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Nigeria Borrowed N6.64tn In 2021
The Debt Management Office has said that the total public debt stock of Nigeria increased to N39.56tn in 2021 from N32.92tn in 2020. The Director-General, DMO, Patience Oniha, mentioned that the total debt includes new borrowings by the Federal Government and the sub-nationals. She also said that the amount helped in financing the budget deficit,…
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Nigeria’s Debt To Peak At N45tn In 2022
The Debt Management Office of Nigeria has predicted that the total debt stock of the country is likely to reach N45 trillion as the agency plans to borrow an additional N6.39tn to finance the 2022 budget deficit. According to a document, the Director-General, DMO, Patience Oniha, explained that the overall deficit in the 2022 budget…
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Merchandise Trade Deficit Rises By 171% in 2021
The National Bureau of Statistics had said the country’s merchandise trade deficit rose year-on-year to N1.93 trillion. This is an increase by 171 percent from N711.24 billion in 2020. NBS also said that total merchandise trade stood at N39.7 trillion in 2021, rising YoY by 57.5 percent from N25.2 trillion in 2020. The bureau disclosed…
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Trading In Fixed Income, Currency Markets Drop By 31.2%
A January 2022 report just released by the FMDQ Exchange has revealed that trading in the fixed income and currency (FIC) market has slumped back to 31.21 percent after the December 2021 uptick. The report said that Nigeria’s financial markets trading platform has put transaction volume at N14.13 trillion, down from N20.54 trillion recorded in…
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Nigeria To Pay IMF $3.51bn In Five Years
The International Monetary Fund is expected to receive from the Federal Government of Nigeria a total of $3.51bn between 2022 and 2026 to offset a $3.4bn loan. This is according to information obtained from a webpage on the IMF’s website, titled ‘Nigeria: Financial Position in the Fund as of January 31, 2022.’ Recall in April…
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Mutual Funds Transactions Drop By 12.2%
Volume of transactions in mutual funds, otherwise known as Collective Investment Scheme, dropped by 12.2 percent in 2021 with investors’ commitment in the asset class falling to N1.3 trillion from N1.49 trillion in the previous year, 2020. On a Year-to-Date basis, the investment in the asset class also fell by 12.8 percent from N1.49 trillion…
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Banks Cut Borrowing From CBN By 47%
Banks’ borrowing from the Central Bank of Nigeria has fallen for the second consecutive month in February, by 47 percent to N666 billion while banks increased the deposit by 80 percent to N489.05 billion in February. This driven by further improvement in the level of liquidity in the interbank system. In January, banks borrowing from…
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Currency In Circulation Rose By N418bn In 2021
According to figures obtained from the Central Bank of Nigeria, the currency in circulation rose by N418bn from N2.91tn in December, 2020, to N3.33tn in December, 2021. The data showed that currency in circulation had increased by 19.06 percent from N2.44tn recorded as of December, 2019. Currency in circulation as currency outside the vaults of…
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Port Inspection Drops By 29.65%
The Nigerian Maritime Administration and Safety Agency has said that the total Ports State Inspection for the year 2020 was 510 out of 4,728 vessels that called at the nation’s ports in the year under review. This represents a 29.65 percent decrease when compared to 2019 which had a PSI of 726 vessels out of…
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Mining, Quarrying Sector Contributed N5.37tn To GDP In 2021
According to the National Bureau of Statistics, the mining and quarrying sector recorded a total contribution of N5.37tn to the Gross Domestic Product in 2021. This was according to the data obtained from the Gross Domestic Product for the year under review. The N5.37tn was, however, a decline when compared to the N5.82tn recorded in…