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Company Income Tax Fell By N124.71bn In 2021 Q4
According to the National Bureau of Statistics, Nigeria’s Company Income Tax fell by N124.71billion in the fourth quarter of 2021. The NBS disclosed this in its Q4, 2021 report on Company Income Tax saying, “On the aggregate, Company Income Tax for Q4 2021 stood at N347.81billion, a decline by 26.39 percent on a quarter-on-quarter basis…
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Banks, Others Contribute N2.3trn To Economy
Findings from the Gross Domestic Product released by the National Bureau of Statistics Q4 2021 report has shown that Banks and other financial institutions excluding insurance, contributed N2.3 trillion to the nation’s real GDP, in 2021. This is up by 10.5 per cent from 2.1 trillion in 2020. The contribution of banks and other financial…
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MTN, Airtel Raked In N2.02tn From Airtime, Data
According to the financial statements, two telecommunication companies, MTN Nigeria Communications Plc and Airtel Nigeria, have both raked in N2.02tn from airtime and data revenues in 2021. The amount indicates a 20.01 percent increase from the N1.68tn both companies made from airtime and data revenues in 2020. According to statistics from the Nigerian Communications Commission,…
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Nigerian Insurance Sector Records 8.01%
Figures obtained from the National Bureau of Statistics have shown that the Nigerian insurance industry grew by 8.01 percent in 2021 when compared to a negative growth rate of 13.29 per cent in 2020. The NBS, in its Gross Domestic Product report for the fourth quarter of 2021, said the insurance industry also accounted for…
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Africa’s Cannabis Industry Projected To Value At $7 Billion By 2023
A new analysis has projected Africa’s cannabis industry to grow beyond a valuation of $7 billion by 2023 due to increasing demand and legalization of the plant across the continent. Danie Nel, the Chief Executive Officer of South African pharmaceutical company Afriplex, confirmed the immense potential of the cannabis industry to the continent’s economy, from…
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Nigeria Records 3.4% GDP Growth in 2021
Nigeria’s Gross Domestic Product grew by 3.98 per cent in the fourth quarter of 2021, the strongest growth since 2014. This was contained in the quarter GDP report released by the National Bureau of Statistics. The report showed that the fourth-quarter growth accounted for annual growth of 3.40% in 2021. Part of the report read,…
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Bank Loans To Private Sector Hit N36.7tn
According to data obtained from the Central Bank of Nigeria, between January and December 2021, the Nigerian banking sector’s credit to the private sector rose by N5.1tn or 16.67 percent. This was contained in the Money and Credit statistics released by the regulator showing that credit to the private sector stood at N30.6tn during the…
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Contributory Pension Assets Hit N13.42tn
National Pension Commission Pension has revealed that assets under the Contributory Pension Scheme rose by N1.11tn in 2021. According to the latest figures obtained from PenCom, in its unaudited reports on pension funds industry portfolio, said the pension assets rose to N13.42tn on December 31, 2021 from N12.31tn at the end of 2020. The reports…
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Nigeria Gross Debt To Hit N136tn In 2026
With the Debt Management Office put Nigeria’s public debt totaled N38tn as of the end September, 2021, the International Monetary Fund, the Federal Government’s gross debt profile is projected to grow by 92.11 percent from N70.85tn in 2022 to N136.11tn in 2026. The Washington based lender made this projection in a report titled ‘Nigeria Staff…
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Nigeria Customs Generate N1.716tn Revenue In 2021
The Nigeria Customs Services has collected total revenue of N1.716tn for the period of January to December 2021. This was disclosed by the Controller-General of the NCS, Col. Hameed Ali (retd.), who led the management staff of the paramilitary agency to appear before the committee for 2021 budget appraisal and 2022 budget defence. The House…