Nigeria: Economy - Motion Without Movement

opinion

Despite the huge allocations collected monthly by the three tiers of government, the July allocation seemed to have 'tripled'. A total of N737 billion was shared as the statutory and Value Added Tax (VAT) allocations. The higher recipients are the oil-producing states, while the highest allocations to non-oil producing states are Lagos and Kano. The lowest recipients from the triple allocations are Ekiti, Gombe, Nassarawa and Ebonyi. Group Business Editor, ROTIMI DUROJAIYE, writes that despite all, poverty in Nigeria remains significant, while the economy remains stagnant

Nigeria has one of the world's highest economic growth rates (averaging 7.4 per cent over the last decade), a well-developed economy, and plenty of natural resources such as oil. However, it retains a high level of poverty, with 63 per cent living on below $1 daily, implying a decline in equity.

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