-
Foreign Countries Tops Nigeria Import, Export Market
In the fourth quarter of 2020, Nigeria’s major export and import markets were from India, Spain, the Netherlands, United States and China, the National Bureau of Statistics has said. According to the Commodity Price Indices and Terms of Trade Q4 2020, the bureau stated that the major commodities exported from Nigeria to the five nations…
-
Nigeria’s Inflation Hits 18.17%, Highest In Four Years
The inflation rate in Nigeria has increased to 18.17 percent in March 2021. This is the highest level recorded since January 2017. According to the Consumer Price Index of March 2020 published by the National Bureau of Statistics (NBS), the prices of food have also gone up to 21.79 percent recorded in February to 22.95…
-
Nigerian States Generate N1.31 Trillion IGR
The state IGR report released by the National Bureau of Statistics revealed that the 36 states and Federal Capital Territory generated a sum of N1.31 trillion as Internally generated revenue in 2020. The report stated that states’ IGR declined by 1.93 percent from N1.33 trillion, recorded in 2019 to N1.31 trillion in 2020. It however…
-
IGR: Only Three States Fiscally Sustainable
Following the release of the Internally Generated Revenue by states, the report has shown that only Lagos, the Federal Capital Territory (FCT) and Ogun State are fiscally sustainable. According to the ‘Internally Generated Revenue At State Level – Q4 and full-year 2020 report‘ released by the National Bureau of Statistics (NBS), the 36 states of…
-
NNPC: N53.36bn Spent On Pipeline Repairs In 11 Months
The Nigerian National Petroleum Corporation has spent N53.36bn on pipeline repairs and management cost from January to November 2020. A total of 441 points on petroleum products pipelines were vandalised in 2020, compared to 1,484 points in 2019, data from the NNPC said. “Products theft and vandalism have continued to destroy value and put…
-
DISCOs Indebtedness Hits N510.53bn In 2020
The indebtedness of the 11 Distribution Companies to Nigerian Bulk Electricity Trading Plc has increased to N510.53billion in 2020. This indicates an increase of 11.2 per cent compared to N453.14billion, recorded in the corresponding period of 2019. This debt profile accrued means that the11 Power DisCos in the country could not remit a total of…
-
Pension Assets Drops, Losses N52billion
The Contributory Pension Scheme has continued its downward trend lossing N52billion in February 2021. Figures obtained from the National Pension Commission on its report titled ‘unaudited report on pension funds industry portfolio for the period ended 28 February 2021’ revealed this. The report showed figures on Approved Existing Schemes, Closed Pension Fund Administrators and RSA…
-
NGO: Over 6,000 Children Born With Cleft In Nigeria Yearly
A nonprofit organisation, Smile Train, has revealed that over 6,000 babies are born with cleft annually in Nigeria. Nkeiruka Obi, Programme Director, West and Central Africa Smile Train, made the disclosure in a media workshop quoting World Bank Data, that, “6,186 children are born yearly with cleft in Nigeria.” Cleft occurs when certain parts of…
-
Household Consumption Drops By N1.6 trillion
Nigeria’s household consumption for 2020 dropped by ₦1.6 trillion, according to the National Bureau of Statistics’ latest Gross Domestic Product report (Expenditure and Income Approach) report released. The statistics agency said total household consumption dropped from ₦108 trillion in 2019 to ₦106.4 trillion in 2020. Consumption expenditure is an important indicator in measuring economic growth…
-
NNPC Records N234.722b Petrol Sale In January
The Nigerian National Petroleum Corporation recorded about N234,722,222,150 from the sale of the Premium Motor Spirit in January 2021. The corporation supplied 1.44billion litres in the month translating to 46.30 million litres of the product daily. In the month under review, a litre was least sold for N162.50. NNPC Group General Manager, Group Public Affairs…