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‘Nigeria Needs $3trn For Infrastructure In 30 Years’
Over the next 30 years, Nigeria would need up to $3 trillion to bridge the gap on infrastructural deficit, Agusto & Co., a rating agency and research firm, has said. Putting this into perspective, the Federal Government would need to spend the entire 2021 budget of N13.58tn continuously over the next century on capital expenditure…
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Nigeria’s Investment Authority Revenue Hit 343%
The Nigeria Sovereign Investment Authority, manager of Nigeria’s sovereign wealth fund, announced its audited results for 2020 financial year, reflecting a 343 percent growth in income to N160bn. It said this was disclosed in its Audited Financial Results for 2020 Financial Year released, adding that the growth was far higher than the N36.15bn recorded in…
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Nigeria Diaspora Remittances Declined By 27.7%
Remittances by Nigerians in the Diaspora has declined by 27.7 percent in 2020, the World Bank has said. A report by the World Bank titled ‘Defying predictions, remittance flows remain strong during COVID-19 crisis’ said Nigeria contributed 40 per cent of the remittances into Sub-Saharan Africa. The report put remittances to Sub-Saharan Africa at $42bn.…
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Banks E-payment Income Surges In Three Months
As a result of the surge in e-payment transactions, analysis of the unaudited financial statements of ten major banks in the country shows a growth in e-payment income. The income rose to N53.4 billion in the first quarter of 2021, by 52 percent from N35.2 billion in Q1’2020. The banks are Access Bank, Fidelity Bank,…
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CAP’s Q1 Performance Drops
The performance of Chemical and Allied Products Plc in the first quarter of 2021 dropped due to the effect of the Covid-19 pandemic. A review of the Company’s unaudited results released to the Nigerian Exchange Group, NXG, for the first quarter ended March 31, 2021 showed that the revenue of N2.1 billion was lower than…
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Nigeria Generates N392bn As Company Income Tax In Q1’21
The federal government of Nigeria has generated N392.77 billion as Company Income Tax in the first quarter of 2021. This represents a 33 percent quarter-on-quarter increase in CIT when compared with N295.7 billion generated in the fourth quarter of 2020. According to the National Bureau of Statistics, in its CIT by Sector Report for Q1’21…
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Naira Drops To Record Low On Official Market
The Nigeria naira has dropped to a record low on the official market, with lenders quoting it 7.7% weaker against the dollar, following a currency devaluation that was aimed at unifying multiple exchange rates. Prior to the naira’s decline, the Central Bank of Nigeria issued an indefinite extension to its “Naira4dollar” scheme for foreign remittances…
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Only 10% Of Nigeria’s Population Pays Taxes
The Chartered Institute of Taxation of Nigeria has attributed the poor compliance of tax payment in Nigeria to lack of accountability and transparency in the expenditure of tax money by tiers of government. The body which made this claim at the 2021 annual tax lecture in Lagos made reference to a recent research by the…
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Bank Deposits Rose By N6.95tn In One Year
The Central Bank of Nigeria has said the bank deposits rose by N6.95tn between February 2019 and February 2020. The CBN disclosed this in its report on some of the personal statements of members of the Monetary Policy Committee. Part of the statement read, “However, there were moderate declines in returns on equity and returns…
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Nigeria Generates N392bn As Company Income Tax In Q1’21
The federal government of Nigeria has generated N392.77 billion as Company Income Tax in the first quarter of 2021. This represents a 33 percent quarter-on-quarter increase in CIT when compared with N295.7 billion generated in the fourth quarter of 2020. According to the National Bureau of Statistics, in its CIT by Sector Report for Q1’21…