Nigeria Economic Update

Persona l I n come Tax drives rise in IGR According to the NBS newly released data, total IGR generated by 36 states and the Federal Capital Territory for the first half of the year 2018 outperformed the comparable period IGR of 2017. [...] None of the refineries produced up to 50 percent of their capacity and the underproduction costs Nigeria $1 billion annually3 - making it seemingly impossible to attain the much-acclaimed self- sufficiency in crude oil refining by 2019. [...] The entire situation is speculated to further worsen in the coming months as GENCOS have begun to receive notice of disconnection, following a near-complete draw-down of the N701.9 billion payment assurance scheme8 - The fund was set up to guarantee prompt payments for power supplied to the national grid. [...] Compiled by the Information and Data Management (IDM) Unit, CSEA Centre for the Study of the Economies of Africa (CSEA) Abuja. [...] Compiled by the Information and Data Management (IDM) Unit, CSEA Centre for the Study of the Economies of Africa (CSEA) Abuja.