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States’ IGRs Shrink By 22% In Two Years
The aggregate internally generated revenue of the 36 states in the country and the Federal Capital Territory Administration fell by 37 billion in two years. This is according to data obtained from the National Bureau of Statistics. As of the end of 2018, states’ IGR stood at N1.68 trillion, while by the end of 2020,…
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FG To Increase Education Budget By 50% In Two Years
President Muhammadu Buhari has pledged to increase the budget for the education sector by 50 percent over the next two years as part of a joint agreement among heads of state at the ongoing Global Education Summit in London. This was disclosed in a statement by his Special Adviser to the President on Media and…
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INFOGRAPHICS: 2021 Supplementary Appropriation Bill
After a meeting at the Presidential Villa in Abuja, President Muhammadu Buhari has assented the 2021 Supplementary Appropriation Bill of N982,729,695,343 into law. This disclosure was made by the Senior Special Assistant to the President on National Assembly Matters, Mr Umar El-Yakub. El-Yakub said that the 2021 Supplementary Appropriation Act will largely focus on funding…
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Capital Importation Falls To $875.62m In Q2
The National Bureau of Statistics has said that the total value of capital importation into Nigeria declined to $875.62 million in the second quarter of 2021 from $1.91 billion in the first quarter of 2021. It disclosed this in its report titled, ‘Nigerian capital importation (Q1 & Q2 2021)’. The bureau stated that this represented…
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25,645 Workers Move N102.59bn To Other Operators
No fewer than 25,645 workers have transferred N102.59billion in their Retirement Savings Accounts to other Pension Fund Administrators. This move is coming after a displeasure with their Pension Fund Administrators operations. The National Pension Commission disclosed this in a presentation titled ‘Understanding the RSA transfer process’. According to the presentation, 2,799, 12,681 and 10,165 workers…
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Nigeria’s Revenue To GDP Ratio Lowest In The World
The World Bank says Nigeria’s revenue to gross domestic product ratio is the lowest in the world. The bank’s country director for Nigeria, Shubham Chaudhuri, said this during a panel session at a virtual public sector seminar organised by the Lagos Business School (LBS) themed ‘Nigeria in Challenging Times; Imperatives for a Cohesive National Development…
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Nigeria’s Active Labour Force Lost 20 Million
Between 2018 and 2020, the number of Nigerians active in the labour force plunged by 20 million, the World Bank has said. The bank said this in a report titled ‘Of roads less traveled: Assessing the potential for migration to provide overseas jobs for Nigeria’s youth.’ It added that the drop in active labour force…
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Breakdown: How Food Prices Rose In June
The National Bureau of Statistics has said that the prices of food rose in June, 2021. This was according to the Executive Summary of the “Selected Food Price Watch” report released by the bureau. Recall that the bureau had reported earlier that Nigeria’s inflation rate fell by a slight 0.18 percent – from 17.93 percent…
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Report: Nigeria’s International Migrants Increase
The World Bank has said that the number of international migrants from Nigeria had increased threefold from 1990 till 2019. The bank said the increase is from 446,806 in 1990 to 1,438,331 in 2019. The bank said this in a report titled ‘Of roads less travelled: Assessing the potential for migration to provide overseas jobs…
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Foreign Investors’ Interest In Nigeria Plunges by 80%
The Nigerian Investment Promotion Commission has said that the investment announcements in Nigeria fell to $1.69 billion in the second quarter of this year. This is a fall from $8.41 billion in Q1 indicating a decline of about 80 percent. The report said the total value of investment interests in the first half of this…