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VAT collections hit N454.69b in Q4 – NBS
The Federal Inland Revenue Service (FIRS) collected Value Added Tax (VAT) worth N454.69 billion in the fourth quarter (Q4) of 2020.
It is 7.06 per cent increase over the N424.71 billion collected in the preceding quarter of the same year.
The National Bureau of Statistics (NBS) made this known in its Sectoral Distribution of Value Added Tax (Q4 2020) report.
The data said: “Sectoral distribution of Value Added Tax (VAT) data for Q4 2020 reflected that the sum of N454.69bn was generated as VAT in Q4 2020 as against N424.71billion generated in Q3 2020 and N308.48billion generated in Q4 2019 representing 7.06 per cent increase Quarter-on-Quarter and 47.39 per cent increase Year-on-Year.”
NBS said out of the total amounted generated in Q4 2020, N212.52 billion was generated as Non-Import VAT locally while N143.35bn was generated as Non-Import VAT for foreign.
According the data, the balance of N98.81billion was generated as Nigeria Customs Service-Import VAT.
The document said Professional Services generated the highest amount of VAT with N42.38 billion generated and closely followed by other Manufacturing generating N39.45 billion, Commercial and Trading generating N21.15 billion while Mining generated the least and closely followed by Pioneering and Textile and Garment Industry with N58.88 million, N185.72million and N353.75million generated respectively.
January 27, 2021
Nigeria’s inflation rate hits 13.7%, highest in 30 months
Nigeria’s inflation rose to 13.7 per cent in September, hitting its highest level since its 13.34 per cent rate of March 2018.
The National Bureau of Statistics disclosed this in its Consumer Price Index report for September on Thursday.
Part of the report read, “The consumer price index which measures inflation increased by 13.71 per cent (year-on-year) in September 2020.
“This is 0.49 per cent points higher than the rate recorded in August 2020 (13.22) per cent.”
Increases were recorded in all COICOP divisions that yielded the headline index.
On a month-on-month basis, the headline index increased by 1.48 per cent in September 2020.
This is 0.14 per cent rate higher than the rate recorded in August 2020 (1.34) per cent.
The percentage change in the average composite CPI for the twelve months period ending September 2020 over the average of the CPI for the previous 12 months period was 12.44 per cent, showing 0.21 per cent point from 12.23 per cent recorded in August 2020.
The urban inflation rate increased by 14.31 per cent (year-on-year) in September 2020 from 13.83 per cent recorded in August 2020, while the rural inflation rate increased by 13.14 per cent in September 2020 from 12.65 percent in August 2020.
On a month-on-month basis, the urban index rose by 1.56 per cent in September 2020, up by 0.14 from 1.42 per cent recorded in August 2020, while the rural index also rose by 1.40 per cent in September 2020, up by 0.13 from the rate recorded in August 2020 (1.27 per cent).
The corresponding 12-month year-on-year average percentage change for the urban index is 13.07 per cent in September 2020.
This was higher than 12.85 per cent reported in August 2020, while the corresponding rural inflation rate in September 2020 is 11.86 per cent compared to 11.66 per cent recorded in August 2020.
October 15, 2020
Gov. Wike rubbishes NBS Unemployment Data, Claims He Created 100,000 Jobs
Governor Nyesom Wike of Rivers State has rubbished the unemployment rate by the National Bureau of Statistics (NBS) and claims “it is fake.”
“It is fake; it is political,” Wike said on Friday during an interview on Channels Television’s Sunrise Daily, insisting that “I don’t believe in them. I don’t believe in their statistics.”
The NBS had in August released the country’s unemployment data for the second quarter of 2020, putting Rivers State’s unemployment rate at 43.7 per cent, the third highest in Nigeria.
Although Wike admitted that there is a high-level of unemployment in Nigeria, he claimed that his government has created a lot of jobs, explaining that they might not be in the formal sector.
“If you have a lot of construction jobs going on, for example, does that not create employment?” the former Education Minister wondered.
