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Nigeria Debts Stock Hits N32.9tr
The Director General of the Debt Management Office (DMO), Patience Oniha, has said the Federal and State cumulative debt has hit a sum of N32.9 trillion . According to her, “It is useful to state that the Public Debt figures published by DMO are the Debt Stock of the FGN, the 36 states and the…
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NNPC Records 37% Drop In Pipeline Vandalism
For the month of January 2021, the Nigerian National Petroleum Corporation has announced a 37.21 percent decrease in cases of pipeline vandalism across the country. This was contained in the January 2021 (66th) edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public…
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Nigeria Refineries Earn N21bn, Lose N778bn In Five Years
The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019. This was obtained from an analysis of data collated from their financial statements. The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities. The refineries,…
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Nigeria Foreign Trade Drops
Nigeria’s total foreign trade for 2020 dropped by 10.32 percent – a 32.42 trillion naira according to a report by the National Bureau of Statistics. During this period, Nigeria’s export stood at 12.52 trillion naira while imports amounte d to 19.9 trillion naira. This means that the country imported more goods and services than it…
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Agric Import Rose To N532.4 Billion In Q4 2020
The value of imported agricultural goods rose to N532.39billion in the fourth quarter of 2020 from N503.4billion in the third quarter in the same year– a 5.75 percent increase. This was disclosed by the National Bureau of Statistics which also reported that the value of exported agricultural goods dropped to N55.77 billion in Q4, 2020…
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Fuel Marketing Companies Revenue Drop
At least five of the major oil marketing companies in the country saw their total revenue drop by N331.54billion in 2020 amid the impact of the COVID-19 pandemic. The companies saw their combined revenue for the financial year 2020 fell to N768.46billion from N1.10trillion in the previous year. The financial statements of six major oil…
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Four States Debt Surpass Net Revenue
The Fiscal Responsibility Commission has said that the debts of four states exceeded their net revenues by more than 400 per cent. The states include Lagos, Osun, Cross River and Ogun. FRC in its report ‘Debt sustainability analysis of state governments’ for 2019 also showed that the debts of all the 36 states and the…
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Online Transactions Rose to N22.77 Trillion in March
The Nigeria Inter-Bank Settlement System has said the value of transactions carried out online by bank customers jumped to ₦22.77 trillion in March 2021. This represents a growth of 99 percent from the mobile transaction figures of ₦11.44 trillion recorded in the corresponding period of 2020. The data includes transactions conducted on the NIBSS Instant…
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Customs Generate N46.85bn In First Quarter
The Ports and Terminal Multiservices Limited Command of Nigeria Customs Service announced that it generated N46.85bn as total revenue collection for the first quarter of 2021. A month by month breakdown of the first-quarter collections with 2020 comparison shows that N15.21bn was collected in January 2021. This is 7.6 percent less than the N16.46bn collected…
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Oil Production Fell by 10.25 Percent In 10 Months
The Nigerian National Petroleum Corporation has Nigeria’s total crude oil and condensate production from January to October 2020 fell by 10.25 percent when compared to similar period in 2019. The data contained in the NNPC monthly financial and operational report for November 2020 showed that for the eight months period, total oil and condensate production…