• Tuesday, April 16, 2024
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BusinessDay

Five things to know to start your Friday

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In January 2024, Nigeria’s government revenue rose to N2.07trillion, with N1.15trillion disbursed to Federal, state, and local governments.

This marks a N29billion decrease from January 2023. The revenue comprised N463.1billion statutory, N391.8billion VAT, N15.9billion e-money levy, and N279.03billion exchange difference.

After deductions and savings, N1.15trillion was available, with the Federal Government receiving N407.267billion, states N379.407billion, and LGs N278.041billion.

VAT collection decreased by N71.7billion to N420.7billion. Mineral revenue shared was N85.101billion.

The University College Hospital in Ibadan, Oyo State faces power disconnection by the Ibadan Electricity Distribution Company (IBEDC) due to a N500m debt.

UCH’s Chief Medical Director confirmed the disconnection, while IBEDC spokesperson denies it, citing a technical fault.

IBEDC seeks debt settlement through discussions with UCH, emphasising the critical nature of the hospital’s services.

The outage coincides with debt settlement efforts, highlighting the urgency of resolving the financial issue.

President Bola Tinubu appoints Gbenga Alade as Managing Director of AMCON, succeeding Ahmed Kuru.

Tinubu also approves 10 executive appointments across NCC, Galaxy Backbone Limited, and Nigerian Communications Satellite Limited.

Special Adviser Ajuri Ngelale announces the appointments, emphasizing the need for dedication and professionalism to enhance AMCON’s efficiency and transparency.

Three executive directors, Aminu Ismail, Adeshola Lamidi, and Lucky Adaghe, await Senate confirmation.

Tinubu aims to sanitize Nigeria’s financial system and boost investor confidence.

Benedict Oramah, President of the African Export-Import Bank, stresses the necessity of free movement of people alongside the African Continental Free Trade Agreement (AfCFTA) for optimal impact.

At the 8th Goddy Jidenma Foundation Biennial Public Lecture, Oramah underscores the importance of complementing AfCFTA with free movement across Africa to boost trade.

While progress has been made, only four countries have ratified the treaty, falling short of the required 15 for the Free Movement Protocol to activate.

Oil prices declined following remarks from a U.S. Fed official recommending a delay in interest rate cuts for at least two months.

Brent crude dropped to $83.42 a barrel, while U.S. West Texas Intermediate fell to $78.36.

Fed Governor Christopher Waller emphasised the need to assess inflation’s effect on economic stability before adjusting rates.

The delay in rate cuts can impact economic growth and consequently, oil demand. Geopolitical tensions in the Red Sea and Gaza further influenced oil futures.