-
Prices Of Food Increased In July 2022
Data from the National Bureau of Statistics has revealed that the prices of selected food items increased in July 2022. This was made in its Selected Food Prices Watch Report for July 2022. NBS stated that the average price of 1kg of white beans rose by 23.22 per cent from N444.21 in July 2021 to…
-
FG, States and LGs share N954bn In July
The Federation Account Allocation Committee (FAAC) has shared a total sum of N954.085 billion Federation Account Revenue to the Federal Government, States and Local Government Councils in July 2022. According to a communiqué issued, N954.085 billion total distributable revenue comprised distributable statutory revenue of N776.918 billion and distributable Value Added Tax (VAT) revenue of N177.167…
-
Mobile Transactions Rise By N8.81tn
According to data from the Nigeria Interbank Settlement System, mobile transactions have risen by N8.981 trillion between the first seven months of 2019 and the corresponding period of 2022. The transaction rose from N289.12 billion in 2019 to N9.27 trillion in 2022. This is as the value of cheque transactions fell by 31.42 per cent,…
-
eNaira Transactions Rise To N4bn
The Governor, Central Bank of Nigeria, Godwin Emefiele, has revealed that the value of transactions on the eNaira has risen to N4 billion since its launch on October 25, 2021. This then shows an increase of 2,027.66 per cent from the last year’s transaction value of N188 million. This was disclosed at the grand finale…
-
Nigerians’ Expenditure On Utility Bills Hits N1.69tn
According to data from the Nigeria Inter-Bank Settlement System, Nigerians have spent N1.69 trillion electronically on utility bills in the first seven months of 2022 The utility bills include payments like power, Pay TV subscriptions, and other everyday utilities in households. This is a 32.06 per cent increase from the N1.28tn that was electronically spent…
-
Nigeria Accumulates $1.3bn Debt In One Year
According to the World Bank Fiscal Year 2022 audited financial statements, Nigeria was rated fourth on the International Development Association borrowers’ list with $13bn IDA debt stock as of June 30, 2022. The country moved up from fifth position on the list with $11.7bn IDA debt stock as of June 30, 2021. This implies that…
-
FAAC Allocation Rises By 18%
The federal, state and local governments have shared N802.407bn as federation allocation for the month of June, 2022 representing 18 percent increase from N681bn shared in May. The sharing decision was reached at Federation Account Allocation Committee (FAAC)’s meeting, according to a statement sent to by the Director of Press/Information, Federal Ministry of Finance, Mrs…
-
Nigeria Loses N101bn Worth Of Oil In July
Data from the Organisation of Petroleum Exporting Countries has showed Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June 2021. In its latest Monthly Oil Market Report for August 2022, OPEC stated that crude oil production figures based on…
-
Nigeria Spends $2.35bn On Phone Importation
According to data from the International Trade Centre, Nigeria spent $2.35bn on telephone importation in three years. The ITC, an international body that focuses on trade, saidThe nation spent $807.95 million on importation of phone sets in 2019, $765.57 million in 2020 and $772.25 million in 2021. The body explained that the imported telephone sets…
-
Elephants Are Devouring South Nigerian Farms
Having spent his entire life surrounded by forest, Kyrien Ojong (52) considered no other business as good as farming in Bamba community, located in southern Nigeria. All of a sudden, elephants started eating all of his crops. “When the gorillas entered my farm, they ate all my cocoa; both the ripe and unripe ones. They…