“Does employment mean you must work in government? Is that what employment means? What counts as employment is that you have something doing. That is key. That is employment.
“There is no employment that is forever. Even you as a Civil servant, it is not forever. You have a time you must leave. Employment does not mean it is something you must do forever.”
“In Rivers State today, nobody can tell me that we have not tried in terms of employment; to reduce the level of unemployment.”
A graphic from the NBS showing the unemployment data for Rivers State as of Q2 2020.
On how he got his statistics, he said “By the jobs we have created. You are in Government House now. As you go to the back, you see over 250 people working. That is just one area. And that job has been on for one year. That is not job? It does not give them money to feed? That is one area.
“As you go to Forces Avenue, you see over 100 people working, that is not employment? As you go to Garrison where there is the fly over, you see over 300 people working.”
According to Wike, the “NBS should come to the state and see for themselves and see what we are doing to create jobs. Not just sitting in their offices. They never deployed anybody to come here.”
While calling on the NBS to visit Rivers State and get facts about employment in the State, Wike disclosed that his government has been able to create over 100,000 jobs since inception in 2015.
“I may not be exact but I do know that since we came on board, we have created not less than 100, 000 jobs,” Wike who is a member of the Peoples Democratic Party (PDP) explained. “If you go to our Statistics department, you will find out that these things are there.”
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September 25, 2020
BREAKING: NBS- Nigeria’s inflation hits 13.22%, records biggest monthly increase
The nation’s inflation rate has recorded its biggest increase so far this year, rising to 13.22 per cent in August, the National Bureau of Statistics said on Tuesday.
The 13.22 per cent inflation rate is the highest since April 2018, the NBS data showed.
The NBS, in its latest consumer price index report, said, “The consumer price index, which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).
“On a month-on-month basis, the headline index increased by 1.34 percent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).”
The composite food index rose by 16 per cent in August, compared to 15.48 per cent in July, according to the statistics office.
“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables,” it added.
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September 15, 2020
Why NBS ranked A’Ibom low in employment
By Samuel Ogenyi, Uyo
The recent survey by the National Bureau of Statistics (NBS) has placed Akwa Ibom state as second to Imo with the highest number of unemployed people in the country, a claim the state government, has disputed.
Commissioner for Information and Strategy, Comrade Ini Ememobong, who countered the outcome of the survey, pointed at the industrialization policy of the administration that has given rise to the establishment of no fewer than 18 firms including the coconut refinery, metering solution, plywood, flour mill, fertilizer plant and various allied businesses.
According to Ememobong, who querried how such statistics was arrived at, the number of employees in the firms and others absorbed into the state civil service, coupled with government supports for the Small Medium Scale Enterprises (SMEs) could not have placed the state so ridiculously low on the unemployment ladder.
But checks by newsmen revealed that most of these firms have very low carrying capacity in terms of the number of employees.
Besides, Mr. Gabriel Umoh, a Professor of Agricultural and Development Economics at the University of Uyo (UNIUYO), noted that “the private sector has become so disconnected from government to the point where on hotels only owned by politicians in government thrive.
“Akwa Ibom has no strong private sector to compliment government’s policies and programmes,” he noted and urged the government to bolster the private sector for more private sector jobs.
In the same vein, Chief Ekpenyong Bassey, a community leader and social affairs analysts, blamed government for not putting effective mechanism in place to check corruption, pointing that “most of these monies stolen from the system are not properly utilized by politicians to create private jobs for the people.”
“In highbrow areas of Uyo, especially Ewet Housing, Osongama and Shelter Afrique, you cannot count a number of palatial and imposing buildings built by politicians.Most of these homes are fallow with only security guards keeping vigil, while their owners live in other mansions elsewhere in Abuja, Lagos and abroad.
“If these monies used in erecting such marvelous structures are invested in businesses especially housing, cottage industries, oil and gas and export and import businesses, the government would only have the burden of creating the right environment for businesses to thrive.” He noted.
