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Nigeria’s Flood: Visualizing The Numbers
Nigeria experienced the worst flooding occurrences the West African nation has seen in decades. This report amplifies the numbers reported by authorities that suffered the impacts. Lawrence Office, 37, a father of three children was displaced from his home in Bayelsa state by floodwater. As he watch his house submerge, he was left with no…
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Nigerians Pay N2tn Indirect Taxes In Nine Months
According to the National Bureau of Statistics, the tax burden on Nigerians in the first nine months of 2022 increased by N285.13 billion. Nigerians paid N2.01 trillion as indirect taxes in the period under review, a 16.57 per cent increase from the N1.72 trillion paid in the corresponding period of 2021. This data is calculated…
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Credit To Economy Rises By 33%
According to data in the Central Bank of Nigeria Money and Credit Statistics for October 2022, Banks’ credit to the economy rose year-on-year (YoY) by 33 per cent to N63.47 trillion. This is an increase from N47.5 trillion same period last year. CBN said that the government recorded the highest YoY growth (75 percent) in…
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CBN raises MPR to 16.5%
The Central Bank of Nigeria has raised its Monetary Policy Rate by 100 basis points to 16.5%. This is an increase from 15.5% since May 2022. The MPR follows a continued rise in the inflation rate which hit 21.09% in October. Governor of the Central Bank of Nigeria Godwin Emefiele, who made this known at…
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Nigeria’s Growth DropTo 2.25% In Q3’22
The National Bureau of Statistics has disclosed that Nigeria’s Gross Domestic Product, GDP, fell quarter-on-quarter (QoQ) by 1.78 percentage points to 2.25 per cent in the third quarter of 2022 (Q3’22). This is a drop from the 3.54 per cent recorded in Q2’22. NBS said this in its Nigerian GDP report for Q3’22, citing the…
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Here Is Why India Is Holding On To $3.47 Million Worth Of Tanzanian Gold
In a single contraband bust, Indian authorities have sized 6KG of gold worth $3.942 million at the Mumbai International Airport. They seized 53KG worth of gold from 4 Indians on their way back from Tanzania, while the remaining 8KG gold was confiscated from 3 travellers from Dubai. The suspects were confirmed to be smugglers from…
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Excess Crude Account Falls By 89%
According to a statement by the Ministry of Finance, Budget and National Planning, Nigeria’s excess crude account has declined by 89 per cent in the last eight years, moving from $4.1 billion in November 2014 to $472,513 in the same period of 2022. The ECA’s balance as of November 23, 2022, stood at $472,513.64. The…
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Nigeria’s Three Tier-government Share N736.782bn In October
The Federation Account Allocation Committee, FAAC, has shared a total of N736.782bn to the three tiers of government as the allocation for the month of October 2022. According to the Ministry of Finance, Budget and National Planning’s statement, from this stated amount, inclusive of gross statutory revenue, value added tax, exchange gain and augmentation from…
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Bitcoin Investment In Nigeria Rises By 5%
Despite the cryptocurrency losing $562.93bn of its market value in 2022, Nigerians’ investment in Bitcoin grew by over five per cent. The market cap of BTC has dropped from $875.94bn as of December 2021 to $313.01bn as of November 20, 2020. Also, prices have fallen from $46,306.45 to $16,291.83 within the time under review. However,…
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Nigeria Ranks Seventh On OPEC Production List
According to the a Monthly Oil Market Report for November, Nigeria now ranks seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list. Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria. While Nigeria’s production was 1.…