Economy
Scarcity: PPMC asks IPMAN to Nominate 2 Private Depots for Supply
The Pipelines and Product Marketing Company (PPMC) has asked the Independent Petroleum Marketers Association of Nigeria (IPMAN) to nominate two private depots in Lagos where their members could procure petrol at a regulated price.
Mr Akin Akinrinade, Chairman, IPMAN, Lagos Satellite Depot, Ejigbo, confirmed the development to the newsmen on Friday in Lagos.
Also read: Scarcity: FG to sanction erring fuel stations, maintains N165 pump price
Akinrinade said the move was part of efforts by the Federal Government and the independent petroleum marketers to resolve the lingering fuel scarcity across Lagos State.
He said: “They have asked us to nominate private depots where we can receive petrol in Lagos and we are looking at depots at Ijegun-Egba.
“Once we are able to finalise the arrangement and we get supply from there, our members can buy at the approved ex-depot price of N148.17 per litre.
“This will enable independent marketers to sell petrol at their retail outlets for the regulated pump price of N165 per litre.”
Akinrinade said some private depots were currently selling petrol at N165 ex-depot price which had made marketers to sell at the pump above N180.
He also said that the Nigeria Pipeline and Storage Company had been unable to pump products from Atlas Cove to Ejigbo Depot due to vandalism of the pipelines.
“Two or three weeks ago, they tested it by pumping water into it and they discovered that it was ruptured by vandals at about five points.
“That is what they are trying to fix now and we equally want to appeal to the Lagos State Government to come to their aid.
“Security of life and property is the duty of the government and the pipeline is passing through residential areas and yet we are having this issue of vandalism.
“So, you cannot put the blame of the scarcity of petrol entirely on PPMC,” Akinrinade said.
Economy
FAAC: FG, States, LGs Share N1.424 trn December 2024 Revenue
A total sum of N 1.424 trillion, being Dec. 2024 Federation Account Revenue has been shared to the Federal Government, states, and the Local Government Councils (LGCs).
This is according to a statement by Bawa Mokwa, Director, Press and Public Relations, Office of the Accountant General of the Federation (OAGF).
Mokwa said that the revenue was shared at the January Federation Account Allocation Committee (FAAC) meeting on Friday in Abuja.
Meanwhile, a communiqué from the FAAC meeting said that the N1.424 trillion total revenue comprised statutory revenue of N386.124 billion, and Value Added Tax (VAT) revenue of N604.872 billion.
It also comprised Electronic Money Transfer Levy (EMTL) revenue of N31.211 billion and Exchange Difference revenue of N402.714 billion.
The communiqué indicated that a total gross revenue of N2.310 trillion was available in Dec. 2024.
It said that the total deduction for the cost of collection was N84.780 billion while total transfers, interventions, and refunds were N801.175 billion.
“Gross statutory revenue of N1.226 trillion was received for Dec. 2024. This was lower than the sum of N1.827 trillion received in Nov. 2024 by N600.988 billion.
“Gross revenue of N649.561 billion was available from VAT in Dec. 2024. This was higher than the N628.973 billion available in Nov. 2024 by N20.588 billion,” it said.
The communiqué said that from the N1.424 trillion total distributable revenue, the Federal Government received the total sum of N451.193 billion, while the state governments received the sum of N498.498 billion.
It said that the LGCs received N361.754 billion, and a total sum of N113.477 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
“On the N386.124 billion statutory revenue, the Federal Government received N167.690 billion, and the state governments received N85.055 billion.
“The LGCs received N65.574 billion, and the sum of N67.806 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
“From the N604.872 billion VAT revenue, the Federal Government received N90.731 billion, the state governments received N302.436 billion and the LGCs received N211.705 billion,” it said.
It further said that a total sum of N4.682 billion was received by the Federal Government from the N31.211 billion EMTL.
It said that the state governments received N15.605 billion, and the LGCs received N10.924 billion.
“From the N402.714 billion Exchange Difference revenue, the communiqué said that the Federal Government received N188.090 billion, and the state governments received N95.402 billion.
It said that the LGCs received N73.551 billion, while the sum of N45.671 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.
It said that in Dec. 2024, VAT and EMTL increased significantly while Oil and Gas royalty, CET levies, excise duty, import duty, petroleum profit tax and companies income tax decreased considerably.
Economy
Stock Market Dips Further, Sheds N931bn
…Dangote Cement, Universal Insurance lead losers table
The equity market, on Wednesday, dipped further as the market capitalisation shed N931 billion or 1.47 per cent to close at N62.257 trillion, having opened at N63.188 trillion.
The All-Share Index also lost 1.47 per cent or 1,526.14 points to close at 102,095.95, against 103,622.09 reported on Tuesday.
Accordingly, the Year-To-Date (YTD) return fell by 0.81 per cent.