Also, successive administrations since the return of democracy in 1999, according to Comrade Saviour Akpan, Executive Director of COMPART Foundation for Equity, Peace and Justice, a Non Governmental Organization (NGO), have not been able to build on the template laid by their predecessors.
“If you check out abandoned projects of the Obong Victor Attah and Godswill Akpabio, you would discover that if such projects like the Ibom Science Park, the Ibom Tropicana and other mega projects were to be completed, a lot of unemployed youths would have been taken off the streets.” Akpan said.
September 9, 2020
Capital Importation Drops to $1.2bn in Q2
The total value of capital importation into the country fell drastically to $1.29 billion in the second quarter of the year (Q2 2020), compared to $5.85 billion in the preceding quarter, the National Bureau of Statistics (NBS) stated Friday.
This represented a contraction of 78 per cent compared to Q1 and 79 per cent compared to Q2 2019.
According to the Nigerian Capital Importation – Q2 2020 report released Friday, other investment accounted for the largest capital inflow with $761.03 million or 58.77 per cent of total capital imported.
This was followed by portfolio investment, which accounted for $385.32 million, representing 29.76 per cent of inflows, while Foreign Direct Investment (FDI), which accounted for $148.59 million or 11.47 per cent of total capital imported within the review period.
By sector, capital importation by shares dominated the Q2 results with $464.57 million.
The United Kingdom however, maintained its lead as the top source of capital investment to the country with $428.83 million or 33.12 per cent of the total capital inflow in Q2.
Details later….
August 28, 2020
Gov. Emmanuel knocks NBS over unemployment rating
By Samuel Ogenyi, Uyo
Governor Udom Emmanuel has challenged the protocol and parameters used by the National Bureau of Statistics that rated the state as the second highest in unemployment.
Emmanuel who spoke in an open interactive session with Akwa ibom people on Sunday in Uyo and monitored by our correspondent told the NBS that elections has since finished in the state.
He said he would not be distracted by the NBS report as he remained focused in the discharge of quality and excellent services to Akwa Ibom people.
“We were the second in foreign direct investment, every part of the state is a construction site, what do people call employment. I inherited 100 doctors and today we have over 400. I attribute this to ignorance. Investment in agriculture. Our target was 16000 hectares.
“Coconut plantation is employing upto 400. find out people in hospitality businesses, and none employs less than 250. it’s the same statistics they reeled out before 2019 election maybe NBS had forgotten than elections are over.
“Statistics has procedures and approaches. how did they arrive at their sample size. they dont even know the population of Nigeria. we done with election. its questionable to see an Igbo state have the highest level of unemployment.
“The fastest way to stimulate the economy is investment in industries. do you know how many workers we have under Ibom air? both direct and indirect.” He explained.
The Governor also acknowledged the feedback received from members of the public in the fight against COVID 19 as well as the distribution of palliative saying it is highly commendable.
He however urged Akwa Ibom people to continue observing completely the COVID 19 protocols.
On the demand by the people for the reopening of schools, the Governor said, “the Federal Government has the final say on reopening of schools. Once they give the go ahead on that, we will ring the bell and schools will open.”
August 23, 2020
A’Ibom faults NBS high unemployment rating
By Samuel Ogenyi, Uyo
Akwa Ibom State Government has faulted latest report by the National Bureau of Statistics, NBS which listed it as the state with the second highest unemployment rate in the country.
In a statement by state information commissioner, Barr Ini Ememobong in Uyo on Saturday, it described the NBS latest Unemployment and Underemployment Report unbelievable as it contradicted the reality on ground.
The statement said that though the reality would not indicate the non existence of unemployment in the state, efforts made at industrializing the state and expansion of employment opportunities in the state civil service would counter such reports.
“The reality on ground in our state is in contradistinction to the Bureau’s report. A juxtaposition of the said report with the reality of the existence and operation of the numerous industries in our state, the recruitment into the civil and public service, Public Private Partnership initiatives.
