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US Economy Shows Signs Of Growth As Wall Street Rises Despite Weak GDP
The US Commerce Department in 2020 reported the sharpest decline since 1946 when the US was demobilising after World War II. Compared to the fourth quarter of 2019, output was down 2.5%. However, despite soaring unemployment numbers and a sharp increase in poverty, the US was not hit as badly as many other parts of…
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A Report On Poverty Rates In Lagos State
Lagos is home to a rising population of 14,862,111, the economic capital of Nigeria has a poverty rate estimated at 8.5 percent. Lagos is often referred to as the “Megacity of Slums, it has over 6,000 millionaires (and even multi-millionaires and a handful of billionaires) while a vast majority live below extreme poverty levels. Research…
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Nigeria’s Foreign Capital Inflow Drops $9.68bn, Lowest In Four Years
The foreign capital flow into Nigeria reduced by more than half in 2020 to $9.68 billion. According to the National Bureau of Statistics, it is the lowest level obtained in four years. The NBS, in its capital importation report for the fourth quarter and full-year 2020, said the total value of capital importation into the…
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8 Oil Producing States Received N6 Trillion In 11 years
Eight oil-producing states received N6.589 trillion from the Federation Account between 2009 and 2019 under the 13 percent derivation principle according to a report published by ACIOE Associates to key officers of the National Assembly and aides to the president and minister of Niger Delta Affairs. According to the report, the money received by the…
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TETfund Increased Research Fund In Three Years
The Tertiary Education Trust Fund disclosed that it increased its funding volume for research in the last three years, totalling N15.5 billion naira. In 2018, TETfund funding was N3 billion but moved up to N5 billion in 2019 and N7.5 billion in 2020. It is also foresighting N8.5 billion for 2021. This was disclosed by…
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Economy: Highlights Of CBN Intervention In 2020
The Central Bank of Nigeria’s Monetary Policy Committee accessed the economic growth of Nigeria for the purpose of projecting a recovery plan for 2021. In its assessment, MPC recognised the dampening effect of the pandemics on the economy in terms of GDP, inflation, food price index, forex, PMI and crude oil sales. However, the committee…
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Nigeria Generated N1.4 Trillion From CIT In 2020
A sum total of N1.409 trillion was earned by the Federal Government from Company Income Tax in 2020. This is according to a report released by the National Bureau of Statistics on the sectoral distribution of company income tax data. According to the report, “Sectoral distribution of Company Income Tax data for Q4 2020 reflected…
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Nigeria Ranks 5th On Inflation Rate In Africa
A collection of data put together by StatiSense has placed Nigeria at 5th position in the ranking of African countries with the highest inflation rate in December 2020. Statisense published that Nigeria’s 15.8 percent inflation rate comes behind Zimbabwe, Angola, Zambia and Ethiopia. According to the analysis, Zimbabwe had an inflation rate of 348.6 percent.…
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Federal Government Earned 1.5 Trillion From VAT In 2020
The Federal Government has generated a sum total of N1.531 trillion from Value Added Tax in 2020. This was disclosed in the latest report published by the National Bureau of Statistics on Sectoral distribution of Value Added Tax for the fourth quarter of 2020. The report reads: “Sectoral distribution of Value Added Tax data for…
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In Six Years Agriculture Contributed More To Nigeria’s Economy
An analysis from 2015 and 2020 shows that agriculture has contributed largely to the growth of Nigeria’s economy consistently for six years. During these years, the agricultural sector has contributed almost a quarter to the country’s economy among other five major contributors. These other sectors include Trade, Crude Petroleum & Natural Gas, Manufacturing, Telecommunication and…