Selloffs in Dangote Cement, Guaranty Trust Holding Company(GTCO), and United Bank For Africa(UBA) alongside other declined equities kept the market in negative terrain.
Market breadth closed negatively at 39 losers and 28 gainers.
On the losers log, Dangote Cement and Universal Insurance led by 10 per cent each to close at N387.90 and 63k per share respectively.
John Holt trailed closely by 9.99 per cent to close at N8.47 while Transnational Power dropped by N324 and Omatek declined by 9.89 per cent to close at 82k per share.
Conversely, Dangote Sugar, Sunu Assurances, and National Salt Company led the gainers’ log by 10 per cent each to close respectively at N36.85, N6.71 and N38.50 per share.
Sky Aviation also gained 9.95 per cent to close at N33.15 and Austin Laz added 9.94 per cent to close at N1.99 per share.
Trade turnover settled lower relative to the previous session, with the value of transactions down by 25.99 per cent.
A total of 435.54 million shares valued at N9.44 billion were exchanged in 12,098 deals, compared to 503.31 million shares valued at N12.63 billion traded in 12,900 deals posted previously.
Meanwhile, Universal Insurance led the activity chart in volume with 70.31 million shares, while BUA Foods led in value of deals worth N2.52 billion.The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 34.80 percent in December 2024, providing snippets to why life got harder for the masses.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for December 2024, which was released in Abuja on Wednesday.
According to the report, the figure is 0.20 percent higher compared to the 34.60 per cent recorded in November 2024.
The NBS said that the slight increase in the headline inflation on a month-on-month basis was due to increase in demand for goods and services during the festive season in December.
It said that on a year-on-year basis, the headline inflation rate in December 2024 was 5.87 percent higher than the rate recorded in December 2023 at 28.92 per cent.
The report said on a month-on-month basis, the headline inflation rate in December 2024 was 2.44 per cent, which was 0.20 percent lower than the rate recorded in November 2024 at 2.64 per cent.
“This means that in December 2024, the rate of increase in the average price level was slightly lower than the rate of increase in the average price level in November 2024,” it said.
The report noted the increase in the headline index for December 2024 on a year-on-year and month-on-month basis.
It attributed the development to the increase in some items in the basket of goods and services at the divisional level.
It said that these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, transport and furnishings, household equipment and maintenance.
It listed others to include education, health, and miscellaneous goods and services restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.
The NBS report said that the percentage change in the average CPI for the 12 months ending December 2024 over the average CPI for the previous 12 months was 33.24 per cent.
“This indicates an 8.58 percent increase compared to 24.66 percent recorded in December 2023,” it said.
The report said the food inflation rate in December 2024 increased to 39.84 percent on a year-on-year basis.
According to the report, that was 5.91 per cent higher compared to the rate recorded in December 2023 at 33.93 per cent.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of yam, water yam, sweet potato, guinea com, maize grains, and rice.
“Others are beer, pinto, dried fish (sardine), dried catfish, among others,it said.
It said on a month-on-month basis, the food inflation rate in December was 2.66 percent; indicating a 0.32 percent decrease compared to2.98 per cent that was recorded in November 2024.
“The decline in food inflation on a month-on-month basis can be attributed to the rate of decrease in the average prices of local beer, pinto, fruit juice in tin, and malt drinks.
“Others are rice, millet, maize flour, water yam, Irish potatoes, cocoyam, among others,” it said.
The report said that all items, excluding farm produce and energy. or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 29.28 per cent in December on a year-on-year basis.
“This increased by 6.21 per cent compared to 23.06 per cent recorded in December 2023.
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy,” it said.
It said that the highest increases were recorded in prices of taxi journey per drop, bus journey intercity, and journey by motorcycle.
“Others are meal at a local restaurant, hair cut service, women’s hairdressing, women’s hair brush, women’s handbag, travelling bags, suitcases among others,” the report said.
The NBS said on a month-on-month basis, the core inflation rate was 2.24 per cent in December 2024.
“This indicates a 0.41 percent increase compared to what was recorded in November 2024 at 1.83 percent.
“The average 12-month annual inflation rate was 27.15 per cent for the 12 months ending December 2024; this was 6.39 percent points higher than the 20.76 percent recorded in December 2023.”
The report said on a year-on-year basis in December 2024, the urban inflation rate was 37.29 percent. which was 6.30 percent higher compared to the 31.00 per cent recorded in December 2023.
“On a month-on-month basis, the urban inflation rate was 2.56 percent, which decreased by 0.21 percent compared to November 2024 at 2.77 per cent.”
The report said on a year-on-year basis in December, the rural inflation rate was 32.47 percent, which was 5.37 percent higher compared to the 27.10 per cent recorded in December 2023.
“On a month-on-month basis, the rural inflation rate was 2.32 percent, which decreased by 0.19 percent compared to November 2024 at 2.51 per cent.”