“Also the award of direct Labour contracts, our airline and general aviation businesses, qualitative cash support and interest free loans to entrepreneurs, financial and input support to farmers.
“The obvious conclusion will confirm that indeed the current administration has created quality jobs in an unprecedented manner. This reality is not attempting to deny the existence of unemployment-which is a global phenomenon worsened by the COVID-19 pandemic.” It said.
The statement said the state government would engage the Bureau to ascertain the veracity of their processes and results and would seek answers to the some questions.
“What was the sample size used in the survey?What was the spatial spread of the sample?What population figure did they use to obtain the percentage recorded for Akwa Ibom ?What quality assurance mechanisms did they employ?
“What was the temporal spread of the data used in the analyses?
In order to ensure trust and confidence in statistical output, with which agency of the state government was the data source authentication done?” It querried.
Unemployment it said has its permanent corollary as increase in crime and youth restiveness wondering why the state could be one of the safest in the country, witnessed influx of industries and other economic activities, purveyed by local cum foreign investors and still be the state with the second largest unemployment percentage.
“The role of data in a survey is to reflect the existing reality, not to project the imaginary.” The statement concluded.
August 16, 2020
BREAKING: Nigeria’s unemployment rate increases to 27.1%, says NBS
The National Bureau of Statistics has finally released data on the nation’s unemployment rate after a 20-month interval, saying the unemployment rate rose to 27.1 per cent in the second quarter of 2020 from the 23.1 per cent recorded in Q3 2018.
The NBS, in its ‘Labor Force Statistics: Unemployment and Underemployment Report’ released on Friday, said underemployment rate increased from 20.1 per cent in Q3 2018 to 28.6 per cent in Q2 2020.
It said, “For the period under review, Q2 2020, the unemployment rate among young people (15-34 years) was 34.9 per cent, up from 29.7 per cent, while the rate of underemployment for the same age group rose to 28.2 per cent from 25.7 per cent in Q3 2018.
“These rates were the highest when compared to other age groupings.”
The NBS said the number of persons in the economically active or working age population (15 – 64 years of age) increased to 116,871,186 from 115,492,969 in Q3 2018.
It said, “The number of persons in the labour force (i.e. people within ages 15 -64, who are able and willing to work) was estimated to be 80,291,894. This was 11.3 per cent less than the number persons in Q3 2018.
“Of this number, those within the age bracket of 25-34 were highest, with 23,328,460 or 29.1 per cent of the labour force.”
The statistics office said the total number of people in employment in Q2 2020 fell by 15.8 per cent 58,527,276, compared to Q3 2018.
“Of this number, 35,585,274 were full-time employed (i.e. worked 40+ hours per week), while 22,942,003 were under-employed (i.e. working between 20-29 hours per week),” it added.
According to the report, Imo State reported the highest rate of unemployment with 48.7 per cent, followed by Akwa-Ibom State and Rivers State with 45.2 per cent and 43.7 per cent respectively.
It said Anambra recorded the lowest rate of unemployment at 13.1 per cent.
The NBS said, “For underemployment, the state which recorded the highest rate was Zamfara with 43.7 per cent, while Anambra State recorded the lowest underemployment rate, with 17 per cent in Q2 2020.
“A total number of 2,736,076 did not do any work in the last seven days preceding the survey due to the lockdown but had secure jobs to return to after the lockdown.”
August 14, 2020
BREAKING: Nigeria’s inflation hits 12.56% in June – NBS
The consumer price index which measures inflation rose to 12.56 percent in June, a new report by the National Bureau of Statistics has shown.
According to the report, which was released on Friday, the June inflation rate is 0.16 percentage points higher than the rate recorded in May 2020 (12.40 percent).
The CPI (consumer price index) measures the average change over time in prices of goods and services consumed by people for day-to-day living.
This is the highest point reached since March 2018 when inflation was at 13.34 percent.
July 17, 2020