Tag: Gross Domestic Product

Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
News

Fuel subsidy overtakes education, health budgets, World Bank warns

The World Bank says the cost of fuel subsidy in Nigeria has exceeded the government’s spending on health, education and social protection for Nigerians. It, therefore, said that removing fuel subsidy would help the government towards its poverty reduction scheme. The Washington-based lender said this in its latest Nigeria Development Update report, titled, ‘The Continuing […]

Telecommunications

Telcos blame govs as ICT’s GDP contribution falls

The contribution of the Information and Communication sector to Gross Domestic Product fell by nine per cent from N3.1tn in the fourth quarter of 2021 to N2.81tn in the first quarter of 2022. According to GDP figures released by the National Bureau of Statistics, the ICT sector contributed 15.21 per cent and 16.20 per cent […]

Economy

Workers in formal sector earn N159tn in four years – NBS

Employees in Nigeria’s formal sector earned N159.01tn from 2018 to 2021, according to data from the National Bureau of Statistics. The statistics body revealed this in its ‘Nigerian Gross Domestic Product Report’ released on Thursday. According to the NBS, the total compensation of employees in the nation, based on the GDP and expenditure at current […]