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Nigeria Spends N601.51 Billion on Importation of Vehicles in H1 2021

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Nigeria Spends N601.51 Billion on Importation of Vehicles in H1 2021

Nigeria spent a total of N601.51 billion on the importation of motor vehicles in the first half of the year.
This is contained in the recently released foreign trade report published by the National Bureau of Statistics.
This represents a 15% increase compared to N523.57 billion recorded in the corresponding period of 2020, despite the reduced import duties on vehicles.
Vehicle imports accounted for 4.4% of total imports of N13.8 trillion recorded in the period under review. Meanwhile, a total of N1.09 trillion was spent on vehicle imports in the previous year.

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Going further, in the second quarter of 2021, imports of passenger cars grew by 14.03% to N311.63 billion compared to the corresponding quarter of 2020 where imports for the same item stood at N273.28 billion.
Over the past three years, Nigeria has steadily increased its import of vehicles by 195% from N371.98 billion in 2018 to N1.09 trillion in 2020. This could be as a result of an increase in cab-hailing services and technologies, like Bolt, Taxify and Uber.
By extension, as the imports of motor vehicles increased in Q2 2021, it made up 39% of the total transport equipment and parts imported during the same period, which is N798.51 billion.

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Finance

Federal Government Set To Recover £200 Million Stolen Nigerian Funds From The U.S

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Federal Government Set To Recover £200 Million Stolen Nigerian Funds From The U.S

The house of representatives on Wednesday indicated its willingness to investigate the probable exclusion of river states from the list of states to benefit from the federal government’s borrowings.

The lower chamber is to probe the possible omission of the oil-rich state as a beneficiary of states earmarked for projects.

This is the sequel to a motion of urgent public importance by representative Solomon bob alleging that rivers is the only state out of the 36 states to be left out.

The lawmaker further alleged discrimination against rivers state which contributes enormously to the federation account.

The house has mandated its committee on aids and loans to liaise with the presidency to include rivers state in the loans if it is found to be the only state that has been excluded.

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The move by the house of reps is coming two days after the rivers state governor, nyesom wike described as an act of discrimination, the alleged refusal of the federal government to include rivers as one of the states that would benefit from projects, for which it was seeking fresh foreign loans to execute.

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Finance

Senate Passes The 2022-2024 Medium Term Expenditure And Fiscal Strategy Paper, Retains President Buhari’s Projections

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Senate Passes The 2022-2024 Medium Term Expenditure And Fiscal Strategy Paper, Retains President Buhari’s Projections

The Senate on Wednesday passed the 2022-2024 medium-term expenditure and fiscal strategy paper, retaining all the assumptions and projections submitted to it by the president, Muhammadu, in July 2021.

 

The red chamber retained the exchange rate of n410.15 per dollar proposed by the executive and also approved the projected gross domestic product growth rate of 4.20 percent.

 

The Senate retained the projected inflation rate of 13 percent fiscal deficit estimate of n5.62 trillion.

 

President Buhari’s projected new borrowings of n4.89 trillion, including foreign and domestic borrowing, were also retained and approved.

 

The $3.5 billion international monetary fund loan at the rate of 0.01 percent to 0.02 percent proposed by the president was also approved to shore up the internal borrowing and to reduce external borrowing because of the exchange rate risks.

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The senate further retained the federal government’s 2022 revenue projection of n8.36 trillion; and expenditure of n13.98 trillion among others.

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Finance

Import Index Grows by 1.07% Between April and June — NBS

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Import index grows by 1.07% between April and June — NBS

National Bureau of Statistics (NBS) says the all-commodity group import index grew marginally by 1.07 percent between April and June.
This, it disclosed on Wednesday in Abuja, in the “Commodity Price Indices and Terms of Trade for Quarter Two, 2021” published on its website.

According to the report, the growth was driven mainly by-products of the chemical and allied industries (1.40 percent), wood and articles of wood, wood charcoal and articles (1.37 percent), and paper-making material, paper and paperboard articles (1.23 percent).

The NBS also said that between April and May, the all-commodity group import price index grew marginally by 0.12 percent.
This, it said, was due to marginal increases in the index of products of the chemical and Allied industries (0.78 percent), wood and articles of wood, wood charcoal and articles (0.72 per cent), paper making material, paper and paperboard (0.44 percent).

The document said that the all-commodity group export index increased by 0.72 percent between April and June drove mainly by an increase in the prices of products of the chemical and allied industries (2.54 percent).
Others are plastic rubber and articles (0.85 percent) and mineral products (0.74 percent).

It, however, said that the index was negatively affected by live animals, animal products (-2.61 percent), vehicles, aircraft, and parts (-0.24 percent), and wood and articles of wood, wood charcoal, and articles (-0.23 percent).

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The NBS explained that Terms of Trade (TOT) represent the ratio between a country’s export prices and its import prices.

“The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms.

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