NNPC Deductions From Federation Account Rise To N883.56bn In Q1, 2022   The financial pressure on the three tiers of the Nigerian government is escalating as deductions from the oil revenue, the major source of inflow to the Federation Account, rise sharply. Findings from the Federation Account...

FG Hopes To Ramp Up Power Infrastructure With $4bn Funding   The Federal Government (FG) has expressed optimism that the various funding arrangements amounting to about $4 billion it has put in place to boost power transmission capacity and other power infrastructure in the country would...

VAT Revenue Rises By 33% To N2.07trn   The National Bureau of Statistics (NBS) said the federal government generated N2.07 trillion as Value Added Tax (VAT) last year. This represents a 33 percent Year-on-Year (YoY) increase in VAT when compared to N1.55 trillion generated in 2020. Findings from...

'Nigerians Spend $39.66bn On Foreign Education, Medical Tourism'   Nigerians spent a total of $39.66bn on foreign education and healthcare-related services between 2010 and 2020, according to the Central Bank of Nigeria data. According to CBN’s Balance of Payments, Nigerian parents and guardians paid about $28.65bn for...

Foreign Reserves Shed $975.7m Year-to-date   Nigeria’s foreign reserves continued its downward slope, a trend formed towards the end of last year after it failed to sustain a momentary recovery witnessed in October. The gross figure, which has remained a consistent gradual depletion in the past five...

Capital Importation Records $6.7bn, Suffers 30% Decline   The value of capital importation into Nigeria fell by 30.78 per cent from $9.68bn in 2020 to $6.7bn in 2021 according to data from the National Bureau of Statistics. In its ‘Nigerian Capital Importation’ report for the four quarters...