Rootstv Top Five Business Stories
It’s been a great week for investors at the Nigerian stock market as the Bulls took charge and the FIRS is on the move to recover government taxes through 40,000 millionaires. All of these and more on Roots TV Top 5 Business stories.
Nigeria’s GDP on the radar ahead of polls :
It has been a positive trading week at the Nigerian stock market with the All-Share Index pushing higher despite US-China trade talks denting global risk sentiment.Local equity markets should continue the bullish trend if Nigeria’s GDP growth for Q4 exceeds market expectations.
FG signs agreements for special economic zones:
The federal government has signed investment agreements with three development finance institutions — Afreximbank, Bank of Industry and the Nigeria Sovereign Investment Authority (NSIA) — for the creation of special economic zones in the country.
The federal government set up NSEZCO Limited as a vehicle for public-private partnerships involving Federal and State governments and local and foreign private investors to develop new special economic zones all over the country, offering world class infrastructure and facilities at competitive costs.
FIRS to go after 40,000 millionaire tax defaulters:
The Federal Inland Revenue Service says it will go after 40, 000 millionaires who have been defaulting on taxes in 2019.
FIRS has recovered N23 billion from 45,000 people who had more than N100 million in their accounts in 2018 through substitution of their bank accounts.
FG to issue promissory note to settle N350bn exporters’ debt:
Federal Government would soon approve the settlement of N350bn exporters’ credit through the issuance of the promissory note.
A promissory note is a debt instrument, in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time, under specific terms.
FG would soon be launching the new export credit certificate and the promissory note certificate which would serve as an incentive to exporters.
CBN Intervenes with $ 279.13m, CNY 46.92m in Retail SMIS:
The Central Bank of Nigeria has intervened in the Retail Secondary Market Intervention Sales of the Foreign Exchange market totaling $279.13 million and Chinese yuan 46.92.
Figures of the sales on Friday revealed that the sum of $279 million was injected to meet requests of customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors.