Economy
FAAC Shares N903.480 bn September revenue to FG, States, LGs
The Federation Account Allocation Committee (FAAC) has shared a total of N903.480 billion September 2023 Federation Account Revenue to the Federal Government, states and Local Government Councils (LGCs).
This is contained in a communique issued by the FAAC at the end of its October meeting held in Abuja on Tuesday.
The communique indicated that the N903.
480 billion total distributable revenue comprised distributable statutory revenue of N423. 012 billion, Value Added Tax (VAT) revenue of N282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989 billion and Exchange Difference revenue of N 186.813 billion.It stated that a total revenue of N1594.
763 billion was available in the month of September 2023.“Total deductions for cost of collection was N54.426 billion, total transfers and refunds was N347.857 billion and savings was N289.000 billion,” the committee stated.
It said that gross statutory revenue of N1014.953 billion was received for September, which was higher than the N891.934 billion received in August by N123.019 billion.
It added that the gross revenue available from VAT was N303.550 billion, which was lower than the N345.727 billion available in August by N42.177 billion.
“From the N903.480 billion total distributable revenue, the Federal Government received a total of N320.543 billion, the state governments received N287.071 billion and the LGCs received N210.900 billion.
“A total sum of N84.966 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue.
“From the N423.012 billion distributable statutory revenue, the Federal Government received N190.849 billion, the state governments N96.801 billion and LGCs received N74.629 billion.
“The sum of N60.733 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue,’” it said.
It said that the Federal Government received N42.400 billion, the state governments received N141.333 billion and the LGCs received N98.933 billion from the N282.666 billion VAT revenue.
The communique further said that N10.989 billion EMTL was shared as follows:
The Federal Government received N1.648 billion, the state governments received N5.495 billion and the Local Government Councils received N3.846 billion.
“The Federal Government received N85.647 billion from the N186.813 billion Exchange Difference revenue, the state governments received N43.442 billion, and the LGCs received N33.491 billion.
“The sum of N24.233 billion (13 per cent of mineral revenue) went to the relevant states as derivation revenue.
“The balance in the Excess Crude Account (ECA) was 473,754.57 dollars,” it said.
The News Agency of Nigeria (NAN) reports that in September, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased considerably while VAT, Import and Excise Duties, EMTL, Companies Income Tax (CIT) and CET Levies recorded significant decreases. (NAN)
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)
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)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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