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Banks Staffs Strength Drop By 2%
The National Bureau of Statistics has said that the staffing strength in Nigeria’s banking industry reduced by 2.0 percent to 93,090 in 2021. This is from 95,026 recorded in 2020. NBS said this in its Quarter-on-Quarter, QoQ, Selected Banking Sector Data for last year (Q1-Q4’21). The report indicated that the number of contract staff declined…
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NESF Profit Grows By Over 100%
Nigeria Energy Sector Fund profit rose by 100.88 percent to N151.37million at the end of the financial year ended March 31, 2022. This is from N75.35m in the corresponding period of 2021. A statement on the financial year ended 31st March 2022 showed that the result remained the highest earnings per share, representing a historical…
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Banks’ Borrowing From CBN Rises By 12%
Data from the Central Bank of Nigeria Financial Statistics for September 2022 has shown that deposit banks’ borrowing from the apex bank rose year-on-year (YoY) by 12 per cent to N2.02 trillion in September 2022, under the Standing Lending Facility (SLF) and Repo lending. The CBN has two short term lending windows for banks namely…
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In Nine Months, Nigerians Spend N2tn On E-bills
According to data from the Nigeria Inter-Bank Settlement System, Nigerians spent N2.18 trillion on electronic bills such as power, PayTV, and other utilities in the first nine months of 2022. This is a 30.84 percent increase from the N1.67 trillion that was spent in the corresponding period of 2021. According to the NIBSS data, this…
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Nigeria’s Special Projects Spending To Rise By 68%
Nigeria’s spending on special projects targeted at stimulating economic growth is projected to rise to N7.7 trillion by 2025. This is about 68.1 percent from N4.58 trillion in 2021. The funding programme will be by sovereign guarantees under a Public-Private Partnership (PPP). The cost is tied to funding projects, including the Federal Capital Development Authority’s…
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Nigeria’s Inflation Hits 20.77% In September
According to the National Bureau of Statistics, Nigeria’s Inflation hit a new high of 20.77 percent in September as food supply, foreign exchange crisis, and increases in import costs worsened. In August, inflation rose to a 17 year high of 20.52 per cent which has now been broken by September’s figure. NBS disclosed this in…
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Nigeria States Generate N1.23tn As IGR In 2021
According to data from the States’ Internally Generated Revenue, Nigerians across 36 states of the federation paid N1.23 trillion in taxes in 2021. This is a 19.19 per cent increase from the N1.03 trillion paid in 2020. This is according to a report by the National Bureau of Statistics which said that tax revenues accounted…
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Crude Oil Production Drops By 24.73%
According to data released by the Nigerian Upstream Petroleum Regulatory Commission, Nigeria’s crude oil production crashed by 24.73 percent in September 2022 to 937,766 barrels per day. This is a drop compared to 1.246 million barrels per day recorded over the corresponding month in 2021, the latest data from the Federal Government has shown. NUPRC…
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INVESTIGATION: Inside Cross River, Abandoned Projects Leave Communities In Grave Needs (Part 2)
Just like Odupkani, health centres in Akpabuyo local government in Cross River State have been abandoned after construction. Kehinde Ogunyale reports how this has affected the community’s healthcare. Every two months, Etim Ekpenyong, a businessman and farmer, earmarks N20,000 for the clinical and medical needs of his aged father. The father, Etinyin Ekpenyong, 93, is…
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Insurers Pay 47.3% Of Premium Income In Q2’22
The insurance companies paid 47.3 percent of all premiums generated as claims in the second quarter of 2022, Q2’22. This is following improved underwriting capacity of the insurance companies. This shows a moderate improvement from Q1’22 where 48.7 percent of all premiums generated were paid as claims. Accordingly, gross premium income increased by 64.9 percent…