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Budget Presented, Signed From 2016 Till Date
President Muhammadu Buhari has presented a total of N54.41 trillion as proposed budget 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 the budget, within the period under review, by N1.3 trillion. Recall that due to the COVID-19 pandemic…
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E-payments Rise By 6.37% To N24tn In September
Data released by the Nigeria Inter-Bank Settlement System has said that the value of e-payment transactions in Nigeria rose by 6.37 percent to N24.08 trillion in September 2021. In August total e-payment transactions was N22.64 trillion. E-payment transactions are updated on the NIBSS through the Nigeria Instant Payment System and Point of Sales terminals. The…
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Within Five Years, Almost All Depended On FAAC
Between 2016 and 2020, the 36 states in Nigeria earned N5.30 trillion. The states also got N10.19 trillion from the Federation Accounts Allocation Committee and borrowed N1.84 trillion from domestic sources. These figures are according to data from National Bureau of Statistics through analyses of IGR and FAAC data from the and domestic loans data…
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Nigeria Lost N221.64bn In July To Oil Production Incidents
In July, a total of 7,193,520 barrels of crude oil was lost due to about 39 production shut-in incidents. This is according to the latest figures released by the Nigerian National Petroleum Corporation, which gave the analysis in the September 2021 presentation of the NNPC to the Federation Account Allocation Committee. The corporation showed that…
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Explainer: VAT War Might Crush States Revenue
Value Added Tax, according to the Federal Inland Revenue Service, is a consumption tax paid when goods are purchased and services rendered. It is borne by the final consumer; that is all goods and services, both produced within or imported into the country, are taxable- except those exempted by the VAT Act. The VAT charge…
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COVID-19: African Airline To Lose N1.4tn
The International Air Transport Association has said African airlines will see a very slow pace of recovery in financial performance from a $1.9bn loss in 2021 to a $1.5bn loss in 2022. This brings the continent’s total loss in two years to $3.4bn (N1.4tn). According to the Geneva-based airline body, low vaccination rates in Nigeria…
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Nigerians Used 1.74 Billion Litres Of Petrol In August
In August, the Petroleum Products Pricing Regulatory Agency said about 1,735,624,740 litres of Premium Motor Spirit (petrol) was distributed nationwide. From the analysis, the volume of PMS supplied across the country in the month of August showed a decrease of about 132,301,071 litres when compared to the 1,867,925,811 litres supplied in the month of July.…
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Nigeria Serviced Debt With N1.47tn In 6 Months
The Debt Management Office has revealed that Nigeria spent N1.47 trillion on debt servicing payments in the first half of 2021. In the first quarter of the year, the country spent N1.02tn on both domestic and external debt servicing, while a total of N445.45bn was spent in the second quarter of 2021. Between January to…
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Nigeria’s Oil Reserves Drops By 543 million Barrels
The Organization of Petroleum Exporting Countries in its 2021 Annual Statistical Bulletin has reported a drop of 543 million barrels in the crude oil reserves of Nigeria. Figures on world proven oil reserves by country indicated that Nigeria’s oil reserves dropped from 37.453 billion barrels in 2016 to 36.910 billion barrels in 2020. Further analysis…
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Manufactured Imports Exceed Exports By N4.3tn
Figures obtained from the National Bureau of Statistics has shown that the value of manufactured goods imported into the country exceeded exports by N4.37tn in the second quarter of 2021 NBS stated that the value of manufactured goods trade in Q2, 2021 stood at N4.51tn representing 37.50 percent of total trade. “Out of this, the…