Connect with us

Finance

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

Published

on

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).

Follow us on Facebook
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.

Read Also:

Manufacturers’ Demand For Forex Nears $2b Amid Scarcity, Weak Naira

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Revenue Streams

FIRS Proposes Road Infrastructure Tax

Published

on

FIRS Proposes Road Infrastructure Tax

The Federal Inland Revenue Service (FIRS) says it is proposing the introduction of road infrastructure tax in Nigeria, to make the informal sector contribute to building a modern society.

Chairman of the revenue agency, Muhammad Nami, disclosed this yesterday while receiving a delegation of the Nigeria Union of Journalists (NUJ) led by its national president, Chris Isiguzo, in his Abuja office, according to a statement issued by the FIRS.

Nami said the proposed road infrastructure tax to be administered by FIRS, will provide the government with adequate funding for road construction, rehabilitation and maintenance as well as providing the needed security for roads in the country.

In justifying the move, Nami said in many jurisdictions, road users pay for the use of road infrastructure as such it shouldn’t be seen as an additional burden on the citizens because it has the potential of making life better for everyone.

Watch Our Youtube Videos

He explained that Nigeria’s economy presently relies heavily on non-oil revenues to discharge its statutory responsibility of paying salaries and providing social amenities to the citizenry. He added that the service created 10 Value Added Tax (VAT) regional coordination offices across the country to drive the collection of VAT.

Read Also:

Foreign Sponsors Driving Major Projects in Nigeria

President Buhari Says 2nd Niger Bridge, Lagos-Ibadan Expressway to Be Completed Before 2023

Veteran Actor, Victor Olaotan is Dead

MTN Owes Nigeria, Has Payment Plan with FIRS, Says Nigerian Government

Continue Reading

Finance

North Central Zone Stakeholders Propose 35% Revenue Allocation to States

Published

on

North Central Zone Stakeholders Propose 35% Revenue Allocation to States

Majority of the states in the North central zone, on Thursday, proposed a 39: 35: 26 per cent revenue sharing formula for the three tiers of government in the country.

The States made their positions known at a one-day North Central Zonal public hearing on the review of the current Revenue Allocation Formula (RAF), organized by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), at Government House, Lokoja.

In his remarks, Gov. Yahaya Bello of Kogi, advocated a sharing formula of 39, 35 and 26 per cent between the Federal, States and Local Governments, respectively, in order to effect the desired development of the country.

Watch Our Youtube Videos

Bello, who was represented by his Deputy, Edward Onoja, stated that the main objectives of revenue allocation was to promote national unity and accelerate the economic growth of all tiers of government. He lamented that the current formula in use had failed to achieve the desired aspirations of the citizens for development.

He, therefore, urged the review committee to take a critical look at the revenue allocation formula currently in use with a view to do the needful in the interest of Nigerians.

Read Also:

Iran, Venezuela to Sign 20-Year Cooperation Accord

Buhari presents Budget of Economic Growth and Sustainability to National Assembly

Continue Reading

Finance

CBN Says E-Naira Will Be Available to Nigerians Without Internet-Enabled Phones

Published

on

CBN Says E-Naira Will Be Available to Nigerians Without Internet-Enabled Phones

The Central Bank of Nigeria has said the e-naira will be available to Nigerians without internet-enabled phones.

Ultimately, E-naira’s usability would definitely improve as Nigerians would be able to transact without having to subscribe to data or having an internet enabled phone.

The E-naira, according to the apex bank, will complement existing payment methods such as mobile banking apps, point-of-sale terminals, USSD, fast response code, and internet banking.

The apex bank also said to ensure inclusive access while also ensuring the integrity of the financial system, the account-based central bank digital currency model has been chosen for the e-naira.

Watch Our Youtube Videos

GSMA, a global industry organization that represents the interests of mobile network operators, had said in a recent report that 19 per cent of people living in Nigeria and other Sub-Saharan African countries did not have access to mobile broadband coverage.

The CBN further added that the E-naira said this would help improve cross-border payments and address issues of dollarization of the Nigerian economy.

Read Also:

Kogi State Urges EFCC to Make Findings On N20 Billion Bailout Fund Public

Toyota Nigeria Recognises NCS As the Customer of the Year 2019, Presents 2 Units of Digital Photocopiers

 

Continue Reading

Trending