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FX Monthly Inflow Falls By 17%
According to figures obtained from the Central Bank of Nigeria, aggregate foreign exchange inflow into the country fell by 17.3 per cent to $5.42bn in May 2022. The latest figures on foreign exchange flow showed that $5.42bn was recorded in May, down from $6.56bn recorded in April. The report stated, “The economy recorded a net…
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Nigeria Generates N127.03bn Tax From Calls, SMS
According to data from the National Bureau of Statistics, the Federal Government made N127.03bn from Value Added Tax on calls, SMS, data, and other information and communication services in the first six month of the year. This is 10.69 per cent of the total N1.19tn that was collected as VAT within the period under review. …
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DisCos’ Capacity Rises By 19% In Nine Years
A breakdown of the statistics sourced from the joint body of generating companies has disclosed that the capacity of the 11 electricity distribution companies to absorb more power generated grew by almost 19 percent since the sector was privatized nearly nine years ago. The DisCos have consistently blamed their inability to absorb the whole of…
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FG Receives N1.09tn From Indirect Taxes
According to data from the National Bureau of Statistics, the Federal Government received N1.09tn from indirect taxes in the first two quarters of 2022. This represents a 10.29 percent increase from N984.33bn obtained in the first two quarters of 2021. Indirect taxes are calculated based on current basic prices. They are taxes paid to the…
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Contributory Pension Assets Rise To N14.36tn
Data obtained from the National Pension Commission has shown that assets under the Contributory Pension Scheme rose to N14.36 trillion in July 2022, from N14.27 trillion reported in the previous month. This was contained in the PenCom’s unaudited report for the period ended July 31, 2022. The data showed that N9.05tn of the total funds…
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Nigeria’s Mineral Production Rise By 39%
According to the National Bureau of Statistics the country’s mineral production rose by 39 per cent in 2021. This is an increase to 89.48 million tons in 2021 from 64.29 million in 2020. The bureau said that Limestone, Granite, and Laterite were the three biggest minerals mined in 2021. In its ‘Mineral Production Statistics Report’…
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Govt. Borrowings From Banks Increase By 11%
According to data from the Central Bank of Nigeria, the Federal and state governments’ borrowings from commercial banks increased Month-on-Month by 11 percent. This is an increase to N20.1 trillion in July 2022, from N18.04 trillion in June. The data titled, ‘Money and Credit Statistics’ also shows that total credit to the domestic economy rose…
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Trade Surplus Drops By 50.8% In April
According to the Central Bank of Nigeria, in its Monthly Economic Report for April, Nigeria’s trade surplus declined month-on-month by 50.8 percent in April 2022. This is a drop to $930 million from $1.89 billion in March. This is as a result of an 8.4 per cent fall in total trade to $10.79 billion in…
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FG, States and LGs share N954bn In July
The Federation Account Allocation Committee (FAAC) has shared a total sum of N954.085 billion Federation Account Revenue to the Federal Government, States and Local Government Councils in July 2022. According to a communiqué issued, N954.085 billion total distributable revenue comprised distributable statutory revenue of N776.918 billion and distributable Value Added Tax (VAT) revenue of N177.167…
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Mobile Transactions Rise By N8.81tn
According to data from the Nigeria Interbank Settlement System, mobile transactions have risen by N8.981 trillion between the first seven months of 2019 and the corresponding period of 2022. The transaction rose from N289.12 billion in 2019 to N9.27 trillion in 2022. This is as the value of cheque transactions fell by 31.42 per cent,…