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FX Monthly Inflow Falls By 17%
According to figures obtained from the Central Bank of Nigeria, aggregate foreign exchange inflow into the country fell by 17.3 per cent to $5.42bn in May 2022. The latest figures on foreign exchange flow showed that $5.42bn was recorded in May, down from $6.56bn recorded in April. The report stated, “The economy recorded a net…
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Nigeria Generates N127.03bn Tax From Calls, SMS
According to data from the National Bureau of Statistics, the Federal Government made N127.03bn from Value Added Tax on calls, SMS, data, and other information and communication services in the first six month of the year. This is 10.69 per cent of the total N1.19tn that was collected as VAT within the period under review. …
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DisCos’ Capacity Rises By 19% In Nine Years
A breakdown of the statistics sourced from the joint body of generating companies has disclosed that the capacity of the 11 electricity distribution companies to absorb more power generated grew by almost 19 percent since the sector was privatized nearly nine years ago. The DisCos have consistently blamed their inability to absorb the whole of…
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FG Receives N1.09tn From Indirect Taxes
According to data from the National Bureau of Statistics, the Federal Government received N1.09tn from indirect taxes in the first two quarters of 2022. This represents a 10.29 percent increase from N984.33bn obtained in the first two quarters of 2021. Indirect taxes are calculated based on current basic prices. They are taxes paid to the…
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Contributory Pension Assets Rise To N14.36tn
Data obtained from the National Pension Commission has shown that assets under the Contributory Pension Scheme rose to N14.36 trillion in July 2022, from N14.27 trillion reported in the previous month. This was contained in the PenCom’s unaudited report for the period ended July 31, 2022. The data showed that N9.05tn of the total funds…
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Nigeria’s Mineral Production Rise By 39%
According to the National Bureau of Statistics the country’s mineral production rose by 39 per cent in 2021. This is an increase to 89.48 million tons in 2021 from 64.29 million in 2020. The bureau said that Limestone, Granite, and Laterite were the three biggest minerals mined in 2021. In its ‘Mineral Production Statistics Report’…
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Govt. Borrowings From Banks Increase By 11%
According to data from the Central Bank of Nigeria, the Federal and state governments’ borrowings from commercial banks increased Month-on-Month by 11 percent. This is an increase to N20.1 trillion in July 2022, from N18.04 trillion in June. The data titled, ‘Money and Credit Statistics’ also shows that total credit to the domestic economy rose…
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Petrol Subsidy Gulps N18.4bn Daily
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that the government spends N283 per litre of Premium Motor Spirit or N18.397bn per day as subsidy. She said this during an interaction with the House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022 over…
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Nigeria’s GDP Grows By 3.54%
Data published by the National Bureau of Statistics has revealed that Nigeria’s gross domestic product grew by 3.54 percent, Year-on-Year, in the second quarter of 2022. The GDP grew from 3.11 percent in Q1 2022 and declined to 5.01% in the second quarter of 2021. In addition, the recent rising prices have adversely impacted on…
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Trade Surplus Drops By 50.8% In April
According to the Central Bank of Nigeria, in its Monthly Economic Report for April, Nigeria’s trade surplus declined month-on-month by 50.8 percent in April 2022. This is a drop to $930 million from $1.89 billion in March. This is as a result of an 8.4 per cent fall in total trade to $10.79 billion in…