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How Nigeria’s 2021 GDP Beats Projections
The National Bureau of Statistics, in its quarterly report, has published that the country’s Gross Domestic Product grew by 3.98 percent in the fourth quarter of 2021. This, which is considered as the strongest growth since 2014, translates to 3.4 percent as the annual GDP growth for 2021. According to the bureau, “Nigeria Gross Domestic…
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FG, States, LGAs Share N574.668 As Revenue In January 2021
In a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for February, 2022, the federal, state and local government areas have shared a total of N574.668 billion as revenue for the month of January, 2022. The N574.668bn total distributable revenue comprises distributable statutory revenue of N291.400bn; distributable…
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Digital Identity Sector May Add 7% To GDP By 2030
According to a report by VerifyMe Nigeria, the digital identity sector is set to add about seven percent to the nation’s real Gross Domestic Product by 2030. The report titled, ‘Digital ID in Nigeria: State of the Industry,’ said the digital economy (information technology sector) contributed about 18 per cent to the GDP in the…
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Company Income Tax Fell By N124.71bn In 2021 Q4
According to the National Bureau of Statistics, Nigeria’s Company Income Tax fell by N124.71billion in the fourth quarter of 2021. The NBS disclosed this in its Q4, 2021 report on Company Income Tax saying, “On the aggregate, Company Income Tax for Q4 2021 stood at N347.81billion, a decline by 26.39 percent on a quarter-on-quarter basis…
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Nigeria Spent $1.04bn On Fuel Imports In 2021
According to data obtained from the Central Bank of Nigeria,foreign exchange used for the importation of petroleum products into Nigeria fell to $1.04bn last year from $1.32bn in 2020. Fuel imports remain a major user of foreign exchange, even as many businesses still lament the inability to access forex at the official rate and the…
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Banks, Others Contribute N2.3trn To Economy
Findings from the Gross Domestic Product released by the National Bureau of Statistics Q4 2021 report has shown that Banks and other financial institutions excluding insurance, contributed N2.3 trillion to the nation’s real GDP, in 2021. This is up by 10.5 per cent from 2.1 trillion in 2020. The contribution of banks and other financial…
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MTN, Airtel Raked In N2.02tn From Airtime, Data
According to the financial statements, two telecommunication companies, MTN Nigeria Communications Plc and Airtel Nigeria, have both raked in N2.02tn from airtime and data revenues in 2021. The amount indicates a 20.01 percent increase from the N1.68tn both companies made from airtime and data revenues in 2020. According to statistics from the Nigerian Communications Commission,…
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Nigerian Insurance Sector Records 8.01%
Figures obtained from the National Bureau of Statistics have shown that the Nigerian insurance industry grew by 8.01 percent in 2021 when compared to a negative growth rate of 13.29 per cent in 2020. The NBS, in its Gross Domestic Product report for the fourth quarter of 2021, said the insurance industry also accounted for…
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INFOGRAPHICS ON 2022 SUPPLEMENTARY BUDGET
Nigeria’s President, Muhammadu Buhari, transmitted the 2022 Appropriation Act (Amendment) Bill to the National Assembly. The president, in the letter entitled, “SUBMISSION OF THE 2022 APPROPRIATION AMENDMENT PROPOSAL” requested consideration and approval to accommodate the additional fuel subsidy funding. The six-page executive bill is expected to contain a provision for the payment of subsidy on…
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80% of PHCs Can’t Store, Administer COVID-19 Vaccines
A non-governmental human right organization has revealed in its investigation that 80 percent of the PHCs were “substandard and unfit to store, and effectively administer COVID-19 vaccines.” The human rights organization said this after investigating the efficacy of 90 PHCs in 15 states. To strengthen and foster health sector accountability in Nigeria, the organization and…