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CBN Disburses N1.452trn For 337 Real Sector Projects
The Central Bank of Nigeria has said it had disbursed N1.452 trillion to 337 large real sector projects. These sectors include agriculture, manufacturing, services, and mining under the Real Sector Support Facility as part of the effort to diversify the nation’s economic base. The CBN, Director, Corporate Communications Department, Osita Nwanisobi, who disclosed this during…
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Food Imports Exceed Exports By N2.23tn In 12 Months
Findings have revealed that the total international trade in agricultural goods in the country stood at N3.24tn in 2021, with the import value exceeding export value by N2.23tn. This is coming despite the interventions by the Federal Government to diversify the economy and increase food production in the country. According to the National Bureau of…
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FG Borrows N1.48tn Via Bonds In Q1 2022
The Federal Government borrowed N1.48tn from bond investors through Federal Government bonds between January and March 2022. This is according to an analysis of the FGN Bond Auction results available on the website of the Debt Management Office. Bond oversubscriptions hit N1.03tn within the period under review, indicating the investors’ increasing appetite for FGN bonds.…
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Nigeria’s Total Debt Could Hit N50tn
The Centre for the Promotion of Private Enterprise has said that Nigeria’s debt can hit N50 trillion within the shortest possible time. These debts includes that of the Asset Management Corporation of Nigeria and borrowings from the Central Bank of Nigeria. The Chief Executive Officer, CPPE, Dr. Muda Yusuf, said this during an event to…
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FG’s New Borrowings Rise In Six Years
The new borrowings by the Federal Government of Nigeria have deepened as allocations rose by 278.03 percent between 2015 and 2021. This is N4.03trillion within the six years This was disclosed in the presentation of the public debt data as of December 31, 2021, by the Director-General of the Debt Management Office, Patience Oniha. According…
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Contributory Pension Assets Rise By N340bn
The total assets under the Contributory Pension Scheme gained N340bn in two months and rose to N13.76tn as of the end of February 2021. The funds, which ended December 31, 2021 at N13.42tn, rose to N13.61tn as of the end of January 2022. This was contained in the National Pension Commission’s latest report, titled ‘Unaudited…
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FG’s Borrowing From CBN Rises By 96.54%
Data collated from the Central Bank of Nigeria have shown that the Federal Government’s total borrowing through Ways and Means Advances of the bank has risen by 96.54 percent or 8.92tn in two years. According to a year-on-year analysisIt rose from N9.24tn as of January 2020 to N18.16tn as of January 2022. The Debt Management…
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Poor Nigerians To Hit 95.1m In 2022
The World Bank has estimated that the number of poor Nigerians is projected to hit 95.1 million in 2022. This projection is coming as the number of Nigerians falling below poverty line continued to increase since 2015, the Washington-based bank said. It said this in its report titled, ‘A Better Future for All Nigerians: 2022…
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Commodity Price Index Drops By 0.33%
The National Bureau of Statistics has said that the all-commodity group export price index averagely declined by 0.33 percent in Q4, 2021. It said in its report titled ‘Commodity price indices and terms of trade (Q4, 2021)’ that, “The decline was majorly attributed to decreases in the prices of products of the chemical and allied…
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33% Of Global Droughts Occurs In Africa
The International Monetary Fund has said that African countries experience one-third of the world’s drought and are vulnerable to rising temperatures and extreme weather as a result of their dependence on rain-fed agriculture. The IMF stressed that a single drought can lower a country in the region’s medium-term economic growth potential by one percent. It…