NNPCL receives over $2bn oil-for-cash loan from Afreximbank, UBA
The African Export-Import Bank and United Bank for Africa have dispersed $2.25 billion from a $3.3 billion oil-for-cash loan facilitated by the Nigerian National Petroleum Company Limited.
UBA, the Local Arranger, announced the initial disbursement, with a second tranche of $1.05 billion anticipated.
The five-year facility has a 6 percent per annum margin above the three-month secured overnight financing rate.
The transaction incorporates a price balance mechanism, releasing 90 percent of excess cash to the borrower, expediting facility maturity and freeing future pledged cargoes for Nigeria’s use.
LIRS calls for quick submission of annual tax returns as deadline approaches
The Lagos State Internal Revenue Service (LIRS) has reminded employers of the January 31, 2024, deadline for annual tax returns submission.
Emphasising compliance, Ayodele Subair, LIRS Executive Chairman, warned of penalties and statutory sanctions for non-compliance, citing Section 81(3) of the Personal Income Tax (Amendment) Act 2011.
Subair urged businesses in Lagos to use the mandatory e-Tax portal for filing, highlighting its user-friendly nature.
He stressed the importance of obtaining a taxpayer ID and submitting P.A.Y.E. returns through the portal.
Dangote to sell fuel to seven major marketers
Seven major oil marketers in Nigeria, part of the Major Oil Marketers Association, have registered with the Dangote Petroleum Refinery.
This $20 billion plant will soon supply refined petroleum products, pending finalized commercial terms.
The Independent Petroleum Marketers Association is set to discuss loading terms with the refinery’s management, while the Petroleum Products Retail Outlets Owners Association is engaging for product supply.
The move signifies a significant step towards efficient distribution and utilization of the refinery’s output.
GovSpends says Tinubu’s trips gulped N3.4bn in six months
President Bola Tinubu spent over N3.4 billion on travel in six months, surpassing the N2.49 billion allocated for the entire 2023.
Despite inheriting the budget mid-year, he exceeded the annual allocation from June to December.
Additionally, N3 billion was approved for purchasing bulletproof Mercedes Benz and other vehicles for the State House.
Last year, Tinubu faced criticism for sponsoring delegates to COP28, costing N2.78bn.
Recently, a 60 percent reduction in his travel entourage was announced amid public scrutiny.
Oil slips; investors eye Mideast developments
Oil prices dipped as traders monitored potential supply disruptions in the Middle East.
Strikes by U.S. and British forces aimed at curbing Houthi attacks on Red Sea ships raised concerns. Brent crude fell 0.4 percent to $77.98, and WTI crude dropped 0.4 percent to $72.36.
Last week, both benchmarks surged over 2 percent after strikes against Houthi forces.
Tensions escalated as Houthi militants threatened retaliation, prompting the U.S. to shoot down a missile.
Uncertainty looms over potential disruptions in key oil transit points.
