Economy

FG, States, LGs share N1.143tr for May 2024

Published

3 months ago

June 11, 2024

A total sum of N1,143.210 billion May 2024 Federation Accounts Revenue has been shared to the Federal Government, States and Local Government Councils in the country.

The revenue was shared at the June 2024 meeting of the Federation Accounts Allocation Committee (FAAC), chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

A communiqué issued by the Federation Accounts Allocation Committee (FAAC) revealed that the N1,143.210 billion total distributable revenue comprised distributable statutory revenue of N 157.183 billion, distributable Value Added Tax (VAT) revenue of N463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.

Total revenue of N2,324.792 billion was available in the month of May 2024. Total deduction for cost of collection was N76.647 billion while total transfers, interventions and refunds was N1,104.935 billion.

Gross statutory revenue of N1,223.894 billion was received for the month of May 2024. This was lower than the sum of N1,233.498 billion received in the month of April 2024 by N9.604 billion.

The gross revenue of N497.665 billion was available from the Value Added Tax (VAT) in May 2024. This was lower than the N500.920 billion available in the month of April 2024 by N3.255 billion.

The communiqué confirmed that from the N1,143.210 billion total distributable revenue, the Federal Government received total sum of N365.813 billion, the State Governments received total sum of N388.419 billion and the Local Government Councils received total sum of N282.476 billion.

A total sum of N106.502 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N157.183 billion distributable statutory revenue, the communiqué stated that the Federal Government received N61.010 billion, the State Governments received N30.945 billion and the Local Government Councils received N23.857 billion. The sum of N41.371 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

The Federal Government received N69.514 billion, the State Governments received N231.713 billion and the Local Government Councils received N162.199 billion from the N463.425 billion distributable Value Added Tax (VAT) revenue.

A total sum of N2.272 billion was received by the Federal Government from the N15.146 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.573 billion and the Local Government Councils received N5.301 billion.

From the N507.456 billion Exchange Difference revenue, the Federal Government received N233.017 billion, the State Governments received N118.189 billion and the Local Government Councils received N91.119 billion. A total sum of N65.131 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

According to the communiqué, in the month of May 2024, Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) increased significantly while Import and Excise Duties, Royalty Crude and Gas, Electronic Money Transfer Levy (EMTL), CET Levies and Value Added Tax (VAT) recorded considerable decreases.

The balance in the ECA was $473,754.57

Economy

SEE NAIRA Rates Against The USD, GBP, EURO Today September 20, 2024

Published

10 hours ago

September 20, 2024

Naijablitznews

By Mario Deepromoter

The USD was traded at ₦ at the beginning of this September on Monday, September 2, 2024. As at today with USD being traded at ₦1,665 we see a % for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1665 1657
Pounds to Naira 2227 2200
Euro to Naira 1839 1815
Canadian Dollar to Naira 1221 1213
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF)

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

Economy

SEC wants govt agencies to list on NGX

Published

17 hours ago

September 20, 2024

Kayode Sanni-Arewa

The Securities and Exchange Commission (SEC) says it will encourage government agencies and state owned enterprises to list on the Nigerian Exchange Ltd. (NGX).

Dr Emomotimi Agama, the Director-General (D-G) of SEC in an interview with newsmen in Abuja on Thursday, said the listing of the companies on the NGX would guarantee democratisation of their operations.

Agama said the listing would also guarantee inclusiveness and wealth creation for citizens.

He said the Commission would provide incentives that would encourage as much state owned enterprises to list.

According to him, inclusivity is very critical, because in it, you have ownership and so we all build our industries and the country together.

The D-G said the SEC was also working towards inclusion via technology, adding that the use of technology would make the capital market more attractive, especially to the younger generation.

“That is why we encourage apps, we encourage fintech tools, and that is why we supported the inauguration of the electronic offering platform at the Nigerian exchange.

”We encourage everyone who wants to participate and is qualified to participate in this process, to turn around the way people see investing.

“We want investors to have a beautiful experience, to make it so easy for them that each time they feel like investing, it brings happiness to them.

”We will continue to do that through encouragement of technology, through education,” Agama said.

He said the Commission would ensure that bottlenecks usually experienced in process of investing in the market were removed to rejuvenate the country’s capital market.

(NAN)

Economy

SEE Naira To Dollar Exchange Rate In Black Market Today – 19th September 2024

Published

1 day ago

September 19, 2024

Naijablitznews

By Mario Deepromoter

The Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Here’s the exchange rate for today, 18th September 2024, based on information from Bureau De Change (BDC) operators

How much is a dollar to naira today in the black market?

As of today, in Lagos Parallel Market (Black Market), the exchange rate for buying a dollar is N1655, while selling is at N1660 on Wednesday, 18th September 2024.

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals to approach their banks for official Forex transactions.

### Dollar to Naira Black Market Rate Today:
– **Buying Rate**: N1655
– **Selling Rate**: N1660

### Dollar to Naira CBN Rate Today:
– **Buying Rate**: N1651
– **Selling Rate**: N1652

*Note*: These rates may vary slightly based on location and the specific Bureau De Change operator.

### CBN’s Outlook on External Reserves and Economy:

The Central Bank of Nigeria (CBN) has raised concerns over factors that may hinder the growth of Nigeria’s external reserves in 2024/2025. The removal of fuel subsidies, rising import costs, and increased debt servicing are cited as potential threats to the reserves.

This was detailed in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024/2025. Despite these challenges, the CBN projects overall economic growth for Nigeria, driven by policies supporting agriculture, oil sector reforms, and foreign exchange market adjustments.

“The outlook for Nigeria’s external sector in 2024/2025 is optimistic,” the CBN noted, with expectations of favorable trade terms due to higher oil prices and improved domestic production. However, the bank also highlighted risks such as lower oil revenues, increased import bills, and rising external debt obligations.