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Power sector records N2.2 billion loss, here is why

The Nigerian power sector as of Friday, October 5, 2019, recorded an estimated N2.2 billion loss. As disclosed in a daily energy report by the Advisory Power Team office of Vice President Yemi Osinbajo, the loss recorded was as a result of insufficient gas supply, distribution, and transmission infrastructure.

FG earns N28.6 trillion from VAT, others

The Federal Government (FG) earned about N28.6 trillion from Value Added Tax (VAT), mineral revenues, and non-mineral revenues between 2012 and 2016. This was disclosed by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its latest Fiscal Allocation and Statutory Disbursement Audit Report for the period mentioned. 

Banks may be pricing in currency adjustment in Eurobond recall

Nigerian banks that hitherto issued dollar-denominated bonds may have started weighing the implication of the much-pushed foreign exchange (FX) rates unification as a decision that could increase their obligations on the outstanding notes. Three banks – Access Bank, First Bank of Nigeria Limited and Ecobank Nigeria – have so far this year redeemed before maturity… […]

Debt pile looms over Africa’s fragile economic recovery

Africa’s pace of economic growth is set to pick up this year but the recovery remains patchy and debt levels are soaring, adding urgency to the continent’s drive to boost trade, experts told the World Economic Forum on Africa today. There are clear bright spots. Five of the world’s fastest-growing economies – Ghana, Ethiopia, Senegal, […]