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Economy

FAAC Disburses N616.9bn to FG, States, LGs in May 2021

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faac allocation

By Modupe Gbadeyanka

A total of N616.9 billion generated as revenue in the month of April 2021 has been disbursed to the federal, states and local governments as allocation for May 2021.

Business Post reports that a breakdown showed that N429.7 billion was from gross statutory revenue, N164.3 billion from Value Added Tax (VAT), N2.3 billion was from exchange gain, N20.0 billion was generated from non-oil income, while N563 million was from excess bank charges.

This week, the Federation Accounts Allocation Committee (FAAC) had its monthly meeting and a communiqué issued after the gathering from the Office of Accountant General of the Federation (OAGF) said the federal government received N244.0 billion from the total earnings, while the state and local government councils shared N193.4 billion and N143.3 billion respectively.

In the notice issued on Friday by the Director of Information, Press and Public Relations at the OAGF, Mr Henshaw Ogubike, noted that oil-producing states received N36.2 billion as 13 per cent derivation revenue.

He added that from the gross statutory revenue, N207.5 billion was given to the federal government, while the 36 state governments got N105.2 billion, with the 774 local government councils receiving N81.1 billion.

“The sum of N35.9 billion was given to the relevant states as 13 per cent derivation revenue,” the statement added.

It further said the federal government received N24.7 billion from VAT revenue of N164.3 billion, the state governments received N82.2 billion and local government councils received N57.5 billion.

Further, the central government got N1.1 billion from the income earned from exchange gain, the state governments shared N533 million, while the local government councils shared N411 million, with N255 million shared among the relevant states as 13 per cent derivation revenue.

Also, from the excess bank charges, the federal government received N296 million, the state governments received N150 million, while the local governments received N116 million.

In the statement, the national government shared N10.5 billion from non-oil revenue, the state governments got N5.3 billion, while the local governments received N4.1 billion.

In addition, FAAC said last month, petroleum profit tax and excise duty recorded a significant increase, while company income tax, oil and gas royalties, VAT and import duty experienced a decline.

It was stated that, “In April 2021, the sum of N79.5 billion was the total deductions for the cost of collection, statutory transfers and refunds.

“The balance in the Excess Crude Account (ECA) was $72.4 million.”

June 2021 Allocation to FG, States, LGs Drops to N605.96bn

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Economy

Nigerian Exchange All-Share Index Hits 126,000-point Level

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Customs Street Nigerian Stock Exchange

By Dipo Olowookere

A day after crossing the 124,000-point threshold, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited hit another milestone on Friday after it closed higher by 1.37 per cent.

Business Post reports that the benchmark index of Customs Street finished at 126,149.59 points after adding 1,702.79 points to the 124,446.80 points it ended a day earlier.

Equally, the market capitalisation of the Nigerian bourse, which measures the total value of stocks on the platform, went up by N1.077 trillion to N79.803 trillion from N78.726 trillion.

At the trading session, 65 equities ended on the gainers’ chart and 25 equities finished on the losers’ table, indicating a positive market breadth index and strong investor sentiment.

Guinness Nigeria, Cadbury Nigeria, Consolidated Hallmark, and NEM Insurance all gained 10.00 per cent each to close at N96.80, N60.50, N3.63, and N22.00 apiece, and Red Star Express improved by 9.98 per cent to N13.44.

Conversely, Learn Africa depreciated by 8.66 per cent to N6.01, Tantalizers shed 6.25 per cent to settle at N3.00, Prestige Assurance slumped by 6.02 per cent to N1.25, Regency Alliance crashed by 5.62 per cent to 84 Kobo, and Oando lost 4.61 per cent to close at N51.70.

The NGX recorded a turnover of 1.4 billion shares traded for N30.6 billion in 33,399 deals on Friday compared with the 1.3 billion shares worth N27.7 billion traded in 27,875 deals on Thursday, implying an increase in the trading volume, value, and number of deals by 7.69 per cent, 10.47 per cent, and 19.82 per cent, respectively.

Access Holdings led the activity chart with 172.9 million units sold for N4.2 billion, Ellah Lakes traded 144.9 million units valued at N1.8 billion, Japaul exchanged 138.7 million units worth N498.8 million, UBA transacted 73.0 million units worth N3.2 billion, and AIICO Insurance traded 60.7 million units worth N135.7 million.

A look at the sectorial performance indicated that the banking index grew by 5.61 per cent, the insurance counter rose by 3.78 per cent, and the industrial goods sector expanded by 1.69 per cent.

However, the energy space depreciated by 0.49 per cent, the consumer goods industry went down by 0.23 per cent, and the commodity sector slipped by 0.02 per cent.

