Special Reports

Wednesday, 16 October 2024 05:15

99% of Nigeria’s wealthiest citizens evade taxes - Oxfam

Oxfam Nigeria, a non-profit organization, has revealed that 99% of Nigeria’s wealthiest individuals either evade or avoid paying taxes, exacerbating the country’s economic inequality while millions of Nigerians struggle to survive. The findings were presented in two reports titled “Income and Wealth Inequality in Nigeria: Trends and Drivers” and “Taxing the Rich: Fair Tax Monitor,” released on Tuesday. These reports, produced in collaboration with Tax Justice Network Africa and the Civil Society Legislative Advocacy Centre (CISLAC), cover a decade of data. Despite being Africa’s fourth-largest economy, Nigeria’s economic growth has disproportionately benefited a small elite, leaving millions in poverty. The…

Monday, 07 October 2024 04:41

NewsScroll analysis: Four quick steps out of Nigeria’s current economic logjam

All through the 5 working days of last week, NewsScroll did a series of analyses on why the Naira won’t likely perform better than it’s now (https://dsh.re/b8043), why petrol prices aren’t likely to reduce (https://dsh.re/6d09cd), why inflation won’t abate significantly (https://dsh.re/37054d), why poverty and hunger will likely worsen (https://dsh.re/353df9) and why insecurity might actually get worse (https://dsh.re/3e620). Today, we present the final in the series, which is about the immediate and medium term solutions to these serious economic challenges. The proposed solutions for tackling these problems are crucial, addressing systemic issues like oil theft, mismanagement of fuel resources, porous borders,…

Friday, 04 October 2024 04:47

NewsScroll analysis: 13,346 Nigerians have been killed, 9,207 abducted since Tinubu took over. Here’s why insecurity is unlikely to abate anytime soon

Since President Bola Tinubu assumed office on May 29, 2023, Nigeria - according to Nigeria Security Report by Beacon Consulting, a firm that specialises in security risk management - has experienced a dramatic surge in violence. In just over a year, 13,346 people have been killed and 9,207 abducted across 667 local government areas, with deaths resulting from terrorism, banditry, farmer-herder clashes, and other forms of violence. This sharp rise in fatalities and kidnappings underscores the country’s deteriorating security situation and provides a grim context for understanding the entrenched socioeconomic and political crises that fuel this unrest. The worsening insecurity…

Thursday, 03 October 2024 04:34

NewsScroll analysis: 133m Nigerians were poor before Tinubu took over. With hunger added to the mix, the poverty outlook is dire. Here’s why

The Nigerian economy has entered a period of severe hardship, marked by rapidly increasing poverty and hunger. This is driven by a complex combination of domestic economic challenges, policy choices, and external factors. The country's transition into deeper multidimensional poverty—where 133 million Nigerians were classified as such by the National Bureau of Statistics (NBS) in 2022—has been further compounded by the Bola Tinubu administration's policies, which have exacerbated inflationary pressures and eroded purchasing power. A combination of economic mismanagement, external shocks, and poor governance has resulted in significant devaluation of the Naira, skyrocketing fuel prices, and surging inflation, all of…

Wednesday, 02 October 2024 04:52

NewsScroll analysis: From 22.4% when Tinubu took over, inflation rose to 32.15% in August 2024. Here’s why prices of goods and services are likely to continue to rise

The sustained rise in the prices of goods and services in Nigeria is driven by a complex interplay of domestic economic challenges, monetary policy decisions, and external factors. The trends identified by manufacturers, agricultural experts, and economic analysts reveal that inflationary pressures are likely to persist, affecting both the productive and service sectors. This analysis will explore the various underlying causes and how they are expected to shape price trends in Nigeria. 1. Monetary Policy and Rising Interest Rates The continuous increase in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN), now at 27.25%, has had…

Tuesday, 01 October 2024 04:50

NewsScroll analysis: From N187/litre when Tinubu took over, it’s now N1,000/litre. Here’s why petrol prices aren’t likely to come down anytime soon

The surge in petrol prices in Nigeria, rising from N187 per litre when President Bola Tinubu took office last year to N1,000 per litre, reflects a complex blend of both domestic and international economic factors. The reasons why petrol prices are unlikely to decline soon, as outlined in the analysis below, offer a significant understanding of the issue. Key Reasons Why Petrol Prices Will Remain High: 1. Dollar Denominated Crude Sales and Depreciating Naira The sale of crude oil, the primary feedstock for refineries, is priced in U.S. dollars. While the federal government has proposed selling crude to local refineries…

Monday, 30 September 2024 04:34

NewsScroll analysis: From N465/$ when Tinubu took over, it’s now N1,700/$. Here’s why the Naira isn’t likely to appreciate anytime soon

Since President Bola Tinubu's inauguration on May 29, 2023, the Nigerian Naira has experienced a sharp and persistent decline in value. At the time of Tinubu's assumption of office, the official exchange rate stood around N465/$. However, after the decision to float the Naira and unify Nigeria’s multiple exchange rates, the currency has depreciated dramatically, losing over 70% of its value. As of recent, the Naira traded at about N1,700/$ in the parallel market, marking a massive devaluation that has exacerbated Nigeria's inflationary pressures and living costs. Several factors have contributed to this devaluation, with the following issues making it…

Tuesday, 24 September 2024 04:53

Between Dangote and NNPCL, who do Nigerians believe?

Charles Adewole Though NNPCL is not a saint, the conflict between the national oil company and Dangote Refinery is a typical Aliko Dangote strategy for muscling out competition Aliko Dangote, Africa’s richest man until August 2024, and Nigerian National Petroleum Corporation Limited, NNPCL, Nigeria’s state oil company, have many things in common. Both are business partners; both are avid monopolists; both leverage on government patronage to muscle out competition and both are passionately Nigerian, among other shared characteristics. Dangote is Nigeria’s top business icon. From an initial seed money of N500,000 loan from his uncle, he started business with in…

Saturday, 14 September 2024 04:43

‘Businesses and citizens under massive pressure from rising costs, inflation, and a struggling economy’ - NESG

The Nigerian Economic Summit Group (NESG) has said the economic situation in Nigeria presently is scary. The private sector-led think tank group said the country needs to take bold and decisive steps to address the challenges. Chairman of the NESG, Niyi Yusuf, at a pre-summit news conference in Abuja on Friday, noted that one of Nigeria’s pressing concerns now is translating economic growth into improved lives and livelihoods for all its citizens. Recalling the numbers from the country’s second-quarter 2024 gross domestic product (GDP), Yusuf, who was represented by Ufot Udeme, said that in Q2-2024 Nigeria’s economy recorded a fast…

Sunday, 08 September 2024 04:34

Nigerians lament as latest petrol price hike worsens living conditions

Families and operators of businesses in the country have continued to decry the recent hike in petrol prices as they grapple with the escalating cost of living amid widespread discontent in the country. The 50 percent increase in petrol price has rippled through the economy, driving up prices of essential goods and services, and exacerbating financial hardships for many. The price hike, which came into effect last week, has seen petrol prices soar to record highs of between N850/litre and N1,400 per litre depending on the area, adding to the already mounting pressure on household budgets. Owing to the hardship…

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Saturday, 07 September 2024 04:58

Dangote’s petrol is colourless like water. Does this indicate quality? The Cable helps us with an answer

On Tuesday, Aliko Dangote showed off the new colourless petrol from his refinery — a stark contrast to the colour which Nigerians are used to, which is typically yellowish or reddish-pink. This made people question the quality of petrol in Nigeria. “You might think it looks different, but this is the real thing,” Dangote said,while pointing at the bottle. “You will now have good petrol and your car engines will last longer. You won’t have engine problems like we used to. It won’t happen at all. “The quality here is as good as anywhere in the world. We will make…

Sunday, 01 September 2024 04:55

‘A building has collapsed in Lagos once every two weeks on average so far this year’. Here’s why Lagos buildings keep falling

A building has collapsed in Nigeria’s megacity, Lagos, once every two weeks on average so far this year. Whereas the commercial cost can be calculated, a figure can never be put on the value of the lives lost underneath the rubble. The gaps among the buildings, replaced by piles of debris, represent a failure of governance as well as giving rise to allegations of contractors trying to cut corners to save money. There are regulations, there are maintenance schedules, there are inspectors – but the system does not work. Those responsible are never held to account, and so nothing ever…

Friday, 30 August 2024 04:57

Nigeria’s divorce rate highest in Africa - Report

Divorce.com, a United States website which offers resources and support for navigating divorce, has included Nigeria on its list of countries with high divorce rates. According to data published on their website in July, Nigeria ranked eleventh out of twenty-six countries with the highest divorce rate. The results were obtained after sampling respondents from these countries and compiling statistics from 16 primary sources, ensuring a comprehensive and reliable research process. The report also revealed a significant trend. Women in sub-Saharan Africa, especially Nigeria, are taking the initiative in divorce more often than men, a reflection of changing gender dynamics. According…

Thursday, 29 August 2024 04:53

Nigerians plan to borrow to meet personal needs for next 3 months as economy worsens, CBN survey finds

Nigerians are bracing for tough months ahead, with many planning to rely on borrowing and depleting their savings to manage their financial obligations amid a challenging economic landscape. This is according to the Central Bank of Nigeria’s (CBN) July 2024 Household Expectations Survey, which highlights growing consumer pessimism about the nation’s economic trajectory. The survey, which involved 1,665 households from across Nigeria, reveals a stark decline in consumer confidence, with the overall confidence index for the next three months standing at a negative 9.1 points. This figure reflects a significant level of anxiety among consumers who anticipate a continued decline…

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