Nigeria’s Trade Reached N7.2tn In 2018 1st Quarter – NBS

The country recorded an increase of N1.18tn in merchandise trade from N6.02tn in the fourth quarter of last year to N7.21tn in the first quarter of this year.

The figures are contained in the Foreign Trade in Goods Report which was released on Wednesday by the National Bureau of Statistics.

In the report which was made available to our correspondent, the bureau said the trade value of N7.21tn is also an increase of 35.07 per cent when compared to the N5.33tn recorded in the corresponding first quarter of 2017.

It reads in part, “The total value of Nigeria’s merchandise trade was N7.21tn in the first quarter of 2018, which was a 19.74 per cent growth from the figure recorded in Q4, 2017 N6.02tn and a 35.07 per cent growth from Q1, 2017 (N5.33tn).”

The report said the strong growth of total trade in the reviewing quarter was mainly driven by the strong increase in export.

FG Generated N269.79bn as VAT in Q1 2018 – NBS

The National Bureau of Statistics, NBS, has said that the sum of N269.79billion was generated as Value Added Tax, VAT in the Q1 2018, as against N254.10bn generated in Q4 2017 and N221.38bn in Q1 2017.

In its sectoral distribution of Value Added Tax (VAT) data for Q1 2018 released last night, the NBS said the figure represents 6.17% increase Quarter-on-Quarter and 21.87% increase Year-on-Year. Other manufacturing, the bureau said generated the highest amount of VAT with N30.14bn generated and closely followed by professional Services and commercial and trading both generating N16.58bn and N14.93bn respectively.

According to the report, mining generated the least and closely followed by pharmaceutical, soaps & toiletries and textile and garment industry with N46.25 mln, N243.44 mln and N285.43 mln generated respectively.

Out of the total amount generated in Q1 2018, N121.40bn was generated as non-import VAT locally, while N98.40bn was generated as non-import VAT for foreign.

The balance of N50.00bn was generated as NCS-Import VAT.

Inflation Declines for 15th Consecutive Month to 12.48%

The National Bureau of Statistics, NBS, has released the Consumer Price Index, which measures inflation, with the index dropping from 13.34 per cent in March to 12.48 per cent in April.

The bureau said this in the CPI report, which was made available to our correspondent in Abuja.

The NBS stated in the report that April was the 15th consecutive month that the inflation rate would be experiencing a decline.

The report read in part, “The Consumer Price Index, which measures inflation, increased by 12.48 per cent (year-on-year) in April 2018. This is 0.86 per cent points less than the rate recorded in March 2018 (13.34 per cent) and represents the 15th consecutive disinflation since January 2017.

“On a month-on-month basis, the headline index increased by 0.83 per cent in April 2018, up by 0.01 per cent points from the rate recorded in March.”

The NBS report stated that the urban inflation rate dropped to 12.89 per cent year-on-year in April from 13.75 per cent recorded in March, while the rural inflation rate also eased by 12.13 per cent in April from 12.99 per cent a month earlier.

On month-on-month basis, the report noted that the urban index rose by 0.85 per cent in April, down by 0.01 from the 0.86 per cent recorded in March, while the rural index also rose by 0.82 per cent in April, recording no change from the figure obtained in March.

The report stated that the highest increases were recorded in prices of fuel and lubricants for personal transport equipment, vehicle spare parts, garments and clothing materials, and other articles of clothing and clothing accessories, hairdressing salons and personal grooming establishments, paramedical services and pharmaceutical products.

SOURCE: PUNCH

Banks’ Credit To Economy Dropped By N136bn In Q1 – NBS

The total credit from banks to the economy recorded a decline of N135.8bn from N15.74tn at the end of the fourth quarter of last year to N15.6tn in the first three months of 2018.

This is contained in the banking sector report released by the National Bureau of Statistics on Monday.

The NBS stated that the total number of staff members in banks decreased by 0.93 per cent from 90,453 in the fourth quarter of 2017 to 89,608 in the first quarter of this year.

It said in the first quarter of this year, the sector recorded a total volume of 457,226,406 transactions valued at N32.48tn.

According to the report, data from electronic payment channels in the Nigeria banking sector revealed that Automated Teller Machine transactions dominated the volume of transactions during the period.

It stated that there were 212,370,853 ATM transactions valued at N1.56tn that were recorded in the first quarter of this year.

The report read in part, “In terms of credit to the private sector, the total value of credit allocated by the banking sector stood at N15.6tn as of Q1 2018.

“Oil and gas and manufacturing sectors got credit allocation of N3.42tn and N2.07tn to record the highest credit allocation as of the period under review.

