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What Nigeria States Are Proposing For 2023
With almost 40 days into the new year, state governors are already setting the estimation for their financial expenditure. Being an electioneering year, some state governments might either hand over to a new government or transition into another tenure. However this turns out, the budget provides the expenses that the state would be allocating for…
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FG’s Expenditure Exceeds Revenue In Six Months
Latest figures obtained from the Central Bank of Nigeria has shown that the Federal Government’s expenditure in the first six months of 2022 exceeded revenue by N6.23 trillion. According to the second quarter economic report on fiscal sector development compiled from the OAGF and CBN staff estimates, the Federal Government recorded N3.2 trillion and N2.74…
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Nigeria Records N5.33tn Deficit In Eight Months
During the ministerial presentation of the 2023 budget, the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, said that the Federal Government has recorded a deficit of N5.33 trillion between January and August 2022, which is N430.82 billion above the prorate level. The government spent N9.56 trillion from January to August 2022, out…
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Nigeria’s Debt Service, Revenue May Hit 102%
The World Bank has said that Nigeria’s debt service to revenue ratio could stand at 102.3 percent by the end of 2022. The Washington-based bank said this in its latest Africa’s Pulse report, which is a biannual analysis of the near-term macroeconomic outlook for the region, published around the World Bank/IMF Spring and Annual meetings…
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NESF Profit Grows By Over 100%
Nigeria Energy Sector Fund profit rose by 100.88 percent to N151.37million at the end of the financial year ended March 31, 2022. This is from N75.35m in the corresponding period of 2021. A statement on the financial year ended 31st March 2022 showed that the result remained the highest earnings per share, representing a historical…
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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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NPA Generates N172.3bn In H1’22
The Nigerian Ports Authority has generated a total revenue of N172.3 billion from its operations in the first half of 2022, H1’22. It also remitted N78.5 billion to the Consolidated Revenue Fund, CRF, of the Federation during the period. These were contained in the half-year 2022 operational reports of the Authority. The Managing Director and…
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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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DisCos revenue surges by 47% to hit N757bn
The Association of Nigerian Electricity Distributors’ 2021 report has said that the revenue collection by the 11 distribution companies increased by 47 per cent to N757bn in 2021. In the association’s report on the Commercial Key Performance Indicator for its members, it said NESI’s revenue collection in 2021 set a new record of N757bn, which…
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Four FG Agencies Generate N28.02tn In Three Years
The Nigeria Extractive Industries Transparency Initiative has said that four revenue-generating agencies of the Federal Government have generated a total of N28.02tn between 2017 and 2019. These agencies include the Nigerian National Petroleum Company Limited; Federal Inland Revenue Service; Department of Petroleum Resources, now Nigeria Upstream Petroleum Regulatory Commission; and the Ministry of Mines and…