|Economy|
FG targets N16tn in tax revenue: Following the rebasing of the country’s Gross Domestic Product, the Federal Government has directed the Federal Inland Revenue Service to increase the country’s tax revenue to GDP ratio from 12 percent to 20 percent, which is about N16tn. The tax to GDP ratio is an economic measurement that compares the amount of taxes collected by a government to the amount of income that the country receives for its products. Source: Punch

Nigeria to reweight inflation by year-end: The head of the Nigeria Bureau of Statistics (NBS), Yemi Kale, has disclosed that Nigeria plans to reweight its inflation index to 2009 by the end of the year, from 2004, to reflect the impact of non-food items on prices more accurately. Mr Kale also explained that reweighting the inflation index will take into account the growing middles class’s rising incomes. Source: Businessday

|Banking|
Wema Bank returns to profitability with N1.9bn: Wema Bank Plc has returned to full profitability as the bank reported a profit before tax of N1.9 billion for the year ended December 31, 2013 as against a loss of N5.9 billion posted in 2012. The return to full profitability is coming on the heels of the successful completion of the bank’s N40 billion Tier 1 capital raising exercise in third quarter(Q3) of 2013. Source: Thisday

|Oil & Gas|
Agip, Eni’s subsidiary, mulls exit from Nigeria: The Italian oil Giant, Eni, is considering its exit from Nigeria, owing to continuous sabotage attacks on its facilities across the Niger Delta region. The Eni subsidiary in the country, Nigerian Agip Oil Company (NAOC) has remained the second most attacked oil multinational, after Shell, which has suffered several production shut-ins due to economic saboteurs. The company’s Chief Executive Officer, Paulo Scaroni disclosed that Eni has been thinking of pulling out of Nigeria because of the continuous oil theft, which has led to a decline in crude oil production. Source: The Guardian