Business

FG, states, LGs share N1.678trn for February – FAAC

The Federation Account Allocation Committee (FAAC), has shared N1.678 trillion among the Federal Government, states and the Local Government Councils (LGCs) for the month of February.

This is according to a communiqué issued by FAAC and made available by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF).

According to the communiqué, the total revenue of N1.678 trillion comprised statutory revenue of N827.633 billion and Value Added Tax (VAT) revenue of N 609.430 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.

It said that a total gross revenue of N2.344 trillion was available in the month of February.

“Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion,’” it said.

The FAAC issued communiqué said that gross statutory revenue of N1.653 trillion was received for the month of February, which was lower than the sum of N1.848 trillion received in January by N194.664 billion.

It said that gross revenue of N654.456 billion was available from VAT in February, lower than the N771.886 billion available in January by N117.430 billion.

The communiqué said that from the total distributable revenue of N1.678 trillion, the Federal Government received total sum of N569.656 billion and the state governments received total sum of N562.195 billion.

It said that the LGCs received total sum of N410.559 billion, and a total sum of N136.042 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“On the N827.633 billion statutory revenue, the Federal Government received N366.262 billion and the state governments received N185.773 billion.

“The LGCs received N143.223 billion and the sum of N132.374 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” the communiqué said.

It said that from the N609.430 billion VAT revenue, the Federal Government received N91.415 billion, the state governments received N304.715 billion and the LGCs received N213.301 billion.

“A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion EMTL. The state governments received N17.585 billion and the LGCs received N12.310 billion.

“From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the state governments received N6.560 billion.

“The LGCs received N5.057 billion and a total sum of N3.668 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,’” it said.

It said that Oil and Gas Royalty and EMTL, increased significantly while VAT, Petroleum Profit Tax (PPT), Companies Income Tax, Excise Duty, Import Duty and CET Levies recorded decrease.

Business

BREAKING: Air Peace suspends flight operations nationwide

Lagos to Abuja now costs N100,000 as operators list challenges

Air Peace Ltd. has announced the suspension of all flight operations nationwide due to the ongoing strike embarked upon by the Nigerian Meteorological Agency (NiMET).

This is contained in a statement signed by the Head of Corporate Communications, Air Peace, Dr Ejike Ndiulo, on Wednesday in Lagos.

According to Ndiulo, the decision is necessary because NiMet is the agency responsible for issuing CNH (Current Nowcast of Hazardous Weather) reports, critical for safe landings, especially during this season of heavy rainfall and thunderstorms.

He said without these reports from the control tower, flight safety could not be guaranteed.

“As a safety-first airline, we have chosen to act responsibly by suspending operations until NiMet resumes full service.

“We understand this may cause inconvenience, and we sincerely apologise. Passengers will be contacted with updates and options for rescheduling,” he said.

The staff of NiMET on Tuesday commenced an indefinite strike over the condition of service and other demands.

Business

NNDC nets N3.24bn profit, unveils bold vision for growth

The New Nigeria Development Company Limited (NNDC) has reported a profit before tax of ₦3.24 billion for the financial year ended March 31, 2024, representing a significant growth from ₦2.51 billion recorded in the previous year.

This was disclosed by the Chairman of the Board, Mr Lamis Dikko, during the company’s 56th Annual General Meeting held at The Raffle Suites on Wednesday in Kaduna.

In his address, Dikko appreciated the Northern States Governors’ Forum (NSGF) for its strategic direction and confidence in the newly restructured board.

He particularly commended the forum’s Chairman, Gov. Muhammadu Yahaya of Gombe State, for his leadership and commitment to the reforms that wete repositioning the NNDC for optimal performance.

The chairman also acknowledged the contributions of the immediate past biard led by Alhaji Tanimu Yakubu, highlighting their efforts in reorganising the Company’s investment activities, especially in the capital market.

According to him, in spite of the economic challenges in 2024, including soaring inflation that peaked at 34.6 per cent and food inflation at 39.93% the NNDC recorded a 33 per cent increase in revenue.

This totalled ₦794.64 million, while cutting down operating expenses to ₦974.14 million, a 9 per cent drop from the previous year.

Dikko attributed the improved performance to prudent resource management and operational efficiency, with the Company’s Shareholders’ Fund standing at ₦26.77 billion as of March 31, 2024.

As part of its corporate social responsibility, the NNDC was proposing sustained funding to the Young Professional Development Trust (YPDT) and the Musa Bello Learning Resource Centre Fund.

He said the company had so far trained 1,718 young Northern professionals across various fields including Accounting,Insurance, Stockbroking, and IT through partnerships with institutions like ICAN.

According to him,looking ahead, the NNDC board has pledged to maintain strong corporate governance and pursuance of strategic investments.

It would focus on drive of inclusive growth in line with the vision of its founding fathers, notably the late Sir Ahmadu Bello, the Sardauna of Sokoto.

“The new NNDC board is committed to building a stronger, more prosperous company that will continue to deliver long-term value for shareholders and contribute meaningfully to the development of Northern Nigeria,” Dikko affirmed.

The chairman concluded by commending the NNDC staff and the Northern Governors for their support while calling for continued collaboration to achieve shared developmental goals.

Business

Nigeria imported N14t Chinese goods in 2024 – NBS

The sharp imbalance also highlights the urgency of industrialising Nigeria’s export base to achieve more equitable trade terms. China retained its position as Nigeria’s top import partner in 2024, ahead of countries such as Belgium, India, the Netherlands, and the United States.

For exports, China lagged behind nations like Spain, India, the Netherlands, France, and Indonesia. Trade between the two countries has grown steadily over the years, driven by bilateral agreements, China’s infrastructure investment footprint in Nigeria, and the demand for Chinese machinery and manufactured goods.

There have been concerns around the structural trade imbalance, with experts urging policymakers to negotiate fairer trade terms and support local industries to reduce dependence on imports.