This is Expenditure Framework and Fiscal Strategy (MTEF/FSP) report put at N950.56 billion. The revenue projection for the 2020 budget was also reduced by N3.3 trillion (about 39 per cent) from the initially approved amount of N8.41 trillion to N5.08 trillion. Nigeria Loses N125bn Oil Revenue To COVID-19 Nigeria’s oil revenue target fell by N125.52 billion in the first quarter (Q1, 2020) to N940.91 billion, according to figures released yesterday by Minister of Finance, Mrs. Zainab Ahmed. Dipo Ajayi, Head of Fixed Income and Forex at Chapel Hill Denham joins CNBC Africa for more.Sign up for free newsletters and get more CNBC AFRICA delivered to your inboxTo be updated with all the latest news, offers and special announcements.Copyright Africa Business News Pty. THE COVID-19 GLOBAL pandemic has brought forward the future. It provides us with a preferential access to African market worth over $650bn, in mostly manufactured goods .“It will build production capacity in the region and develop the value chain, and increased export to other African states” she added.The benefits would also encourage member states to specialise in the production of a certain good where they have a comparative advantage, thus enhancing the quality and quantity of local production and creating more jobs.He said, “This would improve our competitiveness and the perception of our products and services in the African market. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. This new initiative is a major step towards achieving that goal. This implies Nigeria’s debt service to revenue is estimated to be 99% during the period. Données 2016 Nigéria Moyenne Afrique Moyenne monde; Revenu mensuel brut / habitant: 204 $ 156 $ 858 $ Revenu annuel brut / habitant: 2 450 $ 1 877 $ 10 295 $ Nigeria will have to rely on borrowing to finance the spending plan. These cookies will be stored in your browser only with your consent. Despite Brent-crude futures rallying in recent weeks, Nigeria, is facing a fast-looming future without reliance on fiscal revenue from its massive oil wealth, Bloomberg has reported.
Revenue generated from value-added tax increased by 8.45 percent from the ₦600.9 billion realised in half-year 2019 to ₦651.7 billion in 2020. For Nigeria, a better indicator of debt sustainability is the debt service-to-revenue ratio, which in Nigeria has in recent years risen to worrying levels, and now 99% as at Q1 2020 In 2019, former CBN Governor, Sanusi Lamido , declared that Nigeria is “bankrupt and the country is heading to bankruptcy” . The Trading Economics Application Programming Interface (API) provides direct access to our data. It is mandatory to procure user consent prior to running these cookies on your website. Generally, debt sustainability can be explained using either debt to GDP or debt service to revenue ratio. The federal government has cut down the 2020 budget by over N320 billion and proposed a new budget of N10.27 trillion against the N10.59 trillion passed by the national assembly.This is based on the global economic realities as a result of the The new budget proposal has been sent to the national assembly for consideration and passage, Punch newspaper reports, detailing the content of the proposal.The new budget proposal reduces the oil benchmark from $57 per barrel to $30 per barrel while the oil production volume was reduced from 2.18 million barrels to 1.70 million barrels, the newspaper reports.The revenue projection for the 2020 budget was also reduced by N3.3 trillion (about 39 per cent) from the initially approved amount of N8.41 trillion to N5.08 trillion.The exchange rate was, however, increased from N305 to N360 to a dollar. Twitter. The team also publishes research based analysis as articles on a regular basis.AfCFTA is aligned to the ministry’s twin national objectives of industrialization and export based diversification.The Ministry of Industry, Trade and Investment has met with executives of the Nigerian Agribusiness Group (NABG) on the implementation of the African Continental Free Trade Area (AfCFTA) and access the continent’s market worth $659 billion, in mostly manufacturing goods and services.This was disclosed by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo during the meeting on Monday.The minister emphasized on the importance of AfCFTA, as it is aligned to the ministry’s twin national objectives of industrialization and export based diversification. Nestlé Nigeria Plc on Thursday announced its financial results for the half year ended June 30, 2020, recording a revenue of N 141.0 billion for the period January to June 2020. The Company in its half year results released … 2010-2019 Data | 2020-2022 Forecast | Historical | ChartDownload historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. July 27, 2020 | Updated: July 28, 2020 . With the economy likely on the path to a recession, government revenues particularly non-oil revenues could remain depressed this quarter and the next.