“As at Q1 2018, the total number of banks’ staff members decreased by 0.93 per cent from 90,453 in Q4 2017 to 89,608.”

Based on analysis of the report, the agricultural sector received N501.6bn; power and energy, N426.5bn; construction, N647.9bn; trade and general commerce, N1.05tn; while credit to government was put at N1.41tn.

In the same vein, the real estate sector received a total loan of N784.2bn; finance, insurance and capital market, N999.4bn; education, N73.48bn; information and communications, N865.32bn; transportation and storage, N291.67n; while other sectors got N384.8bn.

Inflation Rate Drops To 13.34% In March —NBS

The National Bureau of Statistics on Thursday said the country’s Consumer Price Index which measures inflation went up  by 13.34 per cent (year-on-year) in March 2018.

The bureau said in their report that  the 13.34 per cent rate for March is 0.99 percentage points less than the 14.33 per cent recorded in February.

The report said this is the fourteenth consecutive months since January 2017 that the country would be experiencing the drop in inflation.

It reads in part, “The Consumer Price Index which measures inflation increased by 13.34 per cent (year-on-year) in March 2018.

“This fourteenth consecutive disinflation since January 2017 is 0.99 percent points less than the rate recorded in February 2018 (14.33) per cent.

“The Composite Food Index rose by 16.08 per cent (year on year) in March 2018, down from the rate recorded in February (17.59 percent).”

FG Receives N263.28bn From FAAC Allocation In Feb – NBS

The National Bureau of Statistics ( NBS ), says the Federal Government received a total of N263. 28 billion from the N635.55 billion Federation Account Allocation Committee ( FAAC ) disbursed to three tiers of government in February.

The NBS made this known in FAAC for February 2018 Disbursement data posted on the bureau’s website.

The states received a total of N172.87 billion and Local governments received N129.99 billion.

The bureau, however, stated that the amount disbursed to three tiers of government was from the revenue generated in January.

According to NBS, the amount disbursed comprised of N538.91 billion from the Statutory Account and N96.65 billion from Valued Added Tax ( VAT ).

“The sum of N52.04 billion was shared among the oil producing states as 13 per cent derivation fund.

“The revenue generating agencies such as Nigeria Customs Service, Federal Inland Revenue Service and Department of Petroleum Resources received N4.08 billion, N6.29 billion and N4.47 billion respectively as cost of revenue collections.”

Meanwhile, the breakdown of revenue allocation distribution to the Federal Government of Nigeria ( FGN ) revealed that N223.42 billion was disbursed to the FGN consolidated revenue account in the month.

It showed N4.73 billion as share of derivation and ecology, and N2.37 billon as stabilisation fund.

The breakdown further showed that N7.95 billion was shared for the development of natural resources and N5.62 billion to the Federal Capital Territory ( FCT ), Abuja.

NAN

Osun IGR: National Bureau Of Statistics Goofed! By Abiodun Komolafe

 

 

Lies, when told too often, unchallenged, have the capacity to be mistaken for the truth. As an indigene of the State of Osun, a key stakeholder in the Osun project; and as a living witness to Rauf Aregbesola’s judicious use of the taxpayers’ money for the development of the state, surprise was a better word to describe the recently-released Internally Generated Revenue (IGR) status of Osun for 2017 by the National Bureau of Statistics (NBS).

 

In the report, NBS stated that internally generated revenues for Osun declined from N8,884,756,040.35 in 2016 to N6,486,524,226.45 in 2017, representing a -26.99% drop. But, in what could be considered a swift reaction, the Executive Chairman, Federal Inland Revenues Service (FIRS) and Chairman, Joint Tax Board (JTB), Babatunde Fowler, disclosed that the Aregbesola-led administration raised the state’s IGR by over-30% in 2017. Contrary to the Bureau’s misleading position, facts at the disposal of yours sincerely did reveal that the state’s actual full year IGR for 2017 was N11.9 billion. Of course, it could have been much more, but for the Federal Ministries, Departments and Agencies’ tax audit outstanding, totaling N4 billion, to the state.

 

Established by Section 86 (1) of the Personal Income Tax Act cap. P8 LFN 2004, findings also revealed that JTB is the body statutorily mandated to contribute to the advancement of the tax administration in Nigeria”, especially “in the area of harmonization of Personal Income Tax administration throughout Nigeria.” Well, one can only hope that appropriate quarters would use the circumstances in Osun to resolve needless conflicts in job descriptions between NBS and JTB.

