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The Federal Government has exceeded its borrowing by N1.15tn for the period between January and August 2022. A copy of the public presentation of the 2023 proposed budget by the Minister of Finance, Budget and National Planning, Zainab Ahmed, showed that the Federal Government planned to borrow N6.10tn in 2022. A breakdown shows that the Federal Government planned to get N3.53tn from domestic creditors and N2.57tn from foreign creditors.
Reports say Nigerians used railway transportation less in the second quarter of 2022 than they did in the first quarter of 2021. According to the National Bureau the number of train passengers in Q2 2022 was 422,393, while the number of passengers in Q1 2022 was 953,099. The data showed that the number of cargo for Q2 2022 was zero, compared to Q1 2022 when the total cargo transported through the […]
The top five banks in Nigeria generated the sum of N740.88 billion as interest income in the third quarter of 2022. This represents a 35.9% increase from N545.21 billion recorded in the comparable period of 2021. Interest incomes are revenue earned by banks from lending money to other entities.
Telecommunication companies have registered 16.72 million subscribers in the first nine months of 2022. According to data from the Nigerian Communications Commission, this brings the total number of active lines in the nation to 211.85 million subscribers. The growth in the nation’s total number of subscribers has been sustained above the 200 million mark since April 2022.
The Federation Account Allocation Committee has shared N700.235bn to the three tiers of government, as federation allocation for the month of September, 2022. Federal Government received N262.636bn, the states received N217.191bn, and the Local Government Councils got N160.416bn, while the oil producing states received N59.992bn as derivation. Accordingly, the gross statutory revenue of N502.135bn distributed was higher than the sum received in the previous month.
Governor of the Central Bank of Nigeria, CBN, governor, Godwin Emefiele, has revealed that the eNaira recorded N8 billion worth of transactions in the one year since its launch. Emefiele disclosed this at a conference to mark the first anniversary of the digital currency, in Lagos State. The Governor added that the central bank has spent a lot of money to adopt a cashless economy.
Nigeria’s consumption of Liquefied Natural Gas has increased by over 1000 per cent in the last 14 years. The assertion was made by the Managing Director and Chief Executive Officer, NLNG, Philip Mshelbila, at the Conference of the Nigerian Liquefied Petroleum Gas Association held in Lagos. According to him, NLPGA and NLNG’s intervention had seen the supply of LPG grow from 60,000MT in 2007 to over 1.3million metric tons in 2021, […]
University students have lamented over the high rate of accommodation in schools. In an interview with Boss Radio correspondent, a student hostel president, Ifeanyi Chukwu said the high rent is as a result of the economic situation in the country. Another student Micheal Chinedu revealed that students are not impressed with the increase in the price. Abigail Maryjane, a fresh occupant disclosed that the current price is at the […]
The Midstream and Downstream Petroleum Regulatory Authority, MDPRA, has said that it lost the most valued crude oil customers. Chief Executive, NMDPRA, Farouk Ahmed, while speaking in Abuja, noted that some of its gas buyers now compete with the country in the same market. It also added that international oil companies were massively shifting focus to alternative fuels.
