Economy
FAAC Disburses N647.4b to FG, States, LGs in March 2018
By Dipo Olowookere
The sum of N647.39 billion has been shared to the federal, states and local governments from the federation account. The amount was the money generated as revenue in the month of February.
This information was made known at the end of the Federation Accounts and Allocation Committee (FAAC) meeting on Wednesday.
The meeting was declared inconclusive yesterday after issues with the money from the Nigerian National Petroleum Corporation (NNPC).
It was gathered that the revenue figures presented by the Accountant General of the Federation (AGF) was adopted at the meeting today and shared among the three tiers of government.
The acceptance of the figures by the members of FAAC followed consultations made by the Minister of Finance, AGF with some state governors and representatives of states’ Commissioners of Finance.
The
A communiqué issued by the Sub-Committee of FAAC, Office of the Accountant-General of the Federation, indicated that the gross statutory revenue received for the month was N557.94 billion, higher than N538.91 billion received in the previous month by N19.04 billion.
The shared amount comprise the month’s statutory distributable revenue of N557.94 billion and the Value Added Tax of N89.45billion making up the sum of N647.39 billion.
Accordingly, from Net Statutory Allocation, the Federal Government received N257.93 billion representing 52.68 percent; States received N130.82 billion representing 26.72 percent; Local Government Councils received N100.86 billion representing 20.60 percent; while the Oil Producing States received N57.36 billion as 13 percent derivation revenue.
Meanwhile, FIRS, Nigeria Custom Service and DPR received the sum of N14.55 billion as their cost of collection and FIRS refund.
Furthermore, from the revenue available from the Net Value Added Tax (VAT), Federal Government received N12.88 billion representing 15 percent; States received N42.94 billion representing 50 percent while the Local Government Councils received N30.054 billion representing 35 percent.
The communiqué further explained that there was an increase in the average price of crude oil from $57.71 to $63.08 per barrel and an increase in export sales of 2.8 million barrels which resulted in increased revenue from export sales of $194.39 billion.
It further stated that other issues which negatively affected the crude oil production and resulted to shut-ins and shut-downs are pipelines maintenance and repairs.
Furthermore, significant increases were recorded in Petroleum Profit Tax (PPT) while revenues from Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) decreased considerably in the month under review.
Meanwhile, Minister of Finance, Mrs Kemi Adeosun, has scheduled a meeting with the Group General Manager of the NNPC to reconcile and resolve the grey areas.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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