 

As Aregbesola remarked while declaring open the Board’s 140th Quarterly Meeting in Osogbo, tax payment is about the most important component of any civilized and forward-looking society; because, “without taxes, there’s no government.” Essentially therefore, sustaining any government involves active participation of the people; and the way to it is taxation! Well, though Osun is at the moment not there in terms of IGR and tax remittances, it bears repeating that the present administration has done well in growing the state’s IGR base from a miserable N300 million monthly average in 2010 to where it currently stands. It is therefore believed that, if the taxable population is mobilized to pay its dues “adequately and sufficiently”, the state will no doubt be better for it.

 

Let’s come back to the Bureau and its inaccurate information! When Benjamin Disraeli wittily painted “lies, damned lies and statistics” as three kinds of lies troubling our world, he probably might have had our NBS in mind. This is because inaccurate information distorts facts and misleads the people. It exaggerates accomplishments and stigmatizes performance in subsequent tasks. It impinges on the evaluation of the government in power and habitually sets the led against their leaders.

 

Though endowed with human and natural resources, Osun had never come close to fulfilling its potentials until Aregbesola assumed office as governor. A classical example of impressive performance and impactful governance in times of an unstable economic situation, it is interesting to note that, right from his days in the Bola Tinubu-led administration in Lagos State, Aregbesola has been a passionate advocate of efficient taxation in Nigeria. That he has conspicuously and consistently deployed his unwavering resilience, unmistakable commitment, innovative ideology, administrative ingenuity, political prowess and determined efforts towards making Osun a good example to showcase to the world that taxpayers’ money can be used to develop a society for good did not come as a surprise.

 

Information feeds democracy! Beyond NBS inaccuracy and cynics’ duplicity, one can easily see that Osun taxpayers’ money is working! For instance, no fewer than 13,000 persons have accessed the Free AMBULANCE services and no fewer than 250,000 students in 1,382 public primary schools across the state have been covered in its one-free-meal-per-day policy since its inception. So far, so impressive: primary and secondary healthcare services at public facilities, including anti-retroviral medication, are being rendered free-of-charge. This is in addition to free laboratory services and surgery for pregnant women, children under the age of 5, and elderly persons in 876 Primary Healthcare facilities and 51 Secondary Health facilities across the 67 Local Government Areas, Local Council Development Areas, Area Councils and Area Offices in the state.

 

Between 2010 and 2017, more than 50,000 qualified youth have been employed and empowered under the Osun Youth Empowerment Scheme (OYES) and no fewer than 100,000 smallholder farmers have so far benefitted from the state’s ‘Agric Land Bank’ programme. Between 2011 and 2015, more than 7,000 farmers from 500 cooperative societies have benefited from the state’s low interest loans under the Quick Intervention Programme (QUIP). Besides, Osun Rehabilitation Programme (O’REHAB) has succeeded in treating no fewer than 100 persons with mental disabilities, particularly those who had been living on the streets while 1,602 elderly persons of age 65 and above, who met poverty criteria, have been receiving N10,000,00 monthly for their upkeep, in addition to medical care, under the ‘Agba Osun’ scheme.

 

While Aregbesola’s unprecedented revolution in infrastructure development and massive road construction are visible to the naked eye, I had probably underestimated the differences between the education system in Osun and elsewhere in the country until Abiola, my 8-year old boy, had a taste of its carefully-planned academic programme. At a stage, I was close to confronting his headmaster when I learnt of the ‘hurdles’ my little boy would have to cross on his way to qualifying for the Primary School Leaving Certificate Examination.

 

With these tip-of-the-iceberg achievements, one would have expected a data-dependent organization and statistical information provider of NBS status to be without blemish in the discharge of its responsibilities to the public. However, obviously imprecise information like the one on hand cannot but compel one to ask if Osun is a state against itself in terms of timely release of facts and figures to relevant agencies for processing. Or is it a case of some prodigals and prostitutes, somewhere, mightily profiting from making dear state a systematic target of slippery, sloppy rumours and conspiracy theories?

 

May the Lamb of God, who takes away the sins of the world, grant us peace in the State of Osun!

 

*KOMOLAFE writes in from Ijebu-Jesa, Osun State, Nigeria ([email protected])

Prices Of Rice And Tomatoes Depreciates, Yam Increases

The National Bureau of Statistics has reported that  average price of one kilogramme of yam tuber increased year-on-year by 7.10 per cent in February.

The NBS disclosed this in a Selected Food Price Watch Data for February published on its website.

The bureau said that one kg of yam also increased by 1.92 per cent month-on-month from N226.51 in January to N230.85 in February.

The report stated that average price of one dozen of Agric eggs medium size decreased year-on-year by 0.21 per cent and month-on-month increased by 18.75 per cent.

