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Debt Servicing May Gulp 100% Of FG’s Revenue By 2026
The International Monetary Fund has warned that debt servicing may gulp 100 percent of the Federal Government’s revenue by 2026. The IMF predictions are hinged on if the government fails to implement adequate measures to improve revenue generation. The IMF’s Resident Representative for Nigeria, Ari Aisen, disclosed this while presenting the Sub-Saharan Africa Regional Economic…
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In Two Months, CBN Defends Naira With $3.36bn
Figures obtained from the Central Bank of Nigeria’s January monthly report on ‘Foreign Exchange Market Developments’ showed that $1.71bn and $1.65bn were injected in December 2021 and January 2022 respectively. This is part of efforts to ensure the stability of the naira. In total CBN injected $3.36bn into the foreign exchange market in two months.…
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Prices Of Transport Fare Increased In April 2022
Figures form the National Bureau of Statistics has shown that the prices of transport fare within the country increased in April 2022. NBS said this in its Transport Fare Watch for April 2022 report which covers the following categories: bus journey within the city per drop constant route; bus journey intercity, state route, charge per…
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Company Tax Grows By 53.09% Q1 2022
The National Bureau of Statistics has said that the Company Income Tax (CIT) for Q1 2022 increased to N532.48 billion. According to the bureau, this is a growth rate of 53.09 percent on a quarter-on-quarter basis from N347.81billion in Q4 2021. CIT is a tax imposed on the profit of a company from all sources.…
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NSIA Grows Net Assets By 19%
The Nigeria Sovereign Investment Authority, NSIA has grown its net assets to N919.73 billion in 2021, from N772.75 billion posted in 2020. The growth represented a 19 percent increase in net assets. Also, NSIA recorded continuous earnings for the 9th year, despite risks across markets in the last nine years. NSIA is Nigeria’s investment institution…
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South-East, South-South Spent More On Cooking Gas In April
The National Bureau of Statistics has said that the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas, LPG, was highest in the South-East with N4041.39, followed by the South-South region (N3896.59), and North-Central region (N3835.83). The recent report by the NBS titled, “Liquefied Petroleum Gas Price Watch List April 2022” also…
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Cashless Transactions Rise By 44%
According to data from the Nigeria Inter-Bank Settlement System, cashless transactions rose by 44 percent year-on-year to hit N117.33tn in the first four months of 2022. From January 2022 to April 2022, N117.33tn was processed through electronic channels, which is N35.79tn more than N81.54tn that was processed in the corresponding period of 2021. Cashless transactions…
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Nigeria’s Q1 trade deficit rose by 175%
According to data from the Central Bank of Nigeria, the value of Nigeria’s international trade deficit rose by 175.13 percent from $152.94 million in January 2022 to $420.79 million in March 2022. The International Trade Summary on the CBN’s website shows that the total value of international trade was $28.77bn in Q1 2022. Imports stood…
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PMI Hits 56% In April 2022
According to its Purchasing Managers Index for the month, Stanbic IBTC Bank has said that the Nigerian private sector’s growth quickened in April. The PMI grew to 55.8 in April, up from 54.1 in March. The report stated that the headline PMI signaled a sharp improvement in business conditions in Nigeria’s private sector. According to…
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Bank Loans To Govt Rise To N16.32tn
Figures obtained from the Central Bank of Nigeria have shown that the total net credit by the Nigerian banking sector to the government rose by N2.2 trillion in the first quarter. The CBN’s data on ‘Money and credit statistics’ have shown the net credit to the government rose from N14.12tn as of the end of…