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Nigeria Drops In Corruption Ranking
Latest report by Transparency International has shown that Nigeria has dropped one place in the 2021 Corruption Perceptions Index (CPI) ranking. The country scored 24 out of 100 points in the 2021 index, which was revealed on TI’s official Twitter handle, @TranperencITng. It is Nigeria’s second consecutive year of a downward spiral on the TI’s…
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How Nigeria’s Oil Revenue Dropped In 2021
According to the Organization of the Petroleum Exporting Countries, Nigeria produced an average of 1.19 million barrels per day in December 2021, down from 1.26 million bpd in November 2021, based on direct communication This drop triggered a loss of about N74.51bn in oil earnings. According to OPEC data, an average daily loss of 78,000…
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Nigeria Attracts $31.82bn Six Countries In 33 Months
From January 2019 to September 2021 the capital inflows from the United Kingdom, the United States, South Africa, the United Arab Emirates, the Netherlands, and Mauritius hit $31.82 billion in three years. According to data from the National Bureau of Statistics, the six countries accounted for 83.32 percent of the total capital of $38.18bn imported…
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Price Of Diesel, Petrol Rise In January
There are indicators that the prices of Automotive Gas Oil (diesel) and Premium Motor Spirit (petrol) are increasing in January 2021. The National Bureau of Statistics (NBS) said that the average price of Automotive Gas Oil (diesel) is N289.37 per litre as at December 31, 2021. However there are indications that the price of diesel…
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Net Forex Inflow Falls 30% To $2.69bn
Report by the Central Bank of Nigeria has shown that Nigeria’s Net foreign exchange inflow fell year-on-year (YoY) by 30 percent to $2.69 billion in October 2021. This was a decrease from $3.87 billion in the corresponding period of 2020. The latest Monthly Economic Outlook by the bank indicated that the decline in net inflow…
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In Nine Months, Import Bill Rose To $8.92bn
Between January to September 2021, Nigeria’s total import bill for the period rose to $8.92bn from $4.29bn in the same period of 2020. This was disclosed by an economist and Chief Consultant, B. Adedipe Associates Limited, Dr Biodun Adedipe, while presenting the report titled ‘National economic outlook: Implications for businesses’, during an event organized by…
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In Seven Months, Cash-strapped Banks Borrow N9.17tn
Figures obtained from the banking sector regulator has shown that Deposit Money Banks and merchant banks have borrowed the sum of N9.17tn from the Central Bank of Nigeria. The banks borrowed this through its Standing Lending Facility window within a period of seven months. Banks often access the CBN’s SLF window to borrow funds, subject…
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Foreign Inflows Fall By 32%
The Central Bank of Nigeria has disclosed that capital importation into the country fell by 32 percent to $500m in October 2021. This is a drop from $660m recorded in September, 2021 which was an increase as against $440m recorded in August. The CBN disclosed these figures in its latest monthly economic report (October) recently…
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In Nine Months, Gencos Record N304bn Payment Shortfall
Between January and September 2021, the Federal Government has said that power generation companies were paid a total of N311.1bn after providing an invoice of N614.6bn for electricity supplied. However, the government had to augment the payment to the Gencos with a total of N129.83bn Payment Assurance. This was between January and June last year.…
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INFOGRAPHICS ON 2022 BUDGET
In October 2021, President Muhammadu Buhari, presented the 2022 Appropriation bill tagged a “Budget of Economic Growth and Sustainability.” It was estimated at ₦16.39trillion. The president said that the bill was designed “to build on the achievements of previous budgets and to deliver on our goals and aspirations as will be reflected in our soon-to-be-launched…