-
Airfares Record 28% Increase In One Year
According to a new report by the National Bureau of Statistics, air transportation fares rose by 28.26 per cent in one year. In a report titled, ‘Transport fare watch (March 2022),’ the NBS said the average fare paid by air passengers for specified routes on a single journey increased by 4.43 percent month-on-month from N44,825.04…
-
Four FG Agencies Generate N28.02tn In Three Years
The Nigeria Extractive Industries Transparency Initiative has said that four revenue-generating agencies of the Federal Government have generated a total of N28.02tn between 2017 and 2019. These agencies include the Nigerian National Petroleum Company Limited; Federal Inland Revenue Service; Department of Petroleum Resources, now Nigeria Upstream Petroleum Regulatory Commission; and the Ministry of Mines and…
-
External Reserves Gain $243.83m
According to figures obtained from the Central Bank of Nigeria, Nigeria’s external reserves rose by $243.83m in 19 days. The CBN revealed in its data on movement in reserves that the value rose from $39.54bn as of April 1, 2022 to $39.78bn as of April 19, 2022. The external reserves fell by $313m in March,…
-
Power Tariff Shortfall Hits N247bn
The Federal Government has stated in its latest fact sheet on the Power Sector Recovery Programme that the shortfall in electricity tariff paid by consumers across the country to power distribution companies has dropped from N1.891tn to N247bn. PSRP was a programme initiated by the Federal Government with the support of the World Bank to…
-
Inflation Pushes 23 million Nigerians Into Food Crisis
About 23 million Nigerians were pushed into a food crisis due to the impact of the COVID-19 pandemic-induced inflation in 2021. The World bank said this in its latest Commodity Markets Outlook report in reference to the Global Report on Food Crises. According to the Washington-based, rising food prices have heightened food insecurity in emerging…
-
FG, States, LGs Share N725bn In March 2022
For the month of March, 2022, the Federation Accounts Allocation Committee shared a total sum of N725.57bn among the three tiers of government, as federal allocation. This indicates a 23 percent increase from the N590bn that was shared by the three tiers of government in February. The latest figure for March was contained in a…
-
Forex Inflows Fall By $9.58bn
Foreign exchange inflows into the economy declined in the fourth quarter of 2021. This is not unconnected to lower receipts from the Central Bank of Nigeria and autonomous sources. This is an indication of a worsening crisis for a forex-strapped economy. The latest figures from the Central Bank of Nigeria’s quarterly report on “Foreign Exchange…
-
Inside The Illegal Trading Of Forest Woods In Cross River Community
Travelling into the Cross River forest as a researcher – let alone a reporter- to investigate the increasing impact of deforestation in host communities is considered deadly; as illegal loggers possess harmful weapons and are ready to kill anyone who questions their operations. These loggers, majorly youths in the host communities, negotiate with foreign buyers…
-
Does Nigeria Have A Combined Unemployment Rate Of 55%?
Claim 1: A presidential aspirant for 2023 general elections has claimed that Nigeria has a combined unemployment rate (unemployment and under-employment) of 55 percent. Claim 2: He also claimed that 60% of Nigeria youths are unemployed (unemployment and under-employment combined) Verdict: FALSE. Data shows that these figures, when combined, are above the numbers stated by…
-
How Bank Profitability Performed in Q1 2022 (1)
Findings by Twentyten Daily has shown that three Nigerian banks have recorded a cumulative amount of N104.8 billion in the first quarter of the year. Profit Before Tax (PBT) is the measure of the company’s profit before the payment of corporate income tax. It is listed on the income statement of the company. The primary…