Economy
FG, States, Councils Share N1.35trn in July from June Revenue
By Adedapo Adesanya
The federal government, the 36 states, and the 774 recognised local government councils of the federation have shared N1.35 trillion from the N2.48 trillion generated as revenue by the nation in June 2024.
The funds were distributed to the beneficiaries at the July 2024 meeting of the Federation Account Allocation Committee (FAAC) held in Abuja on Tuesday.
The monthly event, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, was attended by the commissioners of finance of the sub-national governments.
The money came from Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and an Augmentation of N200 billion.
A communique released after the meeting said the federal government received N459.776 billion, the states received N461.979 billion, and the local government councils got N337.019 billion, while the oil-producing states were given an additional N95.598 billion as derivation, which accounts for 13 per cent of mineral revenue.
The sum of N92.112 billion was given for the cost of collection, while N1037.407 billion was allocated for Transfers Intervention and Refunds.
FAAC at the end of the meeting indicated that the Gross Revenue available from the VAT last month was N562.685 billion as against N497.665 Billion distributed in the preceding month, resulting in an increase of N65.020 billion.
From that amount, N22.507 billion was allocated for the cost of collection and N16.205 billion was deducted for Transfers, Intervention and Refunds, while the balance of N523.973 Billion was distributed to the three tiers of government, of which the FG got N78.596 billion, the states received N261.987 billion and the councils got N183.391 billion.
Accordingly, the Gross Statutory Revenue of N1.2 trillion was received for the month. From the stated amount, the sum of N68.951 billion was allocated for the cost of collection and a total sum of N1.02 trillion for Transfers, Intervention and Refunds.
The remaining balance of N142.514 billion was distributed as follows to the three tiers of government: Federal Government got the sum of N48.952 billion, states received N24.829 billion, the sum of N19.142 billion was allocated to LGCs and N49.591 billion was given to Derivation Revenue (13 per cent Mineral producing States).
Also, the sum of N16.346 billion from EMTL was distributed with the FG taking N2.354 billion, states got N7.846 billion, LGCs received N5.492 billion, while N0.654 billion was allocated for Cost of Collection.
Also, the sum of N472.192 billion from Exchange Difference, which was shared as follows: FG received N224.5 billion, states got N113.877 billion, the sum of N87.794 billion was allocated to LGCs, N46.007 billion was given for Derivation (13 per cent of Mineral Revenue).
It further disclosed an Augmentation of N200 billion which was shared as follows: FG got N105.360 billion, the 36 states received the sum of N53.440 billion, while the sum of N41.200 billion was allocated to local councils.
Companies Income Tax (CIT) and Value Added Tax (VAT) increased significantly, while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased marginally. Petroleum Profit Tax (PPT), Royalty Crude, Rentals and Customs External Tariff levies (CET) recorded considerable decreases.
According to the communique, the total revenue distributable for the current month of June 2024, was drawn from Statutory Revenue of N142.514 billion, Value Added Tax (VAT) of N523.973 billion, N15.692 billion from Electronic Money Transfer Levy (EMTL), N472.192 Billion from Exchange Difference and Augmentation of N200 Billion, bringing the total distributable amount for the month to N1,35 trillion
By Dipo Olowookere
The trio of Wema Bank, FBN Holdings, and Universal Insurance topped the activity chart of the Nigerian Exchange (NGX) Limited last week with a turnover of 1.679 billion shares worth N20.838 billion transacted in 4,922 deals, contributing 35.74 per cent and 24.50 per cent to the total trading volume and value, respectively.
Data from Customs Street showed that in the five-day trading week, investors bought and sold 4.698 billion stocks valued at N85.043 billion in 72,562 deals versus the 2.618 billion stocks sold for N69.742 billion in 47,953 deals in the preceding week.
The financial services industry attracted the attention of the market participants with 3.470 billion equities worth N40.791 billion traded in 34,364 deals, contributing 73.86 per cent and 47.97 per cent to the total trading volume and value, respectively.
The services sector followed with 407.032 million shares worth N2.226 billion in 4,996 deals, and the ICT space transacted 237.680 million stocks valued at N3.628 billion in 5,280 deals.
Business Post reports that 51 shares appreciated in the week versus 82 shares in the previous week, 39 equities depreciated compared with 18 equities a week earlier, and 62 stocks closed flat versus 52 stocks in the preceding week.
Multiverse was the best-performing stock with a a price appreciation of 53.42 per cent to N12.35, Honeywell Flour gained 31.67 per cent to close at N10.02, DAAR Communication expanded by 25.71 per cent to 88 Kobo, MTN Nigeria leapt by 21.00 per cent to N242.00, and NCR Nigeria soared by 20.66 per cent to N7.30.
On the flip side, Sunu Assurances was the worst-performing stock after it went down by 36.52 per cent to N7.30, Caverton shed 15.00 per cent to N2.38, Consolidated Hallmark slumped by 15.00 per cent to N3.40, RT Briscoe slipped by 14.33 per cent to N2.57, and Jaiz Bank depreciated by 10.77 per cent to N2.90.
At the close of business, the All-Share Index (ASI) and the market capitalisation gained 1.80 per cent to close the week at 105,451.06 points and N64.303 trillion, respectively.
Also, all other indices closed higher apart from the insurance, AFR Bank Value, AFR Div Yield, MERI Value, consumer goods, energy, and industrial goods, which depreciated by 6.91 per cent, 0.08 per cent, 1.11 per cent, 0.17 per cent, 0.34 per cent, 0.34 per cent and 0.26 per cent, respectively, as the ASeM closed flat.
By Modupe Gbadeyanka
Owners of companies operating in Lagos State have been reminded of the statutory filing of their annual tax returns for the 2024 financial year on or before Friday, January 31, 2025.
This reminder was issued by the Lagos State Internal Revenue Service (LIRS) through its Deputy Director for Corporate Communications, Mrs Monsurat Amasa-Oyelude.
The agency emphasized that employers are required to adhere to this in line with the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended).
The statement quoted the Chairman of LIRS, Mr Ayodele Subair, as stressing that the filing of the tax returns is a legal obligation, warning that failure to comply will result in statutory sanctions, including penalties, as prescribed by law.
Section 81 of PITA mandates employers to submit comprehensive annual returns detailing all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities. These returns must be filed no later than January 31 each year and cover the income and taxes paid during the preceding year (2024).
“Employers must prioritize the timely filing of their annual income tax returns to avoid penalties.
“Submitting returns on or before the deadline ensures compliance with the law and supports accurate revenue tracking, which is essential for Lagos State’s fiscal planning and sustainability,” the LIRS chief stated.
To simplify the process, the agency has transitioned to a fully digital filing system, allowing employers to file their annual tax returns exclusively through the LIRS e-Tax portal, as manual submissions are no longer accepted.
Mr Subair described the e-Tax platform as secure, user-friendly, and designed to provide employers with a convenient way to manage their tax obligations.
Employers are reminded to include the Payer ID of all employees in their returns, advising employees without a Taxpayer ID to generate one immediately on the e-Tax platform to prevent disruptions during the filing process.
To assist employers, LIRS has deployed staff across its offices to provide guidance on using the e-Tax portal and addressing related concerns.
By Adedapo Adesanya
For almost a month, the National Bureau of Statistics (NBS) website has been down, blocking access to crucial information about the Nigerian economy.
The nation’s statistics agency shut down its website after it claims it had been hacked on December 18, 2024.
Since then, important information such as capital flows into the Nigerian economy in the third quarter of 2024, as well as an update on outstanding local and foreign debt for the same period, have become inaccessible.
The website blackout occurred a day after the NBS published its Crime Experience and Security Perception Survey on December 17. According to the report, Nigerians paid a total of N2.23 trillion in ransom within one year, from May 2023 to April 2024.
There was a widespread report (excluding Business Post) that the Department of State Services (DSS) summoned the Statistician-General of the Federation, Mr Adeniran Adeyemi, based on the report.
This was later denied by the secret police.
The agency then closed the site on December 18, further warning against using any information posted on it until it was fully restored.
In its last update on X, formerly Twitter, the stats office said, “This is to inform the public that the NBS Website has been hacked and we are working to recover it. Please disregard any message or report posted until the website is fully restored. Thank you.”
This lack of information has raised worry about inflation report for December, which is usually due on January 15 as per recent trends.
The inflation numbers set the tone for decisions of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, which should hold its first policy meeting for 2025 on January 27-28.
Analysts told this newspaper that the continued blackout on the NBS website raises concerns about credibility and trust on data that will be provided in the future.
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