Economy
FG, States, Local Councils Share N1.411trn From October Revenue
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) shared a total of N1.411 trillion to the three tiers of government as federation allocation for November from the N2.668 trillion revenue generated last month by the nation.
The federal government received N433.021 billion, the states received N490.696 billion, the Local Government Councils (LGCs) got N355.621 billion, while the oil-producing states received N132.404 billion as 13 per cent of mineral revenue derivation.
From the N2.668 trillion, inclusive of Gross Statutory Revenue, Value Added Tax, VAT, Electronic Money Transfer Levy, EMTL, and Exchange Difference, the sum of N97.517 billion was used as the cost of collection, while N1.159 trillion was allocated for Transfers Intervention and Refunds.
A communique issued by FAAC indicated that the gross revenue available from VAT was N668.291 billion as against N583.676 billion distributed in the preceding month, resulting in an increase of N84.616 billion.
From that amount, the sum of N26.732 billion was taken as the cost of collection and the sum of N19.247 billion was for transfers, intervention and refunds, while the remaining sum of N622.312 billion was distributed to the three tiers of government, of which the Federal Government got N93.347 billion, the States received N311.156 billion and Local Government Councils got N217.809 billion.
Accordingly, the Gross Statutory Revenue of N1.336 trillion received for the month was higher than the sum of N1.043 trillion received in the previous month by N293.009 billion.
From the stated amount, the sum of N70.072 billion was allocated for the cost of collection and a total sum of N1.060 trillion for Transfers, Intervention and Refunds.
The remaining balance of N206.319 billion was distributed as follows to the three tiers of government: federal government got the sum of N77.562 billion, states received N39.341 billion, the sum of N30.330 billion was allocated to LGCs and N59.086 billion was given to Derivation Revenue (13 per cent Mineral producing States).
Also, the sum of N17.824 billion from EMTL was distributed to the three tiers of government as follows: the federal government received N2.567 billion, states got N8.555 billion, local government councils received N5.989 billion, while N0.713 billion was allocated for Cost of Collection.
From the sum of N646.000 billion from Exchange Difference, the federal government received N259.545 billion, states got N131.644 billion, the sum of N101.493 billion was allocated to local government councils, N73.318 billion was given for derivation (13 per cent of mineral revenue), while the sum of N80.000 billion was allocated to transfers, interventions and refunds.
According to the communique, Oil and Royalty, Excise Duty, Value Added Tax Import Duty, Petroleum Profit Tax and Companies Income Tax increased significantly, while, Electronic Money Transfer Levy and CET Levies decreased considerably.
The total revenue distributable for the current month of October 2024, was drawn from Statutory Revenue of N206.319 billion, VAT of N622.312 billion, N17.111 billion from Electronic Money Transfer Levy, and N566.000 billion from Exchange Difference, bringing the total distributable amount for the month to N1.411 trillion.
By Adedapo Adesanya
Crude production under the collective Organisation of the Petroleum Exporting Countries (OPEC ) fell in May to its lowest level in at least 37 years as the blockade of Iran by the United States and disruptions in the Persian Gulf, continued to limit output.
According to a Bloomberg survey released on Friday, output from the organisation’s 11 current members, including Nigeria, dropped by 1.22 million barrels per day to 16.33 million barrels per day last month.
Iran accounted for more than half of the decline. The data excludes the United Arab Emirates (UAE), which departed the cartel last month after six decades of membership.
War between a US-Israeli alliance and Iran has reduced oil supplies from the Middle East, largely closing the Strait of Hormuz waterway. Saudi Arabia, Iraq, the UAE and Kuwait have been forced to cut crude production. Iranian shipments face additional pressure following a US blockade of its ports imposed in mid-April.
Iranian output fell by 710,000 barrels per day to a five-year low of 2.34 million barrels per day in May, the survey showed. Central Command reported that US forces have redirected 127 commercial vessels to enforce the blockade of all maritime traffic entering and exiting Iranian ports.
