Economy
FAAC Disburses N907.1bn to FG, States, LGs for July
By Aduragbemi Omiyale
The sum of N907.054 billion, approximately N907.1 billion, has been distributed to the three tiers of government by the Federation Account Allocation Committee (FAAC) in July 2023.
The money was from the revenue generated by the country in June 2023, which is shared monthly among the federal, state and local governments to support their respective internally generated revenues (IGRs).
Business Post reports that last month, earnings from Companies Income Tax (CIT) significantly rose, as well as Import and Excise Duties, Value Added Tax (VAT), and Oil and Gas Royalties. However, revenue from Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) decreased considerably.
It was gathered that Nigeria earned a gross statutory revenue of N1.153 trillion in June 2023, higher than the N701.787 billion achieved in May 2023 by N451.134 billion.
A statement issued at the end of the FAAC meeting for July 2023 on Thursday by the group’s spokesman, Mr Bawa Mokwa, of the amount, N907.054 billion was the total distributable revenue, comprising distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) of N273.225 billion, Electronic Money Transfer Levy (EMTL) of N11.436 billion, and Exchange Difference revenue of N320.892 billion.
He further said at the meeting chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein, it was agreed that the central government should get N345.564 billion, state governments should receive N295.948 billion, the local councils should take N218 billion, and the relevant states to go with N47.478 billion as 13 per cent derivation revenue.
It was disclosed that from the N301.501 billion distributable statutory revenue, the national government received N146.710 billion, the state governments got N74.413 billion, the councils received N57.370 billion, and the relevant states got N23.008 billion as 13 per cent derivation revenue.
In addition, from the N273.225 billion distributable VAT earnings, the federal government took N40.984 billion, the states got N136.613 billion, and the local governments received N95.629 billion.
Further, from the N11.436 billion EMTL, FAAC shared N.1715 billion to the federal government, N5.718 billion to the states, and N4.003 billion to the councils.
Also, from the N320.892 billion Exchange Difference revenue, the central government got N156.155 billion, the states took N79.204 billion, the local government councils went with N61.063 billion, and the relevant states shared N24.470 billion as 13 per cent mineral revenue.
Mr Mokwa stated in the communique that the total deductions for the cost of the collection were N73.235 billion, and total deductions for transfers and refunds were N979.078 billion, while the balance in the Excess Crude Account (ECA) was $473,754.57.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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