Economy
FG, States, LGCs Share N739.96bn for September
The Federation Accounts Allocation Committee (FAAC) has shared to the three tiers of government, N739.965 billion as federation allocation for September.
According to a statement from Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning late on Thursday, the meeting was held through a Virtual Conference.
“From the N739.
965 billion, inclusive of Value Added Tax (VAT), and Exchange Gain, the Federal Government received N301. 311 billion, the states received N220.272 billion, the LGs got N164.176 billion.However, the oil producing states received N54.206 billion as derivation (13 per cent of Mineral Revenue).
The communique issued after the meeting indicated that the Gross Revenue available from VAT for September was N170.
850 billion distributed in the preceding month, resulting in a decrease of N7.659 billion.“The distribution is as follows; Federal Government got N23.864 billion, the States received N79.548 billion, Local Government Councils got N55.684 billion.
“The distributed Statutory Revenue of N692.283 billion received for the month was higher than the N537.518 billion received in the previous month by N154.765 billion.
“From this amount, the Federal Government received N276.008 billon, states got N139.995 billion, LGCs got N107.930 billion, and Derivation (13 per cent Mineral Revenue) got N53.831 billion.”
The communique further revealed that Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty increased significantly, while Import Duty and VAT and Companies Income Tax (CIT), decreased marginally.
It, however, disclosed that total revenue distributable for the current month was inclusive of Gross Statutory Revenue of N577.765 billion, VAT of N159.096 billion, and Exchange Gain of N3.104 billion.
These brought the total distributable revenue to N739.965 billion.
However, the balance of Excess Crude Account as at today stands at $60.860 million. (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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