Economy
FAAC: FG, states, LGs share N1.7tn November revenue
The Federation Accounts Allocation Committee has shared N1.727 trillion among the Federal Government, states, and local government areas for November.
This is contained in a communiqué issued after the FAAC meeting on Thursday in Abuja.
According to the communiqué, the N1.727 trillion total distributable revenue comprised statutory revenue of N455.354 billion.
It also comprised 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.
The communiqué indicated that total gross revenue of N3.143 trillion was available in the month of November.
“Total deduction for cost of collection was N103.307 billion, while total transfers, interventions, and refunds was N1.312 trillion,” it said.
It said that gross statutory revenue of N1.827 trillion was received for the month of November.
“This is higher than the sum of N1.336 trillion received in the month of October 2024 by N490.339 billion.
“Gross revenue of N628.972 billion was available from the VAT in November. This was lower than the N668.291 billion available in the month of October by N39.318 billion ” it said.
The communiqué said that from the N1.727 trillion total distributable revenue, the Federal Government received the total sum of N581.856 billion, and the state governments received N549.792 billion.
“The LGCs received the sum of N402.553 billion, and a total sum of N193.291 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
On the N455.354 billion statutory revenue, the communiqué said that the Federal Government received N175.690 billion, and the state governments received N89.113 billion.
It said that the LGCs received N68.702 billion, and the sum of N121.849 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
“From the N585.700 billion VAT revenue, the Federal Government received N87.855 billion, the state governments received N292.850 billion, and the LGCs received N204.995 billion.
“A total sum of N2.257 billion was received by the Federal Government from the N15.046 billion EMTL. The state governments received N7.523 billion, and the LGCs received N5.266 billion,” it said.
It said that in November, Oil and Gas Royalty and CET Levies recorded significant increases, while Excise Duty, VAT, Import Duty, Petroleum Profit Tax, Companies Income Tax, and EMTL decreased considerably.
(NAN)
Economy
SEE Today’s Black Market Dollar (USD) To Naira (NGN) Exchange Rate – 16th December 2024
The exchange rate for the Dollar to Naira in the black market (parallel market), also known as the “Aboki FX” rate, is as follows for 15th December 2024:
•Buying Rate: ₦1,660
•Selling Rate: ₦1,670
This rate reflects the price at which traders in the Lagos parallel market (black market) are buying and selling dollars, as reported by sources at Bureau De Change (BDC).
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and encourages individuals to conduct foreign exchange transactions through authorized banks.
Central Bank of Nigeria (CBN) Rate for Dollar to Naira
•Highest Rate: ₦1,549
•Lowest Rate: ₦1,520
The rates you receive may vary slightly from those mentioned here, as forex prices fluctuate based on market conditions.
CBN Takes Tough Action on New Naira Notes
In another development, the Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on commercial banks found guilty of supplying newly minted naira notes to currency hawkers. This move is part of the CBN’s ongoing efforts to prevent the illegal trade of naira notes and ensure proper circulation to the public.
The penalty comes as the CBN reaffirmed the continued validity of the old ₦1,000, ₦500, and ₦200 notes following a Supreme Court ruling on November 29, 2023. The CBN also warned against the hoarding of cash, which disrupts the smooth flow of money in the economy.
Economy
NNPCL Crashes Petrol Price, See New Petrol Price
The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja.
According to a reporter from Dailypost who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,040 per litre. This represents a reduction of N20.
“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along Kubwa expressway said.
A motorist, Ezekiel Njoku, confirmed the development.
“The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
This development comes barely three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
Oil marketers, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had also hinted that the deregulation of the sector—coupled with the operations of Dangote and Port Harcourt refineries—would lead to a drop in petrol prices.
Economy
CBN talks tough says banks selling new notes will be fined N150m
The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents.
The apex bank disclosed this in a circular issued on Friday, December 13, 2024, signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi.
The circular revealed that the CBN is concerned about the increasing prevalence of mint naira notes being traded by hawkers, a practice the bank described as impeding efficient and effective cash distribution to customers and the general public.
The circular, which referred to an earlier directive dated November 13, 2024, highlighted the apex bank’s determination to address the commodification of the naira.
Under the directive, any branch of a financial institution found culpable will face a penalty of N150m for the first violation.
Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.
To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.
The circular read, “The CBN has noted with dismay the prevalence of illicit flow of mint banknotes to currency hawkers and other unscrupulous economic agents that commodify Naira banknotes, thus impeding efficient and effective cash distribution to banks’ customers and the general public.
“CBN will continue to intensify the periodic spot checks to the banking halls/ATMs to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country.
“In this regard, any erring deposit money banks or financial institutions that are culpable of facilitating, aiding, or abetting, by direct actions or inactions, the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes shall be penalised at first instance N150,000,000.00 (One hundred and fifty million Naira) only, per erring branch, and at later instances, apply the full weight of relevant provisions of BOFIA 2020.”
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