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NATIONAL BUREAU OF STATISTICS
The percentage of men with wage or salary paying jobs have declined in 11 years, according to a brief on gender landscape in Nigeria by the World Bank.
Food inflation climbed to 37.92% in February 2024, according to Consumer Price Index report of the National Bureau of Statistics (NBS).
Nigeria has witnessed a significant surge in tax earnings from foreign firms, with figures nearly doubling in the span of one year. This significant fiscal boost is likely due to the weakening of the naira, which has increased the local currency's value of foreign transactions for Non-Import (foreign) Value Added Tax (VAT) and Foreign Company Income Tax (CIT) payments.
The Nigerian economy has displayed significant dynamism in the collection of Value Added Tax (VAT), with some sectors showing exceptional growth while navigating through a maze of challenges. In 2023, the country earned about N3.64 trillion from VAT, which is an increase of 45.02% from the previous year, according to the National Bureau of Statistics (NBS).
Nigerian companies are stepping up their contributions to the national purse despite challenges in the business environment.
A new report from Ernst and Young estimates that 17 out of 24 banks might not meet the capital requirement from the CBN if it is increased 15-fold from its current N25 billion.
Nigeria’s Company Income Tax (CIT) collections rose by 73.14%, reaching N4.9 trillion in 2023, up from N2.83 trillion recorded in the previous year, according to data from the National Bureau of Statistics (NBS) unveiled these figures.
Nigeria's economy witnessed a substantial influx of revenue from Value Added Tax and Company Income Tax (CIT) in the fourth quarter of 2023,
Nigeria’s trade with African countries has yet to reach pre-COVID-19 levels despite the implementation of the African Continental Free Trade Area (AfCFTA) agreement in 2021.
Nigeria’s import expenditure on armoured vehicles has significantly surpassed that on fuel in the final quarter of 2023, according to the National Bureau of Statistics (NBS).
With food inflation at 35.41%, Nigerians grapple with the rising cost of food items and low purchasing power in the country.
Nigeria’s CIT collection increased by 115.90% increase in one year from the N810.19 billion recorded in the Q3 Of 2022.