Twenty-eight sectors of the economy declined in the second quarter of 2022 as real Gross Domestic Product shrunk by N63.49bn quarter-on-quarter.
While real GDP grew by 3.54 per cent year-on-year in Q2 2022, it declined by 0.37 per cent from the N17.35tn that was recorded in the first quarter of 2021 to N17.29tn in Q2, 2022, according to data from the National Bureau of Statistics, NBS.
The NBS…
The management of Dangote Sugar Refinery Plc has said it is set to reduce the importation of sugar into the country by 40 per cent.
The President, Dangote Group, Aliko Dangote, said in a statement that it was embarking on Phase II of its sugar project, which would cover over…
N19.76tn budget proposal: N12tn deficit worries FG, debt may hit N54tn
August 30, 2022
The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year.
If the deficit settles at N12.41tn in 2023, the Federal Government may need to borrow to finance it, which…
Nigeria is missing from the list of beneficiary countries for the $315 million World Bank fund for African countries to support food security.
The second phase of the West Africa regional Food Systems Resilience Program (FSRP-2) approved yesterday in International Development Association (IDA) financing will benefit an additional two million Africans- from Chad, Ghana and Sierra Leone.
Nigeria…
Property World Africa Network has commenced the construction of a luxury estate located in the Centenary City of the Federal Capital Territory, Abuja.
PWAN’s Max Grove Estate is a 9.1 hectare cosmopolitan residence encompassing 236 units of four to five-bedroom…
The Federal Government received N1.09tn from indirect taxes in the first two quarters of 2022, according to data from the National Bureau of Statistics.
This represents a 10.29 per cent increase from N984.33bn obtained in the first two quarters of 2021.
Indirect taxes are…
The Vice President, Professor Yemi Osinbajo, SAN, said it was unfitting to compare the realities of the Nigerian economy with those of other smaller African states.
He argued that at least 10 Nigerian states “have bigger GDPs than those countries.”
Osinbajo also noted that the violent reports emanating from the country did not reflect the reality of the entire country which, he said, was too…
The Federal Government is proposing a budget with estimates totalling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who made this known in Abuja on Monday…
Nigeria’s Grey raises $2M for cross-border payments play and regional expansion
August 29, 2022
The availability of digital overseas financial institution accounts has turn into a standard technique for fintechs to allow Nigerians and Africans to facilitate worldwide transfers. Within the newest improvement, Grey, a fintech on this class that gives digital worldwide…
Six international oil companies are to remit a total of N442.37bn in August 2022, being proceeds from the sale of domestic crude oil in May 2022, figures obtained from the Nigerian National Petroleum Company Limited on Monday showed.
NNPC explained that the N422.37bn was for 8.887 million barrels of oil for May 2022 domestic crude payable in August 2022, adding that the six companies were joint…