Economy
FAAC: FG, States, LGs Share N1.659trn in June From May Revenue
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) has disbursed the sum of N1.659 trillion to the federal government, state, and local government councils.
The disbursement followed the FAAC meeting held in Abuja for the month of June 2025. It was from part of the revenue generated by the nation in May 2025.
A communiqué issued at the end of the meeting indicated that the total distributable revenue comprised N863.895 billion from statutory sources, N691.714 billion from Value Added Tax (VAT), N27.667 billion from the Electronic Money Transfer Levy (EMTL), and a N76.614 billion from Exchange Difference.
Out of the N1.659 trillion shared, the federal government received N538.004 billion, states received N577.841 billion, and local government councils got N419.968 billion, while N124.076 billion was shared among the oil-producing states as 13 per cent derivation revenue.
Providing further breakdowns, the notice noted that from the statutory revenue of N863.895 billion, the federal government received N393.518 billion, states received N199.598 billion, and local governments received N153.881 billion, while the beneficiary states got N116.898 billion as derivation revenue.
It was also revealed that from the Exchange Difference revenue of N76.614 billion, the FG received N36.579 billion, the states received N18.553 billion, and the local government councils got N14.304 billion, while the oil-producing states received N7.178 billion as 13 per cent derivation.
In addition, from the N691.714 billion VAT revenue, the federal government was given N103.757 billion, the states and the local government councils got N345.857 billion and N242.100 billion, respectively.
For the EMTL revenue of N27.667 billion, the FG received N4.150 billion, the states got N13.833 billion, and the local councils shared N9.683 billion.
FAAC noted that gross revenue available in May stood at N2.942 trillion, with N111.908 billion deducted for cost of collection, and N1.171 trillion allocated for transfers, interventions, and refunds.
The statement, signed by the Director of Press and Public Relations at the Office of the Accountant General of the Federation, Mr Bawa Mokwa, highlighted that gross statutory revenue in May was N2.094 trillion — an increase of N10.023 billion from the N2.084 trillion recorded in April.
Similarly, VAT revenue rose to N742.820 billion in May from N642.265 billion in April, marking an increase of N100.555 billion.
“Companies Income Tax (CIT), Value Added Tax (VAT), and Import Duty recorded significant increases in May, while CET levies, Petroleum Profit Tax (PPT), Oil and Gas Royalties, and the EMTL declined. Excise Duty showed a marginal increase,” the communiqué added.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further grew by 1.00 per cent on Friday as investors look forward to the rates meeting of the Central Bank of Nigeria (CBN) next week.
The Monetary Policy Committee (MPC) meeting of the CBN begins next Monday and analysts anticipate a rate cut due to the reduction in the country’s inflation rate to 22.22 per cent in June 2025.
At its last meeting in May, the committee retained the Monetary Policy Rate (MPR) at 27.50 per cent to study the markets further.
At the stock market yesterday, investors mopped up financial equities, especially the banking space, with FCMB trading 1.3 billion shares valued at N12.6 billion.
Further, Fidelity Bank transacted 1.2 billion equities worth N23.0 billion, Access Holdings exchanged 113.8 million stocks for N3.1 billion, Chams sold 92.6 million shares valued at N293.9 million, and Zenith Bank traded 50.7 million equities worth N3.7 billion.
At the close of business, the market participants bought and sold 3.4 billion stocks for N62.4 billion in 28,593 deals compared with the 1.2 billion stocks worth N42.8 billion exchanged in 37,418 deals on Thursday, a decline in the number of deals by 23.59 per cent, and a rise in the trading volume and value by 183.33 per cent and 45.79 per cent, respectively.
The trio of NCR Nigeria, Learn Africa, and UPDC chalked up 10.00 per cent each to sell for N6.60, N6.27, and N4.84 apiece, as BUA Cement gained 9.98 per cent to close at N123.40, and Ellah Lakes also appreciated by 9.98 per cent to N10.80.
Conversely, Red Star Express depleted by 9.97 per cent to N12.92, Union Dicon lost 9.62 per cent to finish at N10.80, Academy Press shed 6.67 per cent to quote at N7.00, Sterling Holdings decreased by 4.34 per cent to N6.17, and First HoldCo slumped by 4.10 per cent to N33.95.
