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ICT Contributes N26tn To GDP In 18 Months
Analysis from the National Bureau of Statistics showed that the Information, Communication and Technology sector contributed N26.02tn to the nominal Gross Domestic Product in 18 months. This was extracted from the GDP reports for the four quarters of 2020 and the first two quarters of 2021; that isJanuary 2020 to June 2021. The ICT sector…
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Five States Lead Subnational Debts In Q2 2020
Data from the Debt Management Office has revealed that Lagos, Rivers and Akwa Ibom are the three most indebted states within the country at the end of the second quarter of 2021. The domestic debts owed by state governments and the Federal Capital Territory Administration stood at N4.12tn, representing 18.94 percent of the country’s domestic…
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Nigeria Spent N445bn On Debt Servicing In Q2
Data obtained from the Debt Management Office have shown that Nigeria has spent a total of N445.4 billion to service the debt in the second quarter of this year. From April to June 2021, Nigeria spent N322.7bn on domestic debt servicing, while $299m (N122.7bn) was spent on external debt servicing. The exchange rate of the…
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External Reserves Gained $2.4bn In September
The Central Bank of Nigeria has said that the country’s external reserves rose by $2.4bn in September. CBN said that the reserves which stood at $34.02bn as of the end of August rose to $36.41bn as of September 2021. At the last Monetary Policy Committee meeting, the Central Bank Governor, Godwin Emfiele, said, “The…
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Foreign Exchange Inflow Drops To $4.97bn
Figures obtained from the Central Bank of Nigeria has shown that the foreign exchange inflow into the economy fell by 59.8 percent in April. This is according to the bank’s monthly report on ‘Foreign exchange flows through the economy’. Part of the report read, ‘Aggregate foreign exchange inflow into the economy declined sharply, reflecting tepid…
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Banks’ Borrowings Rise By 737%
Bank borrowings from the Central Bank of Nigeria’s Standing Lending Facility has risen year-on-year by 737 percent to N2.3 trillion in April 2021 from N274.65 billion in April 2020. Also, CBN earnings from the SLF during the period rose by 381 percent to N1.33 billion from N270 million in April 2020. However, banking system liquidity…
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98 companies Post N6.1trn Turnover In H1 2021
No fewer than 98 leading companies on the Nigerian Exchange Limited have recorded a combined turnover of N6.1 trillion in the first half of 2021. The companies’ H1’21 combined turnover was 17.57 percent more than the N5.2 trillion recorded in the same period in H1’20. According to their financial reports, they turned over to the…
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N194bn COVID-19 Allocation Missing In Four States
According to findings made by transparency and accountability civil society organizations, BudgIT and Follow The Money International, of the total N209.61 billion COVID-19 allocation made to Enugu, Sokoto, Delta and Kaduna states, only N14.73 billion was disbursed by the states. Representative of Follow The Money International, Pearl Utuk, presented the findings at a press conference…
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FG, States, LGs share ₦696.965 In August
In August 2021, the government, at all levels, in Nigeria shared the sum of ₦696.965 billion as federation allocation. This is according to the details of the communiqué provided by the Deputy Director (Information), Ministry of Finance, Oshundun Olajide. The Federal Government received ₦289.257 billion; states got ₦217.183 billion; Local Governments received ₦161.541 billion. The…
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15% Businesses Expanded Using Tech Despite COVID-19
A report released by the National Bureau of Statistics (NBS) has revealed that 15 percent of businesses expanded their operations during the COVID-19 pandemic while incorporating technology to conduct business. The report titled: “The Impact of COVID-19 on Business Enterprises in Nigeria,” was launched by NBS in partnership with the United Nations Development Programme (UNDP).…