Business

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Background

Business

Contributory Pension Scheme Rose by N1.56tn in 2022

The total assets under the Contributory Pension Scheme rose by N1.56tn in 2022. According to figures from the National Pension Commission, the funds, which ended December 31, 2022, at N13.42tn, rose to N14.99tn by the end of December 2022. Contributors in the scheme rose slightly by 333,002 from 9,529,127 as of the end of 2021 to 9,862,129 in the corresponding period of 2022. According to the figures, N9.64tn or 64.33 […]

today01/30/2023

Business

Properties Worth N3.19tn Lost to Fire Incident Between 2015 and 2022

Reports say properties worth N3.19tn have been lost to various fire incidents nationwide between 2015 and 2022. Minister of Interior Minister, Rauf Aregbesola, revealed this at the 64th session of the State House Ministerial briefing held in Abuja. Aregbesola noted that this includes N46.1bn lost to fires in 2022, and N25.32tn worth of properties were salvaged within that period.

today01/26/2023 1

Business

FG to Spend N1.2tn on Servicing Loans From CBN

The Federal Government has announced plans to spend N1.2tn on servicing the loans it got from the Central Bank of Nigeria through the Ways and Means Advances. According to the 2023 fiscal framework, the Federal Government allocated N6.31tn to service its total debts. A breakdown showed that the Federal Government allocated approximately N3.3tn to service domestic debts, N1.81tn for foreign debts and N1.2tn for ways and means.

today01/26/2023 3

Business

Cashew Nuts Export Generate 250m dollars in 2022

The Minister of Agriculture and Rural Development, Mohammed Abubakar, has revealed that cashew nuts export from Nigeria had generated over 250m dollars in 2022. Abubakar made the revelation during the Nigerian Cashew Day and cashew season commencement. The Minister noted that the export is estimated to represent over 10% of GDP based on export data of 2022.

today01/25/2023 1

Business

PenCom Approves 181 Firms to Partner with Federal Government

The National Pension Commission has given clearance to 181 firms to do business with the Federal Government. PenCom’s directive on issuance of certificate of compliance stated that employers must fully comply with the provisions of the law. The firms with varying numbers of employees were given the compliance with December 31, 2023 expiry date.

today01/18/2023 3

Business

Power Generation Fall in Q1 2022

Power generation on the national grid slumped consecutively in the first and second quarters of 2022, recording a cumulative crash of 1,713.55 gigawatt-hours during the six-month period. According to data on the sector’s operational performance, the total quarterly generation in Q1 2022 plunged by 632.17GWh to 8,848.04GWh, when compared to what was generated in the preceding quarter. The Ministry of Power indicated that the fall in power generation continued in […]

today01/18/2023 4

Business

Nigeria Inflation Ease to 21.34% in December

Nigeria’s inflation rate eased to 21.34% in December 2022 from 21.47% in November 2022. According to the National Bureau of Statistics, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%. It noted that on a year-on-year basis, the headline inflation rate was 5.72% points higher compared to the rate recorded in December 2021, which was 15.63%. On a month-on-month basis, the percentage […]

today01/17/2023

Business

Bank Deposit Increase by N6.92tn

Deposits by Nigerian banks rose by N6.92tn from N36.13tn as of the end of October 2021 to N43.05tn in the corresponding period of 2022. According to the Deputy Governor, Financial System Stability Directorate, CBN, Aishah Ahmad, total assets rose to N69.67tn in October 2022 from N57.3tn in October 2021, while total deposits rose to N43.05tn from N36.13tn over the same period. Total credit also increased by N5.32tn to N28.81tn between […]

today01/12/2023 1

Business

Musk Loses $165 billion of Personal Fortune

The Chief Executive Officer of Tesla, Elon Musk, has been listed in the Book of Record for losing $165 billion of his personal fortune. Musk was listed as the ‘largest loss of personal fortune’ after losing the amount in December 2022. Forbes reported that his net worth dropped from its peak of $320 billion in November 2021 to $155 billion one year later, largely down to poor performance of Tesla’s […]

today01/10/2023 2

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