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In Three Years, States Generates N751.17bn From Road Tax, Others
The 36 states of the federation earned N751.17bn from road tax, direct assessment, and other taxes in three years. This is according to data collated from the National Bureau of Statistics. Direct assessment refers to a form of personal income tax used to assess tax for self-employed individuals or tax imposed on informal businesses by…
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In Three Months, Nigeria’s Debt Rises By N2.54tn
The Debt Management Office disclosed that Nigeria’s public debt has risen to N38.005tn as of the end of the third quarter of 2021. In a press statement titled, ‘DMO publishes total public debt for Q3 2021’, and published on the DMO’s website, the debt agency said the total debt figure comprised total external and domestic…
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Nigeria’s National Grid Provides Only 51.2% Of Electricity
According to the latest data obtained from the National Bureau of Statistics, generators provide 48.6 percent of the electricity consumed by power users across the country. A document by the NBS on Power Sector Data Preview showed that the national grid was providing 51.2 percent of the country’s power needs, indicating that many citizens in…
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Nigeria Imports N143bn Solid Minerals In Nine Months
From January to September 2021, Nigeria imported solid minerals worth N143.1bn. This is according to data collated from the National Bureau of Statistics which showed that the country exported N42.5bn solid minerals in the nine-month period, less than 30 percent of what it imported. It said, “The total value of trade in solid mineral goods…
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Agric Sector Records N1.7tn Trade Deficit In Nine Months
Between January and September this year, the agricultural sector recorded a trade deficit of N1.7tn as exports stood at N371.8bn while imports rose to N2.1tn. The latest National Bureau of Statistics’ foreign trade report has shown that the total value of trading in agricultural goods during the first three quarters of 2021 was N2.4tn. Breakdown…
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Nigeria’s Revenue Falls By 52% In August
The Central Bank of Nigeria said in its economic report the Federal Government recorded a fiscal deficit of N405.28bn in August with aggregate expenditure of N781.61bn while retained revenue stood at N376.33bn. The report said independent revenue fell by 52.2 per cent in August which led to a 10.4 percent decline in the government’s retained…
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Nigeria’s Trade Deficit In Q3’21 To N3trn
Nigeria recorded a trade deficit of N3.023 trillion with her trading partners worldwide in the third quarter of 2021, Q3’2021. This is coming even as total merchandise trade stood at N13.284 trillion during the period. The Statistician General and Chief Executive Officer, National Bureau of Statistics, NBS, Dr Simon Harry, noted that the total trade…
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E-payment Transactions Rise By 49%
The electronic payment data on Nigeria Interbank Settlement System (NIBSS) platform has shown that the value of transactions performed through electronic payment (e-payment) channels rose year-on-year, (YoY) by 48 percent to N28.1 trillion in November 2021 from N18.84 trillion in the corresponding period of 2020. Similarly, the volume of e-payment transactions grew YoY by 41.5…
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Currency in circulation rose by N129bn in October
The Central Bank of Nigeria has said that the currency in circulation in the country rose by N129bn to N2.97tn in October from N2.84tn in September 2021. Currency in circulation is defined as currency outside the vaults of the central bank – that is, all legal tender currency in the hands of the general…
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Pension Funds Downsize Investments By 36%
Findings in the data from the National Pension Commission has shown that the Pension Funds Administrators investments in state government securities fell by a huge 36 percent to N97.89 billion in the first half of 2021 (H1’21). This is from N152.93 billion recorded in the corresponding period in 2020 (H1’20). But the PFAs’ interest in…