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In Five Months, FG, States, LGs Suffer N329.6bn Shortfall
The Federation Account Allocation Committee shared the sum of N3.18tn to the three tiers of government between January and May this year. The FAAC –managed on a legal framework– allows funds to be shared under three major components. They are statutory allocation, Value Added Tax distribution; and allocation made under the 13 percent derivation principle.…
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Company Tax Rise By 20.23%
Data from the National Bureau of Statistics has shown that the Company Income Tax for the second quarter of 2021 rose to 472.07 billion. The data showed that this was 20.23 percent higher than N392.64 billion generated in the first quarter of the year. It further reflected that the amount was 17.42 percent higher than…
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Twentyten Daily Weekly Roundup
Hello Twentyten Daily Readers, Below is a roundup of last week stories, we reported on the drop in investments by $53 million over the past year, Nigeria and 19 other countries benefitted benefited about from $2.69bn guarantees from the world bank. FIRS generated revenue of N4.9 trillion revenues in 2020, also Nigeria’s foreign exchange reserves…
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Nigeria Is 5th On World Bank’s Borrowers’ List
According to a financial statement of the International Development Association, Nigeria is the fifth highest borrower from the World Bank Group and among the 10 highest debt risk exposure globally. The report is contained in the Fiscal Year 2021 of the World Bank. Nigeria has borrowed $11.7 billion (about N4.816 trillion), the report said. The…
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Security Surveillance Gulps N476bn
An analysis of the Federal Government budgets between 2017 and 2021 has shown that an estimate of N475.8 billion have been spent on surveillance to curtail the high level of insecurity threatening the country. The report showed that this amount m was budgeted for the nation’s two surveillance agencies – the National Intelligence Agency and…
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16 Insurance Firms Pay N67.12bn Claims In Six Months
No fewer than sixteen insurance companies have a total claims of 36.48 percent increase in the first half of this year. This is an increase to N67.12 billion from N49.18billion in the same period of 2020. An analysis of data collated from an unaudited financial statement showed that they paid policy holders N67.12bn in claims…
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VAT Generation Hits N512.25b In Q2
The National Bureau of Statistics has said the Federal Inland Revenue Service (FIRS) generated N512.25 billion Value Added Tax (VAT) in the second quarter of 2021. This is higher than the revenue generation of N496.36billion in the first quarter of 2021 and N327.20 billion in the corresponding period of 2020. The sectoral distribution of Value…
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Global Air Passenger Revenue Drop To 69%
According to the latest data from the International Air Transport Association, the global total industry passenger revenues fell by 69 percent to $189billion in 2020. The revenues fell with accumulated net losses of $126.4billion. The industry statistics show that the number of passengers carried on scheduled services plunged by 65.7 percent, with Africa as the…
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Manufacturing Sector Records N6.99tn Growth
The aggregate monetary value of the manufacturing sector’s output rose from N12.45 trillion to N19.44 trillion between December 2018 and December 2020. This showed an increase of N6.99trillion or 34.78 percent in total manufacturing output within the two-years period. The figures were obtained from the National Bureau of Statistics after analysing the Gross Domestic Product…
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Nigerians Consumed 1.67bn Litres Of Petrol In April
The Nigerian National Petroleum Corporation has said 1.67 billion litres of Premium Motor Spirit was consumed in April 2021. This is around 55.79 million litres daily consumption rate. NNPC stated this in the April 2021 NNPC Monthly Financial and Operations Report saying it recorded N43.57billion trading surplus. This represents a 23.64 percent increase over the…