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Nigeria Diaspora Remittances Declined By 27.7%
Remittances by Nigerians in the Diaspora has declined by 27.7 percent in 2020, the World Bank has said. A report by the World Bank titled ‘Defying predictions, remittance flows remain strong during COVID-19 crisis’ said Nigeria contributed 40 per cent of the remittances into Sub-Saharan Africa. The report put remittances to Sub-Saharan Africa at $42bn.…
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Banks E-payment Income Surges In Three Months
As a result of the surge in e-payment transactions, analysis of the unaudited financial statements of ten major banks in the country shows a growth in e-payment income. The income rose to N53.4 billion in the first quarter of 2021, by 52 percent from N35.2 billion in Q1’2020. The banks are Access Bank, Fidelity Bank,…
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CAP’s Q1 Performance Drops
The performance of Chemical and Allied Products Plc in the first quarter of 2021 dropped due to the effect of the Covid-19 pandemic. A review of the Company’s unaudited results released to the Nigerian Exchange Group, NXG, for the first quarter ended March 31, 2021 showed that the revenue of N2.1 billion was lower than…
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Nigeria Generates N392bn As Company Income Tax In Q1’21
The federal government of Nigeria has generated N392.77 billion as Company Income Tax in the first quarter of 2021. This represents a 33 percent quarter-on-quarter increase in CIT when compared with N295.7 billion generated in the fourth quarter of 2020. According to the National Bureau of Statistics, in its CIT by Sector Report for Q1’21…
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Only 10% Of Nigeria’s Population Pays Taxes
The Chartered Institute of Taxation of Nigeria has attributed the poor compliance of tax payment in Nigeria to lack of accountability and transparency in the expenditure of tax money by tiers of government. The body which made this claim at the 2021 annual tax lecture in Lagos made reference to a recent research by the…
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Bank Deposits Rose By N6.95tn In One Year
The Central Bank of Nigeria has said the bank deposits rose by N6.95tn between February 2019 and February 2020. The CBN disclosed this in its report on some of the personal statements of members of the Monetary Policy Committee. Part of the statement read, “However, there were moderate declines in returns on equity and returns…
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Creative Industry Contributes Largely To Nigeria’s Labour
Jobberman, a leading online career portal in Nigeria, in partnership with Mastercard Foundation, released a report on Nigeria’s creative industry saying it has the potential to produce 2.7 million jobs by 2025. According to the report, the creative industry is positioned as the country’s second-largest employer and is set to contribute N5 trillion to the…
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2021 Week 19: Covid-19 Cases Slightly Increase
The number of COVID-19 cases recorded in the nineteenth week of 2021 totalled 299. This is a rise from over 244 cases recorded in week 18 . The average number of cases recorded per day is 42.7. At the beginning of the week, 39 cases were recorded on Friday. This dropped to 30 cases on…
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Nigeria Generates N392bn As Company Income Tax In Q1’21
The federal government of Nigeria has generated N392.77 billion as Company Income Tax in the first quarter of 2021. This represents a 33 percent quarter-on-quarter increase in CIT when compared with N295.7 billion generated in the fourth quarter of 2020. According to the National Bureau of Statistics, in its CIT by Sector Report for Q1’21…
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PenCom: Only 15,418 Compliant Firms Can Do FG’s Businesses
Between January 4 and May 10 2020, a total of 15,418 organisations got the National Pension Commission’s clearance to do businesses of Ministries, Departments and Agencies. This was obtained in a data report by the commission titled ‘Schedule of employers issued with a certificate of compliance with provisions of the PRA 2014 as of 10…