Key business stories from Nigeria include the approval of tax reform bills, measures against Naira abuse, PenCom empowering PFAs to process retirement benefits, NERC’s establishment of a grid review panel, a decline in crude oil production, Renaissance’s acquisition of SPDC, and CBN’s adherence to debt financing limits.
This week, key business stories in Nigeria include the House of Representatives approving tax reform bills, maintaining VAT at 7.5%. The committee on finance, led by James Falake, moved for clause-by-clause consideration during a plenary on March 13, following heated discussions at public hearings regarding the new legislation.
Additionally, Olayemi Cardoso, the Central Bank of Nigeria (CBN) governor, has called for stricter measures against the rising abuse of the Naira. At a security workshop in Abuja, Cardoso revealed illicit transactions occurring in major commercial hubs, eroding the currency’s value and national identity, urging law enforcement to take action against such abuses.
In pension news, the National Pension Commission (PenCom) has empowered pension fund administrators (PFAs) to approve several retirement benefits without prior regulatory clearance starting June 1. This new directive aims to reduce bureaucratic delays in disbursements under Nigeria’s contributory pension scheme (CPS).
On the electric power front, the Nigerian Electricity Regulatory Commission (NERC) has established a grid code review panel (GCRP) to enhance operational efficiency in the power sector. This panel evaluates and administers amendments to the grid code, which defines the technical standards for connection to the national electricity grid.
OPEC has reported a decline in Nigeria’s crude oil production to an average of 1.46 million barrels per day in February. This report is based on direct communications from Nigerian authorities and suggests a need for closer attention to the sector’s performance.
Renaissance Africa Energy Holdings announced the successful acquisition of Shell’s equity holding in the Shell Petroleum Development Company of Nigeria (SPDC). The transaction was confirmed on Thursday, with plans to rename SPDC to Renaissance Africa Energy Company Limited.
Lastly, Atiku Bagudu, the minister of budget and economic planning, confirmed that the CBN will adhere to a 5% limit on ways and means lending to the federal government. This guideline is intended to enhance investor confidence regarding Nigeria’s debt management for the fiscal year 2024-2025.
This week, significant developments in Nigeria’s business landscape include tax reforms keeping VAT unchanged, actions against currency abuse, streamlined retirement benefit approvals, advancements in electricity regulation, a drop in crude oil production, a major acquisition in the energy sector, and fiscal responsibility in government financing. Collectively, these events reflect ongoing efforts to stabilize and enhance Nigeria’s economic environment.
Original Source: www.thecable.ng
