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Nigeria’s Eurobonds Debts Rise By $9.37bn In 5 Years
The commercial loans obtained by Nigeria through Eurobonds have risen from $1.50 billion as of December 31, 2015 to $10.87 billion as of December 31, 2020. This indicates a $9.37 billion or 625 percent increase in five years. The debt stock remained at $1.5 billion from 2015 to 2016, but rose to $6 billion by…
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External Reserves Gain $500m In One Week
According to the latest data from the Central Bank of Nigeria, Nigeria’s external reserves rose by $500 million in one week to the highest point in more than two months. The reserves jumped from $33.43bn on August 23 to $33.93 billion on Monday– the highest since June 11. The CBN data showed that the reserves…
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Domestic Cargo Movement Drops By 15%
Data from the Federal Airports Authority of Nigeria have shown that the harmonized cargo movement in the country for the year 2020 has significantly dropped by 15 percent. This is following the restriction of movement of air passengers across the globe, hence an increase in air cargo demand globally for the year 2020. The data…
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91% Of Revenue Spent On Debt Servicing
The Federal government spent N2.02 trillion on debt servicing in the first six months of this year. This represents 90.5 percent of the total revenue of N2.23 trillion generated by the federal government within the period. This was disclosed by the Technical Adviser to the Director General of the Budget Office, Alfred Okon while presenting…
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Nigeria’s GDP Grows By 5.01% In Q2
Nigeria’s Gross Domestic Product has grown by 5.01 percent, year-on-year, in the second quarter of 2021. This is according to the National Bureau of Statistics in its GDP Report for Q2. According to the report, the 5.01 percent marks three consecutive quarters of growth following the negative growth rates recorded in the second and third…
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Nigeria Entitled To $3.35bn In IMF Rights Allocation
The Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, has said that the organisation has begun to allocate Special Drawing Rights of about $650 billion. This was contained in a press statement on the IMF website where she was quoted saying, “The largest allocation of Special Drawing Rights in history – about $650bn…
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Nigeria Tops Sub-Saharan Africa’s P2P Bitcoin Trade
According to data from UsefulTulips, Sub-Saharan Peer-to-Peer Bitcoin trading has surpassed that of North America. This makes the region the largest P2P market in the world. UsefulTulips analyses data from LocalBitcoins and Paxful trading platforms. In the last trading week, a total of $17,599,679 was traded in BTC volume from sub-Saharan Africa. For the North…
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FG To Borrow N4.89tn For 2022 Budget
To finance the deficit in the proposed N13.98 trillion 2022 budget, the Federal Government plans to borrow about N4.89 trillion from internal and external sources. The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known in Abuja on Monday at an interactive session organised by the House of Representatives’ Committee on Finance…
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‘Nigeria’s GDP To Grow By 2.6%’
Financial Derivatives Company Limited has said the Nigerian economy is expected to grow by 2.6 percent in the second quarter of 2021. Thai growth is up from 0.51 percent recorded in the first quarter. Analysts at Lagos-based FDC, led by an economic expert, Mr Bismarck Rewane, said the expansion of the GDP growth data coupled…
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NPA Generates N163.5bn In 6 Months
Between January and June 2021, the revenue profile of the Nigerian Ports Authority has risen by about 54 percent. This is about N163.5 billion increase within six months. The authority’s General Manager of Finance, Emeka Ezugwu, said in Abuja at an interactive session on 2022-2024 Medium Term Expenditure Framework (MTEF) Ezugwu added that NPA’s revenue…