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.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange opened the first trading day of the week pointing downwards after a 0.34 per cent loss on Monday, July 7.
The OTC exchange was pulled down yesterday by three securities despite the share price of Capital Bancorp Plc went up by 11 Kobo to sell at N2.15 per unit compared with the preceding session’s N2.04 per unit.
During the trading day, Afriland Properties Plc lost N2.13 to finish at N19.17 per share versus N21.30 per share, FrieslandCampina Wamco Nigeria Plc depreciated by N1.39 to close at N59.50 per unit compared with the previous trading session’s N60.89 per unit, and Central Securities Clearing System (CSCS) Plc crumbled by 25 Kobo to end at N31.09 per share, in contrast to last Friday’s N31.34 per share.
Consequently, the market capitalisation slid by N6.78 billion to finish at N1.983 trillion compared with the preceding session’s N1.990 trillion and the NASD Unlisted Security Index (NSI) went down by 11.58 points to close at 3,398.64 points compared with the previous session’s 3,398.64 points.
On Monday, the volume of securities traded by the market participants surged by 1,599.7 per cent to 10.8 million units from the 632,624 units traded last Friday, the value of securities transacted by investors also significantly increased by 137.9 per cent to N42.9 million from N18.1 million, and the number of deals appreciated by 20 per cent to 30 deals from 25 deals.
Okitipupa Plc remained the most traded stock by value on a year-to-date basis with 153.8 million units sold for N4.9 billion, trailed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 41.8 million units worth N1.8 billion.
Impresit Bakolori Plc ended the session as the most active stock by volume on a year-to-date basis with 536.9 million units valued at N524.8 million, followed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and Geo-Fluids Plc with 268.6 million units worth N476.4 million.
By Adedapo Adesanya
The Nigerian Naira sustained stability against the United States Dollar in the black market segment of the foreign exchange (FX) market on Monday, remaining unchanged at N1,540/$1.
In the same vein, the Nigerian currency improved its value against the greenback during the trading day in the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N8.49 or 0.56 per cent to sell for N1,520.00/$1, in contrast to last Friday’s value of N1,528.49/$1.
Equally, the Naira appreciated against the Pound Sterling in the official market window by N2.91 to close at N2,084.18/£1 versus N2,087.09/£1 and against the Euro, it gained N7.14 to finish at N1,793.65/€1 compared with the preceding session’s N1,800.79/€1.
Last week, the Naira found support via sufficient forex liquidity and could find further help based on foreign demand for short-term government debt due to high yields.
Meanwhile, in the cryptocurrency market, profit-taking took charge as volatility signals picked up soon ahead of the June Federal Reserves minutes which are due for release on Wednesday. Further, the 90-day tariff pause for many US trading partners has reportedly been extended to August 1, although there are indications that the July 9 deadline may remain.
Yesterday, Dogecoin (DOGE) slumped by 3.6 per cent to sell at $0.1678, Litecoin (LTC) went down by 1.8 per cent to finish at $86.24, Solana (SOL) depreciated by 1.6 per cent to close at $149.25, and Cardano (ADA) slid by 1.5 per cent to trade at $0.5775.
In addition, Ethereum (ETH) shrank by 0.9 per cent to $2,551.30, Bitcoin (BTC) declined by 0.9 per cent to end at $108,141.36, Binance Coin (BNB) lost 0.4 per cent to settle at $659.59, and Ripple (XRP) depleted by 0.3 per cent to $2.26, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat $1.00 each.
By Adedapo Adesanya
The oil market improved by 1 per cent on Monday as signs of strong demand outweighed the impact of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) hiking output more than expected for August, as well as concern about the potential impact of US tariffs.
Brent crude futures gained 91 cents or 1.3 per cent to close at $69.20 per barrel and the US West Texas Intermediate (WTI) crude futures appreciated by 57 cents or 0.8 per cent to $67.57 a barrel.
Stronger demand was estimated to have remained above expectations as well after a record number of Americans travelled for the Fourth of July holiday by road and air.
OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 barrels per day hikes carried out in the earlier three months.
The decision of the group will bring nearly 80 per cent of the 2.2 million barrels per day voluntary cuts from eight members back into the market.
The latest hike sends a clear message that the cartel is firmly shifting toward a market share strategy. It was also a response to Kazakhstan and Iraq, which are still overproducing their higher quotas.
Market analysts noted that these overproducers are unlikely to significantly raise their output compared with the recent heights reached during the first quarter.
Also, by approving another output hike, heavyweight OPEC+ leader, Saudi Arabia might seek to up pressure on members for not keeping to agreed quotas by slashing expected oil profits due to lower prices.
Saudi Arabia also raised the August price for its flagship Arab Light crude to a four-month high for Asia.
Amid these development, Goldman analysts expect OPEC+ to announce a final 550,000 barrels per day increase for September at the next meeting on August 3.
Meanwhile, pressure came as US officials flagged a delay regarding when tariffs would begin, but failed to provide details on changes to the rates that will be imposed. Investors are worried that higher tariffs could slow economic activity and oil demand.
The Donald Trump-led administration will make several trade announcements in the next 48 hours.
According to the US Treasury Secretary, Mr Scott Bessent, there are offers from countries to clinch a tariff deal before the July 9 deadline.
On the geopolitical front, Yemen’s Iran-aligned Houthis said it sank a ship in the Red Sea on Monday ahead of Israel’s Prime Minister Benjamin Netanyahu plans to meet with President Trump.
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