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Commercial papers up 89% in H1 as firms raise N789 bn
The issuance of commercial papers in Nigeria surged by 89 percent in the first half of 2023, with firms raising a total of N789 billion from the short-term debt instrument, BusinessDay’s findings have revealed. Data sourced from FMDQ Group showed the value of commercial papers recorded 104 issuances with a total value of N789.20 billion …
Investors reap big on 2016 large-cap stocks bet
Investors who bought shares of some large-cap firms in 2016 when their prices were low have seen the value of their holdings jump largely on the back of the recent rally in the stock market. They bought the dip seven years ago and now are reaping huge capital gains. Buying the dip is when an …
Inside Tinubu’s first 40 days
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Uncertainty grips agencies’ heads as Tinubu moves fast on governance
President Bola Tinubu’s fast-paced policy implementation and recent actions have put heads of agencies on their toes, with uncertainty gripping many, BusinessDay has learnt. This was observed in their attitudes to work and service delivery even as ministerial heads are yet to be appointed. BusinessDay understands that the development followed the President’s recent approval to …
Suspension of tax increments averted threat to manufacturers – MAN
The Manufacturers Association of Nigeria (MAN) has said the suspension of the obnoxious aspects of the 2023 Fiscal Policy Measures is a welcome development to the manufacturing sector. In a statement on Friday, Segun Ajayi-Kadir, director general of MAN, said the suspension of the taxes which arbitrarily imposed additional tax burden on the sector, obviates …
Buhari left Tinubu blueprint to save N260bn yearly by cutting govt cost
Former President Muhammadu Buhari, in his last full year as the country’s leader received a report on the review of the Oronsaye report that lays out a blueprint for how his successor can save N260.9bn yearly by cutting governance costs. BusinessDay has obtained the 200-page report titled “Rationalisation of Government Parastatals and Agencies 2022.” The …
Arab-Africa trade launches $1.5bn to address food security
The United States has committed an additional $55 million in food security relief for Nigerians. The Executive Committee of the Arab-Africa Trade Bridges (AATB) Program, a multi-donor, Inter-regional program, on Thursday launched a US$1.5 billion food security pogram to address the issues of food insecurity in the Arab and African regions amidst the ongoing global …
Inflation: Nine areas worsening cost of living crisis
Inflation, which serves as a measure of consumer prices, has more than doubled over the last eight years, worsening the living conditions of cash strapped consumers in Africa’s biggest economy. According to the National Bureau of Statistics (NBS), Nigeria has been having double digit inflation since February 2016 at 11.38 percent. And since then, it …
Tinubu eases throttle on taxes
President Bola Tinubu has put the brakes on the implementation of some of the tax changes made by his predecessor, providing temporary reprieve to businesses and households groaning under the weight of new charges aimed at propping up government revenue. Tinubu signed on Thursday four Executive Orders, postponing the enforcement of taxes on telecommunication services …