Economy
FG, States, Local Councils Share N1.411trn From October Revenue
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) shared a total of N1.411 trillion to the three tiers of government as federation allocation for November from the N2.668 trillion revenue generated last month by the nation.
The federal government received N433.021 billion, the states received N490.696 billion, the Local Government Councils (LGCs) got N355.621 billion, while the oil-producing states received N132.404 billion as 13 per cent of mineral revenue derivation.
From the N2.668 trillion, inclusive of Gross Statutory Revenue, Value Added Tax, VAT, Electronic Money Transfer Levy, EMTL, and Exchange Difference, the sum of N97.517 billion was used as the cost of collection, while N1.159 trillion was allocated for Transfers Intervention and Refunds.
A communique issued by FAAC indicated that the gross revenue available from VAT was N668.291 billion as against N583.676 billion distributed in the preceding month, resulting in an increase of N84.616 billion.
From that amount, the sum of N26.732 billion was taken as the cost of collection and the sum of N19.247 billion was for transfers, intervention and refunds, while the remaining sum of N622.312 billion was distributed to the three tiers of government, of which the Federal Government got N93.347 billion, the States received N311.156 billion and Local Government Councils got N217.809 billion.
Accordingly, the Gross Statutory Revenue of N1.336 trillion received for the month was higher than the sum of N1.043 trillion received in the previous month by N293.009 billion.
From the stated amount, the sum of N70.072 billion was allocated for the cost of collection and a total sum of N1.060 trillion for Transfers, Intervention and Refunds.
The remaining balance of N206.319 billion was distributed as follows to the three tiers of government: federal government got the sum of N77.562 billion, states received N39.341 billion, the sum of N30.330 billion was allocated to LGCs and N59.086 billion was given to Derivation Revenue (13 per cent Mineral producing States).
Also, the sum of N17.824 billion from EMTL was distributed to the three tiers of government as follows: the federal government received N2.567 billion, states got N8.555 billion, local government councils received N5.989 billion, while N0.713 billion was allocated for Cost of Collection.
From the sum of N646.000 billion from Exchange Difference, the federal government received N259.545 billion, states got N131.644 billion, the sum of N101.493 billion was allocated to local government councils, N73.318 billion was given for derivation (13 per cent of mineral revenue), while the sum of N80.000 billion was allocated to transfers, interventions and refunds.
According to the communique, Oil and Royalty, Excise Duty, Value Added Tax Import Duty, Petroleum Profit Tax and Companies Income Tax increased significantly, while, Electronic Money Transfer Levy and CET Levies decreased considerably.
The total revenue distributable for the current month of October 2024, was drawn from Statutory Revenue of N206.319 billion, VAT of N622.312 billion, N17.111 billion from Electronic Money Transfer Levy, and N566.000 billion from Exchange Difference, bringing the total distributable amount for the month to N1.411 trillion.
By Adedapo Adesanya
The Association of Bureau De Change Operators of Nigeria (ABCON) has commended the Central Bank of Nigeria (CBN) for lifting the suspension of sales of interbank foreign exchange to its members nationwide, saying the move will help the value of the local currency in the near term.
The president of the group, Mr Aminu Gwadabe, said this after the CBN allowed BDC operators to access the official forex market window from December 19 to January 30, 2025, with a weekly cap of $25,000.
The apex bank carried out the move to help meet expected seasonal demand for foreign exchange.
The CBN recently launched the Electronic Foreign Exchange Matching System (EFEMS) to build transparency in the system, but this excluded street forex hawkers. This initiative has fortified the value of the Naira against the US Dollar at the official market.
The platform, which became operational on December 2, 2024, has enhanced operational efficiency in Nigeria’s FX market, with banks mandated to be on the system to trade forex.
Mr Gwadabe expressed delight that CBN also considered its members’ accessibility to the new platform through the banks.
“This development is a testament to the CBN’s recognition of our third-level roles in the foreign exchange market architecture,” he said.
He listed benefits to be achieved in the implementation of the circular to include job creation, taming inflation, and boosting FX liquidity to the retail end, among others.
“To our members, it will revitalise our operations, making us functional and profitable.
“It will also improve our compliance obligations to security and monetary agencies.
“I therefore urge all our members to act within the directives in the circular and ensure the desired result of the appreciation of our local currency is sacrosanct,” he said.
According to him, BDCs should render their returns regularly, operate inside their offices and ensure seamless automation of their process.
“Finally, I plead with the banks to ensure transparency, level playing field in the discharge of their responsibilities to our members nationwide,” he said.
By Aduragbemi Omiyale
Many Nigerians have continued to applaud the partnership between the Dangote Refinery and MRS Oil Nigeria that led to the slashing of the price of premium motor spirit (PMS), otherwise known as petrol, to N935 per litre.
The two energy firms recently sealed a deal for the sale of petrol from Dangote Refinery in Lagos at the retail stations of MRS Oil across the nation.
“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: [email protected],” MRS Oil said in a statement.
“We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians,” it added.
Business Post reports that MRS Oil struck this deal with Dangote Refinery after the crude oil refiner brought down its ex-depot price from N970 to N899.50 per litre.
Checks showed that the new price had been implemented at all MRS Oil retail outlets nationwide.
In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.
Mrs Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Expressway, could not hide her joy as her husband filled up their car.
“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate.
“My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy,” she stated.
A commercial bus driver, Mr Adio Ajibade, described the price reduction as a great relief, especially during the festive season, saying, “The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Aliko Dangote.”
A public affairs analyst and university lecturer, Dr Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.
According to Dr Akanni, “This move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.37 per cent in the 51st trading week of 2024, with the Unlisted Security Index (USI) growing in the five-day trading week by 11.11 points to settle at 3,043.27 points, in contrast to the preceding week’s 3,032.16 points.
However, the market capitalisation of the bourse went down by N19.45 million to N1.043 trillion from the N1.062 trillion recorded in the preceding week, which was Week 50.
Business Post reports that there were price four gainers and three price losers, indicating a positive market breadth index.
The gainers were led by Okitipupa Plc with a price appreciation of 10 per cent to close at N32.72 per unit versus the previous week’s N29.74 per unit, UBN Property jumped by 5.00 per cent to end at N1.89 per unit compared with the preceding trading value of N1.8 per unit, FrieslandCampina Wamco Nigeria Plc rose by 2.3 per cent to sell at N43.84 per share versus the preceding week’s N42.85 per share, and Nipco Plc gained 2.1 per cent to quote at N150.10 per share against the former value of N147.00 per share.
On the flip side, Industrial and General Insurance (IGI) Plc depreciated by 5.6 per cent to close at 17 Kobo per unit versus 18 Kobo per unit, Afriland Properties Plc recorded a 1.9 per cent slide to end at N15.99 per share versus N16.30 per share, and Geo-Fluids Plc lost 0.8 per cent to end at N3.88 per share against the N3.91 per share it was transacted a week earlier.
There was a 79.4 per cent slide in the volume of equities transacted in Week 51 to 2.29 million units from 11.12 million units in the previous week, the value of trades went up by 136.9 per cent to N89.8 million from N37.9 million, and the number of deals stood at 93 deals.
FrieslandCampina Wamco Nigeria Plc was the most active stock by value last week with N53.1 million, Nipco Plc recorded N30.1 million, Afriland Properties Plc posted N2.6 million, Geo-Fluids Plc traded N1.5 million, and 11 Plc achieved N0.96 million.
Also, FrieslandCampina Wamco Plc was also the most traded stock by volume in the week with 1.22 million units, UBN Property Plc transacted 0.2 million units, and Afriland Plc traded 0.16 million units.
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