-
FG Bond Subscription Drops By 25%
In the month of October 2021, the Federal Government bond subscription dropped by 25 percent from N334.32bn in September to N250.71bn. According to the Debt Management Office, the Federal Government’s bonds worth N150bn for October, which were auctioned on October 20, with a settlement date of October 22, were oversubscribed by N100.71bn. The total subscription…
-
Piracy On Nigerian Waters Falls By 77%
The Nigerian Maritime Administration and Safety Agency has said the country has witnessed its lowest level of piracy since 1994, with piracy dropping by 77 percent. NIMASA disclosed this in a statement saying the decline was reported by the International Maritime Bureau. “The trend of reduction in piracy and armed robbery in Nigerian waters has…
-
Gencos Lose N1.66tn In Seven Years
Nigeria’s power generation companies have suffered a loss of N1.66 trillion in seven years as a result of non-payment for deemed capacity. The Executive Secretary, Association of Power Generation Companies, the umbrella body for the Gencos, Dr Joy Ogaji, disclosed this at a stakeholders’ meeting on the Regulators Monitoring Programme on electricity organised by the…
-
In Three Months, Discos Lose N97bn To Energy Theft, Others
In the first quarter of this year, the electricity distribution companies lost a total of N97 billion to energy theft, capping of estimated billing and other factors. The Association of Nigerian Electricity Distributors, the umbrella body for 10 of the 11 Discos in the country, said the amount lost by the power firms rose by…
-
Tax Waivers Deprive Nigeria Of N5.16tn In 12 Months
After analysing data from the 2022-2024 Medium-Term Expenditure Framework and Fiscal Policy Strategy report, Nigeria lost about N5.16tn to tax reliefs granted on Value Added Tax, Company Income Tax and Petroleum Profit Tax in 2020. The report said Nigeria lost N4.3tn to reliefs on VAT, consisting of reliefs granted by legislature and compliance burden adding…
-
Currency In Circulation Rises To N2.84tn
Figures obtained from the Central Bank of Nigeria showed that the currency in circulation rose to N2.84tn in September from N2.79tn in August. The currency in circulation rose to N2.81tn in July from N2.74tn at the end of June. It fell to N2.79tn in May from about N2.80tn at the end of April. Currency in…
-
Communications Ministry Gets N129.59bn In Six Years
According to an analysis of budgets from 2016 to 2021, the Federal Ministry of Communications and Digital Economy have been allocated a total of N129.59bn in six years. Breaking this down, the ministry got N15.99bn in 2016; N19.33bn in 2017, and N19.77bn in 2018. The allocation dropped to N17.62bn in 2019 and N17.41bn in 2020…
-
Nigeria’s Personnel Cost Rises by 79.48% In Four Years
According to data obtained from the budget implementation report of the Federal Government, the amount budgeted for personnel costs has increased from N2.29 trillion spent in 2019 to N4.11 trillion in the proposed 2022 budget. This shows an increase of N1.82 trillion or 79.48 percent in three years-a rise in the cost of recurrent expenditure.…
-
At Least 30 People Were Killed Everyday In 9 Months
Between January to September, at least 30 people were killed in Nigeria, an analysis by Twentyten Daily has shown. The data was gathered from reports of media killings put together by SBM Intelligence within nine months– three quarters of the year. The data gathered from the deaths of civilians, insurgent criminals as well as security…
-
Nigeria’s Debt-to-GDP Ratio To Hit 42% By 2026
The International Monetary Fund has projected that Nigeria’s government gross debt to Gross Domestic Product ratio will rise to 42 percent by 2026. The IMF which said this in the October 2021 Fiscal Monitor Report published on its website stressed that it is an increase from 35.7 percent in 2021. It said the country’s gross…