Revenue allocation to federal, state and local governments has declined from a peak of N970.57bn in July 2021 to N680.783bn in May 2022, representing a 30 per cent reduction over the period. The decrease in allocation to these levels of government reveals the fiscal challenges facing various levels of government in Africa’s biggest economy. “It […]
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The pressure on the foreign exchange market continued on Tuesday, with the dollar exchanging at N615 at the parallel market in Lagos and Abuja. This is even as the percentage of local raw materials sourced by Nigerian manufacturers declined to 52.4 per cent in 2021, from 57.5 per cent obtained in 2020, according to data […]
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The inability of the Nigerian National Petroleum Company Limited (NNPC) to carry out its statutory obligations to the federation continued for the fifth month in May, with the firm now recording a N704 billion deficit for the year thus far. In its latest monthly presentation to the Federation Account Allocation Committee (FAAC), the national oil […]
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The federation account allocation committee (FAAC) says it shared N680.783 billion with the federal, states and local governments for May 2022. FAAC said this in a communiqué issued on Friday at the end of its meeting for June 2022, in Abuja. The figure represents an increase of N44.181 billion (6.7 percent) compared to April when […]
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The World Bank has said the Central Bank of Nigeria’s development finance intervention is fuelling inflation in the short term and weakening the ability of the apex bank to control inflation. According to the global bank, the CBN’s continued provision of subsidised funding to certain sectors has to slow down as it is undermining the […]
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