FG to Raise VAT to 15% By 2027 to Fund Fiscal Deficit – EIU The federal government is expected to raise the Value Added Tax (VAT) to 15 per cent from the current 7.5 per cent by 2027 to enable it fund its fiscal deficit...

Manufacturing Contribution to Economy Drops to 2.2% - NBS The real sector’s contribution to the Nigerian economy dipped to 2.20% (year-on-year) in the second quarter of 2023, according to the Gross Domestic Product report of the National Bureau of Statistics. According to the report, the growth...

Insurance Firms, Banks Others Contribute N1.72trn To Economy   Banks, insurance companies and other financial institutions contributed N1.72 trillion to the nation’s real Gross Domestic Product (GDP) in the first half of the year, H1’23. This represents 27 percent year-on-year YoY growth from the N1.35 trillion contributed...

DMO Projects Nigeria’s Debt-to-GDP Ratio To 37.1% Increase In 2023  The Debt Management Office (DMO) has projected that Nigeria’s total public debt could rise to 37.1% of its gross domestic product (GDP) this year, nearing the government’s self-imposed 40% limit. The government of the ex-president Mohammadu...

Africa’s GDP Growth Slowed By 65% – Report   Nigeria, Egypt, and South Africa were responsible for 65 per cent of Africa’s Gross Domestic Product slowdown, McKinsey has disclosed. The report, which was titled ‘Reimagining economic growth in Africa: Turning Diversity into Opportunity’, stated that Africa’s GDP...

Inflation: Nigerians’ Household Consumption Declines in 2022 – NBS The National Bureau of Statistics has disclosed that household final consumption grew by -12.47 per cent in the fourth quarter of 2022 compared to the 7.30 per cent growth rate of Q4 2021. This disclosure was contained...