BUSINESS
FAAC: FG, States, LGCs,Shares N1.088trn November Revenue
By Tony Obiechina, Abuja
The Federation Account Allocation Committee (FAAC) has shared a total sum of N1088.783 billion November 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
In n a communique issued by the FAAC at its December, 2023 meeting on Friday, the N1088.
783 billion total distributable revenue comprised distributable statutory revenue of N376. 306 billion, distributable Value Added Tax (VAT) revenue of N335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.952 billion and Exchange Difference revenue of N364.869 billion.According to the communique, total revenue of N1620.
335 billion was available in the month of November 2023. Total deductions for cost of collection was N60.960 billion; total transfers, interventions and refunds was N470.592 billion.Gross statutory revenue of N882.560 billion was received for the month of November 2023. This was higher than the N660.090 billion received in the month of October 2023 by N222.470 billion.
The gross revenue available from the Value Added Tax (VAT) in November 2023 was N360.455 billion. This was higher than the N347.343 billion available in the month of October 2023 by N13.112 billion.
The communique stated that from the N1088.783 billion total distributable revenues, the Federal Government received a total of N402.867 billion, the State Governments received N351.697 billion and the Local Government Councils received N258.810 billion.
A total sum of N75.410 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N376.306 billion distributable statutory revenues, the Federal Government received N174.908 billion, the State Governments received N88.716 billion and the Local Government Councils received N68.396 billion. The sum of N44.286 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Federal Government received N50.348 billion, the State Governments received N167. 828 billion and the Local Government Councils received N117.480 billion from the N335.656 billion distributable Value Added Tax (VAT) revenue.
The N11.952 billion Electronic Money Transfer Levy (EMTL) was shared as follows: The Federal Government received N1.793 billion, the State Governments received N5.976 billion and the Local Government Councils received N4.183 billion.
The Federal Government received N175.817 billion from the N364.869 billion Exchange Difference revenue. The State Governments received N89.177 billion, and the Local Government Councils received N68.751 billion. The sum of N31.124 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
In the month of November 2023, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Oil and Gas Royalties and Value Added Tax (VAT) increased considerably, while CET Levies, Import Duty and Electronic Money Transfer Levy (EMTL) recorded decreases.
The balance in the ECA was $473,754.57, the communique added.
Economy
Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)