Business
FAAC Revenue Shared by FG, States, and LGs in October 2024: N1.411 trillion
A total of N1.411 trillion in income for October 2024 has been distributed to the Federal Government, State Governments, and Local Government Councils by the Federation Accounts Allocation Committee (FAAC). This money, which came from a variety of sources, including statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference revenue, was revealed at the FAAC meeting in Bauchi State.CONTINUE FULL READING>>>>>
The N1.411 trillion includes N206.319 billion in distributable statutory revenue, N622.312 billion from VAT, N17.111 billion from the EMTL, and N566.000 billion from Exchange Difference revenue.
Total gross revenue for October 2024 amounted to N2.668 trillion, after deductions for collection costs and other transfers.
From the distributable revenue, the Federal Government received N433.021 billion, while the State Governments received N490.696 billion and Local Government Councils got N355.621 billion.
According to Channels Television, N132.404 billion was allocated as derivation revenue to oil-producing states.
The revenue breakdown shows a rise in income from oil royalties, excise duties, and taxes such as VAT, Petroleum Profit Tax (PPT), and Companies Income Tax (CIT), with a slight decrease in Electronic Money Transfer Levy and CET Levies.
This distribution highlights a significant increase in revenue from both statutory and non-statutory sources compared to previous months.CONTINUE FULL READING>>>>>
A Japanese investor, the Managing Director of Limited, Masahiro Tsuno, has described the 650,000 barrels per day Dangote Refinery as a world miracle.CONTINUE FULL READING>>>>>
In a statement on Sunday by Dangote Spokesperson, Anthony Chijiena, Tsuno disclosed this when a delegation from the Japanese Business Community in Nigeria, led by Japan’s Ambassador-designate to Nigeria, Suzuki Hideo, visited the Lagos-based refinery.
According to him, the sheer size and automation of the Dangote refinery built by a single investor is one of the world’s wonders.
“I’ve seen many standalone refineries across the globe, including in Vietnam and the Middle East.
“However, the size of a refinery built by one single investor is probably a miracle in the world. And I’m just actually witnessing a miracle,” he said.
On his part, the Vice President of Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said that in the last months, Dangote Refinery has exported Premium Motor Spirit (petrol) to three African countries.
“In recent weeks, we’ve exported petrol to Cameroon, Ghana, Angola, and South Africa, among others. Diesel has gone all over the world, and jet fuel is being heavily exported to European markets.
“Our products are already making their mark internationally,” Edwin said.
This comes as Dangote Refinery recently announced that it has commenced the export of petrol to Cameroon.
Recall that Dangote Refinery commenced the rollout of PMS on September 15, 2024.CONTINUE FULL READING>>>>>
Business
BREAKING NEWS: CBN Imposes N150 Million Fine On Banks Releasing Redesigned Naira Notes To Currency Hawkers…
The Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on banks guilty of releasing the redesigned naira notes to currency hawkers.CONTINUE FULL READING>>>>>
The hawking of new naira notes became rampant after the introduction of the redesigned ₦200, ₦500, and ₦1,000 denominations. Reports of these notes being sold on the black market at exorbitant rates prompted the CBN to take stricter action.CONTINUE FULL READING>>>>>
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, DAILY POST reports.CONTINUE FULL READING>>>>>
DAILY POST correspondents 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 told DAILY POST.
A motorist, Ezekiel Njoku, confirmed the development to DAILY POST.
“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.CONTINUE FULL READING>>>>>
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