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Inflation Rate Hits 20.5% In August 2022
Nigeria’s inflation rate has risen by 0.92 basis points to 20.52 percent in August 2022, from 19.6 percent in July. This is the highest record since October 2005 and it represents the seventh consecutive monthly rise in Headline inflation since February. Also, Food inflation rose to 23.12 percent in August 2022, representing a 1.1 percentage-point…
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Nigeria’s FIRS Grows VAT by 20%
The Federal Inland Revenue Service has grown its proceeds of Value of Added Tax by 20 percent to N1.2tn in the first six months of 2022. According to different reports by the National Bureau of Statistics, the total sum generated through VAT stood at N1.008tn in the first two quarters of 2021. NBS data also…
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Nigeria Generates N127.03bn Tax From Calls, SMS
According to data from the National Bureau of Statistics, the Federal Government made N127.03bn from Value Added Tax on calls, SMS, data, and other information and communication services in the first six month of the year. This is 10.69 per cent of the total N1.19tn that was collected as VAT within the period under review. …
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FG Receives N1.09tn From Indirect Taxes
According to data from the National Bureau of Statistics, the Federal Government received N1.09tn from indirect taxes in the first two quarters of 2022. This represents a 10.29 percent increase from N984.33bn obtained in the first two quarters of 2021. Indirect taxes are calculated based on current basic prices. They are taxes paid to the…
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Nigeria’s Mineral Production Rise By 39%
According to the National Bureau of Statistics the country’s mineral production rose by 39 per cent in 2021. This is an increase to 89.48 million tons in 2021 from 64.29 million in 2020. The bureau said that Limestone, Granite, and Laterite were the three biggest minerals mined in 2021. In its ‘Mineral Production Statistics Report’…
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Nigeria’s GDP Grows By 3.54%
Data published by the National Bureau of Statistics has revealed that Nigeria’s gross domestic product grew by 3.54 percent, Year-on-Year, in the second quarter of 2022. The GDP grew from 3.11 percent in Q1 2022 and declined to 5.01% in the second quarter of 2021. In addition, the recent rising prices have adversely impacted on…
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Prices Of Food Increased In July 2022
Data from the National Bureau of Statistics has revealed that the prices of selected food items increased in July 2022. This was made in its Selected Food Prices Watch Report for July 2022. NBS stated that the average price of 1kg of white beans rose by 23.22 per cent from N444.21 in July 2021 to…
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FG, States and LGs share N954bn In July
The Federation Account Allocation Committee (FAAC) has shared a total sum of N954.085 billion Federation Account Revenue to the Federal Government, States and Local Government Councils in July 2022. According to a communiqué issued, N954.085 billion total distributable revenue comprised distributable statutory revenue of N776.918 billion and distributable Value Added Tax (VAT) revenue of N177.167…
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Nigeria Loses $6.91bn To FDI Decline
The National Bureau of Statistics has said foreign investments into Nigeria had declined by 81.46 percent ($6.91bn) in the first quarter of 2022. This is a drop from $8.49billion in the first quarter of 2019 to $1.57billion in the corresponding quarter of 2022. The bureau disclosed this in its quarterly report on ‘Nigerian Capital Importation’.…
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40% Nigerian Households Use Generators
A joint report put together by a research firm and a financial institution has shown over 40 percent of households in Nigeria own and use generators to meet their electricity requirements. According to the report it stated that the affected households spent about $14 billion annually to fuel their generators, as the power supply from…