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Nigeria’s finance and insurance sector paid 119.6% more tax to the government in 2023
In 2023, businesses in Nigeria's finance and insurance sector paid ₦458.8 billion as taxes to the government, 119.6% more than in 2022. Those in the manufacturing sector also increased their payments and remain the top tax-paying sector in the country. Here are the top five sectors where businesses paid the most tax in 2023.

Nigeria: Cost of cooking gas increases by 55%, but remains the cheapest on average in the northern regions
The cost of cooking gas nationwide increased from an average of ₦10.3k in March 2023 to nearly ₦16k in March 2024. However, the northern regions had the most affordable prices. The North East had the lowest average price of ₦14.9k for a 12.5kg cylinder. In Katsina, the average price for 12.5kg of cooking gas was ₦12,400 as of March 2024, the lowest in the country.

1 in every 11 millionaires in Africa lived in Johannesburg, South Africa, in 2023
As of December 2023, Johannesburg had the highest number of millionaires (12,300) in Africa; Cape Town followed with 7,400 millionaires. South Africa dominated the list, with its cities and regions claiming top spots.

South Africa boasted over a quarter of Africa's millionaires in 2023
Per Africa Wealth Report 2024, South Africa maintained its position as the country with the most millionaires in Africa in 2023. The country has 2.4x the number of millionaires as Egypt and 4.6x the figure of Nigeria.

Nigeria's railway passenger revenue peaked in 2021, while cargo revenue peaked in 2023
After peaking at ₦5.69b in 2021, Nigeria's railway revenue from passengers has fallen for two consecutive years, dropping to ₦4.43b in 2023. Cargo revenue, on the other hand, reached its highest (₦1.08b) in 2023.y revenue from passengers has fallen for two consecutive years, dropping to ₦4.43b in 2023. Cargo revenue, on the other hand, reached its highest (₦1.08b) in 2023.

Twenty states and the FCT added a combined ₦643b to their domestic debt in 2023
How much more debt did Nigerian states add to their existing domestic debt in 2023? Nigerian states' domestic debt increased by 9.8% in 2023, with 20 states and the FCT contributing to this increase. Lagos State recorded the biggest jump in domestic debt with ₦241.5b added.

Nigeria's external debt increased by $800m in 2023, the lowest increase in the past seven years
At the end of every year from 2017 to 2023, Nigeria added between $800m and $7.5b to its external debt. After repaying $3.5 billion of its external debt in 2023, the country's external debt only increased by $800m as of December, marking the lowest increase in the past 7 years.

Nigeria has collected a total of ₦17.5 trillion tax from companies between 2015 and 2023
Nigeria collected nearly ₦5 trillion income tax from companies in 2023. The amount collected in 2023 is 3.5x the collections in 2015 and 73% more than in 2022. Here are Nigeria's company income tax collections since 2015.

Top 15 inflation rates in the world; Nigeria ranks 13th globally, with an inflation rate of 31.7%
Inflation rate in Nigeria increased to 31.7% in February 2024. Nigeria has the 13th highest inflation rate out of 186 countries and territories as of February 2024. The data showcases Argentina leading with 276%, followed by Lebanon and Syria. Seven of the top fifteen are African.

Nigeria: All vehicle categories saw substantial decreases in road accident cases except for luxury bus and bicycle
In 2023, Nigeria experienced an overall decrease of 24% in road accidents compared to the previous year. All vehicle categories contributed to this decline except Luxury Bus, which recorded 13 cases more than in 2022, and Bicycle, which recorded 4 more than in 2022. Commercial vehicles recorded 68% of the total road accidents in the country, followed by private vehicles with 31%; 194 government vehicles and 4 diplomat vehicles were involved in road accidents in the year.

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