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Banks’ Income Tax Rise By 35%
Nigerian banks have paid N75.4 billion as Company Income Tax (CIT) in the first half of the year, (H1’22), representing a 35 per cent rise when compared to N55.67 billion paid in H1’21. Meanwhile, the Federal Government tax revenue rose by 31 percent to N2.44 trillion in H1’22 from N1.86 trillion in H1’21. The banks…
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Rail Transport Revenue Rises By 42% In 6 Months
Data from the National Bureau of Statistics showed that rail transport revenue grew year-on-year (YoY) by 42 percent to N2.93 trillion in the first six months of this year (January to June). This is from N2.07 trillion in the corresponding period of 2021. In NBS Rail Transportation data for the second quarter of this year,…
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Airfares Rose By 96.87% In One Year
The National Bureau of Statistics, in its report titled ‘transport fare watch’ (September 2022), has stated that air transportation rose by 96.87 per cent in one year. The Bureau noted that the average fare paid by air passengers for specified routes single journey, increased by 96.87% from N36,922.97 in September 2021 on a year-on-year basis.…
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Kerosene Price Soars By 118%
According to the National Household Kerosene report, household kerosene has risen by 118 per cent in the last 12 months. NBS said the average retail price per litre of the product rose by 118 per cent to N947 from N434 recorded in September 2021. According to the report, the average retail price per litre of…
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Banks Staffs Strength Drop By 2%
The National Bureau of Statistics has said that the staffing strength in Nigeria’s banking industry reduced by 2.0 percent to 93,090 in 2021. This is from 95,026 recorded in 2020. NBS said this in its Quarter-on-Quarter, QoQ, Selected Banking Sector Data for last year (Q1-Q4’21). The report indicated that the number of contract staff declined…
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Nigeria’s Inflation Hits 20.77% In September
According to the National Bureau of Statistics, Nigeria’s Inflation hit a new high of 20.77 percent in September as food supply, foreign exchange crisis, and increases in import costs worsened. In August, inflation rose to a 17 year high of 20.52 per cent which has now been broken by September’s figure. NBS disclosed this in…
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Nigeria States Generate N1.23tn As IGR In 2021
According to data from the States’ Internally Generated Revenue, Nigerians across 36 states of the federation paid N1.23 trillion in taxes in 2021. This is a 19.19 per cent increase from the N1.03 trillion paid in 2020. This is according to a report by the National Bureau of Statistics which said that tax revenues accounted…
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Oil Sector Loses 97% Foreign Investment
According to data sourced from the Nigerian Bureau of Statistics, the foreign investment inflows into Nigeria’s oil sector have dropped by 97 percent. NBS said this in its Nigerian Capital Importation Report for the second quarter of 2022 noting that the inflows of foreign investments into the oil and gas industry which stood at $68.6m…
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All-commodity Terms of Trade Rises By 0.11%
The National Bureau of Statistics has disclosed that the All commodity Terms of Trade (ToT) rose quarter-on-quarter (QoQ) by 0.11 percent in the second quarter of the year (Q2’22). This shows a positive growth when compared with the -14 percent decline recorded in Q1 ’22. NBS said this in its All-Commodity ToT reports for Q2’22…
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FG, States, LGs Share N673.137bn For August
The Federation Account Allocation Committee, has said that N673.137 billion was shared among the three tiers of government as federation allocation for August 2022. In a statement issued by the Director Information and Press, Mr Phil Abiamuwe-Mowete, he revealed that the Federal Government received the larger share of N259.641 billion, the states received N222.949 billion,…