Economy
Retirement Savings Account Holders Grow by 96,346 in Q2
The total number of persons with Retirement Savings Account (RSA) in Nigeria increased by 96,346 to 7,589,936 workers under the contributory pension scheme as at the second quarter of 2017, compared with 7,493,590 registered in the first quarter of the year.
They country’s total working population stood at 69,470,901 as at the fourth quarter of 2016.
The National Bureau of Statistics (NBS) stated this in its Retirement Savings Account (RSA) Membership Distribution for the second quarter 2017 (Q2 2017), posted on its website.
The RSA membership distribution as at Q2 of 2017 represented 10.93 per cent of the total working population.
This, the NBS stated was not surprising given the largely informal structure of the Nigerian labour force with about 50 per cent of the current workforce engaged in subsistence agriculture and informal trading.
Micro businesses, for example, accounts for over 90 per cent of total micro, small and medium scale enterprises in Nigeria.
Further disaggregation of RSA membership revealed that of a total male working population of 36,363,042 only 5,391,887 or 14.83 per cent male workers registered under the pension scheme as at Q2 2017 compared to 5,328,035 or 14.65 per cent registered male workers in Q1 2017.
Similarly, only 2,198,049 or 6.64 per cent out of a total female working population of 33,107,859 were registered under the scheme as at Q2 2017 compared to 2,165,555 or 6.54 per cent registered female workers in Q1 2017.
Accordingly, out of the 7,589,936 RSA members, 71.04 per cent were men and 28.96 per cent were women compared to 71.10 per cent men and 28.90 per cent women in Q1 2017.
This was compared with the gender split of the working population which had 52.3 per cent men and 47.7 per cent women.
RSA membership was dominated by the Private sector. The federal level had 1,898,199 registered RSA members under the national pension scheme as at Q2 2017 of which 1,384,579 or 72.94 per cent were male and 513,620 or 27.06 per cent were female compared to 1,889,143 registered RSA members of which 1,378,382 or 72.96 per cent were male and 510,761 or 27.04 per cent were female in Q1 2017.
“This may indicate that there are a lot more male employees in the federal public service than female. At the state (including local government) level, 1,537,138 State public workers are registered under the national pension scheme with 863,605 or 56.18 per cent male and 673,533 or 43.82 per cent female as at Q2 2017 compared to 1,525,748 registered public workers of which 858,365 or 56.26 per cent were male and 667,383 or 43.74 per cent were female in Q1 2017.”
“This may indicate that the federal public service is larger than that of all 36 States combined and similar to the Federal service, men dominate with respect to number of employees,” it added.
According to the study, private firms had 4,154,599 registered RSA members under the pension scheme as at Q1 2017 of which 3,143,703 or 75.67 per cent were male and 1,010,896 or 24.33 per cent were female compared to 4,078,699 registered RSA members of which 3,091,288 or 75.79 per cent were male and 987,411 or 24.21 per cent were female in Q1 2017.
It showed that the highest number of registered working population came from the age bracket of 30-39yrs and closely followed by the working population within the age bracket of 40-49 years and 50-59years. This, it said was expected considering ages 2544 accounts for about 55 per cent of the total working population.
“However, the least number of registered working population came from above 65yrs and 60-65yrs age bracket.
“1,898,199 federal working population are registered under the national pension scheme as at Q2 2017 compared to 1,889,143 in Q1 2017.
“1,384,579 are male while 513,620 are female compared to 1,378,382 male and 510,761 female in Q1 2017.
“1,537,138 state working population are registered under the national pension scheme as at Q2 2017 compared to 1,525,748 in Q1 2017. 863,605 are male while 673,533 are female compared to 858,365 male and 667,383 female in Q1 2017,” it added.
According to the NBS report, 4,154,599 private firms’ working population were registered under the national pension scheme as at Q2 2017 compared to 4,078,699 in Q1 2017. Also, 3,143,703 were male while 1,010,896 were female compared to 3,091,288 male and 978,411 female in Q1 2017
In addition, 7,589,936 working population were registered under the national pension scheme as at Q2 2017 compared to 7,493,590 in Q1 2017. 5,391,887 are male while 2,198,049 are female compared to 5,328,035 male and 2,165,555 female in Q1 2017
Private firms’ working population dominated the membership distribution and closely followed by the federal and state working population.
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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