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Borrowing From Local Investors Rises 21% in H1’22
The Federal Government borrowed N4.2 trillion from local investors in the first half of the year , representing 21 per cent, year-on-year. This is an increase from N3.89 trillion borrowed in the first half of 2021 (H1’21). The increased borrowing was driven by a 30 per cent increase in FGN Bond sales, 49 percent increase…
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Nigeria’s Ship Financing Fund rises By 79%
The Cabotage Vessel Financing Fund has risen from $195m to $350m in 2022, representing 79.4 percent increase. The Minister of State for Transportation, Gbemisola Saraki, disclosed that the money in the CVFF account now stood at $350mn – equivalent to N210bn. Recall that the Federal Government, in 2003, set up the CVFF to address the…
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40% Nigerian Households Use Generators
A joint report put together by a research firm and a financial institution has shown over 40 percent of households in Nigeria own and use generators to meet their electricity requirements. According to the report it stated that the affected households spent about $14 billion annually to fuel their generators, as the power supply from…
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2.2 Million North-East residents Are Displaced
The National Emergency Management Agency has said that a total of 2,200,357 Internally Displaced Persons amounting to 452,363 displaced households are now in the North-Eastern part of Nigeria. The agency stressed that the Boko Haram insurgency, communal clashes and natural disasters were the causes of the displacements. NEMA revealed this in its 2021 Annual Report,…
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Bank Assets Rise By 21%
Figures obtained from the Central Bank of Nigeria has shown that Nigerian banks’ total assets rose by N11.15 trillion in one year to N64.32 trillion as of the end of April. CBN said that the assets of the lending institutions had hit N53.17 trillion in the corresponding period of 2021. The 2022 numbers showed a…
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Company Income Tax rises by 35.6%
Revenue generated from Company Income Tax has risen by 35.6 percent Year-on-Year to N532.48 billion in the first quarter ended March 2022 from N392.7 billion in the corresponding period of 2021. Breakdown of data from the National Bureau of Statistics also showed the figure rose by 53.1 percent Quarter-on-Quarter from the N347.8 billion generated in…
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Listed FGN Bonds down by 52.5%
The value of listed Federal Government of Nigeria, FGN, Bonds on the Nigerian Exchange Limited in the first half of the year declined by 52.5 percent. This is a drop to N1.6 trillion from N3.4 trillion in the corresponding period of 2021, HI’21. Findings from the data in the NGX shows that in Q2’22 the…
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Nigerian With Bank Accounts Hit 45%
According to the World Bank, the number of Nigerians with accounts at regulated institutions increased by 16 percent to 45 percent in 2021. These institutions include such as a bank, credit union, microfinance institution, post office, or mobile money service provider. The global bank stated that global account ownership increased by 50 percent from 51…
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Unsold Inventory Dips By 33.4% In 2021
Available data obtained from the Manufacturers Association of Nigeria shows that the inventory of finished but unsold manufactured products dropped by 33.4 percent to N384.58 billion in 2021 from N577.61 billion recorded in 2020. MAN said that manufacturing inventory of unsold finished products in key segments dipped to N169.75 billion in the second half of…
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Active Internet Subscriptions Rise By 2.7%
The National Bureau of Statistics has said that the number of active internet subscriptions in Nigeria rose quarter-on-quarter (QoQ) by 2.7 percent. This is a rise to 145.8 million in the first quarter of 2022 (Q1’22), from 141.9 million in the fourth quarter of 2021 (Q4’21). NBS disclosed this in its ‘Telecoms Data: Active Voice…