Morning Beats

How govt plans to end estimated billing, by Fashola

The Federal Government is putting measures in place to stamp out the controversial estimated billing system in the power sector.The Nation

Nigeria inflation dips to 11.61%

Nigeria’s yearly inflation rate has dropped to 11.61 per cent in May. This is the 16th straight month of steady decline in inflation. The latest slump is below Federal Government’s projection of 12.42 per cent set in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper.The Nation

International customers pay $17.730m for Nigeria’s electricity

Nigeria’s international electricity customers remitted  $17,739,042.09 to the Federal Government last month, it was learnt yesterday.The Nation

Marketers target synergy with foreign crude refiners

Oil marketers are fashioning out modalities to partner foreign crude oil refiners by December this year with a view to resume importation and further improve product supply in the country.The Nation

AfDB okays $120m to boost cassava, others

The African Development Bank (AfDB) yesterday said it will invest $120 million between the next two and three years to boost the productivity and transform cassava and other eight other commodities on the continent.The Nation

SME listing: SEC DG calls for fiscal incentives

The Securities and Exchange Commission (SEC) has called for introduction of fiscal incentives to encourage the listing of small-scale companies on the trading floor of the Nigerian Stock Exchange (NSE).Vanguard

FEC approves N185bn for roads, N6.5bn ITF centre

The Federal Executive Council on Wednesday approved the rehabilitation, repair and construction of 14 roads in different parts of the country.Punch

Buhari will sign 2018 budget next week – Adesina

President Muhammadu Buhari will sign the 2018 Appropriation Act into law next week.Punch

CACOL asks ICPC to probe CBN over missing N55bn

The Centre for Anti-Corruption and Open Leadership has called on the Independent Corrupt Practices and Other Related Offences Commission to probe the Central Bank of Nigeria over alleged misappropriation of funds.Punch

FG approves N500m legal fee for N330bn MTN fine

The Federal Executive Council, presided over by President Muhammadu Buhari, on Wednesday approved the payment of N500m to the lawyers who worked for the recovery of N330bn fine imposed on  MTN Nigeria Limited.Punch

FRC unveils draft corporate governance code, seeks input

The Financial Reporting Council has released the exposure draft of the Nigerian Code of Corporate Governance 2018 for the private sector.Punch

CBN shouldn’t reduce benchmark interest rate – Experts

Financial and economic experts have said a downward review of the Monetary Policy Rate by the Central Bank of Nigeria will no longer be necessary.Punch

Nigeria suffers biggest oil output decline in OPEC

Nigeria suffered the biggest decline in crude oil production in the Organisation of Petroleum Exporting Countries last month as its output fell by 114,500 barrels per day.Punch

Customs seize N1.3bn contraband

The Nigeria Customs Service, Federal Operations Unit, Zone A’,  has said it has confiscated contraband worth more than N1.3bn between May 16 and June 12.Punch

Lekoil to produce 20,000bpd from Otakikpo oilfield

Lekoil Limited, an Africa-focused oil and gas exploration and production company with interests in Nigeria and Namibia, says it plans to scale up production volumes and productivity at its Otakikpo oilfield.Punch

Dangote deep-sea pipeline to boost Nigeria’s power generation by 12,000mw

The Dangote Group’s sub-sea pipeline infrastructure is expected to augment the natural domestic gas supply and add an estimated 12,000 Mega Watts (MW) to Nigeria’Guardian