-
Nigeria’s Inflation Hit 21.09% In October
According to the National Bureau of Statistics, Nigeria’s inflation rate has risen to a new record high of 21.09 per cent in October 2022. The increase is not unconnected to the price of fuel, scarcity of foreign exchange, and disruption in the food supply chain. This is 0.32 per cent higher than the 20.77 per…
-
Banks Charge Customers N715bn For E-transactions
According to the nine-month financial reports of the banks, eleven banks charged their customers N714.61 billion for electronic fees and other forms of commissions in the first nine months of 2022. This is a 16.92 percent increase from the N611.21bn earned by the banks from the income source in the corresponding period of 2021. This…
-
COP27: What Nigeria Is Pushing For
As the United Nations Conference of Parties 27 resumed in Egypt, the President, Muhammadu Buhari directed the Minister of Environment, Mohammed Abdullahi, to represent him in Nigeria’s delegation. According to the directive, Mohammed would lead other ministers and heads of agencies to the United Nations Framework Conference on Climate Change holding at Sharm El Sheikh,…
-
Nigerians Consumption Expenditure Rises To N57tn
According to the ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach)’ by the National Bureau of Statistics, Nigerians’ consumption expenditure rose to N57.08 trillion in the first half of 2022. This is a 14.39 percent increase from the N49.89 trillion that was spent in the corresponding period of 2021. NBS defined household final consumption…
-
CBN Commits $16.9bn To FX Market In H1’22
The Central Bank of Nigeria, CBN, has disbursed about $16.9 billion in its foreign exchange market interventions and statutory obligations in the first half of 2022, H1’22. This is about 4.0 percent drop against $17.6 billion sold in the corresponding period of 2021, H1’21. Details of the transactions show the amount covers the inter-bank window…
-
Household Expenditure Drops In Q2’22
Data from the National Bureau of Statistics (NBS) GDP, Expenditure and Income Approach report for Q1 and Q2 2022, has reveled that the real household final consumption expenditure grew by just 2.32 percent in the second quarter of this year, Q2’22. This represents a 6.2 percentage points quarter-on-quarter, QoQ, decline in growth rate when compared…
-
FG’s Expenditure Exceeds Revenue In Six Months
Latest figures obtained from the Central Bank of Nigeria has shown that the Federal Government’s expenditure in the first six months of 2022 exceeded revenue by N6.23 trillion. According to the second quarter economic report on fiscal sector development compiled from the OAGF and CBN staff estimates, the Federal Government recorded N3.2 trillion and N2.74…
-
In Five Years, Airlines Record 24 Emergency Returns
Between January 2018 and October 202, no fewer than 24 emergency air returns occurred in the country. Findings show that the majority of the reasons for the emergency returns were attributed to engine failure, bird strikes, bad weather and others. A breakdown showed that Air Peace recorded the highest emergency air return during this period…
-
6,068 Nigerian Doctors Move To UK In 7yrs
Between 2015 and 2022, no fewer than 6,068 medical doctors have moved to the United Kingdom. This is according to data obtained from the General Medical Council of the United Kingdom. The data showed that the total number of Nigeria-trained doctors who migrated to the UK as of August 30, 2022, stood at 10,096. Nigerian…
-
Nigeria’s Public Debt Stock Increases To N42.84trn
The National Bureau of Statistics has said Nigeria’s public debt stock increased from N35.46 trillion (86.57 billion dollars) in the second quarter of 2021. This is an increase to N42.84 trillion (103.31 billion dollars) in the corresponding period in 2020. Public debt stock includes external and domestic debts. NBS said in its Nigerian Domestic and…