted force majeure on Forcados crude oil for the first time since it went in place in February 2016, putting light sweet crude differentials under serious downward pressure. In lifting the force majeure, the company increased the planned loadings in June to 252,000 bpd. The first cargo that loaded for Shell late last month aboard the Astro Perseus was en route to Argentina, according to ship tracking data and traders. The second, which loaded
- Nigeria’s oil production declined to an average of 1.388 million bpd in the first quarter of 2017 according to OPEC data. This is an approximately one percent reduction from the 1.401 mbpd recorded in the Q4 2016. While the decline in production in other OPEC countries within the period was mainly because of quota allocation by OPEC, Nigeria’s decline was mainly due to infrastructure vandalism, which made it impossible for the country to meet its OPEC quota
- The CBN has introduced new rules into the interbank foreign exchange market. The rules were contained in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku. Among other things, the regular said authorised dealers in the interbank were meant to put only ₦1 spread on their transactions.
- Nigeria’s total indebtedness
The presidency and lawmakers are still in talks over the 2017 budget nearly three weeks after the spending plans were passed by the Senate. Both chambers of parliament agreed to a bigger budget than the ₦7.298 trillion draft spending plan submitted by President Muhammadu Buhari in December. “There are ongoing consultations between the executive and the legislature over the budget. Consultations have not been concluded,” said Ita Enang, senior special assistant
On May 29, 2017, the Buhari administration will have spent two years in charge of Nigeria, reaching the halfway mark in running with the mandate Nigerians collectively handed to them in the 2015 General Elections. Just as importantly, President Buhari’s party, the All Progressives Congress, would have spent two years with the majority of seats in the two chambers of Nigeria’s National Assembly, apart from being the ruling party in 24 of Nigeria’s 36 States.
The Nigerian military says it will investigate allegations of a plot to overthrow the current democratically-elected government and purported attempts by politicians to influence the office and soldiers of the Nigerian Army. It has vowed that no coup d’etat, or takeover of government, will be supported or encouraged by the armed forces. In a joint press briefing convened by the Defence Headquarters (DHQ) and the Nigerian Army in Abuja on Wednesday, the military asked