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Daily Business News Brief | Tuesday, May 17th, 2022.


Inflation hits 16.82%, exceeds IMF’s 2022 projection – Thisday

The Consumer Price Index rose to 16.82 per cent in April from 15.92 per cent in March, latest figures from the National Bureau of Statistics have revealed.  The NBS disclosed this in its ‘Consumer Price Index April 2022’ report on Monday.  The report read in part, “In April 2022, the consumer price index, which measures inflation increased to 16.82 per cent on a year-on-year basis.”……………..read more

Nigeria spends 86% of revenue on debt servicing, South Africa pays 20%- Punch

Nigeria spent 86 per cent of its revenue on servicing debt in 2021, but South Africa spent only 20 per cent of its receipts on the same purpose, according to findings by The PUNCH.  According to the International Monetary Fund’s 2021 Article IV estimates, Africa’s most populous nation spent 85.5 per cent of its revenue on servicing the debt in 2021……………….read more

Dollar hits N600 at parallel market, forex supply shrinks – Thisday

The dollar exchanged at N600 on Monday at the parallel market, heightening fears of a further devaluation of the nation’s currency.  The rate at the Importers and Exporters Window was, however, N415.75 on Monday, widening the exchange rate spread to N184.25.  At Zone 4 in Abuja, which is the hub of the parallel market in the Federal Capital Territory, two Bureau de Change Operators,  Mohammed Isa, and Abu Abdullahi, told The PUNCH that the rate was N599/$ at 10am and 11.14am respectively…………read more

Fuel queues persist in Abuja, marketers accused of manipulating pumps – Daily Independent

Fuel queues persisted in the Federal Capital Territory on Monday as motorists waited for hours at filling stations to get the Premium Motor Spirit, PMS.  Several filling stations were closed while some of those selling the PMS stopped mid-day on the excuse that the product had been exhausted.  At Kubwa, an NNPC station sold for three hours, before telling desperate motorists that its PMS had been exhausted……………. read more

Nigeria’s Rigs Count Remains Stunted as Oil Sector Investments Wane – Punch

With investment waning and oil production declining, Nigeria’s overall oilrigs count, which generally mirrors the measure of activities in the upstream sector, has continued to stagnate, a THISDAY analysis has shown. ……………read more

FIRS Lauds 20 Top Performing Tax Companies, NLPG, NNPC, Mobil Producing, Others – Thisday

The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has commended 20 top-performing taxpayers whose compliances to tax obligations helped the service surpass its N6 trillion tax collection target in 2021 ……………….read more

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