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Company Income Tax rises by 35.6%
Revenue generated from Company Income Tax has risen by 35.6 percent Year-on-Year to N532.48 billion in the first quarter ended March 2022 from N392.7 billion in the corresponding period of 2021. Breakdown of data from the National Bureau of Statistics also showed the figure rose by 53.1 percent Quarter-on-Quarter from the N347.8 billion generated in…
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Active Internet Subscriptions Rise By 2.7%
The National Bureau of Statistics has said that the number of active internet subscriptions in Nigeria rose quarter-on-quarter (QoQ) by 2.7 percent. This is a rise to 145.8 million in the first quarter of 2022 (Q1’22), from 141.9 million in the fourth quarter of 2021 (Q4’21). NBS disclosed this in its ‘Telecoms Data: Active Voice…
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Insurance Sector Grows By 15.68% In Q1
According to figures obtained from the National Bureau of Statistics on the country’s Gross Domestic Product, the Nigerian insurance sector grew by 15.68 per cent in the first quarter of the 2022 financial period. The statement said, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 89.12…
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China to Nigeria : Imports Rise By 183.91%, Debts Hit $3.67bn
According to the National Bureau of Statistics data on foreign trade, Nigeria’s import from China rose by 183.91 percent from N530.98 billion in the first quarter of 2018 to N1.51tn in Q1 2022. NBS said China is responsible for most of the imports into Nigeria. In the five quarters under review, China was the number…
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Crude Oil Exports Jump by 194%
Figures from the Foreign Trade Report of the National Bureau of Statistics had said that Nigeria’s crude oil exports jumped to N5.6 trillion in the first quarter of 2022. This reflects nearly 200 percent increase when compared to the same period in 2021. NBS said that Nigeria’s total merchandise trade stood at N13 trillion in…
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Subsidy Hits 45% Of Fuel Import Bill In Q1
The National Bureau of Statistics has disclosed that Nigeria spent N1.51 trillion on the imports of premium motor spirit, also known as petrol, in the first quarter of 2022. This was 25.54 percent of the total imports for this quarter, and an increase of 17.05 percent when compared to the N1.29tn spent on importing fuel…
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Prices Of Transport Fare Increased In April 2022
Figures form the National Bureau of Statistics has shown that the prices of transport fare within the country increased in April 2022. NBS said this in its Transport Fare Watch for April 2022 report which covers the following categories: bus journey within the city per drop constant route; bus journey intercity, state route, charge per…
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Company Tax Grows By 53.09% Q1 2022
The National Bureau of Statistics has said that the Company Income Tax (CIT) for Q1 2022 increased to N532.48 billion. According to the bureau, this is a growth rate of 53.09 percent on a quarter-on-quarter basis from N347.81billion in Q4 2021. CIT is a tax imposed on the profit of a company from all sources.…
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Nigeria’s GDP Grew By 3.11% In Q1 2022
Nigeria’s Gross Domestic Product grew by 3.11 per cent in the first quarter of 2022. The National Bureau of Statistics disclosed this in its Nigerian Gross Domestic Product Report Q1, 2022. It stated that, “Nigeria’s Gross Domestic Product grew by 3.11 per cent (year-on-year) in real terms in the first quarter of 2022, showing a…
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Oil Sector Growth Dropped By 26% In Q1
Figures by the National Bureau of Statistics have revealed that real growth of the oil sector was –26.04% (year-on-year) in the first quarter of 2022. This indicates a decrease of 23.83 percent points relative to the rate recorded in the corresponding quarter of 2021. In a report titled “Nigeria Gross Domestic Product Q1 2022,” the…