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Benue, Abia, C’River Paid More For Petrol In June
The National Bureau of Statistics has said that petrol was more costly in Benue, Abia and Cross River in June. The NBS made this known in its “Premium Motor Spirit (Petrol) Price Watch for June 2021’’. It said that Benue residents paid N183.29, while Abia residents paid N171.88 for the product and Cross River residents…
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Borno Generates N8.02bn In Five Months
Between January and May this year, the Borno Internal Revenue Service (BO-IRS) generated N8.02 billion. BO-IRS Chairman Mohammed Alkali, who disclosed this, said the figure was the “highest revenue ever generated by the service in history for January-May.” Earlier in April, the service disclosed that it “collected N4,296,859,669.2 between January and March 2021 despite the…
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CBN To Launch Local Cryptocurrency On Independence Day
The Central Bank Of Nigeria has finalized plans to launch its home-grown digital currency on October 1, 2021. This was disclosed during a private webinar on Thursday in which CBN and its stakeholders outline the digital currency initiative. Recall that the apex bank in June announced plans to launch its own digital currency before the…
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In Two Weeks, External Reserves Drop By $180M
The latest figures obtained from the Central Bank of Nigeria showed that Nigeria’s external reserves have lost $180 million in two weeks. According to the figures, the reserves, which stood at $33.28bn on July 1, dropped to $33.09bn as of July 12 before gaining slightly to rise to $33.1bn on July 15, 2021. The reserves…
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Monthly Import Bill Hit N2.28tn In Q1
According to a report by a management and financial consulting company, Nigeria’s monthly import bill hit a record of N2.28tn at the end of the first quarter of 2021. The report was presented by the Chief Consultant, B. Adedipe Associates Limited, Dr. Biodun Adedipe, during a forum organised with the theme ‘Nigerian banking sector in…
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Electronic Payments Surge To N126.39tn
In six months, Nigeria’s electronic payment transactions rose to N126.39 trillion via the two digital payment platforms. These platforms are the Nigeria Interbank Settlement System Instant Payment System and Point of Sales terminals. The two digital payment platforms driving electronic payments are the NIBSS Instant Payment System and Point of Sales terminals. According to the…
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Foreign Investors’ Interest Declines By 27.5%
Nigeria received about $8.4bn investment announcements as of 4th March 2021, out of which $5.46bn were pledged by foreign investors. This was according to the Nigerian Investment Promotion Commission, in its ‘report of investment announcements in Nigeria (January – March 2021). NIPC noted that the remaining $2.08bn was promised by domestic investors. The sum pledged…
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FG Spent 97% Of Jan-May Revenue On Debt Servicing
The federal government has spent N1.8 trillion on debt servicing between January and May 2021. This is out of the N1.84 trillion revenue generated within the same five months. This puts the nation’s debt-to-revenue ratio, a key measure of debt sustainability, at 97.8 percent for the period under review. The Minister of Finances and National…
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Non-oil Sector Driving Nigerian Economy
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has said the Nigerian economy is currently being driven by the non-oil sector. Ahmed said this when she led officials of her ministry to hold a meeting with the leadership of the National Assembly over the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.…
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15 States’ Debts Jump To N1.68tn
The cumulative domestic debts of 15 states rose by 153.82 percent between December 31, 2015, and March 31, 2021. This is according to an analysis of data obtained from the Debt Management Office. Each of the states under review recorded at least a 100 percent jump in less than the six years under review…