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CBN Incurs N379bn Debt On ABP
The Central bank of Nigeria has recorded a shortfall of N378.5 billion in loan repayment by beneficiaries under the Anchor Borrower’s programme in six years. The data obtained from the findings of the apex bank have shown that between November 2015– when the ABP scheme was introduced and November 2020, the CBN executed a total…
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IT Investments Drop By $53m In One Year
The investments in the information technology services sub-sector has dropped from $74.74 million at the end of 2019 to $21.68 million as of December 31, 2020. This is according to analysis of the capital importation data from the National Bureau of Statistics. This indicates a drop of $53.06 million or 70.99 percent in one year…
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20 Countries Benefited $2.69bn Guarantees From World Bank
The World Bank has disclosed that Nigeria and 19 other countries benefited from about $2.69bn guarantees between 2020 and 2021. The apex bank said that the guarantees were issued under the COVID-19 Fast Track Facility. The other countries are Albania, Argentina, Belarus, Bosnia & Herzegovina, Botswana, Chile, Eswatini, Georgia, Ghana, Kosovo, Lesotho, Moldova, Montenegro, Mozambique,…
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FIRS Generates N4.9 trillion In 2020
The Federal Inland Revenue Service has said that it has generated a revenue of N4.9 trillion revenues in 2020. This was about 98 percent of its set target for the year. The agency said this when it appeared before the House of Representatives Committee on Finance at its ongoing 2022-2024 Medium-Term Expenditure Framework and Fiscal…
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Prices For Cooking Gas, Kerosene Increased In July
According to the latest data from the National Bureau of Statistics, the average price of refilling a cooking gas and prices paid per liter by consumers of kerosene has increased in the month of July. NBS stated this in its “Liquefied Petroleum Gas (cooking gas) and National Household Kerosene Price Watch (July 2021). The average…
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External Reserves Rise To $33.59bn
Nigeria’s foreign exchange reserves have risen to $33.59billion –the highest level in more than a month. The forex reserves, which fell to a record low of $33.09bn on July 12, had gained $500m in almost a month to close at $33.59bn on August 10. According to the latest data from the Central Bank of Nigeria,…
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Nigeria’s Inflation Drops To 17.38% In July
The Consumer Price Index which measures inflation has dropped by 17.38 percent in July 2021. This is 0.37 percent lower than the rate recorded in June 2021 (17.75%). The National Bureau of Statistics disclosed this in its Consumer Price Index report for June. Increases were recorded in all Classification of Individual Consumption According to Purpose…
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NNPC Incurred N473bn Loss Operating Moribund Refineries
The Nigerian National Petroleum Corporation incurred a loss of N473.3bn in operating moribund refineries between January 2015 and February 2021. This is according to a new report by SBM Intelligence, a geopolitical and socioeconomic research firm. The report titled ‘Nigeria’s moribund refineries’ said Nigeria’s refineries had become a costly pastime, adding that the NNPC…
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6 Banks Earn N14.2bn From Account Maintenance Fee
The Nigerian Exchange Limited has revealed that six Nigerian banks have realized N14.2 billion, up from the N9.8billion from account maintenance fee. This is according to a breakdown of the half year unaudited financial statements of the six banks. Account maintenance fee is a charge that account holders may incur monthly just for having a…
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50% Of Nigerian Children Are Unregistered
The United Nations Children’s Fund has said that less than 50 percent of children under five years in Nigeria were registered at birth. In a statement released by UNICEF, it said children in Africa have the lowest birth registration rate globally, with Nigeria accounting for 11 percent of the rate in West Africa. The UN…