FG suspends 5% telecoms tax on calls, data
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NERC plans N5bn for tech investments
The Nigerian Electricity Regulatory Commission has said it will spend N5bn on technology investments between now and 2025. The Chairman, NERC, Mr Sanusi Garba, disclosed this at a hearing on the MediumTerm Expenditure Framework in Abuja on Monday. Read more…
Crypto investor loses $2 million on OKex, Bitcoin battles to stay above $20,000
Bitcoin, the leading cryptocurrency is still below the $20K mark, while ether has gained a little today. After Russia shut down gas shipments through the main Nord Stream 1 pipeline to Germany, gas prices skyrocketed and the euro and pound fell. Due to the Labour Day holiday, most traditional marketplaces in the United States were closed. Read more…
Nigerian Stock index falls below 50,000 points for the first time since April on election fears
The Nigerian All Share Index (NSI) dropped below 50,000 index points to close trading at 49,836.51 points on August 31, 2022, on fears relating to the forthcoming elections in 2023. Read more…
Nigeria earns N1.19 trillion from VAT in six months
Nigeria earned N1.19 trillion from value-added tax (VAT) in the first half of 2022. This amounts to a 19 per cent year-on-year (YoY) increase when compared to N1 trillion earned in the corresponding period of 2021. Read more…
Stock investors lose N30bn in one day
The equities market of the Nigerian Exchange Limited declined by N30bn at the end of trading on Monday as 18 firms saw their share prices fall. Read more…
Customers pay N92.2bn for N4.61tn PoS transactions
BANK customers may have spent N92.2bn to use Point of Sale terminals in the first seven months of 2022. According to data from the Nigeria Inter-Bank Settlement System, PoS transactions in the first seven months of the year totalled N4.61tn. For withdraws or transactions between N1,000 to N5000 on PoS, about a N100 fee is often charged. This brings the total cost charged for PoS transactions within the period to about N92.2bn. Read more…
FG suspends 5% telecoms tax on calls, data
The Federal Government has suspended the proposed excise duty on telecommunication services. The suspension was announced by the Minister of Communications and Digital Economy, Prof Isa Pantami, on Monday during the inaugural meeting of the Presidential Committee on Excise Duty for the Digital Economy Sector in Abuja. Read more…
GTCO grows H1 profit to N103bn
Guaranty Trust Holding Company Plc’s profit before tax rose by 11 per cent to N103.2bn as of the end of June 2022 from N93.1bn recorded in the corresponding period of 2021. Read more…
Top 10 banks in Nigeria with the highest foreign inflows in H1 2022
Citibank, Standard Chartered, and Stanbic IBTC led the list of banks with the highest dollar inflows into the Nigerian economy in the first half of the year. This is according to a report released by the National Bureau of Statistics (NBS). Read more…
Nigerian Stocks: List of Dividends announced in 2022
As audited accounts start to trickle in, companies will propose dividend payments to their shareholders as recommended by their respective boards of directors. Read more…
Why Nigeria’s 13-year deficit financing is yet to yield positives on the economy
Nigeria is currently running down a 13th consecutive year of fiscal imbalance, where annual expenditure surpasses total revenue. While fiscal imbalance or debt financing is not necessarily a cause for worry, the widening gap of this deficit in the past thirteen years with almost no positive on the economy is worrisome. Read more…
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