Import Tax: FG Eyes N124bn from 0.5% Imposition The Federal Government is set to make about N124.26bn in a year from the imposition of a 0.5 per cent import tax on goods introduced in Finance Bill 2023. The Finance Bill 2023 which was signed into law...

Election Uncertainties Trigger Increase In Consumer Loans to N2.45trn   Banks increased consumer loans to N2.45 trillion in February 2023, up by 5.6 per cent from N2.32 trillion in December 2022. Financial industry experts attributed the development to an increase in demand occasioned by apprehension about the...

Taxes On Products Rise By 112%, Now N3trn   Total taxes on products in the economy rose by 112.02 per cent from N1.43tn in 2019 to N3.03tn in 2022, coinciding with a Value Added Tax hike from five per cent in 2020 to 7.5 per cent...

FG Spent N408.5bn On Debt Servicing In February   The Federal Government spent 85.37 per cent of its revenue servicing debt in February. The Central Bank of Nigeria, in its monthly economic report for February 2023, noted that the Federal Government had a retained revenue of N478.57bn...

Net Forex Inflows Hit $5.15bn In Two Months   The net foreign exchange inflows through the economy rose year-on-year (YoY) by 22 percent to $5.15 billion in the first two months of 2023 (2m’23) from $4.22 billion in the corresponding period of 2022. Data from the Central...

Telecom Sector Contributes N2.5trn to GDP In Q1, 2023   The Telecommunications and Information Services sector in Nigeria contributed N2.508 trillion, representing 14.13 per cent, to the nation’s gross domestic product, GDP, in the first quarter of 2023 (Q1’23). The National Bureau of Statistics (NBS) report showed...