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Q1: All Commodity Terms Of Trade Falls By 51%
In the latest Commodity Price Indices released by the National Bureau of Statistics, the All commodity Terms of Trade Index fell by 0.51 percent from January to March 2021. NBS released the first quarter of 2021, the report stated that the all commodity group import index increased by 0.82 percent between January and March 2021.…
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FG Spent 97% Of Jan-May Revenue On Debt Servicing
The federal government has spent N1.8 trillion on debt servicing between January and May 2021. This is out of the N1.84 trillion revenue generated within the same five months. This puts the nation’s debt-to-revenue ratio, a key measure of debt sustainability, at 97.8 percent for the period under review. The Minister of Finances and National…
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Non-oil Sector Driving Nigerian Economy
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has said the Nigerian economy is currently being driven by the non-oil sector. Ahmed said this when she led officials of her ministry to hold a meeting with the leadership of the National Assembly over the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.…
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15 States’ Debts Jump To N1.68tn
The cumulative domestic debts of 15 states rose by 153.82 percent between December 31, 2015, and March 31, 2021. This is according to an analysis of data obtained from the Debt Management Office. Each of the states under review recorded at least a 100 percent jump in less than the six years under review…
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Currency In Circulation Falls By N65.74bn In Four Months
The Central Bank of Nigeria’s latest figure has said the currency in circulation fell by an N65.74billion. This was a drop to N2.741 trillion at the end of June from N2.81 trillion in March, According to the CBN, the currency in circulation, which stood at N2.796tn at the end of April, fell to N2.791tn in…
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Customs Generates N1tr In 6 Months
The Nigeria Customs Service has generated N1.003 trillion in revenue in the first six months of 2021. NCS has also seized 2,333 goods worth N4.4 billion in Duty Paid Value in the period under review. The spokesman of NCS, Deputy Comptroller Joseph Attah, said, “The service generated the sum of N1.003trn from January to June…
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UNICEF Orders 220 million COVAX For African Countries
The United Nations International Children’s Emergency Fund has signed an agreement with Janssen Pharmaceutica NV to supply an additional 220 million doses of the Johnson & Johnson single dose COVID-19 vaccine to all 55-member states of the African Union by the end of 2022. This agreement would increase the total number of doses to 400…
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’25m Nigerians Unconnected To Telecoms Services’
The Nigerian Communications Commission has said 25 million, out of the 200 million Nigerians, are still not connected to telecoms services. This is coming about 20 years after the liberalisation of the telecoms sector. The NCC said it has brought down the figure of underserved and unserved from 217 access gap clusters to 114. The…
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Nigerians Trade N92.25m Bitcoin On Paxful
Despite the ban on cryptocurrency trading, Nigerians traded bitcoin volumes of over N92.25 million ($225K) on Paxful– a cryptocurrency trading platform– from March to June 2021. According to a source in Paxful, reported by the Punch Newspaper, from November 2020 to February 2021, trading volumes from Nigeria was about N73.8 million. The source said, “From…
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Nigeria Spends N60bn Annually On Vandalized Pipelines
Nigeria losses an average of 200,000 barrels per day to the destruction of oil pipelines. This loss amounts to a total of 60 billion spent annually on repair and maintenance. The Minister of Information and Culture, Lai Mohammed, who disclosed this said that the destruction of public infrastructure by some unpatriotic Nigerians required great concern…