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Company Tax Grows By 53.09% Q1 2022
The National Bureau of Statistics has said that the Company Income Tax (CIT) for Q1 2022 increased to N532.48 billion. According to the bureau, this is a growth rate of 53.09 percent on a quarter-on-quarter basis from N347.81billion in Q4 2021. CIT is a tax imposed on the profit of a company from all sources.…
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NSIA Grows Net Assets By 19%
The Nigeria Sovereign Investment Authority, NSIA has grown its net assets to N919.73 billion in 2021, from N772.75 billion posted in 2020. The growth represented a 19 percent increase in net assets. Also, NSIA recorded continuous earnings for the 9th year, despite risks across markets in the last nine years. NSIA is Nigeria’s investment institution…
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Nigeria’s GDP Grew By 3.11% In Q1 2022
Nigeria’s Gross Domestic Product grew by 3.11 per cent in the first quarter of 2022. The National Bureau of Statistics disclosed this in its Nigerian Gross Domestic Product Report Q1, 2022. It stated that, “Nigeria’s Gross Domestic Product grew by 3.11 per cent (year-on-year) in real terms in the first quarter of 2022, showing a…
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Oil Sector Growth Dropped By 26% In Q1
Figures by the National Bureau of Statistics have revealed that real growth of the oil sector was –26.04% (year-on-year) in the first quarter of 2022. This indicates a decrease of 23.83 percent points relative to the rate recorded in the corresponding quarter of 2021. In a report titled “Nigeria Gross Domestic Product Q1 2022,” the…
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South-East, South-South Spent More On Cooking Gas In April
The National Bureau of Statistics has said that the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas, LPG, was highest in the South-East with N4041.39, followed by the South-South region (N3896.59), and North-Central region (N3835.83). The recent report by the NBS titled, “Liquefied Petroleum Gas Price Watch List April 2022” also…
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In Three Months, Nigerians Spend $221m On Foreign Education
Data obtained from the Central Bank of Nigeria have shown that Nigerians spent at least $220.86 million on foreign education between December 2021 and February 2022. This is according to the CBN data on the amount spent on educational service under the sectoral utilisation for transactions valid for foreign exchange for December 2021 to February…
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Cashless Transactions Rise By 44%
According to data from the Nigeria Inter-Bank Settlement System, cashless transactions rose by 44 percent year-on-year to hit N117.33tn in the first four months of 2022. From January 2022 to April 2022, N117.33tn was processed through electronic channels, which is N35.79tn more than N81.54tn that was processed in the corresponding period of 2021. Cashless transactions…
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Nigeria’s Q1 trade deficit rose by 175%
According to data from the Central Bank of Nigeria, the value of Nigeria’s international trade deficit rose by 175.13 percent from $152.94 million in January 2022 to $420.79 million in March 2022. The International Trade Summary on the CBN’s website shows that the total value of international trade was $28.77bn in Q1 2022. Imports stood…
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Nigeria’s oil output drops 13.3% to 1.3 mbpd
The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil output at 1.3 million barrels per day, bpd, in April 2022. This is a decrease of 13.3 percent compared to 1.5 million bpd recorded in the corresponding period of 2021. According to the May 2022 Monthly Oil Market Report, MOMR, of OPEC, Nigeria remains…
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How Bank Profitability Performed in Q1 2022 (2)
Commercial banks in Nigeria have paid N25.1 billion as account maintenance fee in the first quarter of this year (Q1’22). This represents a 17 percent year-on-year (YoY) increase when compared to N21.4 billion the customers of those banks paid in the corresponding period of 2021, Q1’21. The Account Maintenance Fee (AMF) is the annual amount…