-
In Nine Months, Nigeria’s Petrol Imports Hit N2.52tn
From January to September 2021, the cost of Premium Motor Spirit, also known as petrol, imported into Nigeria increased by 55.56 percent. This is a rise to N2.52tn from the N1.62tn spent in the same period of 2020. This development is coming amid the plan to remove subsidies from petrol by February 2022. Data…
-
Chinese Loan Hits $3.59bn On 15 Projects
According to an analysis of the external debt stock data from the Debt Management Office, Nigeria’s debt to China increased from $3.26bn as of September 30, 2020, to $3.59bn as of September 30, 2021. This shows an increase of $330m in one year. Although the Federal Government has been mostly secretive about the terms of…
-
In Three Years, States Generates N751.17bn From Road Tax, Others
The 36 states of the federation earned N751.17bn from road tax, direct assessment, and other taxes in three years. This is according to data collated from the National Bureau of Statistics. Direct assessment refers to a form of personal income tax used to assess tax for self-employed individuals or tax imposed on informal businesses by…
-
In Three Months, Nigeria’s Debt Rises By N2.54tn
The Debt Management Office disclosed that Nigeria’s public debt has risen to N38.005tn as of the end of the third quarter of 2021. In a press statement titled, ‘DMO publishes total public debt for Q3 2021’, and published on the DMO’s website, the debt agency said the total debt figure comprised total external and domestic…
-
Nigeria’s National Grid Provides Only 51.2% Of Electricity
According to the latest data obtained from the National Bureau of Statistics, generators provide 48.6 percent of the electricity consumed by power users across the country. A document by the NBS on Power Sector Data Preview showed that the national grid was providing 51.2 percent of the country’s power needs, indicating that many citizens in…
-
In 72 Months, Presidency Spent N34bn On Food, Travels
According to data obtained from the appropriation bills of the Federal Government, the Presidency’s budgetary allocations for food and travels hit N34bn in six years. A total of N5.16bn was spent on food and N28.94bn on travels. The allocations for food include foodstuff/catering materials supplies, refreshment and meals, and cooking gas/fuel cost, while the allocations…
-
Inflation Increases By 15.40% In November 2021
The consumer price index, which measures inflation, increased by 15.40 percent in November 2021. This is 0.51 percent points higher than the rate recorded in November 2020 (14.89) percent. On a month-on-month basis, the index increased by 1.08 percent in November 2021, this is 0.10 percent higher than the rate recorded in October 2021 (0.98)…
-
Federation Account Remittances Drops To N1.58tn In 10 months
Data obtained from Nigerian National Petroleum Company Limited showed that remittances by the federation account plunged by N1.581tn between January and October this year. The drop was due to the money spent on subsidizing Premium Motor Spirit, popularly called petrol, pipeline security and maintenance cost, among others during the period. Figures obtained from the NNPC…
-
Nigeria Imports N143bn Solid Minerals In Nine Months
From January to September 2021, Nigeria imported solid minerals worth N143.1bn. This is according to data collated from the National Bureau of Statistics which showed that the country exported N42.5bn solid minerals in the nine-month period, less than 30 percent of what it imported. It said, “The total value of trade in solid mineral goods…
-
Non-oil Exports Rise By 205% In Five Years
Nigeria’s non-oil exports rose from N458.6bn recorded between January and September 2017 to N1.4tn within the same period of 2021. According to an analysis of data from the National Bureau of Statistics, within the five-year period, non-oil exports rose by N942bn or 205 per cent. Breakdown Analysis A breakdown of non-oil exports within the period…