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Nigeria generated N79.96 Billion from Solid Mineral sector in 2019, Highest in 5 years

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Nigeria generated N79.96 Billion from Solid Mineral sector in 2019, Highest in 5 years

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that Nigeria generated N79.96bn from the solid minerals sector in 2019, the highest in 5 years.

This was contained in an audit report on the solid mineral, which was released by NEITI on Sunday which noted that the 2019 earnings accounted for 16 per cent of the total revenues of N496.28billion that have accrued to the Federation, from the sector, over a period of 13 years.

The report, in a breakdown, showed that taxes from the Federal Inland Revenue Service, accounted for 87.4 Per Cent of the total as revenue accruals to the States stood at N5.1bn, representing a 42 per cent increase when compared to the N2.1bn recorded in 2018.

The NEITI report also disclosed that the outstanding amount of N8.887billion, which accrued from the solid minerals sector as of December 31, 2019, was distributed amongst the three tiers of government in May 2020, based on the extant revenue sharing formula.

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Also, a breakdown of the distribution, showed that the Federal and State governments received N4.073billion and N2.065billion respectively, while local governments equally received N1.592billion while the balance of N1.155billion was distributed to only solid minerals producing states as their share of the 13% derivation.

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Finance

Global Economy to grow by 6%, Nigeria at 2.5% – IMF

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Global Economy to grow by 6%, Nigeria at 2.5% – IMF

The International Monetary Fund retained its growth outlook for both Nigeria and the global economy for the year 2021, stating that the global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022, while Nigeria’s growth outlook has been maintained at 2.5% for the period.

The IMF disclosed this on Tuesday in its World Economic Outlook (WEO) for July titled “Fault Lines Widen in the Global Recovery.”

Prospects for emerging market and developing economies have been marked down for 2021, especially for Emerging Asia.
By contrast, the forecast for advanced economies is revised up,” it said.

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They also stated that “better global cooperation on vaccines could help prevent renewed waves of infection and the emergence of new variants, end the health crisis sooner than assumed, and allow for faster normalization of activity, particularly among emerging market and developing economies.

Moreover, a sooner-than-anticipated end to the health crisis could lead to a faster than-expected release of excess savings by households, higher confidence and more front-loaded investment spending by firms.”

For 2022, IMF says it forecasts Nigeria’s economy to grow by 2.6% and South Africa’s by 2.2%.

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Finance

IMF Retains Nigeria’s Growth Prospect at 2.5% Amid Slow Vaccinations

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IMF: Reinstatement of Fuel Subsidy Worries IMF

The International Monetary Fund (IMF)I in its July World Economic Outlook (WEO) Update released on Monday, has retained its projection for Nigeria’s economic growth prospect for this year at 2.5 per cent.

Nigeria’s projection is 0.9 percentage points lower than sub-Saharan Africa’s estimated growth of 3.4 percent. It is also far less than the six per cent global average growth estimate.

In the new document, the global institution marked down growth prospects of low-income developing countries (LIDCs) by 0.4 percentage points, citing slow rollout of vaccines as the main factor weighing on the recovery.

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“The overall fiscal deficit in 2021 was revised up by 0.3 percentage points from the April 2021 WEO, mainly because of the re-emergence of fuel subsidies as well as the additional COVID-19 and security-related support in Nigeria’’, it stated.

Still, at 5.2 per cent of gross domestic product (GDP), the overall fiscal deficit remains well below that of advanced and emerging market economies, reflecting financing constraints, adding that about 60 percent of LIDCs are assessed to be at high risk of or in debt distress,” the Fund said of Nigeria.

The IMF also estimated the country’s public debt-to-GDP ratio, which is currently at about 35 per cent, for 2021 at 48.5 per cent.

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Finance

CBN Stops Forex Sales to Bureau De Change

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CBN Stops Forex Sales to Bureau De Change

The Central Bank of Nigeria (CBN) says it has stopped forex sales to Bureau De Change (BDC) operators in the country.
Godwin Emefiele, governor of the apex bank, announced this at the end of the monetary policy committee’s meeting in Abuja on Tuesday.

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Emefiele said BDC operators have become a channel for illegal financial flows working with corrupt people to conduct illegal flows and money laundering in Nigeria.

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NCDC Registers 15 Confirmed Cases of Monkey-Pox

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