Top News Update 04/07/2017
1. Forex: CBN injects $195m into market
2. Osinbajo signs Diaspora Commission Bill
3. FG owes IOCs $1bn in JV cash call
4. Seplat receives one year extension of $150m facility
5. FG to deploy technology in chasing tax evaders, says Minister
6. Nigeria has highest tuberculosis rate in Africa –Health minister
7. Nigeria now in state of emergency, says Dogara
8. Navy destroys 500 illegal refineries
9. Lagos tasks public servants on IT compliance to remain relevant
10. NLNG Act amendment means double taxation, says firm
Forex: CBN Injects $195m Into Market
The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange (forex) market, has injected another $195 million into various segments of the inter-bank forex market. A breakdown of the figures by the CBN yesterday, Monday, shows that $100 million was offered to authorized dealers in the wholesale window, just as the Small and Medium Enterprises (SMEs) window was allocated $50 million. Those seeking forex for the purpose of BTA/PTA, tuition and medical bills, among other invisibles, received $45 million.
Osinbajo Signs Diaspora Commission Bill
Acting President Yemi Osinbajo, has assented to Nigerians in Diaspora Commission Establishment Bill 2017. He also signed the Petroleum Training Institute Amendment Act 2017. Sen. Ita Enang, Senior Special Assistant to the President on National Assembly Matters (Senate), said in a statement in Abuja on Monday that the acting president assented to the Bills on Friday. He explained that the Diaspora Commission Act “establishes the commission under the supervisory jurisdiction of the Ministry of Foreign Affairs. “It has the responsibility to coordinate and organise Nigerians in and from the Diaspora to contribute human capital and material resources, including their expertise, for the development of Nigeria and its constituent states.
FG Owes IOCs $1bn In JV Cash Call
The Federal Government has yet to pay oil companies a total of $1.07bn in cash call required for the development of joint venture assets for the first four months of the year. The government failed to exit the JV cash call arrangement in January in line with an agreement it reached with the international oil companies in December. The nation’s oil and gas production structure is split between JV (onshore and in shallow waters) with foreign and local companies, and Production Sharing Contracts in deep water offshore.
Seplat Receives One Year Extension Of $150m Facility
Seplat Petroleum Development Company Plc on Monday announced a one-year extension of its Revolving Credit Facility to December 31, 2018. The company in a statement posted on the Nigerian Stock Exchange website on Monday said that the present three-year RCF, due to expire at the end of 2017, would now expire on Dec. 31, 2018. It said that the facility had been successfully amended to amortise the remaining outstanding principal balance of $150m in equal instalments over five quarters commencing from the fourth quarter of 2017.
FG To Deploy Technology In Chasing Tax Evaders, Says Minister
Following the abysmal number of tax-paying Nigerians, the Federal Government yesterday insisted it will deploy latest technologies to confront tax evaders in order to increase compliance under the recently launched Voluntary Asset and Income Declaration Scheme (VAIDS). Speaking in Abuja yesterday, the Minister of Finance, Mrs Kemi Adeosun said very few Nigerians pay tax above N20 million, adding that most of them were based in Lagos. “Out of about 180 million, less that 1,000 people pay N20 million and above as tax and they are mostly in Lagos. For you to pay N20 million means you earn above N80 million. Are we saying that other Nigerians elsewhere are not earning up to N80 million annually?, she queried.
Nigeria Has Highest Tuberculosis Rate In Africa –Health Minister
The Minister of Health, Prof. Isaac Adewole, on Monday said Nigeria had the highest tuberculosis record in Africa, stressing that 80 per cent of the cases in the country had yet to be diagnosed. Adewole spoke at the University College Hospital, Ibadan, while receiving laboratory equipment for the TB laboratory. The equipment was donated by the Agbami Co-ventures, comprising of Star Deepwater Petroleum Limited, National Petroleum Investment Management Services, FAMFA Oil Limited and Petrobras.
Nigeria Now In State Of Emergency, Says Dogara
The Speaker of the House of Representatives, Mr. Yakubu Dogara, on Monday raised the alarm over the deployment of military personnel in over 28 states in the country. Dogara said the development was an indication that Nigeria was already in a state of emergency in peacetime. The Speaker expressed shock over the growing trend of soldiers taking over civil and security duties constitutionally reserved for the Nigeria Police. The Speaker expressed shock over the growing trend of soldiers taking over civil and security duties constitutionally reserved for the Nigeria Police. According to him, in peacetime, soldiers are merely to complement the police and other civil authorities.
Navy Destroys 500 Illegal Refineries
The Nigerian Navy on Monday said it destroyed over 500 illegal refineries in the Niger Delta region in 2017, a figure higher than the last two years combined. The Chief of Naval Staff, Vice Admiral Ibok Ete-Ibas, said this after a meeting with the Nigerian Ports Authority delegation, led by the Managing Director, Hajiya Hadiza Usman, at the Naval Headquarters, Abuja. The naval chief, who signed an agreement with the NPA on the establishment of a Forward Operating Base on Takwa Bay, Lagos State, said illegal refineries impacted negatively on the economy and the environment, adding that the navy would shut down more.
Lagos Tasks Public Servants On IT Compliance To Remain Relevant
The Lagos State government has charged its workforce to embrace information technology in the workplace to continue to remain relevant in service. The State Head of Service, Mrs. Olabowale Ademola, stated this at a press conference in Lagos as part of activities to mark this year’s Public Service Week tagged: “The Future is Now: Accelerating Public Service Innovation for Agenda 2030.” Ademola stressed that public servants must continue to re-tool, re-kit and re-energize in order to fit into the state public service of the future.
NLNG Act Amendment Means Double Taxation, Says Firm
The General Manager, Production, Nigeria LNG Limited, Mr. Tayo Oginni, has said making amendments to the NLNG Act will lead to the double taxation since gas suppliers to it already pay the Niger Delta Development Commission’s three per cent levy. A statement on Monday quoted Oginni as saying this while briefing international media correspondents and the Managing Director of the News Agency of Nigeria, Mr. Bayo Onanuga, who visited the NLNG plant in Bonny, Rivers State.