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Tax Waivers Deprive Nigeria Of N5.16tn In 12 Months
After analysing data from the 2022-2024 Medium-Term Expenditure Framework and Fiscal Policy Strategy report, Nigeria lost about N5.16tn to tax reliefs granted on Value Added Tax, Company Income Tax and Petroleum Profit Tax in 2020. The report said Nigeria lost N4.3tn to reliefs on VAT, consisting of reliefs granted by legislature and compliance burden adding…
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Currency In Circulation Rises To N2.84tn
Figures obtained from the Central Bank of Nigeria showed that the currency in circulation rose to N2.84tn in September from N2.79tn in August. The currency in circulation rose to N2.81tn in July from N2.74tn at the end of June. It fell to N2.79tn in May from about N2.80tn at the end of April. Currency in…
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Communications Ministry Gets N129.59bn In Six Years
According to an analysis of budgets from 2016 to 2021, the Federal Ministry of Communications and Digital Economy have been allocated a total of N129.59bn in six years. Breaking this down, the ministry got N15.99bn in 2016; N19.33bn in 2017, and N19.77bn in 2018. The allocation dropped to N17.62bn in 2019 and N17.41bn in 2020…
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Nigeria’s Personnel Cost Rises by 79.48% In Four Years
According to data obtained from the budget implementation report of the Federal Government, the amount budgeted for personnel costs has increased from N2.29 trillion spent in 2019 to N4.11 trillion in the proposed 2022 budget. This shows an increase of N1.82 trillion or 79.48 percent in three years-a rise in the cost of recurrent expenditure.…
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Nigeria’s Debt-to-GDP Ratio To Hit 42% By 2026
The International Monetary Fund has projected that Nigeria’s government gross debt to Gross Domestic Product ratio will rise to 42 percent by 2026. The IMF which said this in the October 2021 Fiscal Monitor Report published on its website stressed that it is an increase from 35.7 percent in 2021. It said the country’s gross…
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Tanzania To Develop Natural Gas Reserves In 2023
President Samia Suluhu Hassan has renewed efforts to get Tanzania a spot on the prestigious Liquefied Natural Gas (LNG) exporters club after oil investors companies stalled in 2019. Tanzania has an estimated 57 trillion cubic feet of gas reserves, with a total annual production of 110 billion cubic feet from three fields, but disagreements with…
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FIRS Generates N3.3tr From Non-oil Export
In a statement by the Federal Inland Revenue Service, Nigeria has generated N4.2 trillion revenue so far this year. This is about N3.3 trillion, that is over 77 per cent of the total collection, came from the non-oil sector. FIRS Chairman, Muhammad Nami, stated that “to address the issue of Nigeria not diversifying its economy,…
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IMF increases Nigeria’s 2021 Growth
The International Monetary Fund has increased Nigeria’s growth prospect to 2.6 percent and 2.7 percent for 2021 and 2022, respectively. This recent prospect is coming despite reducing the rate of global growth prospect due to the COVID-19 Delta variant. According to the October 2021 World Economic Outlook Report, the growth forecast for Nigeria was originally…
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Nigeria Grants N992.9bn Import Waivers In Two Years
Within a two-year period covering January 2019 and December 2020, the Federal Government through the Nigerian Customs Services granted the sum of N992.9bn as waivers on imported goods, findings have shown. The N992.9bn comprises N213.1bn recorded in 2019 and N779.7bn waived in 2020, data from the 2022-2024 Medium-Term Expenditure Framework and Fiscal Strategy Paper revealed.…
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Budget Deficit Rises To N20.64tn In Five Years
According to data from the budget office, Nigeria’s budget deficit has risen to N20.64 trillion from 2016 to 2020. A budget deficit occurs when expenses exceed revenue and indicate the financial health of a country. According to the budget office, more than N7.97tn was borrowed from foreign and domestic sources to fund these deficits. Breakdown…