Net Forex Inflow Hits $7.2bn, Up by 24%   The net foreign exchange inflow through the economy rose quarter-on-quarter (QoQ) by 24.7 percent to $7.2 billion in the first quarter of 2023 (Q1’23), from $5.78 billion in the preceding quarter, Q4’22. The Central Bank of Nigeria, CBN,...

W/Bank Delays $8.6bn Loan To Nigeria, Report Says   Nigeria has about $8.25bn undisbursed World Bank loan as of July 2023. This was based on data obtained from the Summary Statement of Loans/Credit/Grants on the website of the World Bank. A breakdown further showed that the undisbursed loans...

Tax Revenue Hits N3.48trn in H1’23 - Report Revenue from Value Added Tax (VAT) and Company Income Tax, CIT, grew Year-on-Year (YoY) by 17 percent to N3.48 trillion in the first half of 2023 (H1’23) from N2.97trillion in the corresponding period of 2022, H1’22. Details of...

External Reserves Marginally Gained $1.87m in August   In August 2023, Nigeria’s external reserves experienced a slight uptick of $1.87 million, thanks to the policies implemented by the Central Bank of Nigeria (CBN) aimed at stabilising the foreign exchange market. The external reserves, as reported by the...

In Four Years, We Augmented LG Allocations With N33.25bn – Ogun Govt   The Ogun State Government has said it augmented councils’ allocations with N33.25 billion in the last four years to enable them to meet their obligations. The government maintained that it does not interfere with...

CBN Says FG’s Three-month Expenditure Exceeds Revenue by N1.43trn   The Federal Government’s expenditure exceeded revenue by N1.43tn in the first three months of 2023, according to figures obtained from the Central Bank of Nigeria (CBN). The CBN revealed in its economic report for the third quarter...