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Nigeria May Earn N462bn From EMT Levy
The World Bank has said, in its ‘Resilience through Reforms’ report, that Nigeria would likely make N462 billion from the electronic money transfer levy as a source of stable revenue in 2021. According to the report, the EMT levy was introduced in the Finance Act 2020, which amended the Stamp Duty Act and taps into…
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’13 Million Nigerians Risk Acute Food Insecurity’
The 2021 Global Report on Food Crises has stated that Nigeria is among six countries in Africa with the worst food crises and some 13 million Nigerians risk falling into acute food insecurity. The GRFC is prepared by 16 leading global and regional organisations belonging to the Global Network Against Food Crises. It is released…
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Lagos-Ibadan Railway To Generate N1.1bn Annually
An analysis by the Nigeria Railway Cooperation has said that the Federal Government will be raking in about N1.1bn yearly from the operations of the newly launched Lagos-Ibadan standard gauge railways. The Nigerian Railway Corporation currently operates two trains on the route, and each of them makes one return trip; a sum of four trips…
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Nigeria Lost N851bn To Oil Theft
The Nigerian Extractive Industry Transparency Initiative has said Nigeria lost N851.84 billion ($2.78bn) to oil theft and pipeline sabotage in 2019. NEITI said this in its latest oil and gas industry audit report stating that it arrived at the estimate after using an average price of $65.61 per barrel and an average exchange rate of…
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Nigeria Serviced Domestic Debts With N612.7b In 3 Months
The Federal Government has spent N612.71 billion from January to March 2021 to service domestic debt obligations. In a report by the Debt Management Office, the government redeemed its Nigerian Treasury Bills (obligations by paying holders of mature NTBs N17.23 billion in January, N12.3 billion in February and N5.49 billion in March 2021– totalling N35.03…
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Nigeria’s Inflation Rate Drops
Nigeria’s inflation rate has dropped to 17.93 percent in May from 18.12% in April 2021. This is according to the ‘Consumer Price Index Report’, released by the National Bureau of Statistics. On a month-on-month basis, the headline index increased by 1.01 percent in May 2021. This is 0.04 percentage points higher than the rate recorded…
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External Reserves Drop In Two Months
According to the latest data by the Central Bank of Nigeria, the country’s external reserves fell by $1.4bn in two month. The reserves, which stood at $35.25bn as of April 16, fell to $34.23bn as of May 31 and $33.85bn as of June 15. The CBN Governor, Godwin Emefiele, said at the recent Monetary Policy…
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Telcos Lose Three Million Subscribers In April
Telecommunication companies in Nigeria have lost more than three million subscribers in the month of April 2021. This is according to new industry statistics released by the Nigerian Communications Commission. Subscriber base fell from 192,413,613 in March to 188,705,734 in April. Globacom was the biggest loser with about 2 million subscribers lost; MTN lost about…
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Exchange-traded Fund Market Cap Hits N20.32bn
In the first quarter of 2021, the market capitalisation of exchange-traded funds listed on Nigerian Exchange Limited has risen to N20.32billion. According to the NGX quarterly report, it said the trade volumes rose by 3,064 percent from nearly 0.2 million units in Q1 2020 to 5.3 million units recorded in Q1 2021. The Nigerian Exchange…
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Nigeria Borrowed $2.02bn Loan From China In 6 Years
Under the Buhari’s administration, Nigeria has secured $2.02bn as loans from China in six years. This is according to data obtained from the Debt Management Office, which showed that Nigeria’s total debt from China as of June 30, 2015 stood at $1.38 billion. Meanwhile, as of March 31, the country’s debt portfolio from China had…