|Economy|
FG begins electronic collection of revenue: The Federal Government has commenced an independent revenue e-collection scheme under the Treasury Single Account (TSA) initiative. With the TSA initiative, all revenue collections of Ministries, Departments and Agencies, which used to be deposited in banks, will now be sent directly to the Consolidated Revenue Fund at the Central Bank of Nigeria through electronic payment channels. The Office of the Accountant General of the Federation had issued a treasury circular to all MDAs to close existing revenue accounts in DMBs not later than February 28, 2015 and transfer available funds to the Consolidated Revenue Fund. Source: Punch

Non-oil sector still Nigeria’s main growth driver – NBS: According to data from the National Bureau of Statistics (NBS), the non-oil sector of the Nigerian economy is still the main driver of the country’s real Gross Domestic Product (GDP) growth in 2014. Nigeria’s non-oil sector growth slowed in the fourth quarter of 2014. The sector recorded 6.44 percent growth in real terms, lower when compared with the 8.78 percent recorded in the corresponding period in 2013, and the 7.51 percent recorded in the third quarter of 2014. On sectoral contribution, agriculture sector GDP grew by 6.28 percent (year-on-year) in the fourth quarter of 2014, down by 0.19 percentage points from fourth quarter of 2013, and 2.91 percentage points from the previous quarter of 2014, report said. The services sector accounted for 53.48 percent of fourth quarter GDP, expanding by 6.15 percent in the period, dropping 2.23 percent from a similar period in 2013. Real GDP of the economy grew by 5.94 percent (year-on-year) on an aggregate basis in the fourth quarter of 2014. Source: Businessday

|Insurance|
NAICOM fines insurance firms N543.69m: The National Insurance Commission has collected N543.69m as fines from insurance companies for various infractions of laid down regulations and professional misconduct. The Deputy Commissioner, Finance and Administration, NAICOM, Mr. George Onekhena, who disclosed this, also said the commission’s record revealed that the companies paid N81.3m and N206.57m in 2011 and 2012, while the 2013 account and 2014 unaudited report showed that they paid N170.52m and N85.29m, respectively. Source: Punch

|Power|
Power supply dips by 360MW: The supply of electricity to consumers across the country have declined by 360.88 megawatts in the last one week and the Federal Government has attributed the development to the vandalism of pipelines that transport gas to power plants. Specifically, the energy sent out to electricity consumers plunged from 3,424.11MW on February 17 to 3,063.23MW on Wednesday, while the average national demand stood at 12,800MW. Within the same period, peak electricity generation fell from 3,768.2MW to 3,224.8MW, while energy generation also dropped from 3,494.96MW to 3,131.8MW. Source: Punch