20 Jun

Daily Watch – FG & John Deere seal 10k tractor deal, Strides acquires Rivers Vegetable

  • The FG has signed an MoU with the Nigerian Agricultural Mechanisation and Equipment Leasing Company and U.S. manufacturer John Deere to supply 10,000 tractors to rural farmers across the country. The MoU was signed by Agriculture and Rural Development Minister Audu Ogbeh; NAMEL Director General, Hammed Adekunle; and the Managing Director, Sub-Saharan Africa of John Deere, Jason Brantley. Through the agreement, John Deere would set up assembling plants for tractors
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19 Jun

Daily Watch – BDCs want to join Yuan party, SERAP sues Fashola

  • President Buhari will sign the 2018 budget into law on Wednesday, news site TheCable reports citing a presidential source. One of the president’s spokesmen, Femi Adesina, had told State House correspondents last week that the president would give assent to the budget today. Budget and National Planning minister Udoma Udoma said the president had not signed the budget because he was still studying it. The National Assembly passed the budget in May, raising
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14 Jun

Daily Watch – Inflation keeps slowing, Budget 2018 to be signed next week

  • Annual inflation in Nigeria stood at 11.61 percent in May, compared with 12.48 percent in April, the National Bureau of Statistics has announced. The reduction in the inflation is good news for the government in an election year, but there are concerns that the continuous decline could be reversed as month-on-month inflation moved by up 1.09 percent in May, compared to 0.83 percent in April. A separate food price index showed inflation at 13.45 percent in May,
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13 Jun

Daily Watch – Big companies push local input sourcing, NCC looking to resolve interconnectivity debts

  • Prof. Umar Danbatta, the vice chairman of the NCC, has said that he is looking for ways to resolve interconnectivity debts, which stand at ₦165 billion. Danbatta said that there was a need to put a pragmatic plan in place to mitigate the incidence of interconnectivity debts in the industry, “as it is causing a lot of unnecessary distractions for the commission.” He added that the commission would appreciate suggestions from the Association of Telecommunications
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12 Jun

Daily Watch – Nigeria and Morocco get comfy, New bill pegs minimum requirement for pioneer tax at ₦100m

  • Nigeria’s oil exports may drop in July to around 1.43 million barrels per day. According to Reuters, loading plans for the month of July have dropped to its lowest so far this year. The export plan consists of 48 cargoes compared to 60 cargoes and a daily level of 1.79 million barrels per day in June. This drop in volume has been attributed to the shutdown of the Bonny Light stream which has been declared a force majeure by Shell for a month. Prior to the declaration
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11 Jun

Daily Watch – CBN releases Yuan swap guidelines, Nigeria to flog NigeriaRe

  • The CBN has published regulatory guidelines for prospective operators under the bilateral currency swap agreement between Nigeria and China. Published late Friday, the guidelines were signed by CBN Director, Financial Markets Department, Alvan Ikoku. The guidelines said the swap agreement was for a maximum of 15 billion Chinese Yuan for ₦720 billion with a three year tenor. The currency swap agreement allows the CBN and the Peoples Bank of China to, among other
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08 Jun

Daily Watch – Power sector bleeds ₦201 billion in H1, Islamic Development Bank mulls Nigeria hub

  • FEC approved two executive orders and five amendment bills to remove a value-added tax on residential properties and amend the company income tax law. Finance minister Kemi Adeosun told the press that the amendments will reduce the tax burden and boost ease of doing business in the country. She said the approval is based on a report by the National Tax Policy Implementation Committee on Tax Laws Reform. She added that the FG was proposing an amendment to the
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07 Jun

Daily Watch – Peugeot, Siemens eye Nigeria projects, NERC stands in defence of estimated billing

  • NERC says it intends to review the financial model used to determine the tariff payable by electricity consumers. Chairman, James Momoh, said the commission will not adopt the multi-year tariff order software in a bid to determine whether consumers are being cheated. The commission will instead, continue to use the MYTO as the framework for determining tariffs while it reviews the financial model, it said in a statement. This comes as NERC and the Power, Works
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06 Jun

Daily Watch – Gwarzo makes bail, Glo and 9mobile lose 470k netizens

  • The NNPC says it cannot honour requests made pursuant to the Freedom of Information Act because it is not a public corporation. A senior lawyer, Femi Falana had written an FOI to the corporation’s supervising ministry seeking fuel importation data and said junior petroleum minister, Ibe Kachikwu had directed the NNPC and DPR to provide him with the information. In a letter written on behalf of the corporation by Omale O.B. Solicitors, the NNPC said it “doesn’t
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05 Jun

Daily Watch – BDCs & banks on same FX plane, Job creation ‘not growing’

  • The NCC says all telcos in the country must desist from automatically renewing data packages without a subscriber’s consent and slapped a ₦5 million fine for non-adherence. Executive Vice Chairman Umar Danbatta made this known at the first edition of the NCC Consumer Conversations in Karu, Nasarawa, citing a May 21 directive to the companies where it highlighted the “unacceptable level” of complaints received by the commission. “We have also
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