Amid Worsening Electricity Crisis, Power Firms Owe Banks N861.14bn   The debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021 amid the lingering problems plaguing the sector since it was privatised...

FAAC: N725.5bn March Revenue Shared By FG, States, LGAs The Federation Account Allocation Committee (FAAC) report reveals that N725.571 billion for March, 2022 revenue has been shared by federal, states and local governments. This revenue disbursement comprised distributable statutory revenue of N521.169bn and distributable Value Added...

In Six Months, FG Spent N177.53bn On Pension, Gratuities   The Federal Government spent N177.53bn on pension and gratuities in the second half of 2021. These were revealed by figures obtained from the Central Bank of Nigeria’s monthly economic report on Federal Government expenditure. It stated that...

PFAs Invest N74.54bn In Infrastructure   The Pension Fund Administrators (PFAs) invested N74.54bn in infrastructure out of the N13.76trn they received from the Contributory Pension Scheme at the end of February 2022. This was contained in the latest figures obtained from the National Pension Commission. Investors have continued...

Reps Okay N369bn For Customs’ 2022 Budget   The House of Representatives has approved the sum of N369.136 billion as the 2022 budget for the Nigeria Customs Service (NCS). This followed the adoption of the report presented by the chairman, House Committee on Customs and Excise,...

Dangote, Two Others Account For N3.48bn Social Expenditure — NEITI   The Nigeria Extractive Industries Transparency Initiative (NEITI) has named Dangote Group, Lafarge Africa Plc and First Patriots as the top three contributors to the mining industry’s social expenditure with N3.48 billion total spending. The figure, according...