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Economy

Unlisted Securities Investors Gain N5.27bn

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unlisted securities bourse

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange ended the last trading session of this week with a 0.26 per cent gain on Friday, July 11, helped by renewed buying interest by investors.

This increased their portfolios by N5.27 billion during the session, with the market capitalisation of the bourse closing at N2.01 trillion compared with the N2.005 trillion it ended at the preceding session.

In the same vein, the NASD Unlisted Security Index (NSI) expanded yesterday by 9.01 points to settle at 3,433.20 points, in contrast to the 3,424.19 points it finished a day earlier.

It was observed that the volume of securities traded by the market participants went down by 12.6 per cent to 2.7 million units from the 3.08 million units transacted on Thursday.

However, the value of securities transacted by investors appreciated by 55.6 per cent to N38.9 million from N25.1 million, and the number of deals executed jumped by 9.7 per cent to 34 deals from the 31 deals deals completed on Thursday.

Okitipupa Plc finished the day as the most traded stock by value (year-to-date) with 153.8 million units worth N4.9 billion, Air Liquide Plc occupied the second spot with 507.2 million units sold for N4.2 billion, and the third place was taken by FrieslandCampina Wamco Nigeria Plc with 42.2 million units valued at N1.8 billion.

Impresit Bakolori Plc also closed as the most active stock by volume (year-to-date) with 536.9 million units traded for N524.8 million, followed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and Geo-Fluids Plc with 270.6 million units worth N486.0 million.

The single price loser for the session was Geo-Fluids Plc as its price depleted by 20 Kobo to N4.59 per share from N4.79 per share.

But, Air Liquide Plc gained 98 Kobo to close at N10.92 per unit versus N9.94 per unit, Central Securities Clearing System (CSCS) Plc grew by 56 Kobo to N33.00 per share from N32.44 per share, FrieslandCampina Wamco Nigeria Plc increased by 47 Kobo to N64.36 per unit from N63.89 per unit, Lagos Building Investment Company (LBIC) Plc rose by 30 Kobo to N3.38 per share from N3.08 per share, and UBN Property Plc soared by 19 Kobo to N2.10 per unit from N1.91 per unit.

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Economy

Naira Weakens to N1,531 Per Dollar at Official Market

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Naira-for-Crude

By Adedapo Adesanya

It was another bad day for the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday as its value further weakened against the US Dollar.

Data harvested by Business Post showed that it lost N4.50 or 0.29 per cent against the greenback during the trading session to finish at N1,531.10/$1 compared with the N1,526.60/$1 it was exchanged on Thursday.

However, the Nigerian currency appreciated against the Pound Sterling in the same official market yesterday by N31.10 to close at N2,066.31/£1 compared with the previous day’s N2,070.29/£1 and gained N5.95 on the Euro to sell for N1,783.57/€1, in contrast to the N1,787.66/€1 it was traded a day earlier.

In the black market, the Naira weakened against the United States currency on Friday by N5 to quote at N1,535/$1 versus the N1,530/$1 it was transacted in the preceding trading day.

After initial volatility in the first half of the year, the Naira has showed stability even as global oil prices declined, a sharp contrast to its previous fundamentals and this is expected to continue amid rising FX reserves.

Recent data from early July indicates a slight improvement in the country’s FX reserves, primarily attributed to enhanced foreign portfolio investment (FPI) inflows; however, the trajectory of reserves remains susceptible to external headwinds.

The reduced FX demand pressures, particularly due to a slowdown in import trade-related outflows are also expected to provide support.

Also, there are early signs that import-related FX demand is beginning to recover in the past few days.

Also, the Naira appreciated by 3.5 per cent in June 2025, to close at N1,532.0 per Dollar at the official window driven by improved market sentiment.

Meanwhile, the cryptocurrency market firmed up yesterday, with Ripple (XRP) chalking up 6.9 per cent to sell at $2.76, as traders look for regulatory clarity and practical adoption. This week, Ripple Labs’ CEO, Mr Brad Garlinghouse, argued for clearer crypto regulations at the US Senate Banking Committee.

Regulation could be beneficial for the token which has positioned itself an institutional-grade cryptocurrency rather than other speculative assets.

Further, Cardano (ADA) added 1.9 per cent to trade at $0.7132, Dogecoin (DOGE) jumped by 1.5 per cent to $0.2009, and Binance Coin (BNB) appreciated by 0.9 per cent settle at $692.79.

On the flip side, Litecoin (LTC) declined by 2.2 per cent to $93.04, Ethereum (ETH) went down by 0.9 per cent to $2,963.58, Solana (SOL) slipped by 0.7 per cent to $162.95, and Bitcoin (BTC) dropped 2.4 per cent to close at $111,412.99, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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