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Online Transactions Rose to N22.77 Trillion in March
The Nigeria Inter-Bank Settlement System has said the value of transactions carried out online by bank customers jumped to ₦22.77 trillion in March 2021. This represents a growth of 99 percent from the mobile transaction figures of ₦11.44 trillion recorded in the corresponding period of 2020. The data includes transactions conducted on the NIBSS Instant…
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Customs Generate N46.85bn In First Quarter
The Ports and Terminal Multiservices Limited Command of Nigeria Customs Service announced that it generated N46.85bn as total revenue collection for the first quarter of 2021. A month by month breakdown of the first-quarter collections with 2020 comparison shows that N15.21bn was collected in January 2021. This is 7.6 percent less than the N16.46bn collected…
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Foreign Countries Tops Nigeria Import, Export Market
In the fourth quarter of 2020, Nigeria’s major export and import markets were from India, Spain, the Netherlands, United States and China, the National Bureau of Statistics has said. According to the Commodity Price Indices and Terms of Trade Q4 2020, the bureau stated that the major commodities exported from Nigeria to the five nations…
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IGR: Only Three States Fiscally Sustainable
Following the release of the Internally Generated Revenue by states, the report has shown that only Lagos, the Federal Capital Territory (FCT) and Ogun State are fiscally sustainable. According to the ‘Internally Generated Revenue At State Level – Q4 and full-year 2020 report‘ released by the National Bureau of Statistics (NBS), the 36 states of…
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Pension Assets Drops, Losses N52billion
The Contributory Pension Scheme has continued its downward trend lossing N52billion in February 2021. Figures obtained from the National Pension Commission on its report titled ‘unaudited report on pension funds industry portfolio for the period ended 28 February 2021’ revealed this. The report showed figures on Approved Existing Schemes, Closed Pension Fund Administrators and RSA…
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Lagos, Ebonyi and Niger Paid More To Get Petrol In March
The National Bureau of Statistics (NBS) has reported that residents of Lagos, Ebonyi, and Niger states paid the highest amount for Premium Motor Spirit, popularly known as petrol in March 2021. The NBS said this in its “Premium Motor Spirit (Petrol) Price Watch for March 2021’’. According to the report, Lagos residents paid N200.87, Ebonyi…
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Hackers Divert 10 Million Naira From JAMB Website
The intranet site of The Joint Admission and Matriculation Board in Nigeria has been hacked by over a dozen fraudsters who altered profiles of the board’s ad hoc staff, diverting over N10 million meant for their allowances. JAMB Registrar, Prof Ishaq Oloyede, while parading the suspects, Sahabi Zubairu from Taraba State and several others on…
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CBN Moves To Ban The Importation Of Sugar, Wheat
Nigeria’s apex bank has announced a ban on the importation of sugar and wheat to the nation’s foreign exchange markets is in works. The prices of sugar and wheat are now expected to blow up with the latest restriction, announced a day after the National Bureau of Statistics (NBS) revealed that food inflation rose to…
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DisCos Record N273.42 Billion Shortfall In 2020
The 11 Electricity Distribution Companies across Nigeria have recorded a shortfall of N273.42 billion in 2020. The companies cumulatively received a total of N542.73 billion out of N816. 15 billion they billed their consumers. This, however, is an increase of N42.46 billion from the total of N230.96 billion shortfall recorded in 2019. Also, the amount…
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Consequences Of The Suspended Partnership Between Ripple and MoneyGram
Ripple and MoneyGram have terminated their partnership over what many believe is MoneyGram’s move to disassociate the company from Ripple’s legal problems with the Securities and Exchange Commission. The US regulatory body, Securities and Exchange Commission,(SEC) recently accused Blockchain payment firm Ripple of selling unregistered tokens to people, which violated some federal laws, leading to an…