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FG borrows N2.45tn from CBN
Through Ways and Means Advances, the Federal Government’s total borrowing from the Central Bank of Nigeria has risen from N17.46 trillion in December 2021 to N19.91 trillion in June 2022. According to data from the CBN, this shows that the Federal Government borrowed N2.45tn from the apex bank within six months. According to the Debt…
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Visualizing The Impact Of Insecurity On Teachers
With almost a decade teaching, Oseni Shukura earns N45,000 teaching 20 students. Now, she is forced to retire back to her house until it is safe to teach again. On Monday, 25th of July, students of Federal Government College, Kwali-Abuja, had to vacate the school after an order by the government to close the school…
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Banking Sector Credit To Govt Rises By 35% In H1’22
According to the Money and Credit Statistics for June 2022 released by the Central Bank of Nigeria, the banking sector credit to the government rose by 35 percent in the first half of 2022 (H1 ’22). CBN said that credit to the government rose to N17.9 trillion at the end of June 2022 from N13.3…
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External Reserves Grow To $39.3bn
According to the central bank of Nigeria, the country’s external reserves have gained $923 million in the past four weeks, reversing the several months of downward trend. It had declined steadily to $38.421 billion on June 6th, 2022 from $40.52 billion at the end of December 2021, translating to N2.1 billion or 5.1 per cent…
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Banks Borrow N595.34bn From CBN In Two Months
The Central Bank of Nigeria has said that commercial banks borrowed N595.34 billion between January and February 2022. The data, according to the apex bank’s monthly economic report showed that while N333.59bn was borrowed through the Standing Lending Facility in January, the amount reduced to N255.75bn in February. The CBN said increased liquidity in the…
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Micro Pension Plan Records Over 33% Growth In Q1′ 22
According to the First Quarter 2022 report released by the National Pension Commission, a total of 2,897 new contributors were enrolled into the Contributory Pension Scheme, under its micro pension scheme. This indicates a 33.7 percent Quarter-on-Quarter, QoQ, increase against 2,166 recorded in the previous quarter, Q4’21. With the new enrolments, PenCom, a total number…
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How Deforestation, Landslide And Wildfire Are Affecting Farmers In Cross River Communities
THE devastating effect of deforestation, landslide and wildfire is affecting the harvest of farmers in Cross River State in the southern part of Nigeria. Kehinde Ogunyale takes a look at this with special emphasis on women farmers. At 7 am, Regina Aboh is out of the house, with her cutlass and hoe, a big basket…
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“Fire immediately spreads”: Extreme Wildfires Become New Threat In This African Village
Climate Tracker visited the Olum community in South-South Nigeria to report how extreme wildfires are changing indigenous villages, forcing them to enact a law to control the flames. For Martins Abang (37) growing up in Olum village, an indigenous town located in Southern Nigeria’s Cross-River State, during the 1980s was a happy upbringing, surrounded by…
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Nigeria Loses $6.91bn To FDI Decline
The National Bureau of Statistics has said foreign investments into Nigeria had declined by 81.46 percent ($6.91bn) in the first quarter of 2022. This is a drop from $8.49billion in the first quarter of 2019 to $1.57billion in the corresponding quarter of 2022. The bureau disclosed this in its quarterly report on ‘Nigerian Capital Importation’.…
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Nigeria’s Power Plants’ Capacity Drops By 70%
Industry statistics has shown that the combined generation capacity of Nigeria’s 26 power plants has dropped by 70 per cent. According to the latest data sourced from the Nigeria Industry Supply Industry, the capacity of the plants dropped from a total of 13,461 megawatts to 4,022MW as of when they were last tested in July…