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Tag: NBS

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Inflation rate surges to 33.95% in May 2024 – NBS

Nigeria’s annual inflation rate rose to 33.95 percent in May, marking the fourth consecutive month of increases, as citizens grapple with the high cost of food and goods. The National Bureau of Statistics released the latest Consumer Price Index report, on Saturday which showed that Nigeria’s inflation rate increased to 33.95% in May 2024 from […]

News

Nigerians paid N1.43tn in value added tax in Q1 2024 – NBS

Nigerians paid N1.43 trillion in value-added tax in the first three months of 2024, up from N1.20 trillion in Q4 of 2023. This was disclosed in the National Bureau of Statistics’ most recent report on VAT collection. Nigeria levies a VAT rate of 7.5% on several products and services. This shows an increase of 19.21% […]

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Companies’ tax payments to FG decline 12% in Q1

Tax payments from Nigerians and international companies fell by 12% in the first quarter of this year, according to the most recent Company Income Tax report. In the latest CIT report released by the National Bureau of Statistics on Tuesday, its revenue to the Federal Government decreased to N984.61 billion in Q1 from N1.13 trillion […]

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Nigerians made 229,369 complaints on goods, services – NBS

The number of reported public complaints on goods and services increased in the past three years. The complaints have risen from 61,480 in 2020, to 88,897 in 2022. This shows an increase of 44.59% in three year. The figure is based on the National Bureau of Statistics 2023 social statistics report, showing there were 229,369 […]

Economy

Nigeria inflation hits 33.69% in April 2024 – NBS

The National Bureau of Statistics has said the headline inflation increased to an all-time high of 33.69 % in April 2024. This was disclosed by NBS’s Consumer Price Index report released on Wednesday. NBS attributed the increase to the high cost of food and non-alcoholic beverages. According to the NBS, food and non-alcoholic beverages contributed […]

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Cooking gas price rises 42.97% – NBS

Alex Omenye The National Bureau of Statistics reported a significant 42.97% increase in the average retail price to refill a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) from N4,610.48 in March 2023 to N6,591.62 in March 2024. This marks a monthly rise of 7.10% from N6,154.50 in February 2024. A state-level breakdown reveals Kano […]

News

Diesel prices surged to N1,341/litre in March 2024 – NBS

The average retail price of Automotive Gas Oil also known as Diesel paid by consumers soared by 59.51% year-over-year, increasing from N840.81 per litre in March 2023 to N1341.16 per litre in March 2024. The price increased by 6.69% month to month from N1257.06 in February 2024 to N1341.16 in March of that year. The […]

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Naira devaluation pushes raw material imports to N3tn – NBS

The National Bureau of Statistics has said the inflation rate increased to 22.04 per cent on a year-on-year basis in March 2023. However, imports of raw materials into the country increased by 25 % to N3 trillion in 2023. This follows the foreign trade statistics published by the National Bureau of Statistics, according to The […]

Import duty suspension on food items to stop November - Minister
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Staple food prices increases by over 10% in February- NBS

Major staple food prices across Nigeria saw double-digit increases month-on-month, according to the latest food price watch by the National Bureau of Statistics. The Nigerian Bureau Of Statistics Food Price Watch reported significant spikes in the prices of staple foods such as Garri, Rice, Beans, Beef, and Bread, with increases ranging from 10% to as […]

Nigeria spent N3.25trn on armoured vehicles importation in 2023 — NBS
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Nigeria spent N3.25trn on armoured vehicles importation in 2023 — NBS

In the final quarter of 2023, Nigeria witnessed a remarkable shift in its import expenditure dynamics as spending on armoured vehicles surpassed that on fuel, signaling significant geopolitical and security considerations. The National Bureau of Statistics’ latest foreign trade report highlighted that Nigeria allocated over N5.06 trillion to the importation of armoured vehicles, a staggering […]

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
News

CBN pledges to recover N10tn intervention loans

The Central Bank of Nigeria, which continues to stand by its previous position of withdrawing direct development funding, has pledged to retrieve all of the over N10 trillion in intervention loans it has issued to various economic sectors. According to BusinessDay, in addition to delivering the results of the two-day meeting of the Monetary Policy […]

Naira falls at official rate despite dollar weak gains
Banking

Naira is already stabilizing, says FG

The foreign exchange market is witnessing a rise in inflows and the naira is stabilizing, as per the Federal Government’s insistence that the current reforms are starting to show benefits. The Times recorded that, the government has instructed appropriate regulatory and enforcement bodies to deal with speculators and other dishonest individuals who are involved in […]

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