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Agric Import Rose To N532.4 Billion In Q4 2020
The value of imported agricultural goods rose to N532.39billion in the fourth quarter of 2020 from N503.4billion in the third quarter in the same year– a 5.75 percent increase. This was disclosed by the National Bureau of Statistics which also reported that the value of exported agricultural goods dropped to N55.77 billion in Q4, 2020…
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Nigeria’s Inflation Hits 18.17%, Highest In Four Years
The inflation rate in Nigeria has increased to 18.17 percent in March 2021. This is the highest level recorded since January 2017. According to the Consumer Price Index of March 2020 published by the National Bureau of Statistics (NBS), the prices of food have also gone up to 21.79 percent recorded in February to 22.95…
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Nigerian States Generate N1.31 Trillion IGR
The state IGR report released by the National Bureau of Statistics revealed that the 36 states and Federal Capital Territory generated a sum of N1.31 trillion as Internally generated revenue in 2020. The report stated that states’ IGR declined by 1.93 percent from N1.33 trillion, recorded in 2019 to N1.31 trillion in 2020. It however…
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NNPC: N53.36bn Spent On Pipeline Repairs In 11 Months
The Nigerian National Petroleum Corporation has spent N53.36bn on pipeline repairs and management cost from January to November 2020. A total of 441 points on petroleum products pipelines were vandalised in 2020, compared to 1,484 points in 2019, data from the NNPC said. “Products theft and vandalism have continued to destroy value and put…
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DISCOs Indebtedness Hits N510.53bn In 2020
The indebtedness of the 11 Distribution Companies to Nigerian Bulk Electricity Trading Plc has increased to N510.53billion in 2020. This indicates an increase of 11.2 per cent compared to N453.14billion, recorded in the corresponding period of 2019. This debt profile accrued means that the11 Power DisCos in the country could not remit a total of…
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Household Consumption Drops By N1.6 trillion
Nigeria’s household consumption for 2020 dropped by ₦1.6 trillion, according to the National Bureau of Statistics’ latest Gross Domestic Product report (Expenditure and Income Approach) report released. The statistics agency said total household consumption dropped from ₦108 trillion in 2019 to ₦106.4 trillion in 2020. Consumption expenditure is an important indicator in measuring economic growth…
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External Reserves Losses $178m In March
The Central Bank of Nigeria has revealed that the country’s foreign reserves has lost $178m as at the end of March 2021. The reserves which stood at $34.99bn as of the end of March 1, dropped to $34.82bn as of the end of March 31 2021. In February, the reserves fell from $36.19bn as of…
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FEC Approves $26m For Power Projects In Borno, Yobe, Adamawa
The Federal Executive Council has approved about 26million dollars for various power projects in Borno, Yobe and Adamawa states. Minister of Power, Sale Mamman, made this known at the end of the Council meeting, presided over by Vice-President Yemi Osinbajo. He said the $1.62million of the approved amount was the payment of the claims and…
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CBN, SEC To Regulate Cryptocurrency Trading In Nigeria
The Securities and Exchange Commission (SEC) has announced a collaboration with the Central Bank of Nigeria to work on regulating cryptocurrency trading in Nigeria. The Director-General, SEC, Lamido Yuguda, revealed this at the 2021 first post-Capital Market Committee (CMC) virtual news conference. He said that the commission had suspended the implementation of crypto assets guidelines due…
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Uganda Signs Major Oil Pipeline Agreement With Tanzania
President Yoweri Museveni of Uganda has signed the East African Crude Oil Pipeline project agreement with his Tanzanian counterpart Samia Hassan Suluhu. According to Uganda’s foreign minister, Sam Kuteesa, the agreement which was suspended last month to mourn the passing of then Tanzanian president John Magufuli, has now been signed by all parties with commitment…