Business

FAAC: FG, States, LGAs To Share N725.571bn For Month Of March

Published

3 years ago

April 27, 2022

The Federation Accounts Allocation Committee (FAAC), has settled for a sharing formula of N725.571 billion among the three tiers of government, for the month of March 2022.

A statement by Phil Abiawute-Mowete, Director of Information/Press, in the Ministry of Finance, Budget and National Planning, said from the amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N277. 104 billion, the States received N227.201 billion; the Local Government Councils got N167.910 billion, while the Oil producing states received N53.356 billion as derivation (13% of Mineral Revenue).

The communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting which was held virtually, indicated that the Gross Revenue available from the Value Added Tax (VAT) for March 2022 was N204.402 billion.

The distribution is as follows; Federal Government got N30.660 billion, the States received N102.201 billion, Local Government Councils got N71.541 billion.

Gross Statutory Revenue of N521.169 billion was distributed according to the communique, from which the Federal Government was allocated the sum of N246.444 billion, States got N125.000 billion, LGCs got N96.369 billion, Derivation (13% Mineral Revenue) got N53.356 billion.

It, however, added that add-backs of VAT for the month for the cost of collection is N8.780 billion, while that of Transfers, Refunds and Savings is N6.322 billion.

The add-backs of Statutory Revenue distributed to the Cost of Collection is N35.631 billion and to Transfers/Refunds/Savings is N376.504 billion.

The communiqué also revealed that Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded tremendous increases.

It was further disclosed that the total revenue distributable for the current month was drawn from Statutory Revenue of N521.169 billion and Value Added Tax (VAT) of N204.402 billion, bringing the total distributable for the month to N725.571 billion.

The balance in the Excess Crude Account as of 27th April 2022 stands at $35.372 million.

Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

2 weeks ago

August 14, 2025

Editor

The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Business

Dangote Refinery Reduces Fuel Price

Published

2 weeks ago

August 12, 2025

Editor

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

3 weeks ago

August 11, 2025

Editor

India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.