Sunday, July 25We Break the News

Tag: ECONOMY NEWS

BUSINESS: Nigeria’s economy grows by 1.8% in first quarter of 2020.

AFRICA, Business
Nigeria’s economy grew 1.87% in the first three months of 2020 from a year earlier, the statistics office said on Monday, shrinking from the previous quarter as oil prices and international trade fell due to the coronavirus pandemic It is the slowest quarterly growth rate in one-and-a-half years, and comes as Nigeria has still not recovered from a 2016 recession that sent more than 13 million people into unemployment. The slowdown reflects “the earliest effects of the disruption” from the global outbreak, said Nigeria’s National Bureau of Statistics, and comes as the government expects Africa’s largest economy to contract this year as much as 8.9% in a worst case scenario. Nigeria’s crude production was 2.07 million barrels a day, the statistics office said, the country’s highest...
ECONOMY: Uganda’s public debt balloons  from 39 to 46 trillion shillings.

ECONOMY: Uganda’s public debt balloons from 39 to 46 trillion shillings.

Business, UGANDA
Uganda’s public debt has grown to Shs 46 trillion ($12.5bn) as at the end of June 2019 up from Shs 39 trillion (Shs 10.7bn) in June 2018, according to the latest ministry of Finance report.   This raises the share public debt from 34.8% of GDP in 2017/18 to 36.1% of GDP in 2018/19. Most of the debt is externally sourced, Finance says in the December 2019 annual debt sustainability report. The increment in the debt stock raises questions over the government’s ability to pay back at the time when government revenues are registering shortfalls. Uganda Revenue Authority last week reported a shortfall of Shs 700bn for the first six months of this financial year and government has indicated it depends more on borrowing to fill the gap. According to the report, go...
ECONOMY: Uganda’s tax arrears hit UGX3.6T mark.

ECONOMY: Uganda’s tax arrears hit UGX3.6T mark.

UGANDA
The just released 2020/2021 national budget framework paper by Parliament’s Budget Committee has painted a grim picture on Uganda’s tax burden showing that tax arrears have now reached Shs3.624Trn. The report that was presented on the floor by Patrick Isiagi, Vice-Chairperson Budget Committee highlighted that the stock of tax arrears is steadily growing from Shs1.005T in FY2013/2014 to Shs3.624T as at end of FY2018/19. Isiagi remarked, “The stock of tax arrears has grown effectively by Shs2.619T or by 260.5% in five years, despite some recoveries by URA.” It should be recalled that last year, the Budget Committee sounded alarm over the increasing debt stock that was recorded at Shs2.6T with the Committee describing the amount as worrying trend and that the amount Uganda ...
UGANDA: Strained relations with neighbour countries dominate Uganda’s 2020/21 financial year planning.

UGANDA: Strained relations with neighbour countries dominate Uganda’s 2020/21 financial year planning.

EAST AFRICA
Government has listed priority areas to energise the economy in financial year 2020/2021 against the backdrop of widening trade deficits and local revenue gaps. In its report on the Budget Framework Paper presented by the Committee on Budget, MPs warned of a growing trade deficit. The report blames the decline on trade wars with Kenya and the closure of Uganda’s border with Rwanda which has frustrated commercial activities. Tanzania, which has always shown a cold shoulder to East African Community economic integration projects, has also been singled out. The trade surplus with EAC slowed down in the FY 2018/2019 compared to FY 2017/2018 mainly on account of existence of non-tariff barriers in some of the partner states – most especially in Tanzania,” partly reads the ...
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