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Within Five Years, Almost All Depended On FAAC
Between 2016 and 2020, the 36 states in Nigeria earned N5.30 trillion. The states also got N10.19 trillion from the Federation Accounts Allocation Committee and borrowed N1.84 trillion from domestic sources. These figures are according to data from National Bureau of Statistics through analyses of IGR and FAAC data from the and domestic loans data…
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Nigeria Suffers N5.8tn Shortfall In Non-Oil Export
Data from the National Bureau of Statistics have shown that between December 2017 to December 2020, Nigeria has generated a total sum of N6.5 trillion from non-oil exports. This sum is N5.8 trillion lower than its N12.3tn ($30bn) target set by the Federal Government under its zero-oil plan. In 2016, the Nigerian Promotion Council conceived…
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NNPC’s Revenue Drops By N916bn
The Nigerian National Petroleum Corporation said that its revenue for the 2020 financial year fell to N3.72 trillion from N4.63 trillion in 2019. This shows a difference of N916bn. This is coming after declaring its first profit in its 44-year history. The corporation, while announcing the release of its 2020 audited financial statements, said the…
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Tenets Of The Newly Signed Petroleum Industry Law
President Muhammadu Buhari on Monday, August 16, 2021, signed into law the long-awaited Petroleum Industry Bill as confirmed in a statement signed by Femi Adesina, Special Adviser on Media and Publicity to the President. Before now, there have been various iterations of the Petroleum Industry Law. The PIB started as an omnibus bill back in…
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Nigeria Records N1.76tn Revenue Shortfall In 6 Months
The Federal Government reported a revenue shortfall of N1.76 trillion in the first half of this year. According to a revenue performance report, obtained from the Budget office of the federation, the Federal Government’s projected revenue for the 2021 fiscal year was N7.9 trillion, of which N3.9 trillion was earmarked as pro rata target for…
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INFOGRAPHICS: How Capital Importation Fell In Three Months
The National Bureau of Statistics reported that the total value of capital importation into Nigeria fell to $875.62 million in the second quarter of 2021. Between January to March of the same year, Nigeria had a capital importation of $1.91 billion. The bureau stated that this represented a decrease of 54.06 percent compared to Q1…
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Nigeria Entitled To $3.35bn In IMF Rights Allocation
The Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, has said that the organisation has begun to allocate Special Drawing Rights of about $650 billion. This was contained in a press statement on the IMF website where she was quoted saying, “The largest allocation of Special Drawing Rights in history – about $650bn…
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FIRS Generates N4.9 trillion In 2020
The Federal Inland Revenue Service has said that it has generated a revenue of N4.9 trillion revenues in 2020. This was about 98 percent of its set target for the year. The agency said this when it appeared before the House of Representatives Committee on Finance at its ongoing 2022-2024 Medium-Term Expenditure Framework and Fiscal…
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In Five Months, FG, States, LGs Suffer N329.6bn Shortfall
The Federation Account Allocation Committee shared the sum of N3.18tn to the three tiers of government between January and May this year. The FAAC –managed on a legal framework– allows funds to be shared under three major components. They are statutory allocation, Value Added Tax distribution; and allocation made under the 13 percent derivation principle.…
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Cement: Dangote, BUA, Lafarge Post 62% Profit Increase
In the first half of this year, three of the largest cement manufacturers in Nigeria saw their combined profit before tax jump by 61.90 percent. This is according to an analysis of their unaudited financial statements. Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc posted a total pre-tax profit of N237.60billion in H1…