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Credit To The Economy Rises To 34%
Data from the Central Bank of Nigeria has shown that banks’ credit to the economy rose year-on-year (YoY) by 34 percent to N63.3 trillion in the third quarter, 2022. This is an increase from N46.9 trillion in the corresponding period of 2021. The CBN’s Money and Credit Statistics shows that the total credit comprises government…
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Nigeria Loses Three Million Oil Barrels Monthly
The Nigerian Upstream Petroleum Regulatory Commission has revealed its latest findings that about 1.2 million barrels of crude oil was consistently shut in by producers across various oil wells in the Niger Delta. This is due to the incessant oil theft in the industry, NUPRC said. It also stated that current statistics showed that the…
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Nigeria Records N5.33tn Deficit In Eight Months
During the ministerial presentation of the 2023 budget, the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, said that the Federal Government has recorded a deficit of N5.33 trillion between January and August 2022, which is N430.82 billion above the prorate level. The government spent N9.56 trillion from January to August 2022, out…
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Nigeria’s LNG Consumption Rises To 1.3m Tons
According to the Nigeria Liquefied Natural Gas Limited, Nigeria’s consumption of LNG has increased by over 1000 per cent in the last 14 years. The assertion was made by the Managing Director and Chief Executive Officer, NLNG, Dr Philip Mshelbila, at the Conference of the Nigerian Liquefied Petroleum Gas Association. According to him, NLPGA and…
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Oil Sector Records 98% Spillage From Sabotage
In a report by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, oil theft through pipeline sabotage caused 98 percent of oil spill in Nigeria’s oil and gas sector since June this year till date. The government regulatory body said that the sector recorded 60 fatalities (deaths) and 62 injuries from 34 incidents between September…
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Airfares Rose By 96.87% In One Year
The National Bureau of Statistics, in its report titled ‘transport fare watch’ (September 2022), has stated that air transportation rose by 96.87 per cent in one year. The Bureau noted that the average fare paid by air passengers for specified routes single journey, increased by 96.87% from N36,922.97 in September 2021 on a year-on-year basis.…
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Kerosene Price Soars By 118%
According to the National Household Kerosene report, household kerosene has risen by 118 per cent in the last 12 months. NBS said the average retail price per litre of the product rose by 118 per cent to N947 from N434 recorded in September 2021. According to the report, the average retail price per litre of…
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E-payment Rise By 26% In Nine Months
Data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) revealed that the value of electronic payment transactions rose year-on-year by 26 percent to N271.6 trillion in the first nine months of the year (January to September 2022). This is an increase from N215.76 trillion in the first nine months of 2021. On a monthly basis,…
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Nigeria’s Debt Service, Revenue May Hit 102%
The World Bank has said that Nigeria’s debt service to revenue ratio could stand at 102.3 percent by the end of 2022. The Washington-based bank said this in its latest Africa’s Pulse report, which is a biannual analysis of the near-term macroeconomic outlook for the region, published around the World Bank/IMF Spring and Annual meetings…
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2023: Nigeria’s Economic Growth Will Slow To 3%
THE International Monetary Fund has projected that Nigeria’s economic growth will slow to 3.0 percent in 2023. It added that the inflation rate will drop to 17 per cent. IMF also forecasted for global economy growth in 2022 at 3.2 percent, and however lowered its forecast for 2023 to 2.7 per cent, representing 0.2 percentage…