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Nigerians pay N427.71bn VAT to govt in Q4 2020

Jan 28, 2021 Ugochi Emmanuel

Nigerians pay N427.71bn VAT to govt in Q4 2020 The Aggregate Value Added Tax (VAT) paid by Nigerians to the government in the fourth quarter of 2020 (Q4 2020) stood at N454.69 billion, N29.98 billion higher than N424.71 billion recorded in the previous quarter, Q3 2020. This is disclosed by the National Bureau of Statistics (NBS) in its “Sectoral Distribution of Value Added Tax (Q4 2020)” obtained from its website on Wednesday. The bureau said the figure represented 7.06 per cent increase Quarter-on-Quarter and 47.39 per cent increase Year-on-Year…

Investors gain N181bn as equities sustain uptrend

Jan 27, 2021 Omobayo Azeez

Investors gain N181bn as equities sustain uptrend Wednesday was another day for investors in the Nigerian equities market to smile all the way to the bank following another wave of profit recorded at the end of the midweek trading session. As bullish sentiments persisted in the domestic equities market, market capitalisation gained N181 billion to close at N21.934 trillion. Similarly, the All-Share Index that measures share price movement in the market advanced by 0.83 per cent to 41,930.73 basis points following investors’ interests in bellwethers. The positive record of the…

NBS: Nigeria rakes in N295.72bn company income tax in Q4 2020

Jan 27, 2021 Omobayo Azeez

NBS: Nigeria rakes in N295.72bn company income tax in Q4 2020 Nigeria recorded a total sum of N295.72 billion as Company Income Tax (CIT) in the last quarter of 2020, the National Bureau of Statistics (NBS) has revealed. In is observed in the just released Sectoral distribution of Company Income Tax (CIT) data for Q4 2020 by the NBS that, the sum fell by 28.91 per cent from N416.01 billion generated in Q3 2020 and 18.31 per cent lower year-on-year compared with N362.01 billion generated in Q4 2019. According…

CBN retains monetary rates; gives reasons

Jan 27, 2021Jan 27, 2021 Ugochi Emmanuel

CBN retains monetary rates; gives reasons Aligning with analysts’ speculations from various quarters, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, unanimously voted to retain the benchmark Monetary Policy Rate (MPR) at 11.5 per cent; and the asymmetric corridor of +100/-700 basis points around the MPR. At the end of the two-day meeting, the first for the year 2021, the committee’s 12 members, once again “confronted with a policy dilemma as to whether to aggressively combat the inflationary pressure or support measures currently…

2020: Vitafoam shareholders to share N979.4m as dividend

Jan 26, 2021 Banjo Olaniran

2020: Vitafoam shareholders to share N979.4m as dividend Shareholders of Vitafoam Nigeria Plc are set to be rewarded from the gains of the operations of the company in 2020, despite the general economic downturn triggered by Coronavirus pandemic in the year. On the strength of the company’s outstanding performance last year, its board has recommended a cash dividend of N979.4 million for 2020, 64.5 per cent above N595.4 million paid in 2019. The current dividend translates into 70 kobo per share as against 42 kobo paid in the preceding…

Meristem 2021 Outlook: Nigeria urged to brace up for a different future

Jan 25, 2021 Banjo Olaniran

Meristem 2021 Outlook: Nigeria urged to brace up for a different future Meristem Securities Limited, a leading capital market conglomerate, recently launched its economic outlook report for the year 2021. The outlook report titled ‘Bracing for a Different Future’ the report highlights in depth a wide range of issues relevant to an evolving future. With a global economy that has been scarred by the impact of the COVID-19 pandemic, the domestic economy is not left out, as the Nigeria economy slipped back into a recession, amplifying the structural weakness…

Stocks pull back amid fears of MPR adjustment

Jan 25, 2021 Ugochi Emmanuel

Stocks pull back amid fears of MPR adjustment As Index dips by by 0.42%, as analysts urge caution As investors await the outcome of the next Monetary Policy Committee (MPC) meeting, amid fear of possible adjustment in rate, sentiments turned bearish as profit-taking dominated market performance at the equity sector of the Nigerian Stock Exchange (NSE) last week. The development caused the NSE All-share index (ASI) and market capitalisation to depreciate by 0.42 per cent and 0.38 per cent to close the week at 41,001.99 and N21.449 trillion,…

FG’s January bonds oversubscribed by N88.28bn

Jan 22, 2021 Ugochi Emmanuel

FG’s January bonds oversubscribed by N88.28bn The Federal Government’s bonds for January worth N150 billion which were auctioned on Wednesday were oversubscribed by N88.28 billion, the Debt Management Office disclosed on its website. The total subscription received from investors for the bonds was N238.28 billion, comprising of N91.84 billion for 16.29 per cent FGN March 2027 bonds; N106.37 billion for 12.5 per cent FGN March 2035 bonds; and N40.07 billion for 9.8 per cent FGN July 2045 bonds. The auction result added that out of the 125, 99 and…

3G, 4G Telecom Towers in Nigeria now 53,460 — Danbatta

Jan 21, 2021 Business Metrics

…Receives Ministry’s New Perm Sec applause The third generation (3G) and fourth generation (4G) base transceiver stations (BTS) deployment in Nigeria has increased from 30,000 to 53,460 while Fibre Optic Transmission cables expanded from 47,000km to 54,725km in the last five years, resulting in improved broadband/telecoms service delivery to Nigerians. These were parts of industry growth data reeled out by the Executive Vice Chairman of Nigerian Communications Commission (NCC), Prof. Umar Danbatta at a briefing for the new Permanent Secretary of the Federal Ministry of Communications and Digital Economy, Engr.…

Nigeria imports N2.59trn goods from Asia in three months

Jan 21, 2021Jan 21, 2021 Business Metrics

Nigeria imports N2.59trn goods from Asia in three months Goods traded by Nigeria with other West African countries have been ranked as the least among the country’s global trade partners. Figures obtained from the National Bureau of Statistics’ foreign trade statistics for the third quarter of 2020 revealed that trade with Asian countries topped the list of Nigerian trade partners. Part of the report read, “During the quarter, Nigeria imported goods mainly from Asia, valued at N2.59 trillion. “Other major imports originated from Europe, valued at N1.8 trillion while…