Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

Mobile Subscriptions Hit 222 million

According to new data from the Nigerian Communications Commission, the number of mobile subscriptions in Nigeria rose to 222.23 million in 2022. This is coming despite the implementation of the Federal Government’s National Identification Number-Subscriber Identity Module policy. In April, over 72.77 million active telecommunication subscriptions were barred from making calls at the beginning of […]Read More

Banks Lending Rate Hits 29.13%

Figures obtained from the Central Bank of Nigeria on money market indicators revealed that the maximum lending rate in the banking sector hit 29.13 per cent while savings deposit rates were 4.13 per cent as of the end of December 2022. According to the report, the prime lending rate was 13.85 per cent, while the […]Read More

How Prices of Kerosene, Gas, Diesel Increased

The latest data from the Nigerian Bureau of Statistics for November has shown that the price of household Kerosene, also known as cooking kerosene skyrocketed by over 100 per cent in one year. The average retail price of kerosene per litre rose by about 146 per cent from N441 in November 2021 to N1,083/litre in […]Read More

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 […]Read More

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 […]Read More

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 […]Read More


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 […]Read More

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 […]Read More

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 […]Read More

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 […]Read More