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Nigeria’s inflation falls to 16.63%, lowest in eight months
According to the National Bureau of Statistics, the inflation rate in Nigeria declined for the sixth consecutive month to 16.63 percent in September. Its lowest level since January this year. In its Consumer Price Index, NBS said the inflation rate fell by 0.38 percent from 17.01 per cent in August. The drop in headline inflation…
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Pipeline Vandalism Rises By 26.5%
Pipeline vandalism across the country has continued to increase, despite lack of activities at the nation’s four refineries, with over 151 pipeline points in the first quarter of 2021. This is a surge of 26.5 percent when compared to 111 pipeline points recorded in the corresponding period of 2020. It was gathered that within the…
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Nigeria Crude Oil Production Averaged 1.451 mb/d In September
The Organisation of the Petroleum Exporting Countries has said that Nigeria’s crude oil production averaged 1.451 million barrels per day in September 2021. OPEC made this known in its Oil Market Report for October 2021s saying that it is an increment of 156 barrels per day when compared to the 1.296 million barrels per day…
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FIRS Generates N3.3tr From Non-oil Export
In a statement by the Federal Inland Revenue Service, Nigeria has generated N4.2 trillion revenue so far this year. This is about N3.3 trillion, that is over 77 per cent of the total collection, came from the non-oil sector. FIRS Chairman, Muhammad Nami, stated that “to address the issue of Nigeria not diversifying its economy,…
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IMF increases Nigeria’s 2021 Growth
The International Monetary Fund has increased Nigeria’s growth prospect to 2.6 percent and 2.7 percent for 2021 and 2022, respectively. This recent prospect is coming despite reducing the rate of global growth prospect due to the COVID-19 Delta variant. According to the October 2021 World Economic Outlook Report, the growth forecast for Nigeria was originally…
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Fuel Imports Gulp $690m In Eight Months
Latest data from the Central Bank of Nigeria has shown that the foreign exchange used for fuel imports from January to August in 2021 fell by 34.79 percent from $930.31m in the same period of 2020. This development is coming despite the idleness of the refineries to produce fuel and forex scarcity in the country…
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Nigeria Grants N992.9bn Import Waivers In Two Years
Within a two-year period covering January 2019 and December 2020, the Federal Government through the Nigerian Customs Services granted the sum of N992.9bn as waivers on imported goods, findings have shown. The N992.9bn comprises N213.1bn recorded in 2019 and N779.7bn waived in 2020, data from the 2022-2024 Medium-Term Expenditure Framework and Fiscal Strategy Paper revealed.…
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Budget Deficit Rises To N20.64tn In Five Years
According to data from the budget office, Nigeria’s budget deficit has risen to N20.64 trillion from 2016 to 2020. A budget deficit occurs when expenses exceed revenue and indicate the financial health of a country. According to the budget office, more than N7.97tn was borrowed from foreign and domestic sources to fund these deficits. Breakdown…
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Twentyten Daily Weekly Roundup
Hello Twentyten Daily Readers, Below, we reported how President Muhammadu Buhari has presented a total of N54.41 trillion as proposed budget for the year between 2016 and 2021. However, between 2016 and 2021, a total of N55.71 trillion has been approved.This implies that the National Assembly has raised that budget, within the period under review,…
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Nigeria’s Economy To Grow By 2.4% In 2021
Projections by the World Bank has revealed that Nigeria’s economy would grow by 2.4 percent in 2021; an increase in the bank’s earlier growth projection of 1.8 per cent made in January this year. The bank made this disclosure in the new edition of its Africa’s Pulse report titled ‘Climate change adaptation and economic transformation…