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FAAC: Lagos State Still Self Sufficient
The economy of Lagos is very crucial to the Nigerian economy serving as the commercial capital of the country over the years. The Lagos Gross Domestic Product [GDP] accounts for 26.7% of Nigeria’s total GDP and more than 50% of non-oil GDP. Over 50% of Nigeria’s non-oil industrial capacity is located in Lagos. Ranking among…
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Food Inflation Rocks Nigeria’s Economy
Following a report published by the National Bureau of Statistics, the prices of food rose by 1.3 percent in December 2020, The closely watched index rose sharply by 19.56% in December compared to 18.3% recorded in the previous month. According to the report, “On a month-on-month basis, the food sub-index increased by 2.05% in December…
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REPORT: Price of Petrol Increased in 2020
The average price paid by consumers for premium motor spirit (petrol) increased within twelve months in 2020. The National Bureau of Statistics in its latest report revealed that petrol was sold between a minimum of N130 and N167 from January to December 2020. In the first quarter of the year in view, petrol was sold…
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REPORT: Prices On Transport Fare Increased In 2020
A report by the National Bureau of Statistics shows that the average price spent on transportation increased in December 2020. This increase might not be unconnected to the yuletide season which usually comes with the high cost of goods and services. The Transport Fare Watch report covers the categories including bus journey within the city…
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REPORT: Price of Diesel Increased In December 2020
The National Bureau of Statistics in its latest report has said that the average price paid by consumers for automotive gas oil (diesel) increased by N224.37, 0.28 percent in December. According to the report, while the price increased month over month, it decreased by -2.37% year-on-year from N229.81 to N224.37. “States with the highest average…
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Federal Government, State and LGs Share N619.3 Billion In December
The sum of N619.343 billion was shared as federation allocation for the month of December 2020 to the three tiers of government. This was disclosed at the Federation Accounts Allocation Committee at its virtual meeting. The Federal Government received N218.297bn; states received N178.28bn; Local Government councils got N131.792bn; while the oil-producing states received N31.827bn as…
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REPORT: Price Of Refilling Cooking Gas Increased In 2020
The rising inflation on the sales of food products in Nigeria’s market also reflected on the cost of refilling cooking gas in the country. The National Bureau of Statistics reported that the average price of refilling a 5kg or 12kg liquefied petroleum gas (cooking gas) increased by 0.12 percent and 1.75 percent respectively In the…
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FIRS Revenue Drops In 2020
The Federal Inland Revenue Service (FIRS) collected the sum of N4. 952 trillion in total tax revenue in the year 2020 as against previous years. Director Communications and Liaison, Mr Abdullahi Ahmad, said in a statement, that the figure represented approximately 98 per cent of the national tax target of N5.076 trillion set for the…
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In Four months, Federal Government Spent N226.8bn on COVID-19
The Federal Government has said it mobilised a total amount of N226.85 BN from multiple sources in response to the COVID-19 pandemic between March and June 2020. This was contained in the report released by the Office of the Auditor-General of the Federation and signed by the Auditor-General for the Federation, Anthony Ayine. Ayine said…
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AMCON Debts Pressures Nigerian Economy
The management of the Asset Management Corporation of Nigeria has called on sister agencies, the Federal government and stakeholders to support its drive to recover its current exposure. Having exhausted its ten years lifespan, AMCON outstandings still rolls over trillions of naira. AMCON was established to play an integral role in the recapitalisation of affected…