Q3 GDP report, KPMG tax summit… 7 top business stories to track this week

Here are the seven top business stories you need to track this week — April 3 to April 7.

NIGERIA’S 2022 GDP REPORT

The National Bureau of Statistics (NBS) is expected to publish Nigeria’s gross domestic product (GDP) report (expenditure and income approach) for the third quarter (Q3) and fourth quarter (Q4) of 2022 on Monday, April 3, 2023.

TheCable had reported that in the second quarter of 2022, the country’s GDP grew by 3.54 percent year-on-year in real terms.

This figure was an improvement from the 3.11 percent growth recorded in the previous quarter.

The bureau is also expected to release a report on selected petroleum statistics: oil and gas production report for 2022.

KPMG TAX SUMMIT

The KPMG Africa tax summit is set to hold in Cape Town, South Africa from April 4 and April 5, 2023.

The summit is designed for executives leading tax and finance functions with oversight for African operations.

Delegates across Africa are expected to be inspired by regional speakers, equipped to tackle today’s technical challenges, enlightened by the experiences, and insights of tax administrators, and enriched by networking and relationship-building opportunities.

GOVERNORS TO MEET CBN, FIRS ON ECONOMIC MANAGEMENT

The governors of the 36 states of Nigeria are expected to meet with economic and financial agencies in the country, over the management of their states’ security votes.

The meeting will take place virtually on Tuesday, April 4.

Security vote is a monthly allocation given to state governments for improved security.

Asishana Bayo Okauru, director-general of the Nigeria Governors Forum (NGF), said the agencies expected to be at the meeting include the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and other related offences Commission (ICPC), the Federal Inland Revenue Service(FIRS), and the Central Bank of Nigeria (CBN).

NIGERIA’S PUBLIC DEBT AT N46TRN

The Debt Management Office (DMO) recently said the country’s total public debt climbed to N46.25 trillion at the end of the fourth quarter (Q4) of 2022.

The public debt consists of domestic and external debt stocks of the federal government of Nigeria (FGN) and the subnational governments — the 36 states and the federal capital territory (FCT).

The DMO said the comparative debt stock for December 31, 2021, was N39.56 trillion — representing an increase of N6.69 trillion when compared with the 2022 figure.

BUHARI FLAGS OFF OIL WELL IN NASARAWA

Last week, President Muhammadu Buhari flagged off the spud-in of the Ebenyi-A exploration well located in Obi local government area, Nasarawa state.

The event marked the official commencement of the first exploration drilling activities in the Middle Benue Trough.

Buhari said the discovery and drilling of oil in Nasarawa state would enhance the overall energy security of the country.

OIL PRICES MAY RISE AS OPEC+ CUTS OUTPUT BY 1.15M BPD

The kingdom of Saudi Arabia and other oil-producing countries have announced plans to cut production by 1.15 million barrels per day (bpd) from May till the end of the year.

The decision, which may significantly affect oil prices globally, is coming ahead of the monthly meeting of the Organisation of Petroleum Exporting Countries (OPEC).

Oil price had recently dropped to $72 a barrel for the first time since December 2021.

SYLVA RESIGNS AS PETROLEUM RESOURCES MINISTER

Timipre Sylva, minister of state for petroleum resources, has resigned from office.

A source at the ministry had told TheCable that Sylva intends to run in the upcoming Bayelsa governorship election, which will take place on November 11, 2023.

The source said he will be participating in the primary election of the All Progressives Congress (APC), adding that the ministry’s staff members have not been formally informed of the development.

Sylva was appointed by President Muhammadu Buhari on August 21, 2019, after serving as the governor of Bayelsa state.