Economy
36 States, FCT Suffer 1.93% Decline in Total IGR in 2020
By Dipo Olowookere
The 36 states of the federation and the Federal Capital Territory (FCT) Abuja suffered a 1.93 per cent decline in the total internally general revenue (IGR) in 2020.
This information was contained in a report released by the National Bureau of Statistics (NBS) on Friday, which was analysed by Business Post.
In the report, the NBS said last year, the total IGR was N1.31 trillion, lower than N1.33 trillion recorded in 2019, with Lagos State accounting for N418.99 billion, closely followed by Rivers State with N117.19 billion and Yobe State recording the least IGR of N7.78 billion.
Total IGR analysis
In terms of percentage, Lagos accounted for 32.08 per cent of the total IGR last year, while Rivers contributed 8.97 per cent, with FCT accounting for 7.05 per cent with N92.06 billion.
Further, Delta accounted for 4.57 per cent with N59.73 billion, Kaduna contributed 3.89 per cent with N50.77 billion, Ogun accounted for 3.89 per cent with N50.75 billion, Oyo accounted for 2.91 per cent with N38.04 billion, Kano had 2.44 per cent with N31.82 billion, Akwa Ibom had 2.35 per cent with N30.70 billion, while Anambra had 2.14 per cent with N28.01 billion.
From the bottom, Yobe accounted for 0.60 per cent of the total IGR for the states and the FCT last year and was trailed by Taraba, which contributed 0.62 per cent with N8.12 billion and Adamawa, which accounted for 0.64 per cent with N8.33 billion.
Gombe accounted for 0.65 per cent with N8.54 billion, Jigawa accounted for 0.66 per cent with N8.67 billion, Ekiti contributed 0.67 per cent with N8.72 billion, Benue contributed 0.80 per cent with N10.46 billion, Niger accounted for 0.81 per cent with N10.52 billion, Katsina had 0.87 per cent with N11.40 billion, while Borno had 0.89 per cent with N11.58 billion.
Business Post observed that in terms of IGR growth in the year, Kebbi came top as its revenue rose by 87.02 per cent, followed by Ebonyi, which grew by 82.30 per cent and Oyo with 42.23 per cent.
Borno grew its IGR in 2020 by 41.63 per cent, Katsina by 32.16 per cent, Gombe by 25.50 per cent, Taaraba by 24.21 per cent, FCT by 23.46 per cent, Zamfara by 20.00 per cent and Plateau by 16.03 per cent. Lagos increased its IGR in the year by just 5.08 per cent.
However, Benue recorded the highest decline in the total IGR last year by 41.38 per cent, Sokoto by 37.93 per cent, Kwara by 36.03 per cent, Jigawa by 32.95 per cent, Ogun by 28.44 per cent, Cross River by 28.38 per cent, Enugu by 23.88 per cent, Kano by 21.61 per cent, Niger by 17.55 per cent and Ondo by 17.55 per cent. Rivers recorded a decline in its yearly IGR by 16.53 per cent.
By Dipo Olowookere
Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.
According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.
When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.
Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.
FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.
Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.
International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.
On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.
The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.
Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.
Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.
The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.
GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.
At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.
At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.
However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.
On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.
Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.
Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.
Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.
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