Economy
Prices of Petrol, Cooking Gas Increase 7% in August 2024
By Adedapo Adesanya
Nigerians saw a 7 per cent month-on-month increase in the average retail price of a litre of petrol and the average price of 5kg of cooking gas in August 2024, the latest data released by the National Bureau of Statistics (NBS) shows.
The stats office in its Petrol Price Watch for August 2024 said that a litre of petrol averaged N830.46 in August 2024 compared with the previous month’s N770.54 and N626.70 in August 2023.
On state profiles analysis, the report said Benue paid the highest average retail price of N941.24 per litre, followed by Bauchi and Gombe States at N935.71 and N925.00, respectively.
“Conversely, Delta, Cross River, and Edo paid the lowest average retail price at N667.50, N672.00, and N676.25, respectively,’’ it stated.
Analysis by zones showed that the North-East Zone recorded the highest average retail price in August 2024 at N908.21 while the South-West recorded the lowest price at N677.11 per litre.
The NBS also stated in its Diesel Price Watch Report for August 2024 that the average retail price was N1,406.05 per litre.
It said that the August 2024 price of N1,406.05 per litre amounted to a 64.58 per cent increase over the N854.32 per litre paid in August 2023.
“On a month-on-month basis, the price increased by 1.93 per cent from the N1,379.48 per litre recorded in July 2024,’’ it added.
On state profile analysis, the report said the highest average price per litre of diesel in August was recorded in Kaduna state at N1,979.23, followed by Bauchi at N1,927.34 and Taraba at N1,638.14.
On the other hand, the lowest price was recorded in Lagos at N1,237.14 per litre, followed by Ogun at N1,255.00 and Osun at N1,268.18.
In addition, the analysis by zones showed that the North-East Zone had the highest price of N1,621.23 per litre, while the South-West recorded the lowest price at N1,283.47 per litre.
Meanwhile, the average price of 5kg of cooking gas increased 7.62 per cent from N5,974.55 recorded in July 2024 to N6,430.02 in August 2024, an increment of 56.25 per cent from N4,115.32 in August 2023.
On state profile analysis, the report showed that Benue recorded the highest average price at N7,000 for 5kg cooking gas, followed by Rivers at N6,954.55, and Borno at N6,914.29.
It said on the other hand, Taraba recorded the lowest price at N5,600.67, followed by Abuja and Kogi at N5,825.00 and N5,857.56, respectively.
Analysis by zone showed that the South-East recorded the highest average retail price at N6,585.18 for 5kg cooking gas, followed by the South-South at N6,451.34.
“The North-Central recorded the lowest average retail price at N6,344.29,” the NBS said.
Also, the NBS said the average retail price for refilling a 12.5kg cooking gas increased by 9.05 per cent on a month-on-month basis from N14,261.57 in July 2024 to N15,552.56 in August 2024.
The report said the average retail price for 12.5kg cooking gas rose by 69.15 per cent on a year-on-year basis from N9,194.41 recorded in August 2023 to N15,552.56 in August 2024.
State profile analysis showed that Rivers recorded the highest average retail price of N17,086.36 for 12.5kg cooking gas, followed by Cross River with N17,050.00 and Abia with N17,012.52.
On the other hand, the report showed that the lowest average price for 12.5kg of cooking gas was recorded in Bauchi at N13,425.00, followed by Nassarawa and Adamawa at N13,640.94 and N13,725.00 respectively.
Analysis by zone showed that the South-South recorded the highest average retail price of N16,524.00 for 12.5kg cooking gas, followed by the South-East at N16,495.78
The report said the North-Central recorded the lowest price at N14,767.41.
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) distributed about N2.550 trillion from the revenue generated by the nation in June 2026 to the three tiers of government after its July meeting in Abuja.
A statement signed by the Director of Press in the Office of the Accountant General of the Federation, Mr Bawa Mokwa, “The N2.550 trillion total distributable revenue comprised N1.809 trillion in distributable statutory revenue and N740.724 billion in distributable Value Added Tax (VAT) revenue.”
It was gathered that a total gross revenue of N4.500 trillion was available in June 2026, with deductions for the cost of collection amounting to N160.744 billion, and transfers and refunds at N1.789 trillion.
According to a communiqué after the gathering, gross statutory revenue of N3.700 trillion was received in June 2026, N1.049 trillion higher than the N2.651 trillion received in the preceding month, while gross revenue of N799.746 billion was generated from VAT, N56.058 billion higher than the N743.688 billion recorded in May 2026.
It was stated that from the N2.550 trillion total distributable revenue, the federal government received N923.438 billion, the state governments got N838.208 billion, while the local government councils were given N591.390 billion, with N197.610 billion allocated to the benefiting states as 13 per cent of mineral derivation revenue.
From the N1.809 trillion distributable statutory revenue, the federal government went away with N849.366 billion, states shared N430.810 billion, local councils took N332.136 billion, while the benefiting states got N197.610 billion as derivation revenue.
From the N740.724 billion distributable VAT earnings, the central government got N74.072 billion, the states received N407.398 billion, and the local government councils were allocated N259.253 billion.
The communiqué further stated that in June 2026, collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Royalties, Gas Flare Penalties, Rent, Mineral Oil Royalties (MOR), Value Added Tax (VAT), Import Duty, and Common External Tariff (CET) Levies increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties, and Fees declined considerably. Excise Duty recorded only a marginal increase.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
See the full list below:
