Also, the urban inflation rate increased by 14.31% (year-on-year) in review period from 13.83% recorded in August 2020, while the rural inflation rate increased by 13.14% in September 2020 from 12.65% in August 2020. The Nigerian National Petroleum Corporation is the oil corporation through which the federal government of Nigeria regulates and participates in the country’s petroleum industry. The contraction in both the Manufacturing and Non-manufacturing sectors can be attributed to the scarcity of dollars, falling oil prices, as well as limited fiscal support that continues to put pressure on the economy. The President’s order to ban access to foreign currency for food and fertilizer imports could also stoke inflation, as businesses would look to the parallel market for dollars.
The foreign inflow from the apex bank accounted for 46.4% of the total inflow in September 2020, with an inflow of $434.5 million. The latest figure is a clear reflection of the effect of the COVID-19 pandemic, which necessitated the imposition of movement restrictions across the country and halt in economic activities. The major ports controlled by the NPA include: the Lagos Port Complex and Tin Can Island Port in Lagos; Calabar Port, Delta Port, Rivers Port at Port Harcourt, and Onne Port. Each zone is distinct from the other in terms of lifestyle, culture, terrain, religious tolerance, security and GDP which is our focus. All eyes were on the MPC meeting which held on 22nd September 2020, as market participants awaited the monetary authority’s response to the rising inflation rate and further clarity on the multiple FX circular released by the CBN. 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Nigerian headline inflation rose for the 13th consecutive month to a 30-months high in September 2020. You may need to download version 2.0 now from the Chrome Web Store. This is the major revenue generating agency in the Oil and Gas sector in Nigeria. According to that report, Lagos alone accounted for about N400 billion of this figure. As for Rivers and the FCT, taxes from the formal sector account for largest earning for the year; in Ogun, it is funds made from MDAs. The Nigeria’s crude oil production for August 2020, according to the Organization of Petroleum Exporting Countries (OPEC), increased from 1.35 million bpd in July, a 0.6% increase to 1.35 mbpd. READ: Nigeria’s inflation rate hits 13.71% as food prices soar. Additionally, as more countries go back on lockdown and the looming resurgence of the virus inducing fear, upward price pressure on crude may be subdued. almost one-third of the total internal revenue of all the states and Abuja. The Federal Inland Revenue Service once generated a year revenue of N5.3 trillion. Rivers State followed with a total revenue of N64.59 billion, representing 10.5% of total revenue generated by the States in … This was contained in the recently released data on Transport fare for September 2020 in Nigeria. “These submissions are then validated and authenticated by the Joint Tax Board which is chaired by the Federal Inland Revenue Service and has the NBS and the 36 State Boards of Internal Revenue as members”, it said. The National Bureau of Statistics (NBS) Published Internally Generated Revenue at State level for Half Year 2020. Government Revenues in Nigeria decreased to 938.72 NGN Billion in the fourth quarter of 2019 from 1738.81 NGN Billion in the third quarter of 2019. According to the report; 34 out of the 37 states rely more on monthly allocations from the federal purse, with the exemption of only Lagos, Abuja, and Ogun State. The DMO decided to follow the footstep of the CBN and sold ₦103.81 billion out of the ₦145 billion offered; thus, selling just ₦6.81 billion and ₦4.60 billion on the 25-year and 30-year bond, compared to the ₦40 billion offered on both maturities respectively. The MPC held its meeting on September 21 and 22, cutting the MPR to 11.50%, an indication that the low yield environment plaguing the market is here to stay. As of 2000, the agency alone account for 98% of Nigerian export earnings. They achieve this from laundered money and other corruption charges. The states with the highest fare by waterway passenger transport were Bayelsa (N2,250.23), Rivers (N2,200.64), and Delta (N2,150.30); while states with the lowest fare by waterway passenger transport were Borno (N200.48), Gombe (N264.29), and Abuja FCT (N294.10). "This indicates a negative growth of -26.5% quarter on quarter," NBS wrote. Data from the NBS reveals the average fare paid by commuters for a journey by motorcycle more than doubled year on year.
The Department of Petroleum Resources is one of the revenue generating agencies in Nigeria. Rivers is one of the richest states in Nigeria with a GDP of $21,073 billion. The external reserves advanced marginally by 0.2% to $35.74 billion in September 2020 from $35.67 billion in August 2020. This is 0.14% rate higher than the rate recorded in August 2020 (1.34%). tates recorded decline in revenue in the review period. As a result, the. The average fare paid by passengers for waterway passenger transport increased by 7.06% MOM and by 34.13% YOY to N734.26 in September 2020 from N685.82 in August 2020. The agency’s chief further said that NIS was not only a key security agency of the government but also a key revenue generating outfit. For the purpose of this article, we are going to list the richest local government areas in Nigeria in terms of natural resources.Before we dive into the list, lets answer few questions for clarification. The MPC slashed its monetary policy rate by 100 bps to 11.5% during its September 2020 meeting, bringing the benchmark rate to the lowest since 2016. The history … Rivers. This and successive revenue generation have made the agency to be considered as one of the highest revenue generators in the country. The agency also generated a sum of N1.29 trillionth tax revenue in Q2 2020. The National Bureau of Statistics (NBS) says Lagos State recorded the highest Internally Generated Revenue (IGR) of N204.51billion in the first half of 2020. The second state on the IGR list is Rivers with N64.59billion. We expect the anticipated ₦1.7 trillion liquidity inflow from OMO maturity repayment and Bond coupon payment to sustain the bullish bias in the fixed income market.
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