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NPA Generates N172.3bn In H1’22
The Nigerian Ports Authority has generated a total revenue of N172.3 billion from its operations in the first half of 2022, H1’22. It also remitted N78.5 billion to the Consolidated Revenue Fund, CRF, of the Federation during the period. These were contained in the half-year 2022 operational reports of the Authority. The Managing Director and…
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Nigeria Spends N6.16tn On Debt Servicing
According to the 2023-2025 Medium Term Expenditure Framework & Fiscal Strategy Paper, debt service gulped N6.16trllion in 16 months. In 2021, the Federal Government spent N4.22trllion on debt service, and further N1.94trllion between January and April 2022. A breakdown shows that domestic debt service cost N2.05trllion, while foreign debt service gulped N946.29billion in 2021. There…
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Banks Deposits Rise By 24%
The total deposits in the banks rose by 24.17 percent from N33.85 trillion as of the end of June 2021 to N42.03 trillion in the corresponding period of 2022. This was disclosed by the Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, at the last MPC meeting. According to Ahmad, “Key industry aggregates also continued…
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Domestic Flight Movement Drops By 215%
The domestic flight movement witnessed a significant decline of 215 percent in the first quarter of 2022, (Q1’22) to 23,599 from 74,537 recorded in the corresponding period of 2021. The number of cancelled flights across the country’s airports also declined to 14,130 in Q1’22, about 192.5 per cent from 41,328 flights cancelled in Q1’21. According…
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Withdrawals From Pension Savings Rise 17%
Cash withdrawals by workers from their pension contributions jumped by 17.5 percent to N6.65 billion in the second quarter of 2022, Q2 ’22. This is an increase from N5.66 billion recorded in the corresponding period of 2021. According to the report released by the National Pension Commission, PenCom, the number of sacked workers that withdrew…
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Nigeria’s Diaspora Remittances Rise By 20.3%
Data from the Central Bank of Nigeria has shown that Nigeria’s diaspora remittances rose in the first quarter of the year, Q1’22, by 20.3 percent, Year-on-Year. This is an increase to $5.16 billion from $4.29 billion in the same period of last year, Q1’21. CBN’s data shows that remittances from Nigerians working abroad have been…
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CBN Injects $7.6bn To Naira In Five Months
The Central Bank of Nigeria, in its banking regulator’s monthly economic reports on foreign exchange market developments, has said that it injected $7.6 billion into the economy to stabilise the value of the naira in five months. According to the reports, the CBN intervened in the markets with $1.65bn, $1.39bn and $1.82bn in January, February…
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Nigeria’s FIRS Grows VAT by 20%
The Federal Inland Revenue Service has grown its proceeds of Value of Added Tax by 20 percent to N1.2tn in the first six months of 2022. According to different reports by the National Bureau of Statistics, the total sum generated through VAT stood at N1.008tn in the first two quarters of 2021. NBS data also…
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African Airlines Record Increase In Passenger Traffic
According to the International Air Transport Association report, African airlines have recorded an 84 percent increase in traffic in the continent. The report said, “Domestic passenger markets are recovering faster (now at 86.9 percent of July 2019 levels) than international markets (which has reached 67.9 percent of July 2019 levels).” Domestic travel represents a 62.3…
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Currency In Circulation Falls By N107.08bn
Latest figures on currency from the Central Bank of Nigeria has revealed that currency in circulation fell by N107.08billion in July 2022. This is a drop from N3.35trillion in April to N3.24trillion in July 2022. According to the CBN, the CIC which stood at N3.33tn in May fell to N3.25tn in June. Currency in circulation…