Nigerians pay N496.39bn in VAT in Q1 2021

VAT in Q1 2021

Nigerians pay N496.39bn in VAT in Q1 2021   Nigerians consuming various goods and services in the country paid Value Added Tax (VAT) estimated at N496.39 billion to the coffers of the government in the first quarter of 2021. This is according to Sectoral Distribution of VAT for Q1 2021 report published Saturday by the National Bureau of Statistics (NBS). According to the report, the figure rose by N41.7 billion in quarter under review from as against N454.69 billion generated in the preceding Q4 of 2020 and N171.81 billion higher…

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Nigeria exits recession amidst weak economic recovery

Nigerian economy

Nigeria exits recession amidst weak economic recovery   As real GDP Grew by 0.11% in Q4 Slid -1.92% in Full Year 2020   Trudging along a challenging terrain created by the novel Coronavirus pandemic, the Nigerian economic has managed to pull out of recession after three quarters of shrinking in value. Specifically, the Gross Domestic Product (GDP) of the country grew by 0.11 per cent year-on-year in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters. Though weak, the positive…

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Nigeria to rebase GDP in 2021, says NBS boss

Nigeria to rebase GDP in 2021

Nigeria to rebase GDP in 2021, says NBS boss     The Statistician-General of the Federation and Chief Executive Officer of the Nigerian National Bureau of Statistics (NBS) Yemi Kale, has disclosed that Nigeria would rebase its GDP later this year. Dr. Kale disclosed this at the media conference on the significance of the on-going National Survey of Establishment (NSE) on Thursday in Abuja, the News Agency of Nigeria (NAN) reported. He revealed that after the GDP is rebased, the NSE would include information on 17 economic activities which would…

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Nigerians pay N427.71bn VAT to govt in Q4 2020

Value Added Tax

Nigerians pay N427.71bn VAT to govt in Q4 2020   The Aggregate Value Added Tax (VAT) paid by Nigerians to the government in the fourth quarter of 2020 (Q4 2020) stood at N454.69 billion, N29.98 billion higher than N424.71 billion recorded in the previous quarter, Q3 2020. This is disclosed by the National Bureau of Statistics (NBS) in its “Sectoral Distribution of Value Added Tax (Q4 2020)” obtained from its website on Wednesday. The bureau said the figure represented 7.06 per cent increase Quarter-on-Quarter and 47.39 per cent increase Year-on-Year…

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NBS: Nigeria rakes in N295.72bn company income tax in Q4 2020

Company Income Tax

NBS: Nigeria rakes in N295.72bn company income tax in Q4 2020   Nigeria recorded a total sum of N295.72 billion as Company Income Tax (CIT) in the last quarter of 2020, the National Bureau of Statistics (NBS) has revealed. In is observed in the just released Sectoral distribution of Company Income Tax (CIT) data for Q4 2020 by the NBS that, the sum fell by 28.91 per cent from N416.01 billion generated in Q3 2020 and 18.31 per cent lower  year-on-year compared with N362.01 billion generated in Q4 2019. According…

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Food prices rising, household incomes precarious – NBS

household incomes precarious – NBS Food prices rising

Food prices rising, household incomes precarious – NBS   The prices of most food items increased in November this year, while the incomes for many households are still in precarious situations, the National Bureau of Statistics has said. In its Selected Food Prices Watch for November 2020, the NBS stated that selected food price watch data in the review month reflected that the average price of one dozen of agric eggs, medium size, increased year-on-year by 6.64 per cent. It said the commodity also increased month-on-month by 1.42 per cent…

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More for less: Nigerians groan as inflation hits 14.89%

December inflation Border reopening

Evidently, the trend of spending more to get less by Nigerians has reached a new height following o.66 per cent spike in inflation rate in November December. According to the National Bureau of Statistics (NBS) in the latest inflation report released on Tuesday, Nigeria’s inflation rate has climbed to a 31-month high, as it rose further to 14.89 per cent in November. Inflation now stands at 14.89 per cent in November 2020 from 14.23 per cent in October 2020 on a year-on-year basis. The country’s inflation has been on the…

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FDC analysts forecast 14% inflation rate for September

inflation

Inflation will maintain its upward trajectory and increase to 14 per cent for the month of September, from the 13.22 per cent recorded in August, Financial Derivatives Company (FDC) has predicted. The Chief Executive Officer, FDC, Mr. Bismarck Rewane, who made the forecast at the Lagos Business School (LBS) Executive   Breakfast Session, presentation for October 2020, obtained by Business Metrics on Sunday, said he also expected inflation to further rise to 15 per cent in October, adding that inflation in 2020 could rise beyond the Central Bank of Nigeria’s (CBN)…

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78.94% of N18.9trn bank credit in Q2 originated from Lagos – NBS

78.94% of N18.9trn bank credit in Q2 originated from Lagos – NBS

As a geographical entity, Lagos State has again proven correct it given appellation as the economic hub of the country even when it comes to access to credit by Nigerians and corporate entities. According to the National Bureau of Statistics (NBS) in its Nigerian Selected Banking sector data as at Q2 2020 just released, Lagos led other states on the chart of geographical distribution of credit by states. The report revealed that total Geographical Distribution of Credit by State stood at N18.90 trillion compared to N18.56 trillion in Q1 2020…

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68% households experienced food insecurity in August –NBS

Insurance sector contracted by 12.05% in Q4 – NBS

Sixty-eight per cent of households experienced food insecurity in August as COVID-19 continued to have its impact on different sectors, the National Bureau of Statistics stated on Monday. Part of the report read, “The food security situation in Nigeria remains precarious, even as the lockdown restrictions continue to be loosened. “The share of households experiencing moderate or severe food insecurity remained high at 68 per cent in August 2020. “Experience of both moderate and severe food insecurity are more prevalent than that reported in July/August 2018 during the first visit…

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