Dataphyte Releases ‘Nigeria’s Post-Oil Economy’ Advisory Note
Dataphyte Nigeria has released its maiden Dataphyte Advisory Note, the first in a series of sectoral reports that provide expert appraisal of critical issues within each target sector and proffer feasible private sector responses and public policy solutions.
This first edition, titled “Nigeria’s Post Oil Economy: Going the Housing Consumer Credit Path”, is a critical analysis of the employment cum income potentials of the manufacturing and construction sectors, positioning the housing subsector especially as an alternative for revitalising Nigeria’s economy, and as a viable revenue alternative to the government’s perennial debt financing. [Read more]
Inflation Rate: Does the Decline Reflect actual Economic Realities?
Nigeria’s inflation rate [Consumer Price Index (CPI)] continues its steady decline across all headings. Headline inflation declined for the eighth consecutive month from 16.63% in September to 15.99% in October.
Food inflation had a consecutive four-month decline while core inflation declined in the last period. In the final phase, food inflation dropped from 19.57% in September to 18.34% in October. At the same time, core inflation declined from 13.74% to 13.24% in the same period.
However, the continuous CPI decline recorded in the country has failed to reflect actual economic realities. An earlier Dataphyte report shows how prices of goods and services continue to increase across the country despite the decrease in inflation rates in September. [Read more]
2019 Audit Report: Overdrawn Accounts, Non-Disclosure, Misappropriation; Financial Transparency takes a Beating as MDAs Fail to Account for Over N2trn
Dataphyte’s review of Nigeria’s 2019 audit report has shown that Nigerian Ministries, Departments and Agencies spent monies running into trillions of naira without appropriation or financial transparency.
According to the 2019 audit report, the Nigerian ministry, department and agencies collectively are unable to account for at least N2.5 trillion.
The International Public Sector Accounting Standards (IPSAS) states that “Public sector entities are typically subject to budgetary limits in the form of appropriations or budget authorisations which may be given effect through authorisation”.
However, MDAs continue to disobey this provision flagrantly. [Read more]
2019 Audit Report: Seven Area Commands of Nigerian Customs Record Zero Revenue
Seven Area Commands of the Nigerian Customs Services reported zero revenue despite being mandated to collect Common External Tariff (CET) levies and fees.
In his routine scrutiny of accounts, the Auditor-General observed that these area commands recorded zero revenue for over 9 months of the 12 months in 2019. The area commands oversee activities in fourteen (14) states in the country.
The Auditor-General couldn’t ascertain the magnitude of the loss as the area commands didn’t furnish him with the revenue target. [Read more]