Economic News

April 17, 2018

EFCC, FIRS to track tax evaders
The Federal Inland Revenue Service and the Economic and Financial Crimes Commission have pledged to strengthen their collaboration to track both individuals and organizations who refuse to pay the right taxes. The partnership, according to the Head, Communications and Service Department, Wahab Gbadamosi, has led to the recovery of the sum of N29bn Withholding Tax from banks and other financial institutions in the country between November 2017 and March 2018. The partnership, the statement noted, would beam searchlights on defaulting taxpayers who also refused to embrace the Federal Government’s Voluntary Assets and Income Declaration Scheme to offset their tax liabilities.


El-Rufai tasks private investor’s on agro-allied industry
The governor stressed the need for increased collaboration between government and the private sector to foster the development of the agro-allied industrial sector. He stated, “The project would improve Nigeria’s economy especially the agro-allied and industrial sectors. This will also promote employment creation as well as the continued expansion of the food sustenance of the nation. To this end, I urge other teeming prospective investors to genuinely explore the state’s numerous opportunities to actualize an improved secured nation and a vibrant economy.”

Sourced from:

Global debt rises by 42% to $237tn
Global debt rose to a record $237tn in the fourth quarter of 2017, more than $70tn higher from a decade earlier, according to an analysis by the Institute of International Finance. The global debt climbed by 42% in the fourth quarter from a decade earlier. The global debt climbed by 42% in the fourth quarter from a decade earlier. Among mature markets, household debt as a percentage of Gross Domestic Product hit all-time highs in Belgium, Canada, France, Luxembourg, Norway, Sweden, and Switzerland. That is a worrying signal, with interest rates beginning to rise globally. Ireland and Italy are the only major countries where household debt as a percentage of the GDP is below 50%.


IMF chief warns trade war could rip apart the global economy
Christine Lagarde warned on Wednesday that the rules that underpin global trade were in danger of being torn apart by protectionist forces in what the IMF managing director said would be “an inexcusable, collective policy failure. She warned of the gathering threats of a trade war and the rapid rise in public and private debt around the world. Tit-for-tat tariffs announced by the US and China have sparked fears of a damaging trade war between the world’s two largest economies, according to Financial Times. The multilateral trade system has transformed our world over the past generation. However, that system of rules and shared responsibility is now in danger of being torn apart. Her concerns came in the week before finance ministers from around the world gathered in Washington to discuss what the IMF chief said were “darker clouds loom” on the horizon. Let us redouble our efforts to reduce trade barriers and resolve disagreements without using exceptional measures. Tariffs not only lead to more expensive products and limited choices, but they also prevent trade from playing its essential role in boosting productivity and spreading new technologies.


Nigerians bought petrol at N163 per litre in March – NBS
The National Bureau of Statistics on Wednesday released the Premium Motor Spirit price watch for the month of March, with Nigerians paying an average price of N163.4 to buy petrol. The bureau said in the report that the amount was lower than the N172.5 per litre paid by consumers for the product in the month of February. The NBS stated that consumers in Taraba State paid the highest amount for the product at N184.38 per litre, followed by Jigawa and Ekiti states at N180.93 and N173.89 per litre, respectively. The states with the lowest average price of PMS were given as Kaduna, at N147.29; Bauchi, N145.57; and Abuja, N145.The absence of efficient refineries in the country has been blamed for the high prices of petroleum products. The Governor, Central Bank of Nigeria had last week after the Monetary Policy Committee meeting said the apex bank would encourage the private sector to invest in refineries.


Oil prices hit over $73 on Trump’s Russia warning
Oil prices hit their highest level since early December 2014 after United States President Donald Trump warned Russia to prepare for a strike on its Brent, the benchmark for international oil prices, was at $72.14 a barrel, up $1.10, or 1.6 percent from Tuesday’s closing price. The contract earlier rose to $73.09, the highest level since Nov. 28, 2014, when it hit $73.41.U.S.
West Texas Intermediate crude was up $1.31, or two percent, to $66.82. WTI rose as high as $67.45, a session peak going back to Dec. 4, 2014, when it touched $68.22.
Analysts say this is a good development for Nigeria, Africa’s largest oil producer. President Buhari had on November 7 last year, presented an N8.612 trillion-budget proposal to a joint session of the National Assembly. Buhari also proposed an oil price benchmark of $45, the exchange rate of N305/$1, oil production target of 2.3 million barrels/day, an inflation rate of 12.4 percent, and a gross domestic product (GDP) growth of 3.5 percent.


"It is not-for-profit, non-partisan and independent organization devoted to economic research, capacity building and networking with its corporate headquarters located in Enugu, South Eastern part of Nigeria.Our VISION is a Renascent Africa that is democratic, prosperous and a major player in the global economy. Our MISSION is to provide intellectual leadership in helping Nigeria and Africa think through the emerging economic renaissance"


Leave a reply

Your email address will not be published. Required fields are marked *