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Banks’ Income Tax Rise By 35%
Nigerian banks have paid N75.4 billion as Company Income Tax (CIT) in the first half of the year, (H1’22), representing a 35 per cent rise when compared to N55.67 billion paid in H1’21. Meanwhile, the Federal Government tax revenue rose by 31 percent to N2.44 trillion in H1’22 from N1.86 trillion in H1’21. The banks…
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Electricity Consumers Pay N210bn In Q4 2021
The Nigerian Electricity Regulatory Commission has said that power consumers paid a total of N210.17bn to distribution companies in the fourth quarter of last year. In its Quarterly Report for Fourth Quarter 202, NERC noted that the N210.17bn represented 9.34 percent of the total electricity bill given to consumers by electricity distribution companies during the…
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Everything We Know About Nigeria’s New Oil Deal With South Korea
The Nigerian National Petroleum Company Limited (NNPC) has finalized a deal with Daewoo Group of South Korea to rehabilitate the Kaduna Refinery with hopes to facilitate the production of refined fuel products in Nigeria. The spokesperson noted that the president of Nigeria, President Muhammadu Buhari, approved the signing which took place on the sidelines of…
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Rail Transport Revenue Rises By 42% In 6 Months
Data from the National Bureau of Statistics showed that rail transport revenue grew year-on-year (YoY) by 42 percent to N2.93 trillion in the first six months of this year (January to June). This is from N2.07 trillion in the corresponding period of 2021. In NBS Rail Transportation data for the second quarter of this year,…
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In Nine Months, Telcos Register 16 Million Subscribers
According to data from the Nigerian Communications Commission, telecommunication companies have registered 16.72 million subscribers in the first nine months of the year. This brings the total number of active GSM lines in the nation to 211.85 million subscribers. The growth in the nation’s total number of subscribers has been sustained above the 200 million…
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Credit To The Economy Rises To 34%
Data from the Central Bank of Nigeria has shown that banks’ credit to the economy rose year-on-year (YoY) by 34 percent to N63.3 trillion in the third quarter, 2022. This is an increase from N46.9 trillion in the corresponding period of 2021. The CBN’s Money and Credit Statistics shows that the total credit comprises government…
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Infographics: Mapping Flooding Across West African Countries
Earlier in the year, The African Centre of Meteorological Application for Development (ACMAD) forecasted above-average rainfall in West Africa from June 2022. As predicted, heavy flooding has ravaged West African countries, leaving the destruction of lives and properties in its wake. A report from the UN’s Office for the Coordination of Humanitarian Affairs (OCHA) shared…