Nigerian News: Macro-Economics, Politics and Others

Equity market’s Year-to-Date gain hits 10.4% on continuing bullish trading: The year-to-date (YTD) gain by the Nigerian equities market hit 10.4% yesterday as the bullish performance extended further on a day the Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema unveiled plans of the Exchange for 2020. Click here for more.

Nigeria debt service hits $1.31 billion in 2019:Available data from Central Bank of Nigeria (CBN) showed that Nigeria spent $1.31 billion to service external debt obligations between January and November last year. Click here for more

7.5% VAT kicks off as Buhari signs Finance Bill: With Monday’s signing into law of the Finance Bill, President Muhammadu Buhari has triggered the operationalization of the 7.5% Value Added Tax (VAT) as proposed. Click here for more

Buhari approves committees for N2 trillion Mambilla power plant: The President, Major General Muhammadu Buhari (retd.), has approved the constitution of two committees for the Mambilla Hydroelectric Power Project in Taraba State. Click here for more

House to probe Telcos over non-remittance of N200 billion: Chairman, House of Representatives Committee on Information Communication Technology (ICT), Hon. Lado Abdullahi, yesterday said the lawmakers may involve the Economic and Financial Crimes Commission (EFCC) to investigate non-remittance of 1% annual turnover of each telecoms service provider to the National Information Technology Development Agency (NITDA). Click here for more

Banks brace for CBN’s fresh recapitalization plan: Commercial banks are preparing ahead of a possible announcement of a new recapitalization plan by the Central Bank of Nigeria (CBN) this year. Click here for more.

TCN to push for Discos’ recapitalization: Power distribution companies must be recapitalized for Nigeria’s power industry to work and the Transmission Company of Nigeria has vowed to push for the Discos’ recapitalization this year. Click here for more

NDPR expands modular refinery capacity by 5,000bpd: The Niger Delta Petroleum Resources Limited, a subsidiary of Niger Delta Exploration and Production Plc, has expanded its maiden 1,000 barrels per day diesel topping refining plant, a modular refinery, with an additional 5,000bpd, the Department of Petroleum Resources announced on Sunday. Click here for more

CBN report shows improvement in consumer confidence: The consumers’ overall confidence outlook rose in the fourth quarter of 2019, as consumers were optimistic in their outlook, the Central Bank of Nigeria (CBN) Consumer Expectation Survey released at the weekend has shown. Click here for more

CBN defends naira with $16.56 billion in 12 months: The Central Bank of Nigeria (CBN) spent nearly $16.56 billion to defend the naira in the last one year. Click here for more

C & I Leasing’s N3.23 billion rights issue closes: THE extended application period for the ongoing N3.23 billion capital raising by C & I Leasing Plc ends today. Click here for more.