CIT filing, Nigeria’s position on oil output… 7 top business stories to track this week

Here are the seven top business news you need to track this week — August 29 to September 2

NBS TO RELEASE IGR, VAT REPORTS

The National Bureau of Statistics (NBS) will release a report on internally generated revenue at the state level (2021).

The Bureau will also release a report on telecoms data: active voice and internet per state, porting and tariff information (Q1 and Q2) for 2022.

It also intends to release a report on job creation and labour force survey — (Q1 and Q2) for 2022 and sectoral distribution of value added tax for Q2 2022.

COMPANIES’ INCOME TAX FILING EXPIRES AUG 31

This week, the Federal Inland Revenue Service (FIRS) will move against organisations yet to file companies’ income tax (CIT) returns and payment of related tax liabilities by companies.

In June, the agency extended the payment deadline till August 31, 2022.

AFRICA CLIMATE WEEK (ACW) AUG  29 – SEP 2

The African Development Bank (AfDB) will host several events on the side-lines of the 2022 Africa Climate Week (ACW2022), to be held in Libreville, Gabon from 29 August to 2 September 2022.

ACW 2022 aims to explore resilience against climate risks; the transition to a low-emission economy; and partnerships to solve pressing challenges.

POWELL’S REMARKS ON INFLATION AND CRYPTO TRADING

Jerome Powell, federal reserve chair, said inflation is not likely to end soon. His remarks are suspected to have triggered reactions in the crypto market.

Powell who spoke at the Fed’s Jackson Hole, Wyoming, economic conference, said; “Reducing inflation is likely to require a sustained period of below-trend growth … While higher interest rates, slower growth and softer labour market conditions will bring down inflation, they will also bring some pain to households and businesses”.

Recently, Afghanistan security shut several crypto exchanges in the western Herat province in the past week.

Bitcoin, the world’s largest crypto by market cap, opened trading this week above $19,000 and Ethereum at $1,400. While the global cryptocurrency market slides below $1 trillion.

TRAPPED FUNDS: CBN’S INTERVENTION, EMIRATES AIRLINES’ PLANNED SUSPENSION SEPT 1

The Central Bank of Nigeria (CBN) has released $265 million to airlines operating in the country to settle outstanding ticket sales.

The development is expected to halt foreign airlines’ move to suspend flight operations to Nigeria.

NIGERIA BACKS CALLS BY SAUDI ARABIA TO CUT OIL SUPPLY

Timipre Sylva, minister of state for petroleum resources, has backed calls for another possible output cut to ensure a stable oil market.

Sylva said Nigeria supports the call by Prince Abdulaziz Bin Salman, minister of energy of Saudi Arabia, to address the disconnect between paper and physical oil markets, to ensure a true reflection of the existing fundamentals.

Last week, oil prices rose above $100 a barrel amid talks of output tightening to support prices in the case of a potential Iranian crude deal and the prospect of a drop in U.S. inventories.

NIGERIA’S AMBITIOUS TRANSITION PLAN

Last week, Nigeria launched its energy transition plan as a pathway to achieving universal energy access by 2030 and a carbon-neutral economy by 2060.

Vice-President Yemi Osinbajo said the plan would tackle energy poverty and climate change crisis and deliver sustainable development goal seven (SDG7) by 2030.

He added that the plan would lift 100 million people out of poverty, reduce Nigeria’s carbon footprint, drive economic growth and create jobs.