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Gas Revenue Up 64.3% To N119.4bn In Q1’22
Latest data from Nigerian National Petroleum Corporation has shown that Nigeria’s revenue from gas sales rose by 64.32 percent in the first quarter of 2022 (Q1’22). This is an increase to N119.4 billion compared to N72.64 billion recorded in the corresponding period last year. NNPC data also showed that gas revenue in the first quarter…
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Investment In FGN Savings Bonds Rise By 53%
Analysis has shown that investment in the FGN Savings Bonds rose by 53 per cent, year-on-year, YoY, to N7.5 trillion in the first half of the year (H1’22), from N4.9 trillion in the corresponding period of last year (H1’21). There was a sharp increase in investors’ patronage for FSB in H1 ‘2022 is driven by…
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Nigeria Spends N896.7bn On Debt Servicing In Q1’22
The Debt Management Office has said that Nigeria spent N896.7 billion on domestic and foreign debt servicing in the first quarter of 2022, Q1’22. This represents a 12 per cent year-on-year (YoY) decline from N1.02 trillion spent in the corresponding period of 2021. In its External and Domestic Debt Service Payment Reports for Q1’22, the…
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Tracking The Timeline Of ASUU Strike
On May 25. 2022, the Academic Staff Union Of Universities industrial action strike clocked 100 days. The strike which began on February 14, was extended for an additional 12 weeks in May after the union said the federal government had failed to reach an agreement over pending issues raised. Emmanuel Osodeke, the national president of…
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Nigeria’s Oil Output Drops 23.8%
According to the Organisation of Petroleum Exporting Countries, OPEC, Nigeria’s oil output dropped Year-on-Year by 23.8 percent to 1.024 million barrels per day, mbpd, in May 2022. This is a drop from 1.344 mbpd recorded in the corresponding period of 2021. In its June 2022 Monthly Oil Market Report, OPEC stated that the figure, excluding…
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Banks’ Borrowing From CBN Rises 63%
Banks’ borrowing from the Central Bank of Nigeria has persisted in its upward trend in May, rising by 63 percent, Month-on-Month, MoM, to N1.8 trillion. The CBN lends money to banks through the Standing Lending Facility (SLF) and Repurchase (Repo) arrangement windows. While the CBN lends money to banks through the SLF at interest rate…
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CBN To Sell N1.2 trn Treasury Bills By Q3’22
The Central Bank of Nigeria has said it will sell N1.2 trillion worth of Treasury Bills (TBs) in the third quarter of 2022 (Q3’22). The apex bank disclosed this in its Nigeria Treasury Bills Issue Programme for Q3’22. TBs are short term debt instruments used by CBN to borrow money from the public on behalf…
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Investment In Start-ups Falls 78.2%
The Nigerian Investment Promotion Council (NIPC) has disclosed that investment in Nigeria’s start-up sector has continued to lose steam, falling massively by 78.2 percent. This is a drop to $57.55 million in April across 10 companies from $263.68 million in March. NIPC said this in its April 2022, investment highlights which shows that the ten…
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DISCOs Metered 3.51m Customers In One year
Report released by the National Bureau of Statistics has shown that the Nigeria Electricity Distribution Companies metered about 3.51 million customers in 2020. The report presents statistics on electricity from 2015 to 2020 and focuses on customer numbers, metered customers, estimated billing customers, and most importantly, electricity supply and revenue collected during the period under…
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Insurance Sector Grows By 15.68% In Q1
According to figures obtained from the National Bureau of Statistics on the country’s Gross Domestic Product, the Nigerian insurance sector grew by 15.68 per cent in the first quarter of the 2022 financial period. The statement said, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 89.12…