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Food Imports Exceed Exports By N2.23tn In 12 Months
Findings have revealed that the total international trade in agricultural goods in the country stood at N3.24tn in 2021, with the import value exceeding export value by N2.23tn. This is coming despite the interventions by the Federal Government to diversify the economy and increase food production in the country. According to the National Bureau of…
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FG’s New Borrowings Rise In Six Years
The new borrowings by the Federal Government of Nigeria have deepened as allocations rose by 278.03 percent between 2015 and 2021. This is N4.03trillion within the six years This was disclosed in the presentation of the public debt data as of December 31, 2021, by the Director-General of the Debt Management Office, Patience Oniha. According…
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FG’s Borrowing From CBN Rises By 96.54%
Data collated from the Central Bank of Nigeria have shown that the Federal Government’s total borrowing through Ways and Means Advances of the bank has risen by 96.54 percent or 8.92tn in two years. According to a year-on-year analysisIt rose from N9.24tn as of January 2020 to N18.16tn as of January 2022. The Debt Management…
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Nigeria To Pay IMF $3.51bn In Five Years
The International Monetary Fund is expected to receive from the Federal Government of Nigeria a total of $3.51bn between 2022 and 2026 to offset a $3.4bn loan. This is according to information obtained from a webpage on the IMF’s website, titled ‘Nigeria: Financial Position in the Fund as of January 31, 2022.’ Recall in April…
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Banks Cut Borrowing From CBN By 47%
Banks’ borrowing from the Central Bank of Nigeria has fallen for the second consecutive month in February, by 47 percent to N666 billion while banks increased the deposit by 80 percent to N489.05 billion in February. This driven by further improvement in the level of liquidity in the interbank system. In January, banks borrowing from…
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Currency In Circulation Rose By N418bn In 2021
According to figures obtained from the Central Bank of Nigeria, the currency in circulation rose by N418bn from N2.91tn in December, 2020, to N3.33tn in December, 2021. The data showed that currency in circulation had increased by 19.06 percent from N2.44tn recorded as of December, 2019. Currency in circulation as currency outside the vaults of…
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NGX Annual Profit Hits 22%
The Nigerian Exchange Group’s profit after tax rose by 22 percent at the end of the 2021 financial period. The group, who disclosed this in its audited results which ended December 31, 2021, revealed that its gross earnings rose by 13 percent to N6.8bn from N6.0bn; while its revenue rose by 14.9 percent from N5bn…
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How Nigeria’s 2021 GDP Beats Projections
The National Bureau of Statistics, in its quarterly report, has published that the country’s Gross Domestic Product grew by 3.98 percent in the fourth quarter of 2021. This, which is considered as the strongest growth since 2014, translates to 3.4 percent as the annual GDP growth for 2021. According to the bureau, “Nigeria Gross Domestic…
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FG, States, LGAs Share N574.668 As Revenue In January 2021
In a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for February, 2022, the federal, state and local government areas have shared a total of N574.668 billion as revenue for the month of January, 2022. The N574.668bn total distributable revenue comprises distributable statutory revenue of N291.400bn; distributable…
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Bank Loans To Private Sector Hit N36.7tn
According to data obtained from the Central Bank of Nigeria, between January and December 2021, the Nigerian banking sector’s credit to the private sector rose by N5.1tn or 16.67 percent. This was contained in the Money and Credit statistics released by the regulator showing that credit to the private sector stood at N30.6tn during the…