Economy
Brent, WTI Gain Amid Possible Progress in Ceasefire
By Adedapo Adesanya
The two major crude oil grades recorded some gains following talk of a possible lengthy ceasefire in the Gaza War, with Brent rising by 0.77 per cent or 60 cents to $78.59 a barrel, and the US West Texas Intermediate (WTI) appreciating by 0.73 per cent or 53 cents to $73.51 a barrel.
The US Secretary of State, Mr Antony Blinken, on a Middle East trip to seek an end to the Gaza War, said a Hamas reply to a proposal for a ceasefire was being reviewed on Tuesday.
The proposed deal, drawn up more than a week ago by the US and Israel at a meeting with Egypt and Qatar, would secure the release of remaining hostages held by militants in Gaza in return for a long pause to fighting.
Hamas said it responded “in a positive spirit, ensuring a comprehensive and complete ceasefire, ending the aggression against our people, ensuring relief, shelter, and reconstruction, lifting the siege on the Gaza Strip, and achieving a prisoner swap.”
At the same time, the US continued its campaign against Iran-backed Houthis in Yemen, whose attacks on shipping vessels have disrupted global oil trading routes.
According to analysts, the US strikes do not point to an easing of tensions.
In its Short-Term Energy Outlook, the US Energy Department said US output would grow by 170,000 barrels per day this year, down from the previous forecasted rise of 290,000 barrels per day.
Crude oil inventories in the US rose by 674,000 barrels for the week ending February 2, according to the American Petroleum Institute (API), after analysts predicted a build of 2.133 million barrels. The API reported a 2.5-million-barrel dip in crude inventories in the week prior.
This is as refiners in the US are performing overhauls on plants across the country and an outage last week at the British Petroleum refinery in Whiting, Indiana, will limit production.
Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
Some other analysts also said it would be difficult for oil to return to previous highs, given the run of strong economic indicators from the US was likely to lose steam.
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) has shared a total of N2.300 trillion among the federal government, state governments, and Local Government Councils from the revenue generated in May 2026.
The amount is slightly higher than the N2.257 trillion distributed last month, according to a statement issued by the Head of Information at the Federal Ministry of Finance, Mrs Efe Ovuakporie.
The FAAC allocation was confirmed at its June 2026 meeting following consideration of revenue receipts for the month of May.
The total distributable revenue of N2.300 trillion comprised N1.611 trillion from statutory revenue and N688.785 billion from Value Added Tax (VAT).
From the distributable amount, the federal government received N818.680 billion, while state governments got N759.141 billion. Local Government Councils were given N534.277 billion, and oil-producing states received N188.132 billion as 13 per cent derivation revenue.
The gross statutory revenue for the month stood at N2.652 trillion, representing an increase of N273.623 billion compared to the N2.378 trillion recorded in April 2026.
FAAC reported significant increases in collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and oil royalties during the period under review.
However, collections from Import Duty, Value Added Tax (VAT), Excise Duty, and Common External Tariff (CET) levies recorded declines compared to the previous month.
Gross VAT revenue for May 2026 stood at N743.668 billion, lower than the N806.617 billion collected in April 2026.
The committee noted that despite the decline in VAT collections, overall revenue performance for the month was strengthened by improved receipts from petroleum-related taxes and Companies Income Tax.
By Aduragbemi Omiyale
Trading in the equities of Fortis Global Insurance Plc on the floor of the Nigerian Exchange (NGX) Limited has been suspended.
The action was taken on Wednesday, June 17, 2026, by the regulatory subsidiary of the NGX Group Plc, NGX Regulation (NGX RegCo) Limited.
It was to prevent investors from buying and selling the company’s securities on the stock market ahead of its share reconstruction.
According to a circular signed by the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, the suspension is also to determine the shareholders who are entitled to receive the reconstructed shares.
“Trading license holders and the investing public are hereby notified that trading in the shares of Fortis Global Insurance Plc was suspended on Wednesday, June 17, 2026.
“The suspension is necessary to prevent trading in the shares of Fortis Global Insurance Plc to enable the Company’s Registrars and the Central Securities Clearing System Plc (CSCS) to reconcile their books for the listing of the reconstructed shares on Nigerian Exchange Limited (NGX).
“The suspension is also required for the purpose of determining the shareholders who are entitled to receive the reconstructed shares,” the notice stated.
By Modupe Gbadeyanka
Efforts are being made to deepen collaboration to promote transparency and accountability in the collection of oil and gas revenue in Nigeria.
Two key organisations involved in this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS), recently held a strategic meeting to further work on ways to achieve this goal.
The chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, was at the headquarters of the tax-collecting agency in Abuja on Wednesday.
In discussions with the chairman of NRS, Mr Zacch Adedeji, she praised him for driving reforms that culminated in the enactment of the NRS Act.
Speaking on the transfer of revenue collection responsibilities, Mrs Eyesan said the process had been seamless, highlighting her organisation’s efforts to create an enabling environment for operators in the oil and gas industry.
She further revealed that Nigeria had the potential to produce 1.9 million barrels per day, having hit a peak production of 1.86 million barrels per day in May.
In his response, the NRS chairman praised NUPRC for its dynamism, professionalism and transparency, promising continued collaboration with the commission, particularly on matters relating to the transfer of revenue collection functions under the new Act.
“I collect revenue. I don’t generate revenue. Wherever revenue is, I work on it and keep an account for you. So, I’m helping you to collect your royalties,” Mr Adedeji said.
He pledged that the NRS would continue to support the commission to achieve its shared objective of increasing government revenues in a fair, transparent and sustainable manner.
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