Twentyten Daily Weekly Roundup

Hello Twentyten Daily Readers,

Below is a roundup of last week stories, we reported on the drop in investments by $53 million over the past year, Nigeria and 19 other countries benefitted benefited about from $2.69bn guarantees from the world bank. FIRS generated revenue of N4.9 trillion revenues in 2020, also Nigeria’s foreign exchange reserves have risen to $33.59billion –the highest level in more than a month.

IT Investments Drop By $53m In One Year

The investments in the information technology services sub-sector have dropped from $74.74 million at the end of 2019 to $21.68 million as of December 31, 2020. This is according to an analysis of the capital importation data from the National Bureau of Statistics. This indicates a drop of $53.06 million or 70.99 percent in one year despite the intensive promotion of the nation’s technology sector. In the first quarter of 2020, investment in IT services had risen to $19.25 million from $4.51 million in the same period of the previous year.

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20 Countries Benefited $2.69bn Guarantees From World Bank

The World Bank has disclosed that Nigeria and 19 other countries benefited from about $2.69bn guarantees between 2020 and 2021. The apex bank said that the guarantees were issued under the COVID-19 Fast Track Facility. Under this pillar, the guarantees were offered for capital optimisation, which means support for financial institutions in extending lending in host countries by freeing up risk weighted assets locked up in maintaining their mandatory reserves with central banks.

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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. The Chairman of FIRS, Muhammad Nami, who appeared before the house projected revenue of N10.1 trillion by 2022. He said the N2.053 trillion will be remitted to the federal government while the balance will go to the states and local governments of the federation.

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Federal Government, States and Local Governments Suffer N329.6 Billion 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. However, data from the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2022 to 2024 showed that the prorated amount budgeted to be disbursed to the three tiers of government was N3.5tn. This resulted in an allocation shortfall of N329.6bn during the period under review.

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NNPC Incurred N473bn Loss Operating Moribund Refineries

The Nigerian National Petroleum Corporation (NNPC) incurred a loss of N473.3bn in operating moribund refineries between January 2015 and February 2021. This is according to a new report by SBM Intelligence, a geopolitical and socioeconomic research firm. The report titled ‘Nigeria’s moribund refineries’ said Nigeria’s refineries had become a costly pastime, adding that the NNPC incurred a loss of N473.3bn operating the refineries in Warri, Port-Harcourt and Kaduna.

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Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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