Nigerians Spent N54trn on Household Consumption in Six Months – NBS

EconomyNewsNigerians Spent N54trn on Household Consumption in Six Months – NBS

Beloved John (Staff Writer)October 19, 2021

The National Bureau of Statistics (NBS) has said spending by citizens in Nigeria rose to N54.84 trillion in nominal terms in the first half of 2021. This is N48.22 trillion recorded in the first half of 2020 according to an Expenditure and Income Gross Domestic Product (GDP) report. Household final expenditure is the amount of final consumption expenditure made by resident households to meet their everyday needs, such as food, clothing, housing (rent), energy, transport,...

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FIRS 2022 Budget: N2.8bn on Uniform, N550m on Meals, N200m on Sporting Activities, Others

EconomyTaxationFIRS 2022 Budget: N2.8bn on Uniform, N550m on Meals, N200m on Sporting Activities, Others

Bada Yusuf Amoo (Correspondent)October 17, 2021

ABUAJ — The Federal Inland Revenue Service (FIRS) has earmarked the sum of N2.8bn for “uniforms and clothing” for the year 2022. The tax body has also budgeted about N550m for refreshments and N200m for sporting activities. The FIRS, which is one of the highest revenue-generating government bodies, set aside N262.5m for security votes while N17.8bn would be spent on “miscellaneous” expenses. The details are included in the 2022 budget proposal the agency submitted separately...

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Anambra State Governor Obiano Presents 2022 Budget to State Assembly

EconomyNewsSoutheastAnambra State Governor Obiano Presents 2022 Budget to State Assembly

Ebuka Onyekwelu (Staff Writer)October 14, 2021

AWKA — The Governor of Anambra state Chief Willie Obiano, today presented the 2022 draft budget to the state House of Assembly. The 2022 draft estimate is Governor Obiano’s final budget and when passed by the House before his administration elapses, then, that will be his last chance at contributing to the growth and development of the state as governor. In his opening remarks, the Speaker of Anambra State House of Assembly, Rt. Hon. Uche...

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2022 Budget: Kaduna Govt Targets N24.9 bn VAT, N67 bn IGR

EconomyRegions2022 Budget: Kaduna Govt Targets N24.9 bn VAT, N67 bn IGR

PilotnewsOctober 12, 2021

KADUNA — Gov. Nasir El-Rufai of Kaduna State, says the state expects an internally generated revenue of N67.26 billion and N24.9 billion Value Added Tax (VAT) which will be used to partly finance the state’s 2022 budget of N233 billion. The governor made the disclosure while presenting the 2022 draft budget to the State House of Assembly on Tuesday. He indicated that the budget has a capital expenditure of N146 billion and recurrent spending of...

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Moghalu Shares Insight on Falling Naira

EconomyNigeriaMoghalu Shares Insight on Falling Naira

Bada Yusuf Amoo (Correspondent)October 9, 2021

ABUJA — A former Deputy Governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, says that the naira is not appreciating because Nigeria is not a productive economy. Moghalu said this in Abuja on Friday while announcing his defection to the African Democratic Congress, the party on whose platform he is expected to contest the 2023 presidential election. He added that the only thing Nigeria exports is crude oil but the price is not...

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Buhari Presents N16.39trn Budget Proposal to National Assembly for 2022

EconomyNigeriaBuhari Presents N16.39trn Budget Proposal to National Assembly for 2022

Bada Yusuf Amoo (Correspondent)October 8, 2021

ABUJA — President Muhammadu Buhari has, on Thursday, October 7, 2021, proposed a budget of N1939 trillion for the year 2022 to the National Assembly. Speaking at the assembly chambers, the President tagged the appropriation bill “a Budget of Economic Growth and Sustainability”. He said the budget will focus on diversifying the economy, with robust MSME growth; investing in critical infrastructure; strengthening security and ensuring good governance; enabling a vibrant, educated and healthy populace; reducing...

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World Bank’s Prediction of Nigeria’s 2021 Growth Rises From 1.8 to 2.4%

AfricaEconomyWorld Bank’s Prediction of Nigeria’s 2021 Growth Rises From 1.8 to 2.4%

Beloved John (Staff Writer)October 7, 2021

The World Bank has projected that Nigeria’s economy could expand by 2.4 percent this year. The new projection is significantly higher than the 1.8 percent forecasted by the bank earlier this year. According to World Bank, within Africa, economic recovery will be multi-speed. The projection was documented by the bank in a report titled ‘Climate change adaption and economic transformation in Sub-Saharan Africa’. World Bank cited Angola, Nigeria, and South Africa as the largest economies...

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Why Public Debt is Rising – Buhari

EconomyNewsWhy Public Debt is Rising – Buhari

Beloved John (Staff Writer)October 7, 2021

ABUJA — President Muhammadu Buhari has blamed Nigeria’s rising debt profile on economic recessions in the country. According to him, the country’s debt is growing consistently because the federal government had to spend its way out of recessions. Buhari disclosed this while addressing a joint session of the national assembly on Thursday. He stated that the economy would not have recovered without the government’s expenditure that was funded by debt. “As you are aware, we...

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Nigerian Government To Spend N16.39 Trillion In 2022

EconomyNational DevelopmentNigerian Government To Spend N16.39 Trillion In 2022

Hassan Umar Shallpella (Regional Correspondent)October 7, 2021

ABUJA — The Federal Executive Council (FEC) has approved the 2022 Appropriation Bill for an aggregate expenditure of N16.39 trillion for presentation to the National Assembly by President Muhammadu Buhari today Thursday. Zainab Ahmed, Minister of Finance, Budget and National Planning, made this known when she briefed State House correspondents on the outcome of the Council meeting, presided over by President Muhammadu Buhari, on Wednesday in Abuja. On the approved 2022 Appropriation Bill for an...

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Decentralization of VAT Collection is Detrimental to Interstate Trade – NGF

BusinessEconomyTaxationDecentralization of VAT Collection is Detrimental to Interstate Trade – NGF

Beloved John (Staff Writer)September 27, 2021

KADUNA — The Northern Governors Forum (NGF) has said the collection of value-added tax (VAT) by states will result in inflation in the prices of goods and services. The forum asserted that such a move will also create interstate trade barriers. This resolution was at a meeting with northern state emirs and chiefs in Kaduna on Monday. “VAT is being confused by these State Government as a sales tax. “If every State enacted its own...

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