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‘FG Losing N2bn Monthly Over Import Fraud’
The Transparency Network Group has said the federal government may be losing at least N2 billion monthly due to wrong declaration, under the declaration of goods by importers and other fraudulent practices at the port. According to a statement issued in Abuja, the civil society noted that returning the Standards Organization of Nigeria to the…
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‘160m Children In Child Labour’
The International Labour Organisation (ILO) and the United Nation International Children Emergency Fund (UNICEF) has raised the alarm on the increasing number of child labour worldwide. The duo said that the number of children in child labour has risen to 160 million worldwide adding that nine million additional children were at risk as a result…
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Electricity Subsidy Gulps N30bn Per Month
The Federal Government has said that the amount spent on subsidising electricity in the country every month in Nigeria is now about N30 billion. The reduction by N20 billion, according to the government, is following improvements in the collection of power tariffs by distribution companies. The government stated this in a document on the progress…
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COVID-19: 7 Airlines Got N2.84bn Stimulus Package
A total of N2.84 billion was given to seven airlines by the Federal Government as a stimulus package during the COVID-19. FG said the target of N2.3tn estimated to be spent under the Economic Sustainability Plan had not been achieved. According to a statement issued by the Federal Government, appropriation part of that total, being…
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Vaccine: World Bank Gives $4bn to 51 Countries
The World Bank has stated that it has provided a fund of over $4 billion for the purchase and deployment of COVID-19 Vaccine to 51 countries– with over half in Africa. This was contained in a press statement released by the bank titled ‘World Bank financing for COVID-19 vaccine rollout exceeds $4bn for 50 countries’…
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Zamfara Home To Highest Number Of Poor Nigerians
According to data from the National Social Registry, Zamfara State has the highest number of the poor and vulnerable people in Nigeria, with a record of 3,836,484 people from 825,337 households. The Communications Manager of the National Social Safety-Net Coordinating Office, Joe Abuku, who made the data available, said the Federal Government has documented 35,267,966…
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Insurance Sector Contracted By 2.08% In Q1
Latest data by the National Bureau of Statistics has shown that the insurance sector contracted by 2.08 percent in the first quarter of 2021. The figures, which were contained in its report on Gross Domestic Product for the first quarter, said the sector accounted for 12.45 per cent of the financial sector during the period…
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PenCom Recovers N608m Pension Liabilities From Defaulters
The National Pension Commission says it has recovered N608.5 million from employers who deducted monthly pensions of their workers. However, it mentioned that these employers did not remit to their retirement savings accounts with their respective pension fund administrators. According to the 2021 first quarter report released by the commission, the amount consists of N162.3…
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Manufacturing Sector Grew Slightly In April
The Central Bank of Nigeria has disclosed in its Monetary Policy Committee report that the manufacturing sector recorded marginal growth as the Purchasing Managers’ Index rose to 49.0 index points in April from 48.8 index points in March 2021. It said, “The committee noted the marginal growth in the Manufacturing Purchasing Managers’ Index to 49.0…
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ANALYSIS: COVID-19 Impact Hit Hard On Food Prices
As Nigeria gradually heals up from the impact of the COVID-19 pandemic on its economy, Nigerians are still finding it difficult to adjust to the skyrocketing prices of food stuff despite key indicators showing a slight relief on the country’s economy. Twentyten gathered that averagely, the prices of every ‘regularly consumed’ food product had doubled…