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Kehinde Ogunyale

26 States Recorded No Foreign Investment In 2020

Twenty-six states in Nigeria pulled in no foreign investment in the whole of 2020, figures released by the National Bureau of Statistics has shown.  The report on capital importation captured the total foreign direct investment (FDI), foreign portfolio investment (FPI) and other types of investments into the country in the year 2020.  The total value […]Read More

FAAC Disburses N604 Billion In November 2020

The sum total of N604 billion was disbursed by the Federation Account Allocation Committee to the three tiers of government in November 2020. This is according to the FAAC report for the month of November 2020, released by the National Bureau of Statistics (NBS). According to the report, the monthly disbursement declined by 5.6 percent […]Read More

Budget 2020: N66.801 Billion capital Rolled Over For 27 MDAs

The Director of Funds, Mr Sabo Mohammed, announced that the federal government has rolled over the sum of N66.801 billion of unspent 2020 capital budget of 27 Ministries, Departments and Agencies (MDAs) to March 31, 2021. This is contained in a circular from the Office of the Accountant-General of the Federation, referenced FD/OAGF/ADC/2020?250/1/DF and dated […]Read More

NERC: 62.63% Of Electricity Consumers On Estimated Billing

The Nigerian Electricity Regulatory Commission has announced that 62.63 percent of electric customers in Nigeria were under the estimated billing package as of September 2020. The Commission disclosed this in its 2019 to the third quarter, 2020 Nigerian Electricity Supply Industry (NESI) Key Financial and Operational Data. NERC said that metering for customers has been […]Read More

E-payment Transactions Hit N162.95 Trillion In 2020

The value of transactions via digital payment platforms rose to N162.95 trillion from January to December in 2020 when compared to an aggregate of N108.42 trillion in the corresponding period in 2019. The two platforms; Nigeria Interbank Settlement System Instant Payment System and Point of Sales terminals, recorded a 50.3 per cent growth in value […]Read More

IMF Predicts Weak Recovery For Nigeria’s Economy

The International Monetary Fund has said Nigeria’s recovery from the impact of the COVID-19 is expected to be weak and gradual under current policies. IMF added that the country’s real Gross Domestic Product is expected to recover to its pre-pandemic level only in 2022. In the report titled “IMF executive board concludes 2020 Article IV […]Read More

World Bank: 85 Million Nigerians Living In Darkness

The World Bank has said that 43 percent of Nigeria’s population do not have access to electricity, making it the largest energy access deficit country globally. The bank noted that the lack of power is a constraint for citizens and their businesses, adding Nigeria’s economic cost of power shortages is estimated at $26.2 billion. This […]Read More

2021 Week 5: COVID-19 Cases Drops For The Second Time

The number of COVID-19 cases recorded in the fifth week of 2020 totalled 8470. This is a drop from over 9000 and 11,000 cases recorded in the fourth and third week consecutively. The average number of cases are recorded 1210 per day. At the beginning of the week, 1114 cases were recorded on Friday. This […]Read More

Nigeria’s Oil Output Drops By 15%

According to the Organisation of Petroleum Exporting Countries, OPEC, the average Nigeria’s oil output dropped Year-on-Year, by to 1.5 million barrels per day, mb/d (excluding condensate), in 2020. This, when compared, is a15 percent drop from 1.7mb/d recorded in the corresponding period of 2019. On Quarter-on-Quarter, QoQ, the nation’s oil output stood at an average […]Read More

NNPC Spent N49.68bn On Pipeline Vandalism In 10 Months

The Nigerian National Petroleum Corporation spent the total sum of N49.68 billion to repair and manage pipelines from January to October 2020. In its latest monthly report, NNPC published that a total of 363 vandalised points were recorded from January to October 2020. The corporation said it spent N5.48bn on pipeline repairs and management cost […]Read More