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FIRS Generates N4.9 trillion In 2020
The Federal Inland Revenue Service has said that it has generated a revenue of N4.9 trillion revenues in 2020. This was about 98 percent of its set target for the year. The agency said this when it appeared before the House of Representatives Committee on Finance at its ongoing 2022-2024 Medium-Term Expenditure Framework and Fiscal…
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External Reserves Rise To $33.59bn
Nigeria’s foreign exchange reserves have risen to $33.59billion –the highest level in more than a month. The forex reserves, which fell to a record low of $33.09bn on July 12, had gained $500m in almost a month to close at $33.59bn on August 10. According to the latest data from the Central Bank of Nigeria,…
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6 Banks Earn N14.2bn From Account Maintenance Fee
The Nigerian Exchange Limited has revealed that six Nigerian banks have realized N14.2 billion, up from the N9.8billion from account maintenance fee. This is according to a breakdown of the half year unaudited financial statements of the six banks. Account maintenance fee is a charge that account holders may incur monthly just for having a…
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In Five Months, FG, States, LGs Suffer N329.6bn Shortfall
The Federation Account Allocation Committee shared the sum of N3.18tn to the three tiers of government between January and May this year. The FAAC –managed on a legal framework– allows funds to be shared under three major components. They are statutory allocation, Value Added Tax distribution; and allocation made under the 13 percent derivation principle.…
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Company Tax Rise By 20.23%
Data from the National Bureau of Statistics has shown that the Company Income Tax for the second quarter of 2021 rose to 472.07 billion. The data showed that this was 20.23 percent higher than N392.64 billion generated in the first quarter of the year. It further reflected that the amount was 17.42 percent higher than…
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Nigeria Is 5th On World Bank’s Borrowers’ List
According to a financial statement of the International Development Association, Nigeria is the fifth highest borrower from the World Bank Group and among the 10 highest debt risk exposure globally. The report is contained in the Fiscal Year 2021 of the World Bank. Nigeria has borrowed $11.7 billion (about N4.816 trillion), the report said. The…
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16 Insurance Firms Pay N67.12bn Claims In Six Months
No fewer than sixteen insurance companies have a total claims of 36.48 percent increase in the first half of this year. This is an increase to N67.12 billion from N49.18billion in the same period of 2020. An analysis of data collated from an unaudited financial statement showed that they paid policy holders N67.12bn in claims…
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VAT Generation Hits N512.25b In Q2
The National Bureau of Statistics has said the Federal Inland Revenue Service (FIRS) generated N512.25 billion Value Added Tax (VAT) in the second quarter of 2021. This is higher than the revenue generation of N496.36billion in the first quarter of 2021 and N327.20 billion in the corresponding period of 2020. The sectoral distribution of Value…
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Global Air Passenger Revenue Drop To 69%
According to the latest data from the International Air Transport Association, the global total industry passenger revenues fell by 69 percent to $189billion in 2020. The revenues fell with accumulated net losses of $126.4billion. The industry statistics show that the number of passengers carried on scheduled services plunged by 65.7 percent, with Africa as the…
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Nigeria’s PMI Hits 55.4 in July
Nigeria’s Purchasing Managers Index has risen to 55.4 in July from 53.6 in June this year. This is according to a report by the lender Stanbic IBTC. The company said this signalled a marked improvement in business conditions, describing it as one of the strongest PMIs since January 2020. According to the report, “Nigeria’s private…