Crude Oil Trades Higher on Limited US Supply Growth

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya The cryptocurrency market witnessed an uptick on Wednesday, with Bitcoin (BTC) managing to stay above the $26,000 level even as the US Dollar index rose to a new year-to-date high. Data obtained by Business Post showed that the most valued crypto, BTC, posted a 0.7 per cent appreciation during the midweek session to trade at $26,408.37 in the last 24 hours. On the part of the second-most valued digital coin, Ethereum (ETH), it remained in the $1,600 mark and it improved its value yesterday by 1.6 per cent to sell at $1,610.94. At the trading session, the US

By Adedapo Adesanya The prices of Brent futures and the US West Texas Intermediate (WTI) futures went down by about 1 per cent on Friday, due to macroeconomic concerns and sustained profit-taking. Data showed that Brent fell by 7 cents to $95.31 per barrel and WTI depreciated by 92 cents to $90.97. Prices rose about 30 per cent in the third quarter of the year helped by the production cuts by the Organisation of the Petroleum Exporting Countries and allies (OPEC+). This action squeezed global crude supply. Brent was about 2.2 per cent in the week and 27 per cent

By Modupe Gbadeyanka As part of drive to rid Bauchi State of malaria especially at educational institutions, the state government, through its agency for the Control of HIV/AIDS, Tuberculosis and Malaria (BACATMA) had, distributed a total of 2085 Long Lasting Insecticidal Mosquito Nets (LLINs) to students and staff of Government Girls College Sakwa and Government College, Azare. The exercise, which happened on Monday, September 25, 2017, was conducted under a special partnership between the Bauchi State Agency for the Control of HIV/AIDS, Tuberculosis and Malaria (BACATMA) and Bauchi State Special Schools Management Board. According to the Executive Secretary of the

By Adedapo Adesanya The Naira depreciated to N420 a dollar at the parallel segment of the foreign exchange (forex) market on Monday, April 20. The local currency lost N4 yesterday from the rate it was traded at the previous session, N416/$1. At the same segment, the domestic currency closed flat against the Pound at N495/£1 and also remained unchanged against the Euro at N430/€1. At the Investors & Exporters (I&E) window, Business Post gathered from the FMDQ Securities Exchange that the exchange rate of the Naira/Dollar remained at N383.13/$1. At the same market segment, it was observed that the demand

By FBNQuest Research Having already commented on the revenue side of the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper, we now look at the expenditure and financing projections. Total FGN spending is projected to rise from N7.44trn in this year’s budget to N8.60trn in 2018. The outturn of N3.10trn in H1 2017, according to the Budget Office of the Federation, was well short of the target of N3.72trn: an overshoot on salaries was more than outweighed by an absence of capital spending. This sad state of affairs on the capital side can be explained by the delayed passage

By CAJ News While they are in jail on allegations of financing the terror group, Hezbollah, the companies founded by these bank-rollers remain operational in Angola, the Southern African country that has earned a reputation as a refuge for international terror financiers. Among the designated funders of the Lebanon-based, Iranian-backed terrorist group to have resided in Angola include Hatem Barakat and Kassim Tajideen, who are being accused of using the oil-rich country as a financial hub to sponsor Hezbollah. While they have been arrested – in South America and Morocco respectively-and despite the government’s pledge to combat international terrorism, their companies

By Modupe Gbadeyanka The Kwara State government said it used some of the funds earlier looted by government officials, but later recovered were used to establish isolation centres in the state. The centres were set up to fight the dreadful coronavirus, which has infected not less than four persons in the north central state of the federation. Recall that recently, the Economic and Financial Crimes Commission (EFCC) handed over about N200 million recovered from those who allegedly looted them to the state government. The funds were received on behalf of the state government by the Kwara State Governor, Mr AbdulRaman

By Adedapo Adesanya The Naira appreciated against the American Dollar in the Investors and Exporters (I&E) segment of the foreign exchange (FX) market by 25 Kobo or 0.06 per cent to settle at N445.50/$1 on Friday compared with the previous day’s N445.75/$1. Data showed that the strengthening of the domestic currency in the final trading session of the week was influenced by a lower demand for forex in the official market as the turnover stood at $94.07 million compared with the $166.88 million recorded a day earlier, indicating a decline of $72.81 million or 43.6 per cent. However, in the Peer-to-Peer

By Modupe Gbadeyanka At the peak of the coronavirus pandemic, many health workers suffered psychosomatic and social problems including fever, cough, weakness, cutaneous manifestation and skin damage, a clinical psychologist, Professor Helen Osinowo, has said. The reason for this, according to the National President of Nigeria Association of Clinical Psychologists (NACP), was because of the prolonged use of personal protective equipment (PPE), high level of depression, anxiety, insomnia and so on. Speaking at a webinar series organised by the Lagos State University Teaching Hospital (LASUTH) recently, she said healthcare workers do not have a supportive social network to fall back

By Modupe Gbadeyanka A leading software integration company in Nigeria known as IPI Solutions Nigeria Limited has developed a software to help automate the workflow of companies which have activated the remote working system. The rise of automation, cloud computing, big data analytics, artificial intelligence, block chain and robotics have no doubt transformed the way organisations conduct their businesses. This has also been very useful at this time the world is facing a health crisis caused by the outbreak of COVID-19 pandemic, resulting into prolonged restrictions of major economic activities as well as making firms to work from home. To