Economy
FAAC Distributes N 1.152trn to FG, States, Local Councils for March 2024
By Modupe Gbadeyanka
About N1.2 trillion, precisely N1.152 trillion, has been allocated to the federal, state and local governments of the federation by the Federation Account Allocation Committee (FAAC).
This was from the revenue generated last month by the nation through Electronic Money Transfer Levy (EMTL), Exchange Difference, Value Added Tax (VAT) and others.
The money was shared among the beneficiaries at the FAAC meeting for March 2024 held in Abuja on Thursday, with the N1.152 trillion comprising distributable statutory revenue of N101.349 billion, distributable VAT revenue of N428.806 billion, EMTL revenue of N15.157 billion and ED revenue of N607.444 billion.
A statement issued last night by the Director of Press and Public Relations of the Federal Ministry of Finance, Mr Mohammed Manga, disclosed that the total revenue generated by Nigeria in February 2024 was N2.326 trillion, while N66.456 billion was deducted for the cost of collection, with total transfers, interventions and refunds at N856.937 billion, and savings stood at N250.000 billion.
The statement further said the gross statutory revenue of N1.192 trillion was received for February 2024, higher than the N1.151 trillion received in January 2024 by N 40.620 billion.
It said the gross revenue available from VAT last month was N460.487 billion, higher than the N420.733 billion in the preceding month by N39.755 billion.
Explaining how the funds were shared, FAAC said from the N1.152 trillion, the sum of N352.409 billion was given to the federal government, N366.950 billion to the state governments, N267.153 billion to the local councils, and N166.244 billion was given to oil-producing states as 13 per cent derivation.
Also, from the N101.349 billion distributable statutory revenue, the central government got N7.351 billion, the states received N3.729 billion, the LGAs got N2.875 billion, and the benefiting states received N87.394 billion as 13 per cent of mineral revenue.
The federal government received N278.463 billion from the N607.444 billion ED revenue, the state governments got N141.240 billion, the local government councils had N108.891 billion, and the benefiting states received N78.850 billion as 13 per cent derivation revenue.
Further, from the N15.157 billion EMTL earnings, N2.274 billion was given to the national government, N7.578 billion was disbursed to the state governments, and N5.305 billion was shared with the local councils.
In addition, from the VAT revenue of N428.806 billion, the federal government received N64.321 billion, the state governments received N214.403 billion and the local government councils received N150.082 billion.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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.
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