Economy
FAAC December Disbursement to FG, States, LGs Rises by 22.44% to N902.1bn
By Aduragbemi Omiyale
The federal government, state governments and the 774 local government areas earned more from the national cake in December 2022, following a 22.44 per cent spike in the revenue shared with them by the Federation Account Allocation Committee (FAAC).
The FAAC December disbursement was the funds generated by the country in November 2022.
According to a statement issued by the Director of Information, Press and Public Relations in the Office of the Accountant General of the Federation, Henshaw Ogubike, the allocated funds comprised distributable statutory revenue of N681.079 billion, distributable Value Added Tax revenue of N202.839 billion, Exchange Gain revenue of N7.164 billion and Electronic Money Transfer Levy (EMTL) revenue of N10.971 billion.
The disclosure, which was issued after the monthly meeting of the committee on Thursday, stated that the improvement in the revenue shared this month was due to significant increases in oil and gas royalties and Petroleum Profit Tax (PPT). They offset the shortfall recorded in VAT and Companies Income Tax (CIT), though import and excise duties increased marginally.
A breakdown showed that from the N902.053 billion, the federal government received N358.515 billion, the states received N270.836 billion, and the local councils got N204.130 billion, while the oil-producing states got N68.572 billion as a derivation fund as 13 per cent of mineral revenue.
From the gross statutory revenue of N681.079 billion, the central government was given N323.094 billion, states got N163.878 billion, the LGs got N126.343 billion, and N67.765 billion shared to the oil-producing states as 13 per cent oil derivation.
Furthermore, from the N202.839 billion distributable VAT earnings, the federal government was allocated N30.426 billion, the states had N101.420 billion, and the councils got N70.994 billion.
In addition, from the N10.971 billion EMTL, the federal government took N1.646 billion, states got N5.485 billion, and the councils got N3.840 billion, while from the N7.164 billion Exchange Gain, the federal government got N3.349 billion, states received N1.699 billion, and the councils got N1.309 billion.
The statement revealed that the balance in the Excess Crude Account (ECA) stood at $473,754.57 as of December 15, 2022, slightly higher than $472,513.64 as of November 23, 2022.
By Modupe Gbadeyanka
The management of Dangote Petroleum Refinery and Petrochemicals Limited has revealed that the price of Premium Motor Spirit (PMS) remains at N1,275 per litre.
Earlier on Wednesday, there were reports that the company increased its ex‑depot price by N75, some hours after renewed hostilities in the Middle East.
On Monday evening, it was reported that Iran fired missiles at its neighbours in the Gulf region after the United States seized two Iranian-linked vessels on the Strait of Hormuz.
These actions briefly raised the price of crude oil on the global market to over $115 per barrel, but it quickly eased to almost $100 per barrel on Wednesday.
Shortly after it was reported that Dangote Refinery had pushed its PMS gantry price to N1,350 per litre, the price was reversed.
Confirming this in a statement made available to Business Post, Dangote Refinery said it is sustaining its current prices to reaffirm “its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks.”
“By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties,” another part of the statement read.
The private refiner “reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.”
It urged the public “to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.”
By Aduragbemi Omiyale
Dangote Refinery has reversed a N75 ex-depot price increase of premium motor spirit (PMS), also known as petrol, on Wednesday.
On Wednesday, the private crude oil refinery raised the price of the product to N1,350 per litre, but this was quickly reversed to N1,275 per litre.
The company had carried out a second increment in less than two weeks, amid renewed attacks in the Middle East, though the crude oil price went down on Tuesday to $109 per barrel.
According to a report by pricing platform Petroleumprice.ng, the upward price adjustment was suspended shortly after it was raised, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers.
Industry operators say the move has helped calm nerves across the market, where traders had already begun repositioning on expectations of a higher pricing cycle.
Before the previous price hike, the gantry price was N1,200 per litre, but the organisation pushed it higher by N75.
As of the time of filing this report, Business Post observed that Brent crude futures were traded at $101.00 per barrel, while the US West Texas Intermediate (WTI) crude futures were sold for $93.01 per barrel.
By Adedapo Adesanya
Four securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.85 per cent on Tuesday, May 5, with the market capitalisation growing by N20.52 billion to N2.429 trillion from N2.409 trillion, and the Unlisted Security Index (NSI) advancing by 34.30 points to 4,060.94 points from 4,026.64 points.
Yesterday, FrieslandCampina Wamco Nigeria Plc, the parent company of popular milk brands like Peak Milk and Three Crowns, appreciated by N8.72 to N106.90 per share from N98.14 per share, NASD Plc increased its value by N6.13 to N37.36 per unit from N31.23 per unit, Lagos Building Investment Company (LBIC) Plc gained 35 Kobo to close at N3.82 per share versus N3.47 per share, and Geo-Fluids Plc jumped by 10 Kobo to N3.10 per unit versus N3.00 per unit.
However, the price of Food Concepts Plc, which has the popular Chicken Republic under its belt, lost 5 Kobo during the session to trade at N2.36 per share versus N2.41 per share.
The volume of securities traded fell by 9.5 per cent to 679,768 units from 751,518 units, and the value of securities dropped 12.6 per cent to N30.9 million from N35.4 million, while the number of deals surged by 41.9 per cent to 44 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.3 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units valued at N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.
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