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FG Owes Five Countries $4.85bn
Data from the external loans reports obtained from the Debt Management Office has shown that the Federal Government of Nigeria borrowed about $3.27 billion from five countries between June 30, 2015 and September 30, 2022. DMO said that within the period, Nigeria’s borrowings from the five countries rose by 206.96 per cent from $1.58bn in…
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PVC Collection More Than An Online Trend? Let’s Look At The Numbers
As Nigeria gears up for what would seem to be one of the most interesting elections since the era of the ‘Change’ slogan that ushered in the APC administration, Nigeria’s population of young people have decided to push what many labelled “futile online trends” from just their smartphones to physical actions. The official vote collating…
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What To Know About Tanzania’s Proposed Bridge Project With China
Tanzania and China have recently finalized a partnership agreement to construct the last segment of the Standard Gauge Railway line connecting Tanzania to some of its neighbours. Intended to link the port of Dar es Salaam to Mwanza on Lake Victoria, then subsequently extend to Burundi, the Democratic Republic of Congo (DRC), Rwanda, and Uganda,…
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FAAC Shares N990bn For December 2022
The Federation Account Allocation Committee shared N990.189 billion to the three tiers of government as revenue from the month of December 2022. The amount is inclusive of gross statutory revenue, value-added tax (VAT), exchange gain and electronic money transfer levies. From the amount, the federal government received N375.306 billion, the states received N299.557 billion and…
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Volume Of PoS Transactions Falls By 2%
Findings in the electronic payment data from the Nigerian Interbank Settlement System have shown that the volume of Point of Sales (PoS) transactions fell Month-on-Month (MoM) by two per cent to 85.2 million in December 2022 from 86.7 million in November. Also, the value of PoS transactions rose MoM by 8.8 per cent to N826.3…
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Here Is Why Charity Organizations Want The Rich To Be Taxed More
According to a report from the annual meeting of the World Economic Forum held in Davos, Switzerland, the world’s top 1 percent has grabbed nearly two-thirds of the $42 trillion in new wealth created since 2020. In the report by Oxfam titled “Survival of the Richest”, the share was almost twice as much money as what the…
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Is Nigeria’s Inflation Rate The Highest Under Buhari?
Overview: Mr. Festus Kayamo said that Nigeria’s inflation rate under the current administration is not the highest figure when compared to the Obasanjo administration. We looked back at the figures reported to confirm his claim. The spokesperson for the presidential campaign council of the All Progressives Congress standard bearer, Festus Keyamo, has said that the…
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Bank Borrowing From CBN Rises By 260%
According to the Central Bank of Nigeria’s financial data, Deposit Money Banks borrowed the sum of N5.744 trillion from the CBN via the Standing Lending Facility window and Repurchase Lending platform in 2022. This is a 260 per cent increase when compared to the N21.87tn recorded via the same windows in 2020 and a 19.3…
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Capital Importation Falls By 24%
Capital importation into Nigeria’s economy fell year-on-year by 24.6 per cent to $4.56 billion in the first 10 months of 2022 (10M’22). This is from $6.05 billion in the corresponding period of 2021. Findings from the Monthly Economic Report of the Central Bank of Nigeria, CBN, also showed that capital outflows declined y/y by 32…
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Nigeria’s Non-oil Exports Rise By 40%
The Nigerian Export Promotion Council has revealed that Nigeria’s non-oil exports grew by 39.91 per cent in 2022 to $4.820 billion. Semi-processed/manufactured products made up 36.61 per cent of the exports beating Agriculture’s 30.12 per cent volume of non-oil exports, while precious stones made up 17.06 per cent, and others 13.21 per cent. This was…