Economy
-
FIRS generates N660.15bn from VAT in Q2
The National Bureau of Statistics (NBS) on Monday disclosed that the Federal Inland Revenue Service (FIRS) generated an aggregate N600.15 billion from Value Added Tax (VAT) for second (Q2) 2022, showing a growth rate of 1.96per cent on a quarter-on-quarter basis from N588.59 billion in first quarter (Q1) 2022. The NBS report noted that local payments recorded were N359.12 billion, while…
Read More » -
We’re ready for forensic audit of petrol supply – NNPC replies Customs
The Nigerian National Petroleum Company Limited (NNPC) Ltd has offered to submit itself for forensic audit of fuel supply and subsidy management, insisting that daily fuel supply is 68 million litres. The challenge followed claims made by the Comptroller-General of the Nigeria Customs Service (NCS), Col. Hameed Ali (retd) about the fuel consumption figures in the country, Ali had queried…
Read More » -
Over 50,000 telecom infrastructure destruction reported in 5 years
Over 50,000 cases of major destruction to telecom infrastructure and facilities have been reported across the country in the past five years, raising alarm over the implication of these incidents to the quality of telecommunications services in Nigeria. Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, who disclosed this at the 2022 edition of Youth Civil…
Read More » -
FG records N524.25bn fiscal deficit in May, says CBN
The Federal Government’s fiscal deficit dropped to N524.25billion in May from N643.09billion in April, according to figures obtained from the Central Bank of Nigeria (CBN). The banking regulator’s May 2022 economic report stated that, the disproportionate reduction in expenditure and revenue outcomes resulted in a contraction in the overall fiscal deficit, during the period. “Following the 14.0 per cent decline…
Read More » -
Customs DG faults NNPC’s 98m litres daily petrol supplies claim
The Comptroller General of the Nigerian Customs Service (NCS), Hameed Ali, has faulted the Nigerian National Petroleum Company (NNPC) Ltd over the claim that it supplies about 98 million litres of petrol in the country on a daily basis while putting the actual consumption at 60 million litres per day. Ali spoke on Wednesday while responding to questions from members…
Read More » -
Equities market commences September on positive note, appreciates by N29bn
The new month of September opened to extend the equities market of the Nigerian Exchange Limited (NGX) on a bullish run as the market capitalisation gained N29 billion at the close of trading activities. In summary, the NGX All-Share Index (ASI) expanded by 53.29 basis points or 0.11 per cent to close at 49,889.80 basis points, while the overall market…
Read More » -
Nigeria’s total debt profile hits N41.60trn, says DMO
The Director-General of the Debt Management Office (DMO), Mrs. Patience Oniha yesterday confirmed that Nigeria’s total debt profile as at March, 2022 stood at N41.60 trillion. Oniha said this during her appearance at the ongoing engagement on the 2023 – 2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper held by the House of Representatives Committee on Finance. She…
Read More » -
Nigeria’s foreign reserves drops by $1.51bn in 8 months
Nigeria’s foreign reserves depreciated by $1.51billion to $39.02billion as of August 2022 from $40.52billion it closed in 2021 amid the Central Bank of Nigeria’s (CBN) increasing intervention in the foreign exchange market and decline in oil revenue. According to the CBN, the foreign reserves depreciated by $203.9million in August 2022 to $39.02billion from $39.22billion it opened in the month under…
Read More » -
NCC issues new International Termination Rate
The Nigerian Communications Commission (NCC) has issued an amended Determination of Mobile (Voice) International Termination Rate (ITR) for implementation in the Nigerian Telecommunications Industry effective from September 1, 2022. This was contained in a statement by its Director, Public Affairs, Reuben Muoka. According to the statement, the ITR for voice services paid for terminating international calls on local networks in…
Read More » -
N46bn debt: NCAA threatens withdrawal of domestic airlines’ licenses
The Nigerian Civil Aviation Authority (NCAA) has threatened to withdraw the licenses of domestic airlines in the country if they fail to sign a Memorandum of Understanding on how to clear the about N46bn debt which they owe aviation agencies. NCAA Director General, Musa Nuhu while speaking at a stakeholders’ meeting in Abuja on Tuesday, said the airlines have 30…
Read More »