Kuwait recorded the second-largest decline last month, with production falling by 310,000 barrels per day to 490,000 barrels per day, less than one-fifth of pre-war levels. Saudi Arabia, the group’s leader, saw output decrease by 240,000 barrels per day to 6.57 million barrels per day.
The production reductions have not prevented OPEC and its allies from raising quotas over recent months, continuing a year-long process of restoring output halted several years ago.
This comes ahead of a meeting scheduled to be held on Sunday, June 7, where a sub-group of seven members is expected to increase targets by 188,000 barrels again in July. The session is one of four online meetings OPEC and its partners plan to hold that day.
Delegates indicated the alliance has plans for two additional monthly quota increases in August and September. UAE output rose by 300,000 barrels per day to 2.44 million barrels per day in May, according to the survey.
By Aduragbemi Omiyale
The 2025 third quarter Budget Implementation Report from the Budget Office of the Federation has shown that the federal government exceeded the funds allocation for repayment of debts for the first nine months of the fiscal year by about 18 per cent.
In a report by Punch, the sum of N10.74 trillion was budgeted for debt servicing between January and September 2025, but the government used N12.63 trillion for the purpose, N1.90 trillion or 17.65 per cent more than the allocation for the year.
The funds were spent on domestic debts, foreign debts and sinking fund by the central government in nine months.
Business Post reports that for the whole year, the amount approved by the National Assembly and signed by President Bola Tinubu for debt repayments was N14.31 trillion.
Looking at the nine-month figures, domestic debt service gulped N6.23 trillion, exceeding its N5.39 trillion provision, while foreign debt service was N6.30 trillion versus the budget provision of N5.06 trillion.
According to the report, the figures indicated that 67.2 per cent of the federal government’s retained revenue of N18.63 trillion was spent on debt service in the first nine months of 2025. When the sinking fund is included, debt-related payments consumed about 67.8 per cent of revenue.
It was also observed that aggregate federal government revenue underperformed the budget by N12.03 trillion or 39.24 per cent, as actual revenue of N18.63 trillion fell short of the N30.67 trillion projected for the first three quarters.
In the third quarter alone, the government generated N7.70 trillion versus the quarterly target of N10.22 trillion as a result of persistent oil revenue shortfalls, despite stronger non-oil collections.
The debt burden also crowded out capital spending, as total capital expenditure was N3.10 trillion in the first nine months compared with the N17.58 trillion budgeted for the period, indicating that actual debt-related payments were more than four times capital expenditure.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a loss of 1.13 per cent on Thursday, June 4, shrinking the market capitalisation by N30.03 billion to N2.630 trillion from N2.660 trillion on Wednesday.
Similarly, this brought down the NASD Unlisted Security Index (NSI) by 50.19 points to 4,396.08 points from the 4,446.27 points recorded a day earlier.
The loss was influenced by the overpowering of the bulls by the bears, after the bourse closed with two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slumped by N20.03 to sell at N190.38 per unit compared with midweek’s N210.41 per unit. Food Concepts Plc declined by 25 Kobo to trade at N2.50 per share versus the previous day’s N3.00 per share, and Acorn Petroleum Plc crumbled by 2 Kobo to end at N1.32 per unit, in contrast to the preceding session’s N1.34 per unit.
For the gainers, Central Securities Clearing System (CSCS) Plc added N2.93 to close at N78.34 per share compared with the previous price of N75.41 per share, and Afriland Properties Plc gained 80 Kobo to settle at N16.80 per unit versus N16.00 per unit.
There was a slip in the volume of transactions yesterday by 46.8 per cent to 280,714 units from 527,221 units, as the value of trades dropped 66.5 per cent to N21.8 million from the preceding session’s N64.2 million, and the number of deals fell by 8.7 per cent to 42 deals from 46 deals.
Great Nigeria Insurance (GNI) Plc ended the session as the most traded stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also finished the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn