FG, States, LGs Share N466.93b in March

Image

By Modupe Gbadeyanka

The sum of N466.93 billion was shared by the Federal, States and Local Governments in the month of March 2017, the National Bureau of Statistics (NBS) has disclosed.

The amount, the NBS said, was disbursed by the Federation Account Allocation Committee (FAAC) to the three tiers of government.

It was from the revenue generated in February 2017, the statistics agency explained.

From the data released by the NBS, the amount disbursed comprised of N290.16 billion from the Statutory Account; N40.33 billion from exchange gain; N60.89 billion from Excess Petroleum Product Tax (PPT) Account; N69.21 billion from Valued Added Tax (VAT) while the sum of N6.33 billion was refunded to the FG from the Nigerian National Petroleum Corporation (NNPC).

It was stated further that the FG received a total of N180.51 billion from the N426.88 billion shared, while states got a total of N116.51 billion and local governments received N87.47 billion.

Equally, the sum of N3.80 billion was shared among the oil producing states as 13 percent derivation fund and N31.47 billion transferred to the Excess Petroleum Product Tax (PPT) Account.

Share
Related Stories
Image
21-February-2024

Encomium as Lulu-Briggs Foundation Fetes Elders on Valentine’s Day

By Modupe Gbadeyanka Elders in Abonnema, Rivers State, have showered praises on a non-partisan not-for-profit organisation, O.B. Lulu-Briggs Foundation and its chair, Dr Seinye O.B. Lulu-Briggs, for celebrating them on Valentine’s Day of 2024. Last Wednesday, the organisation shared some gift items to senior citizens of the community at the Biokpo Recreational Centre for the Elderly in Abonnema, Rivers State through its Care for Life Program. Items like foodstuffs, towels, Ankara shirts for males and dresses for females, wrappers, soap dishes, bailer bowls and buckets, among others, were given to the beneficiaries for their personal upkeep and well-being. The elders

Image
21-February-2024

FG Completes $70m Yearly Concessionaire of Zungeru Plant to Penstock

By Adedapo Adesanya The federal government has completed the transfer of the operations of the Zungeru Hydroelectric Power Plant (ZHPP) to a concessionaire, Penstock Limited, in a move that will see the country earn $70 million yearly from the deal. The Vice President, Mr Kashim Shettima, confirmed this during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. A concession is a kind of partnership between the public sector and often private companies that have shown its added value in a specific area, for example developing infrastructure. The

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

More Stories
Image
11-March-2019

CBN May Lower Rate at N89.50bn T-Bills Sale

By Modupe Gbadeyanka On Wednesday, March 13, 2019, the Central Bank of Nigeria (CBN) will sell treasury bills to investors via primary market auction. During the exercise, fresh treasury bills worth N89.50 billion would be auctioned with N5 billion worth of the 91-day bills on offer. Also, the apex bank will sell N14 billion worth of the 182-day paper, while N70.50 billion worth of the 364-day note would be sold. According to analysts at Cowry Asset, “We expect their stop rates to moderate in accordance with recent trend which has seen the short term papers being highly sought for by

Image
17-April-2017

Fuel Theft: Senate Calls for Shake-up in PPMC

**Wants More Actions from NNPC By Modupe Gbadeyanka The Nigerian National Petroleum Corporation (NNPC) has been urged to do more than sacking its officials linked with the theft of petroleum products kept in the farm tanks of two oil companies and also carry out a shake-up in the Petroleum Products Marketing Company (PPMC). The NNPC lost 130 million litres through a breach in its throughput transactions with MRS and Capital Oil. However, MRS had returned the product it sold from the stock but Capital Oil is yet to refund the 82 million litres it sold. The Missing fuel sold by

Image
22-November-2017

Gulder Ultimate Party Contest Winner Gets Royal Treatment

By Dipo Olowookere Winner of the Ultimate Party online contest, Adedamola Awoniyi, was joined for a memorable night last weekend in Lagos by celebrities and other socialites. The all-night gig brought together leading entertainers, MI Abaga, Dr Sid, Ice Prince, Alexx Ekubo, Uriel Oputa and Blossom Chukwujekwu under one roof with Awoniyi. The Ultimate Party, a dream-come-true experience, was one of the brand’s activations leveraging on Guy Code, a male-centric television series currently showing on MTV Base (DStv Channel 322). Speaking at the party, Marketing Director of Nigerian Breweries, Mr Franco Maria Maggi, said the event was to strengthen the

Image
07-January-2023

Oil Prices Stable Amid Weak Dollar, US Jobs Data

By Adedapo Adesanya Oil prices were relatively stable on Friday as the market balanced a weaker US Dollar and mixed jobs reports from the world’s largest oil economy and producer, the United States. Brent futures fell 12 cents or 0.2 per cent to settle at $78.57 per barrel, while the US West Texas Intermediate (WTI) crude rose by 10 cents or 0.1 per cent to settle at $73.77 per barrel. Despite the outcome, both crude benchmarks ended the first week of the year lower due to global recession concerns. The US economy added jobs at a solid clip in December,

Image
23-May-2019

Freshworks Acquires Natero to Offer Better Services

Global innovator in customer engagement software, Freshworks, has announced the acquisition of a leading customer success management software company, Natero. The acquisition gives Freshworks a SaaS platform that unifies marketing, sales, support and, now, customer success. With Natero’s AI/ML-powered technology, the Freshworks platform puts actionable data in the hands of customer success professionals. This helps companies more easily predict and prevent customer churn, increase account expansion and manage more customers with fewer resources. Natero offers the premier customer success solution that combines predictive analytics, customer intelligence and workflow management. The data-driven platform enables businesses to proactively manage customer satisfaction and

Image
12-November-2021

Guide on How to Establish Barbing Salon Business in Nigeria

By Ashemiriogwa Emmanuel Amid economic instability and the high unemployment rate in Nigeria, one of the smartest ways you can stay financially independent is by venturing into an entrepreneurship business that requires vocational skills. Even when operated as a side hustle, this can fetch more money than imagined, especially when it is an often-required product or service that is offered to people in your immediate community. Barbing salon business is one of the most lucrative ideas one can think about, especially when it is properly managed. And interestingly, it does not cost an arm and leg to keep the business

Image
31-July-2018

Diamond Bank’s Recent Performances Worry Shareholders, Investors

By Modupe Gbadeyanka Shareholders and investors at Nigerian stock market are really not happy with the results recently churned out Diamond Bank Plc. Some of those who spoke with Business Post said they are disappointed with the performance of the mid-level financial institution lately. For example, Diamond Bank, in its financial statements for the period ended December 31, 2017, declared a loss before tax of N11.6 billion compared with the profit before tax of N3.4 billion it achieved two years ago. Also, the firm recorded a loss after tax of N9 billion during the period under review against the profit

Image
21-September-2019

Keystone Bank Offers Verve Card Holders Free Petrol

By Dipo Olowookere New and existing customers of Keystone Bank Limited across Nigeria have been assured of free petrol whenever they make use of their Verve Card to purchase the product at select Oando Petrol stations. This is part of the partnership between the fastest growing financial services provider and Verve International, which brought about a promo tagged Free Fuel Alert. A statement issued by the lender in Lagos on Friday and made available to Business Post indicated that the promo was designed to reward customers of Keystone Bank for using its Verve Card for the purchase Premium Motor Spirit

Ad
Ad
Recent Stories
Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
23-February-2024

Unlisted Securities Rise 0.33% After Recording Two Price Gainers

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.33 per cent appreciation on Thursday, February 22. This increased the wealth of investors by N5.16 billion during the session, with the market capitalisation growing to N1.576 trillion from the previous day’s N1.571 trillion. Following the same trend was the NASD Unlisted Security Index (NSI), which went up by 3.8 points to wrap the session at 1,162.77 points compared with 1,158.97 points recorded at the previous session. There were two gainers against one loser at the session on Thursday led by bellwethers – Aradel Holdings Plc and FrieslandCampina Wamco

Image
23-February-2024

Naira Falls at NAFEX, Parallel Market as Govt Battles Speculators

By Adedapo Adesanya Despite the unconventional approaches to ease the free fall of the Naira, its value weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, February 22 by 1.9 per cent or N28.73 to close at N1,571.31/$1 compared with the N1,542.58/$1 it was transacted in the midweek session. The domestic currency suffered the loss despite the supply of foreign exchange (FX) improving by 11.7 per cent or $20.11 million to $192.25 million from Wednesday’s $172.14 million. However, the local currency appreciated against the Pound Sterling in the official market yesterday by N142.83

Image
23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

Image
23-February-2024

Customs Street Cracks by 0.12% as Traders Sell Off Wema Bank, Others

By Dipo Olowookere The bulls lost control of the Nigerian Exchange (NGX) Limited to the bears on Thursday amid sustained weak investor sentiment. Customs Street ended in the red zone by 0.12 per cent after it recorded 20 price advancers and 28 price laggards, implying a negative market breadth index. DAAR Communications was on top of the losers’ table yesterday after it let go of 10.00 per cent of its previous day’s closing price to trade at 72 Kobo. Wema Bank shed 9.93 per cent to sell at N7.80, PZ Cussons went down by 9.89 per cent to N24.60, Academy

Image
22-February-2024

FG to Resume Direct Cash Transfers to Poor Nigerians as Hunger Spreads

By Adedapo Adesanya Amid current realities, the federal government intends to restart direct cash transfers to the poorest and most vulnerable Nigerians, after a scandal led to the suspension of the programme last month. The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, revealed this during the Ministry’s retreat held in Uyo, Akwa-Ibom State. He said approximately three million people are recipients of the scheme but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments. The Finance Minister said, “The presidential panel on

Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

Image
22-February-2024

WINBAFRICA Plans Big for 10th Anniversary

By Modupe Gbadeyanka All is now set for the 10th anniversary of WINBAFRICA themed Bridging the Gap: Celebrating a Decade of Nation-building. The organisation is gathering stakeholders together on Monday, February 26, 2024, for the event at the Alliance Francaise in Ikoyi, Lagos. The group was formed in 2014 and has since then promoted girl-child education and empowered women and young girls in critical thinking and leadership skills in secondary schools across Africa. As part of activities lined up for this year’s celebration, WINBAFRICA organised an annual school debate competition and scholarship programme for 20 young girls across the continent.