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Nigeria Made N374.8bn From Gas Sale In 2021
Reports obtained from the Nigerian National Petroleum Company Limited showed that Nigeria made about N361.43 billion from gas export and N13.36bn from domestic gas sale in 2021. The data from the oil firm showed that the Federal Government through NNPC garnered the funds from the sale of Natural Gas Liquids/Liquefied Petroleum Gas, as well as…
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Capital Importation Rises By 26% In Q4
According to new data from the National Bureau of Statistics, the value of capital importation into Nigeria increased by 26.35 percent to hit $2.19 billion in the fourth quarter of 2021. In its ‘Nigerian Capital Importation’ report, the NBS disclosed that capital importation increased from $1.73 billion in the third quarter of 2021 to $2.19…
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Nigeria Loses N150bn Annually To Fake Battery Products
An expert, Solomon Nwadiogbu, has estimated that Nigeria loses about N150bn annually to fake battery products. Nwadiogbu, who is the Chief Executive Officer, Emilinks Nigeria Limited, stressed that the circulation of these fake battery products often cause damage to cars in the nation. According to him, Nigeria needs approximately five million batteries annually with an…
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Import Bill On Used Vehicles Rises By 12%
Findings from the National Bureau of Statistics has shown that Nigeria’s spending on importing used vehicles rose by 12.6 percent to N617.48 billion in 2021. This is an increase from N548 billion in 2020 on the back of reduction in import duty on used vehicles. NBS Foreign Trade data in Goods Statistics report showed that…
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Solid Minerals Revenue Rises By 54%
The Nigerian Extractive Industries Transparency Initiative has said That revenue from the solid minerals sector to the Federation Account rose by 54 percent in 2020 to N128 billion compared to N75 billion recorded in 2019. This was disclosed in an audit report of the mining sector. NEITI in a statement by its Head, Communications &…
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Merchandise Trade Deficit Rises By 171% in 2021
The National Bureau of Statistics had said the country’s merchandise trade deficit rose year-on-year to N1.93 trillion. This is an increase by 171 percent from N711.24 billion in 2020. NBS also said that total merchandise trade stood at N39.7 trillion in 2021, rising YoY by 57.5 percent from N25.2 trillion in 2020. The bureau disclosed…
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FG Raked In N1.69tn Company Tax
According to statistics from the National Bureau of Statistics. The Federal Government raked in N1.69tn from company income tax in 2021. This is a 19.56 per cent increase from the N1.41tn that was collected in 2020. The NBS data showed that the Federal Government raked in N392.77bn during the first quarter of 2021, N472.07bn in…
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How FAAC Distributed N9.079tn In 2021
A compiled data of the Federation Account Allocation Committee disbursement has revealed that a total of N9.079 trillion was shared by all three tiers of government in 2021. According to the National Bureau of Statistics, the distribution was made to the Federal Government, States’ government and Local governments from revenue generated by agencies from tax,…
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Nigeria Customs Generate N1.716tn Revenue In 2021
The Nigeria Customs Services has collected total revenue of N1.716tn for the period of January to December 2021. This was disclosed by the Controller-General of the NCS, Col. Hameed Ali (retd.), who led the management staff of the paramilitary agency to appear before the committee for 2021 budget appraisal and 2022 budget defence. The House…
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Insurance Companies Earned N2.7tn In Six Years
The National Insurance Commission has disclosed that insurance companies in Nigeria earned N630.36bn premium in 2021. The Head, Corporate Communications and Market Development,, Rassaq Salami, disclosed this in its unaudited result for 2021 saying that this was a rise from the audited figure of N514bn premium earned in 2020. NAICOM said the total asset of…