According to the report, the price increased from N437.13 in January to N519.07 in February.

In addition, it said the average price of a piece of Agric eggs medium size (price of one) decreased year-on-year by -3.81 per cent.

It noted that the price increased by 6.24 per cent month-on-month by 6.24 per cent from N38.85 in January to N41.27 in February.

Meanwhile, the report stated that the average price of one kg of tomato increased year-on-year by 12.88 per cent and decreased month-on-month by – 1.80 per cent.

According to the report, the price of the commodity decreased from N271.99 in January to N267.10 in February.

Similarly, the average price of one kg of rice (imported high quality sold loose) decreased year-on-year by -11.05 per cent.

The report, however, stated that the commodity increased by 1.24 per cent month-on-month from N360.76 per measurement (Mudu) in January to N365.21 in February.

Inflation Rate Drops To 14.33% In February – NBS

The National Bureau of Statistics on Wednesday said the country’s Consumer Price Index which measures inflation rose by 14.33 per cent (year-on-year) in February 2018.

The bureau in the report said the 14.33 per cent rate for February is 0.08 percentage points lower than the 15.3 per cent recorded in January.

The report said this is the thirteenth consecutive months since January 2017 that the country would be experiencing slowdown in inflation.

On a month-on-month basis, the index, according to the NBS report increased by 0.79 per cent in February 2018, down by 0.01 percent points from the rate recorded in January.

It said food Index increased by 17.59 per cent (year-on-year) in February, down by 1.33 percentage points from 18.82 per cent recorded in January 2018.

During the month, the NBS report stated that all major food sub-indexes increased.

Inflation Rate Dropped To 14.33% In February – NBS

The National Bureau of Statistics on Wednesday said the country’s Consumer Price Index which measures inflation increased by 14.33 per cent (year-on-year) in February 2018.

The bureau in the report said the 14.33 per cent rate for February is 0.08 percentage points lower than the 15.3 per cent recorded in January.

The report said this is the thirteenth consecutive months since January 2017 that the country would be experiencing slowdown in inflation.

On a month-on-month basis, the index, according to the NBS report increased by 0.79 per cent in February 2018, down by 0.01 percent points from the rate recorded in January.

It said food Index increased by 17.59 per cent (year-on-year) in February, down by 1.33 percentage points from 18.82 per cent recorded in January 2018.

During the month, the NBS report stated that all major food sub-indexes increased.

 

 

 

 

 

 

 

 

 

 

 

 

Economy Attracted $12.2bn Foreign Investments In 2017 – NBS  

The $12.2bn investment inflow, when compared with the $5.38bn in 2016, represents an increase of 138 per cent.

The report put the investment inflow into the country as of the end of the fourth quarter of 2017 at $5.32bn compared to $4.14bn in the third quarter.

It stated that the growth in capital importation in 2017 was mainly driven by an increase in portfolio investments, which went up by $5.51bn from the previous year to reach $7.32bn last year.

The NBS report stated that during the fourth quarter of 2017, Abuja and Lagos accounted for over 97 per cent of investment inflows into the country.

The NBS report explained that portfolio investments recorded the highest share of investment inflows in the fourth quarter, accounting for 64 per cent of the total investments.

This was followed by other investments, with 28 per cent; while Foreign Direct Investments accounted for seven per cent of the total inflows.

The report read in part, “The total capital imported in the fourth quarter of 2017 was $5.38bn; this was an annual growth of 247.5 per cent and quarterly growth of 29.9 per cent.

“As of the end of 2017, the total capital imported into Nigeria was $12.2bn, an increase of $7.1bn or 138.7 per cent from the figure recorded in 2016.

“The growth in capital importation in 2017 was mainly driven by an increase in portfolio investment, which went up by $5.51bn from the previous year to reach $7.32bn in 2017, and accounting for 60 per cent of capital imported.

“During the reference quarter, the total capital imported, when compared to the previous quarter, increased by $1.23bn.”

The report added that the United States, United Kingdom and Belgium accounted for the largest inflow of investments into Nigeria.

It stated, “The country from which Nigeria imported the most capital from was the United Kingdom, which accounted for $1.6bn, or 30 per cent of the total capital inflow in Q4 2017. This value was a decline of 7.3 per cent relative to the figure in the previous quarter, and a 233.4 per cent growth over the corresponding period of last year.

“Since 2010, the UK has accounted for the highest value of capital importation in all but two quarters, both in the second half of 2015. The country accounting for the second largest value of capital importation was the United States. The US accounted for $1bn in the fourth quarter of 2017, or 18.6 per cent.”