The market breadth index was positive during the trading session after the bourse ended with 46 price gainers and 25 price losers, implying a strong investor sentiment.
Business Post reports that the All-Share Index (ASI) increased by 1,301.80 points to 131,585.66 points from 130,283.86 points and the market capitalisation expanded by N823 billion to N83.241 trillion from N82.418 trillion.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the last trading session of the week higher by 0.03 per cent on Friday, July 18.
This was buoyed by the gains recorded by the duo of Central Securities Clearing System (CSCS) Plc and Lagos Building Investment Company (LBIC) Plc.
According to data from the alternative stock exchange, CSCS Plc rose by N4.50 to close at N38.00 per share compared with the preceding day’s N36.80 per share, and LBIC Plc appreciated by 4 Kobo to N3.12 per unit from N3.04 per unit.
However, the price of FrieslandCampina Wamco Nigeria Plc went down by N3.94 to end at N61.00 per share versus Thursday’s value of N64.94 per share, and Acorn Petroleum Plc weakened by 13 Kobo to finish at N1.20 per unit compared with the preceding day’s N1.33 per unit.
At the close of transactions, the market capitalisation of the trading platform surged by N630 million to N2.043 trillion from N2.042 trillion and the NASD Unlisted Security Index (NSI) soared by 1.07 points to 3,488.74 points from the 3,487.67 points it ended a day earlier.
Yesterday, there was a 49,784.9 per cent increase in the volume of securities to 125.9 million units from 252,312 units, just as there was 1,783.6 per cent rise in the value of securities to N125.9 million from N21.4 million, while the number of deals declined by 4 per cent to 24 deals from 25 deals.
Impresit Bakolori Plc was the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.8 million, trailed by Air Liquide Plc with 507.2 million units sold for N4.2 billion, and Geo-Fluids Plc with 277.2 million units traded for N516.3 million.
Okitipupa Plc also remained the most traded stock by value on a year-to-date basis with 153.9 million units transacted for N4.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.3 million units valued at N1.8 billion.
By Adedapo Adesanya
A marginal loss of 10 Kobo or 0.01 per cent was suffered by the Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, July 18.
According to data obtained from the Central Bank of Nigeria (CBN), the exchange rate closed at N1,533.32/$1 compared with the N1,533.22/$1 it ended on Thursday.
Similarly, the Nigerian currency depreciated further against the Pound Sterling in the official market during the trading session by N3.56 to trade at N2,060.08/£1 compared with the previous day’s N2,056.52/£1 and lost N8.60 against the Euro to finish at N1,785.02/€1 versus the N1,776.42/€1 it was exchanged a day earlier.
The further decline in the local currency came amid concerns about the sustainability of the currency defense strategy of the central bank as well as the weak state of oil earnings, subdued foreign portfolio investment inflows, and uncertainties around external financing.
Meanwhile, there are positives that the Naira may latch onto including improved crude output as well as enhanced foreign portfolio investment (FPI) inflows amid slowdown in import trade-related outflows.
In the black market, the Nigerian Naira closed flat against the Dollar yesterday at N1,535/$1.
The cryptocurrency market succumbed to profit-taking after President Donald Trump fulfilled part of his vow to establish US crypto regulations on Friday, signing legislation into law that formally established rules for stablecoin issuers.
The milestone marked a first step that the digital assets industry hopes will end with the more important regulatory regime governing the wider crypto markets.
The GENIUS Act will now be forwarded to the federal financial and banking agencies that must implement its various provisions. That will include formalizing the definitions for what kind of firms make acceptable issuers of stablecoins.
Litecoin (LTC) dropped 5.9 per cent to sell at $102.48, Cardano (ADA) lost 5.9 per cent to trade at $0.8244, Solana (SOL) declined by 3.8 per cent to close at $176.55, Ripple (XRP) fell by 3.5 per cent to $3.44, Ethereum (ETH) tumbled by 2.2 per cent to $3,575.00, Binance Coin (BNB) depreciated by 1.9 per cent to $732.95, and Bitcoin (BTC) slumped by 1.8 per cent to $118,218.96.
However, Dogecoin (DOGE) jumped by 1.8 per cent to $0.2511, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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