THE CABLE
Here are the seven top business stories you need to track this week — August 14 to August 18.
NBS REPORT
The Nigerian Bureau of Statistics (NBS) is expected to release a report on the consumer price index (CPI) for July 2023.
In June, the CPI, which measures the rate of change in prices of goods and services, rose to 22.79 percent — up from 22.41 percent in the previous month.
Due to this surge, the monetary policy committee (MPC) increased the interest rate to 18.75 percent to tame inflation.
The bureau also intends to publish reports on liquefied petroleum gas (cooking gas) and kerosene price for the same month.
More so, the NBS said it would publish reports on petrol and diesel prices for July 2023.
CBN RELEASE FINANCIAL STATEMENTS AMID INVESTIGATION
The Central Bank of Nigeria (CBN), on Thursday, released its audited financial statements for 2016-2022, amid an ongoing investigation of its operations.
The apex bank said the financial statements of the last seven years — posted on its website — had been approved by its board in accordance with the provisions of the CBN Act of 2007.
Checks by TheCable Index showed that the CBN recorded a profit of N65.63 billion in 2022 — more than double the figure it reported a year earlier (N31.04 billion).
FIRS BEST SUITED TO COLLECT REVENUE, NOT MDAs’
The newly inaugurated presidential committee on fiscal policy and tax reforms says the Nigeria Customs Service (NCS) and 62 other ministries, departments and agencies (MDAs) of the federal government should not collect revenue directly.
Taiwo Oyedele, chairman of the committee, said the Federal Inland Revenue Service (FIRS) is best suited to collect revenue for the MDAs.
Oyedele, a former fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers (PwC), said Nigeria’s revenue collection from taxes is one of the lowest in the world but the cost of collection is high.
X PAYS VERIFIED INFLUENCERS MONTHLY ADVERT REVENUE
Social media giant, X (formerly known as Twitter), has begun its monthly advert revenue payment scheme for verified content creators.
