The decision of the Federal Government to disengage over 500,000 N-Power recruits have generated different public reactions. While some have decried unpaid allowances for current recruits, others believe that the layoffs will worsen the unemployment situation in the country.
Insufficient bank branches, high banking fees, stringent identity verification, and financial illiteracy are some of the identified causes of financial exclusion in Nigeria.
The Sectoral Distribution of Value Added Tax (VAT) released by the National Bureau of Statistics has revealed that ₦338.94 billion was generated as VAT in the first quarter of 2020. This amounts to an increase of 15.7 percent from the VAT receipt of ₦293 billion in the first quarter of 2019. Hike in VAT from 5 percent to 7.5 percent is purportedly responsible for this revenue increase.
If anyone has stepped out recently, he must have noticed that Nigeria as almost fully resumed its normal life. From the aggressive drivers on the now busy roads to the spontaneous conversations at informal stands and the rowdy marketplaces, life has practically returned to normal in the country. In fact, if you take a stroll down the streets, you will likely find people holding hands, cheering happily, or even exchanging words aggressively! Except for the multi-coloured uniforms of school children that are still missing, nothing else might remind you of the ongoing pandemic.
There has been increasing demands for revenue diversification measures due to the fluctuations in revenue earning from Nigeria’s crude. An analysis of Nigeria’s earnings from the top traded items for the first quarters of 2017, 2018, and 2019 has indicated the huge potentials of some non-oil sectors.
The challenges of coronavirus and dwindling oil price are aching Nigeria’s economy. Things may also get worse if not managed well. The situation would stimulate negative growth, worsen foreign exchange and increase unemployment. Also, the crises will reduce federal allocations. This means unpaid wages, limited capital spending at all tiers of government. By extension, the crises will impact Nigeria’s private sector and increase poverty.
There are considerable increases in the price of food items since January 2020. This is according to the data from the April Food Price Watch of the National Bureau of Statistics. On a general note, the report reflected that the price of one dozen egg increased year-on-year by 2.04 percent.
COVID-19 pandemic has continued to hamper Nigeria’s social and economic life. This is according to a recent report from the National Bureau of Statistics. The report titled COVID-19 Impact Monitoring (May 2020) reflected that the pandemic poses serious health and financial threats to many Nigerians and has a devastating impact on employment and income in the country.
The Central Bank of Nigerian (CBN) has waived the guarantor requirement for the ₦50 billion COVID-19 loan applications. This was revealed in a press statement that was posted on Twitter recently. From the statement, households and SMEs applying for the ₦50 billion COVID-19 targeted credit facility would not be required to provide guarantors before they can access the credit.
The Nationa Bureau of Stattistics’ (NBS) Telecoms data for the fourth quarter of 2019 has revealed that a total of 184,699,409 subscribers were active on voice calls in Nigeria. Also, 126,078,999 subscribers were active on internet during the period under review. According to the report, Nigeria recorded an increase of 3.08 percent and 2.37 percent on voice and internet subscription respectively between the fourth quarter of 2018 and the fourth quarter of 2019.
Data from the Central Bank of Nigeria has revealed an increasing growth of inflation in Nigeria. While the inflation rate was 11.37 percent in April 2019, the figure stood at 12.34 percent in April 2020. The data has also shown a progressive increase in the inflation rate since August last year. From 11.02 percent in August, inflation rate increased to 11.24 percent in September and has since been increasing. Increases in inflation rate from August 2019 to April 2020 is shown in the figure below.
Following DATAPHYTE’s report on the disparate salary structure of staff of the Department of Petroleum Resources (DPR), Nigerians have thrown in series of reactions. These reactions were received on the Facebook page of the International Centre for Investigative Reporting and the comment section of the story on Premium Times. Many of them point to the spate of accountability, the gross injustice in the country’s wage structure, and the urgent need for harmonization of Nigeria’s wage structure
The Central Bank of Nigeria (CBN) recently announced the review of its Monetary Policy Rate (MPR) from 13.5 percent to 12.5 percent. The CBN Governor disclosed this at the end of the Monetary Policy Committee (MPC) meeting in Abuja. The review was orchestrated by the impact of the COVID-19 pandemic on the economy, the increased inflationary pressure, and the restrictions in international trade.
With a staggering population of 205 million people, over 80 million Nigerians live in poverty. This is according to the Nigerian Living Standards Survey report published by the National Bureau of Statistics. The recently published data indicates that 40.09 percent of Nigerian are poor. Whereas the poverty rate in urban areas is only 18.04 percent, as much as 52.1 percent of rural dwellers are poor.
Budgetary provisions from the revised 2020 budget have continued to stimulate discussion on Nigeria’s revenue management framework and the country’s commitment to development. From the meagre provision for healthcare and education to the untouched legislature expenditure, the budget revision has been described as unsatisfactory. But a further review of the revised budget reveals components that raise more questions. Provisions for the Presidential Amnesty Program (PAP) is one of such.
