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Airfares Record 28% Increase In One Year
According to a new report by the National Bureau of Statistics, air transportation fares rose by 28.26 per cent in one year. In a report titled, ‘Transport fare watch (March 2022),’ the NBS said the average fare paid by air passengers for specified routes on a single journey increased by 4.43 percent month-on-month from N44,825.04…
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Four FG Agencies Generate N28.02tn In Three Years
The Nigeria Extractive Industries Transparency Initiative has said that four revenue-generating agencies of the Federal Government have generated a total of N28.02tn between 2017 and 2019. These agencies include the Nigerian National Petroleum Company Limited; Federal Inland Revenue Service; Department of Petroleum Resources, now Nigeria Upstream Petroleum Regulatory Commission; and the Ministry of Mines and…
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External Reserves Gain $243.83m
According to figures obtained from the Central Bank of Nigeria, Nigeria’s external reserves rose by $243.83m in 19 days. The CBN revealed in its data on movement in reserves that the value rose from $39.54bn as of April 1, 2022 to $39.78bn as of April 19, 2022. The external reserves fell by $313m in March,…
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Power Tariff Shortfall Hits N247bn
The Federal Government has stated in its latest fact sheet on the Power Sector Recovery Programme that the shortfall in electricity tariff paid by consumers across the country to power distribution companies has dropped from N1.891tn to N247bn. PSRP was a programme initiated by the Federal Government with the support of the World Bank to…
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Forex Inflows Fall By $9.58bn
Foreign exchange inflows into the economy declined in the fourth quarter of 2021. This is not unconnected to lower receipts from the Central Bank of Nigeria and autonomous sources. This is an indication of a worsening crisis for a forex-strapped economy. The latest figures from the Central Bank of Nigeria’s quarterly report on “Foreign Exchange…
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Socio-Economic Development (Balance of Payment) 2010 – 2020
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Ivory Coast Police Seize 2,000 Kilograms Of Cocaine Worth $67m
In recent years, coastal countries in West Africa have become the favoured passage for the transportation of cocaine to end markets in Europe. The interior ministry of Ivory Coast revealed that over 2,000 kilograms of pure cocaine with a street value of about 41 billion CFA francs ($67.7 million), was seized by police officers in…
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Nigerians Drop 24.38 Million GSM Lines In Two Years
An analysis of industry statistics from the Nigerian Communications Commission has revealed that the number of GSM lines abandoned by Nigerians has grown by 24.38 million in two years. According to the report, in January 2020, there were 83.81 million unused lines in the nation. By January 2022, the number had grown to 108.47 million. …
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Net Foreign Exchange Inflow Falls 27%
Analysis of the fourth quarter 2021 statistical bulletin of the Central Bank of Nigeria has shown that the net foreign exchange (forex) inflow into the economy fell by 27 percent, Year-onYear. This is a drop to $52.46 billion in 2021 from $70.66 billion in 2020. The CBN data showed that forex inflow into the economy…
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Domestic, Int’l Passengers Rise By 44%, hit 15.23million
Nigerian Airports witnessed increased patronage between January and December 2021, as the number of air travelers rose to 15.23 million from 10.55 m recorded in 2020. According to the latest Air Transport Report released by the National Bureau of Statistics, the figure includes domestic and international passengers. This means that air travellers across Nigerian airports…