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Over the last eight years, the aggregate approved national budget in Nigeria has had a 3.4% increase over the proposed. N75.96 trillion has been proposed as aggregate expenditure from 2015 to 2022, the approved figure as passed by the national assembly stood at N78.54 trillion.
President Muhammadu Buhari has signed the 2022 budget. The revised budget is N17.1 Trillion from an initial N16.4 Trillion presented to the National Assembly. The additional changes, driving up the budget figures, were done by the National Assembly.
The Federal Government of Nigeria has earmarked the sum of N2.47 trillion as Service Wide Vote (SWV) in the 2022 proposed budget, despite concerns around it.
Why is everyone concerned at the alarming revenue-debt ratio of Nigeria even when the debt-GDP ratio shows Nigeria is not only creditworthy but also has the capacity to pay its debts.
Dataphyte’s review of Nigeria’s 2019 audit report has shown that Nigerian Ministries, Departments and Agencies spent monies running into trillions of naira without appropriation or financial transparency.
Nigeria’s debt to Gross Domestic Product (GDP) ratio has been on the increase over the last 8 years. It has increased significantly from 12.54% in 2014 to 21.34% in 2020.
Dataphyte Advisory Note titled ‘the Nigerian Post-oil Economy: Going the Housing Consumer Credit Path’ has posited that Nigeria is yet to fully tap the potentials of its housing sector. According to details in the advisory note, if maximised, the Housing Sector could bring about economic growth and improve employment opportunities in the country.
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Nigeria’s inflation rate continues to decline according to the CBN inflation data. The headline inflation rate as of October 2021 stands at 15.99%, maintaining a steady decline from March 2021 when it was 18.17%. The food inflation rate and core inflation rate stand at 18.34% and 13.24% respectively of October 2021.
Nigeria’s inflation rate [Consumer Price Index (CPI)] continues its steady decline across all headings. Headline inflation declined for the eighth consecutive month from 16.63% in September to 15.99% in October.
Nigeria’s currency is weaker than Afghanistan’s Afghani and Pakistan’s Rupee on the international market. Currently, one dollar equals N411 (Naira). 79.92 AFN (Afghani), and 174. 43 PKR (Pakistani rupee).
Nigeria’s inflation rate has enjoyed a steady, marginal decline from March 2021 to September 2021. The drop recorded in September 2021 represents the sixth consecutive decline.
The results of the twelfth round of the Nigeria COVID-19 National Longitudinal Phone Survey on the job aspirations of urban and rural youths raise critical policy questions about the country’s achievement of the sustainable development goals (SDGs).
Nigeria has been losing 2.2 billion naira (N2,177,089,051) each day since the #Twitterban, using the exchange rate as of November 2019, according to Netblocks’ estimates.
Kebbi State’s Internally Generated Revenue (IGR) increased from ₦7.37 billion in 2019 to ₦13.78 billion in 2020, according to data released by the National Bureau for Statistics NBS. This 87% growth in Kebbi’s IGR was the highest IGR growth rate among the 36 states and the FCT in 2020. Ebonyi state came second at 82% IGR growth rate and Oyo at a distant third with 42%.
In 2020, Nigeria generated a total of ₦1.41 trillion as revenue from Company Income Tax (CIT). Of this figure, 56.09% came from the sectoral collection, 16.89% was e-payments, and 27.02% from foreign sources.
