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PMI Dips In January 2022
The Stanbic IBTC Purchasing Power Index has dropped to 53.7 per cent in January 2022 from 56.4 in December 2021. The drop, which reflected a four-month low, was attributed to the cost pressures that remained sharp in January, but purchase price inflation eased notably from December’s previous peak. The survey report from Stanbic IBTC shows…
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Inter-city T-fare Increase By 283%
The National Bureau of Statistics has said in its report that intra-city transport fares in Nigeria have increased by 283% between January 2017 to December 2021. The average cost of bus transportation within Nigerian cities rose from ₦122.83 in January 2017 to ₦470.83 in December 2021. Abuja had the highest intra-city bus transport cost at…
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Bank Credit To Private Sector Rises In December
Credit to the private sector reached its highest level in December 2021, reaching ₦35.73 trillion from ₦30.15 trillion recorded as of December 2020. This represents a ₦5.58 trillion increase in one year. The development is attributed to a combination of the Central Bank’s policies, innovation in technology and the surge in the number of FinTechs…
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Currency In Circulation Rises By N1.15tn
According to data from the Central Bank of Nigeria, the currency in circulation in the country rose by ₦1.15 trillion in 2021 to ₦3.33 trillion as of December 2021. The development, the highest level to be recorded in the year, is on the back of several monetary policies adopted by the financial regulator to increase…
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Domestic Airlines Airlifted 12.05m Passengers In 2021
According to the summary of flights operation obtained from the Nigerian Civil Aviation Authority, 10 domestic airlines operated 74,537 flights conveying 12,050,264 passengers in 2021. The authority revealed that out of the 74, 537 flights, 41,328 flights which represents 55 percent were delayed while 542 flights were canceled. The report also showed that there were…
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Diaspora Remittances Drop In 10 Months
Data from the Central Bank of Nigeria has shown that money sent home by Nigerians living abroad dropped by 62 percent. The drop in diaspora remittances, according to CBN website, showed that the total direct remittances stood at $1.96 billion in the first 10 months of 2021 compared to the $5.21 billion the country recorded…
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FIRS Generates N6.4 trillion Revenue In 2021
The Federal Inland Revenue Service raked in ₦6.4 trillion as revenue in 2021. The agency said, the highest in its history surpassing the ₦5.3 trillion generated in 2019 when Babatunde Fowler was the head. FIRS chairman Muhammad Nami said in a statement that despite the limitations faced in 2020/2021, the agency surpassed its collection target.…
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Forex Inflow Hits $55.5bn In Seven Months
Data obtained from the Central Bank of Nigeria have shown that the country recorded a foreign exchange inflow of $55.5bn in seven months. The rise in forex inflow was attributed to increased non-oil receipts and proceeds from Eurobonds, among other factors. In its economic reports, the apex bank said the country earned $18.3bn in the…
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Nigeria Records 15 Jailbreak Incidents In 14 Months, Eight Were Successful
Between October 2020 and December 2021, Nigeria recorded 15 incidence of jailbreak across 11 states in the country. Within the period, eight of these incidents were successful with a total of 5,238 inmates escaping from prison. The affected states include: Edo, Ondo, Lagos, Abia, Delta, Imo, Bauchi, Kano, Kogi Oyo and Jos. While the Nigerian…
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IMF Forecasts 2.7% Growth Rate For Nigeria In 2022
The International Monetary Fund in its January World Economic Outlook has predicted a growth rate of 2.7 percent for Nigeria in 2022. The institution made the forecast in the summit titled “Rising Caseloads, a Disrupted Recovery, and Higher Inflation” released in Washington. The growth projection is 0.1 percent higher than the 2.6 percent IMF’s forecast…