65% of the total revenue of the 36 states and the FCT in 2019 came from FAAC while the remaining 35% came from IGR of the states. From the IGR, over 60% came from the formal sector (PAYE) while 20% came from the informal sector (Other Taxes and Direct Assessment).
The oil price crash was the result of a severe decline in international oil demand thanks to the spread of the novel coronavirus, made infinitely worse by an ensuing oil price war between the leading OPEC+ members of Saudi Arabia and Russia.
The consumer price index, (CPI) increased by 12.34% (year-on-year) in April 2020. This is 8bps higher than the rate recorded in March 2020 (12.26%). This is the eighth consecutive month of increase since August 2019 (11.02%) and the highest level since April 2018 (12.48%).
By Ruchir Agarwal and Signe Krogstrup, IMF Blog / Image Credit: IMF Many central banks reduced policy interest rates to zero during the global financial crisis to boost growth. Ten years later, interest rates …
Most trade takes place by sea, and—for navigational safety purposes—virtually all cargo ships report their position, speed, and other information many times a day. A new IMF methodology using these data can help better inform us how international trade is affected by the COVID-19 pandemic.
While the economic scale of the crisis grabs attention, and could even paralyze us, the human toll is even more pressing. Millions of lives in the poorest countries are on the precipice. The contagion they face isn’t just the virus, as devastating as that will be, but its travelling companions of poverty, deprivation, even starvation.
5 Key things you should know about the poverty situation in Nigeria based on the Nigerian Living Standards Survey.
By JACOB BATHANTI and DEBRA LADNER / Image Credit: World Bank As COVID-19 (coronavirus) spreads around the world, governments and development organizations are thinking hard about how to respond effectively. …
The World Bank’s Commodity Markets Outlook comes with large caveats including uncertainty over the pandemic’s duration and severity; the direction of energy and fertilizer prices; currency movements; changes to trade and domestic support policies; and possible disruptions in global supply chains.
By Davide Furceri, Prakash Loungani, and Jonathan D. Ostry / Image Credit: IMF The COVID-19 crisis is now widely seen as the greatest economic calamity since the Great Depression. In …