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Daily Business News Brief | Thursday December 09, 2021.

9
Dec

Nigeria’s petrol imports jump by 55%, hit N2.52tn in nine months  – Punch

The cost of Premium Motor Spirit, also known as petrol, imported into Nigeria from January to September this year surged by 55.56 per cent to N2.52tn from the N1.62tn spent in the same period of 2020.  The development came amid the Federal Government’s plan to remove subsidy from petrol by February next year.  Already, oil marketers have begun plans to resume importation of the PMS as soon as the government deregulates the downstream sector of the petroleum sector in the first quarter of 2022.  Petrol’s N2.52tn import bill for the first nine months of this year is 47.37 per cent and 25.37 per cent higher than what the amount country spent on PMS imports in the whole of 2019 and 2020 respectively, data obtained from the National Bureau of Statistics show………………read more

Finance bill makes TIN mandatory for banks’ account holders- Thisday

The Finance Bill 2021 has made it mandatory for commercial banks to demand Tax Identification Number from any individual seeking to open an account with them.  The bill also empowers banks to demand TIN from existing customers if they wish to continue to operate their accounts.  The bill also makes it mandatory for non-resident firms such Google and Twitter to pay taxes to the Federal Government of Nigeria.  The Leader of the Senate, Yahaya Abdullahi, stated this on Wednesday in his lead debate on the bill, sent to the National Assembly by the President, Major General Muhammadu Buhari (retd.), on Tuesday…………….read more

Foreign Trade Records N3.02trn Deficit in Q3, Merchandise Now N13.28trn with India as Nigeria’s Major Trading Partner – Daily Independent

Nigeria’s total external merchandise trade recorded a N3.02 trillion deficit in the third quarter of the year (Q3 2021) as imports significantly outweighed exports, leading to unfavourable trade balance, the National Bureau of Statistics (NBS) said yesterday.  However, total foreign trade stood at N13.28 trillion, indicating an increase of 10.43 per cent compared to N12.03 trillion in Q2.  According to the Foreign Trade in Goods Statistics (Q3 2021), which was posted on the NBS website, imports value stood at N8. 15 trillion in Q3, an increase of 17.32 per cent compared to N6.95 trillion in the preceding quarter…………..read more

FBN Holdings Records N8.5trn Total Assets, N40.79bn PAT – Thisday

FBN Holdings Plc announced yesterday that it gained 11 per cent to hit N8.51trillion in total assets as at September 30, 2021 from N7.69trillion reported in full year ended December 30, 2020.  Key drives were 25 per cent gain in Customer loans & advances (Net) to N2.77trillion as at September 30, 2021 from N2.22 trillion reported in 2020 full year results, and 11 per cent increase in Customer deposits to N5.42 trillion from N4.89trillion reported in 2020 full year results…………..read more

CITN demands clarity on taxes payable through eNaira – Vanguard

The Chartered Institute of Taxation of Nigeria has said there is a need for clarity and proper enlightenment on the taxes payable through the e-Naira platform by individuals and merchants.  The Chairman, CITN ICT Committee, Samuel Okoye, said this while making a presentation, titled ‘Nature and implication of digital currency and eNaira for taxation’, during the 2021 Business Luncheon of the institute in Lagos on Wednesday.  Okoye, who is also the managing director of Immaculate Metrics Plus, said, “FIRS, like other government agencies, will come onboard e-Naira in the future, according to the eNaira implementation roadmap developed by the Central Bank of Nigeria……………read more

 

Power sector privatisation records major loan default, UBA takes over disco – Punch

The United Bank for Africa Plc has taken over the majority stake in the Abuja Electricity Distribution Company and has received the endorsement of the Federal Government, the Minister of Power, Abubakar Aliyu, announced on Wednesday.  Aliyu said the Deposit Money Bank had to take over the power firm due to the inability of the AEDC’s major investor (Kann Consortium) to effectively service the loans obtained from UBA when it acquired the Disco in 2013.  UBA had acted as the mandated lead arranger, underwriting $122m (about N20bn then) for Kann Consortium’s acquisition of the AEDC………….read more

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