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Meal For Learning (1): Nigerian Students Struggle With Increasing Food Prices
Despite the declining inflation rate in Nigeria, the persistent increase in food prices is affecting students in different tertiary institutions across Nigeria. Faith Omoniyi, for Twentyten Daily, spoke with several students who narrated their experiences studying in Nigeria’s unfavorable economic situation. Victor Awotubo, a student of english and literary studies in the Federal University, Oye-Ekiti,…
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Nigeria’s GDP Grows By 4.03% In Q3
The National Bureau of Statistics announced that Nigeria’s Gross Domestic Product grew by 4.03 per cent in the third quarter of the year (Q3 2021). The Statistician-General of the Federation and the Chief Executive Officer of the NBS, Mr Simon Harry, explained that the negative GDP figures recorded in 2020 as a result of the…
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Inflation Rate Falls To 15.99 In October 2021
The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate fell to 15.99 in October from the highest record of 18.17 in March 2021. The report said the Consumer Price Index (CPI), which measures inflation, saw an increase of 1.76 percent when compared to the record in October 2020 (14.23 percent). However it…
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Nigeria Makes N2.33tn From PAYE In Three Years
According to data collated from the National Bureau of Statistics, the 36 states in Nigeria and the Federal Capital Territory have earned N2.33 trillion from Pay As You Earn in three years. PAYE is a form of personal income tax that refers to tax deducted directly from the wages and salaries of employees operating in…
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Transport Fares Rise By 41% Across Nigerian Cities
The National Bureau of Statistics has said that the average transport fare paid by commuters across Nigeria rose by 40.56 percent between September 2020 and September 2021. The average transport fare paid by commuters in September 2020 was N309.73, while the same fare went for N435.36 in September, 2021. NBS revealed this in its Transport…
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Tax Waivers Deprive Nigeria Of N5.16tn In 12 Months
After analysing data from the 2022-2024 Medium-Term Expenditure Framework and Fiscal Policy Strategy report, Nigeria lost about N5.16tn to tax reliefs granted on Value Added Tax, Company Income Tax and Petroleum Profit Tax in 2020. The report said Nigeria lost N4.3tn to reliefs on VAT, consisting of reliefs granted by legislature and compliance burden adding…
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Within Five Years, Almost All Depended On FAAC
Between 2016 and 2020, the 36 states in Nigeria earned N5.30 trillion. The states also got N10.19 trillion from the Federation Accounts Allocation Committee and borrowed N1.84 trillion from domestic sources. These figures are according to data from National Bureau of Statistics through analyses of IGR and FAAC data from the and domestic loans data…
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Manufactured Imports Exceed Exports By N4.3tn
Figures obtained from the National Bureau of Statistics has shown that the value of manufactured goods imported into the country exceeded exports by N4.37tn in the second quarter of 2021 NBS stated that the value of manufactured goods trade in Q2, 2021 stood at N4.51tn representing 37.50 percent of total trade. “Out of this, the…
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ICT Contributes N26tn To GDP In 18 Months
Analysis from the National Bureau of Statistics showed that the Information, Communication and Technology sector contributed N26.02tn to the nominal Gross Domestic Product in 18 months. This was extracted from the GDP reports for the four quarters of 2020 and the first two quarters of 2021; that isJanuary 2020 to June 2021. The ICT sector…
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Five States Lead Subnational Debts In Q2 2020
Data from the Debt Management Office has revealed that Lagos, Rivers and Akwa Ibom are the three most indebted states within the country at the end of the second quarter of 2021. The domestic debts owed by state governments and the Federal Capital Territory Administration stood at N4.12tn, representing 18.94 percent of the country’s domestic…