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Rail Transport Revenue Rises By 42% In 6 Months
Data from the National Bureau of Statistics showed that rail transport revenue grew year-on-year (YoY) by 42 percent to N2.93 trillion in the first six months of this year (January to June). This is from N2.07 trillion in the corresponding period of 2021. In NBS Rail Transportation data for the second quarter of this year,…
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In Nine Months, Telcos Register 16 Million Subscribers
According to data from the Nigerian Communications Commission, telecommunication companies have registered 16.72 million subscribers in the first nine months of the year. This brings the total number of active GSM lines in the nation to 211.85 million subscribers. The growth in the nation’s total number of subscribers has been sustained above the 200 million…
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Credit To The Economy Rises To 34%
Data from the Central Bank of Nigeria has shown that banks’ credit to the economy rose year-on-year (YoY) by 34 percent to N63.3 trillion in the third quarter, 2022. This is an increase from N46.9 trillion in the corresponding period of 2021. The CBN’s Money and Credit Statistics shows that the total credit comprises government…
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Nigeria Records N5.33tn Deficit In Eight Months
During the ministerial presentation of the 2023 budget, the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, said that the Federal Government has recorded a deficit of N5.33 trillion between January and August 2022, which is N430.82 billion above the prorate level. The government spent N9.56 trillion from January to August 2022, out…
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Airfares Rose By 96.87% In One Year
The National Bureau of Statistics, in its report titled ‘transport fare watch’ (September 2022), has stated that air transportation rose by 96.87 per cent in one year. The Bureau noted that the average fare paid by air passengers for specified routes single journey, increased by 96.87% from N36,922.97 in September 2021 on a year-on-year basis.…
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E-payment Rise By 26% In Nine Months
Data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) revealed that the value of electronic payment transactions rose year-on-year by 26 percent to N271.6 trillion in the first nine months of the year (January to September 2022). This is an increase from N215.76 trillion in the first nine months of 2021. On a monthly basis,…
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Nigeria’s Debt Service, Revenue May Hit 102%
The World Bank has said that Nigeria’s debt service to revenue ratio could stand at 102.3 percent by the end of 2022. The Washington-based bank said this in its latest Africa’s Pulse report, which is a biannual analysis of the near-term macroeconomic outlook for the region, published around the World Bank/IMF Spring and Annual meetings…
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2023: Nigeria’s Economic Growth Will Slow To 3%
THE International Monetary Fund has projected that Nigeria’s economic growth will slow to 3.0 percent in 2023. It added that the inflation rate will drop to 17 per cent. IMF also forecasted for global economy growth in 2022 at 3.2 percent, and however lowered its forecast for 2023 to 2.7 per cent, representing 0.2 percentage…
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Banks Staffs Strength Drop By 2%
The National Bureau of Statistics has said that the staffing strength in Nigeria’s banking industry reduced by 2.0 percent to 93,090 in 2021. This is from 95,026 recorded in 2020. NBS said this in its Quarter-on-Quarter, QoQ, Selected Banking Sector Data for last year (Q1-Q4’21). The report indicated that the number of contract staff declined…
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NESF Profit Grows By Over 100%
Nigeria Energy Sector Fund profit rose by 100.88 percent to N151.37million at the end of the financial year ended March 31, 2022. This is from N75.35m in the corresponding period of 2021. A statement on the financial year ended 31st March 2022 showed that the result remained the highest earnings per share, representing a historical…