All the major economic news from Nigeria in 5 minutes - 15/6/2017

Summary of the top business, economic and political news in Nigeria today.

Data released by the National Bureau of Statistics (NBS) on Thursday show that inflation dropped to 16.25%, making it 1.25 points away from the 15% goal of the Economic Recovery and Growth Plan (ERGP). According to the NBS report, inflation dropped from 17.24% in April to 16.25% in May. Link
The Federal Executive Council (FEC) yesterday approved $188.807 million and N8.576 billion for some road, power and port projects. The approvals included reimbursement of N7.943 billion to Kwara State for construction of Kayamakishe road. Afam Power Plant was approved for $186.6 million. The council also approved N500 million for completion of Baro River Port. Link
The Nigeria Extractive Industries Transparency Initiative (NEITI) has identified an error in the Petroleum Industry Governance Bill (PIGB) passed by the Senate. Link
Directors of the Bureau of Public Enterprises (BPE) and other senior officials are to face stiff sancttions, including dismissal under a new set of rules in its code of ethics scheduled for launch tomorrow. A source at the Presidency, said the sanctions are part of measures put in place to tackle corruption in the Code of Ethics that the new Director-General, Alex Okoh has instituted. Link
The Federal Government allotted N607.3 million in its June 2019 and 2020 savings bond sales, lower than the N790.85 million it allotted in May, the Debt Management Office (DMO) said. It stated on its website that N271.56 million was allotted at 13.18 per cent with 425 successful subscriptions to mature in June 2019 and that also N335.7 million was allotted at 14.18 per cent with 496 successful subscriptions to mature in June 2020. Link
The Federal Government on Wednesday commenced a move aimed at stopping major companies from evading tax. To achieve this, the Federal Executive Council granted permission to the Ministry of Finance to sign a multilateral convention to implement tax treaty related matters to prevent base erosion and profit shifting. Link
The Minister of State for Petroleum Resources, Dr Ibe Kachikwu has said the nation’s refineries produce only 22 per cent of the daily national premium motor spirit (PMS) requirements. Link
The Federal Government says will recruit 7,500 graduates as Community Tax Liaison Officers to raise tax awareness among citizens. The Minister of Finance, Mrs Kemi Adeosun, along with the Chairman, Federal Inland Revenue Service (FIRS), Mr BabaTunde Fowler made this known at a joint press briefing on Thursday in Abuja. Link
The Niger Delta Development Commission (NDDC), said on Wednesday that it would soon revive its rice processing plants at Elele Alimini in Rivers and Mbiabet-Ikpe in Akwa Ibom States with a combined capacity of 210 metric tonnes per day. Link
Ibadan Electricity Distribution Company, on Wednesday, said it had metered all its Maximum Demand customers as directed by the Nigerian Electricity Regulatory Commission. Link
Two commands of the Nigeria Customs Service, NCS, on seizure rampage raked in about N136.6 billion revenue, with the large haul coming from the Apapa Command which intercepted among other items unprocessed wood export. The command raised over N136billion between January and May this year, while Federal Operations Unit, FOU, Zone “A”, the anti-smuggling arm of the NCS, raised N607.7 million. Link
The Association of Master Bakers and Caterers of Nigeria says the revival of the cassava bread initiative is capable of injecting about N255 billion into the country’s economy every year. Mr Joseph Ubah, the Publicity Secretary of the association, said that initiative, which involved the use of composite flour containing 10 per cent cassava flour, for baking bread, would discourage exportation of wheat and promote cassava production in the country. Link
Erin Energy Corporation has said drilling operations for the Oyo-9 development well are planned to commence next month in a bid to double its current production. This follows the signing of a $15m drilling contract with Pacific Drilling, in March, for the use of its sixth-generation double-hulled drill ship, the Pacific Bora rig. Link
The Nigeria Extractive Industries Transparency Initiative on Wednesday said it had no evidence to show that the Nigerian National Petroleum Corporation remitted the $15.8bn dividend it received from the Nigeria Liquefied Natural Gas company to the Federation Account. Link
Shareholders of UAC of Nigeria (UACN) Plc yesterday has approved the plan by the conglomerate to raise new equity funds by selling new ordinary shares to existing shareholders. At the annual general meeting in Lagos, shareholders passed three resolutions severally authorising the board of directors to raise up to N15.4billion way of a rights issue, through the issuance of ordinary shares on such other terms and conditions as the directors may deem fit or determine. Link
The Nigerian Content Development and Monitoring Board (NCDMB) has agreed to collaborate with Dangote Industries Limited in the construction of the company’s 650,000 barrels per day refinery. Link
The management of SunTrust Bank of Nigeria, yesterday, dismissed insinuations that it refused to pay National Assembly, NASS, account holders. The bank’s reaction came against the backdrop of last Tuesday’s protest by NASS staff who blamed the death of their colleague on the delay in the movement of salary to Sun Trust Bank by NASS management. Link
The House of Representatives Committee on Telecommunications yesterday queried management of leading telecommunications company, MTN-Nigeria over mass disengagement of personnel. The committee during an investigative hearing into the massive job loss and drop in revenue in the industry also requested the telecommunications company to provide a comprehensive list of persons disengaged from its service in the last one year. Link

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