Economy
FAAC Disburses N736.8bn to FG, States, Councils for November 2022
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) has disbursed a total of N736.8 billion to the three tiers of government as federation allocation for the month of November 2022.
The funds generated in October 2022 by the nation are inclusive of gross statutory revenue, Value Added Tax (VAT), exchange gain, and augmentation from non-oil revenue.
From the sum, the federal government received N293.955 billion, the states got N239.512 billion, and the Local Government Councils got N177.086 billion, while the oil-producing states received N26.228 billion as derivation (13 per cent Mineral Revenue).
A communiqué issued by FAAC after its monthly meeting said the gross revenue available from the VAT for October 2022 was N213.283 billion, which is an increase from what was distributed in the preceding month.
It also showed that the federal government got N31.992 billion, the states received N106.642 billion, and the councils shared N74.649 billion.
The gross statutory revenue of N417.724 billion distributed was lower than the sum received in the previous month, from which the central government was allocated the sum of N206.576 billion, states got N104.778 billion, LGCs got N80.779 billion, and oil-producing states received N25.591 billion as 13 per cent derivation.
The communiqué stated that N70 billion augmentation was distributed to the three tiers of government, including the federal government (N36.876 billion), states (N18.704 billion), and LGCs (N14.420 billion).
In addition, another extra N30 billion augmentation from non-oil revenue was distributed this month, with N15.804 billion allocated to the federal government, N8.016 billion to the states, and N6.180 billion to LGCs.
According to the FAAC, N5.775 billion from exchange gain was shared among the federal government (N2.707 billion), states (N1.373 billion), and LGCs (N1.058 billion), while the oil-producing states got N0.637 billion.
It also revealed that oil and gas royalties, Petroleum Profit Tax (PPT) and import duty recorded considerable decreases, while VAT, and Companies Income Tax (CIT) increased significantly, with excise duty rising marginally.
The total revenue distributable for the month was reportedly drawn from statutory revenue of N417.724 billion, VAT of N213.283 billion, exchange gain of N5.775 billion, and N100 billion augmentation from non-oil revenue, bringing the total distributable for the month to N736.782 billion.
However, the balance in the Excess Crude Account (ECA) as of November 23, 2022, stood at $472,513.64.
By Modupe Gbadeyanka
The management of Dangote Petroleum Refinery and Petrochemicals Limited has revealed that the price of Premium Motor Spirit (PMS) remains at N1,275 per litre.
Earlier on Wednesday, there were reports that the company increased its ex‑depot price by N75, some hours after renewed hostilities in the Middle East.
On Monday evening, it was reported that Iran fired missiles at its neighbours in the Gulf region after the United States seized two Iranian-linked vessels on the Strait of Hormuz.
These actions briefly raised the price of crude oil on the global market to over $115 per barrel, but it quickly eased to almost $100 per barrel on Wednesday.
Shortly after it was reported that Dangote Refinery had pushed its PMS gantry price to N1,350 per litre, the price was reversed.
Confirming this in a statement made available to Business Post, Dangote Refinery said it is sustaining its current prices to reaffirm “its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks.”
“By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties,” another part of the statement read.
The private refiner “reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.”
It urged the public “to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.”
By Aduragbemi Omiyale
Dangote Refinery has reversed a N75 ex-depot price increase of premium motor spirit (PMS), also known as petrol, on Wednesday.
On Wednesday, the private crude oil refinery raised the price of the product to N1,350 per litre, but this was quickly reversed to N1,275 per litre.
The company had carried out a second increment in less than two weeks, amid renewed attacks in the Middle East, though the crude oil price went down on Tuesday to $109 per barrel.
According to a report by pricing platform Petroleumprice.ng, the upward price adjustment was suspended shortly after it was raised, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers.
Industry operators say the move has helped calm nerves across the market, where traders had already begun repositioning on expectations of a higher pricing cycle.
Before the previous price hike, the gantry price was N1,200 per litre, but the organisation pushed it higher by N75.
As of the time of filing this report, Business Post observed that Brent crude futures were traded at $101.00 per barrel, while the US West Texas Intermediate (WTI) crude futures were sold for $93.01 per barrel.
By Adedapo Adesanya
Four securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.85 per cent on Tuesday, May 5, with the market capitalisation growing by N20.52 billion to N2.429 trillion from N2.409 trillion, and the Unlisted Security Index (NSI) advancing by 34.30 points to 4,060.94 points from 4,026.64 points.
Yesterday, FrieslandCampina Wamco Nigeria Plc, the parent company of popular milk brands like Peak Milk and Three Crowns, appreciated by N8.72 to N106.90 per share from N98.14 per share, NASD Plc increased its value by N6.13 to N37.36 per unit from N31.23 per unit, Lagos Building Investment Company (LBIC) Plc gained 35 Kobo to close at N3.82 per share versus N3.47 per share, and Geo-Fluids Plc jumped by 10 Kobo to N3.10 per unit versus N3.00 per unit.
However, the price of Food Concepts Plc, which has the popular Chicken Republic under its belt, lost 5 Kobo during the session to trade at N2.36 per share versus N2.41 per share.
The volume of securities traded fell by 9.5 per cent to 679,768 units from 751,518 units, and the value of securities dropped 12.6 per cent to N30.9 million from N35.4 million, while the number of deals surged by 41.9 per cent to 44 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.3 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units valued at N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.
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