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.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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