On states profile analysis, the report showed that in December, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 44.06 per cent, followed by Sokoto at 42.43 per cent, and Kebbi at 41.47 per cent.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Katsina at 28.33 percent, followed by Delta at 29.23 percent, and Imo at 29.99 per cent.
The report, however, said in December 2024, all items inflation rate on a month-on-month basis was highest in Kogi at 5.40 per cent, followed by Cross River at 4.38 percent, and Sokoto at 4.29 percent.
“Yobe -1.82 per cent, followed by Kano at -0.57 percent and Abuja at 0.02 per cent recorded the slowest rise in month-on-month inflation.”
The report said on a year-on-year basis, food inflation was highest in Sokoto at 57.47 percent, followed by Zamfara at 46.39 per cent, and Edo at 46.32 per cent.
“Ogun at 34.24 per cent, followed by Rivers at 35.43 percent and Kwara at 35.58 percent recorded the slowest rise in food inflation on a year-on-year basis.”
The report, however, said on a month-on-month basis, food inflation was highest in Kogi at 6.53 per cent, followed by Sokoto at 6.21 percent, and Cross River at 5.90 per cent.
“Yobe at -3.21 per cent, followed by Kano at -1.29 per cent and Abuja at -0.79 percent, recorded the slowest rise in inflation on a month-on-month basis.”
Economy
INFLATION: Nigeria’s Rate Increased To 34.80% In December- NBS
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 34.80 per cent in December 2024, providing snippets of why life got harder for the masses.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for December 2024, which was released in Abuja on Wednesday.
According to the report, the figure is 0.20 per cent higher compared to the 34.60 per cent recorded in November 2024.
The NBS said that the slight increase in the headline inflation on a month-on-month basis was due to an increase in demand for goods and services during the festive season in December.
It said that on a year-on-year basis, the headline inflation rate in December 2024 was 5.87 per cent higher than the rate recorded in December 2023 at 28.92 per cent.
The report said on a month-on-month basis, the headline inflation rate in December 2024 was 2.44 per cent, which was 0.20 per cent lower than the rate recorded in November 2024 at 2.64 per cent.
“This means that in December 2024, the rate of increase in the average price level was slightly lower than the rate of increase in the average price level in November 2024,” it said.
The report noted the increase in the headline index for December 2024 on a year-on-year and month-on-month basis.
It attributed the development to the increase in some items in the basket of goods and services at the divisional level.
It said that these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, transport and furnishings, household equipment and maintenance.
It listed others to include education, health, and miscellaneous goods and services restaurants and hotels, alcoholic beverages, tobacco and kola, recreation and culture, and communication.
The NBS report said that the percentage change in the average CPI for the 12 months ending December 2024 over the average CPI for the previous 12 months was 33.24 per cent.
“This indicates an 8.58 per cent increase compared to 24.66 per cent recorded in December 2023,” it said.
The report said the food inflation rate in December 2024 increased to 39.84 per cent on a year-on-year basis.
According to the report, that was 5.91 per cent higher compared to the rate recorded in December 2023 at 33.93 per cent.
“The rise in food inflation on a year-on-year basis is caused by increases in prices of yam, water yam, sweet potato, guinea com, maize grains, and rice.
“Others are beer, pinto, dried fish (sardine), dried catfish, among others, it said.
It said on a month-on-month basis, the food inflation rate in December was 2.66 per cent; indicating a 0.32 per cent decrease compared to 2.98 per cent which was recorded in November 2024.
“The decline in food inflation on a month-on-month basis can be attributed to the rate of decrease in the average prices of local beer, pinto, fruit juice in tin, and malt drinks.
“Others are rice, millet, maize flour, water yam, Irish potatoes, cocoyam, among others,” it said.
The report said that all items, excluding farm produce and energy. or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 29.28 per cent in December on a year-on-year basis.
“This increased by 6.21 per cent compared to 23.06 per cent recorded in December 2023.
“The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy,” it said.
It said that the highest increases were recorded in prices of taxi journey per drop, bus journey intercity, and journey by motorcycle.
“Others are meal at a local restaurant, hair cut service, women’s hairdressing, women’s hair brush, women’s handbag, travelling bags, suitcases among others,” the report said.
The NBS said on a month-on-month basis, the core inflation rate was 2.24 per cent in December 2024.
“This indicates a 0.41 per cent increase compared to what was recorded in November 2024 at 1.83 per cent.
“The average 12-month annual inflation rate was 27.15 per cent for the 12 months ending December 2024; this was 6.39 percent points higher than the 20.76 percent recorded in December 2023.”
The report said on a year-on-year basis in December 2024, the urban inflation rate was 37.29 per cent. which was 6.30 per cent higher compared to the 31.00 per cent recorded in December 2023.
“On a month-on-month basis, the urban inflation rate was 2.56 per cent, which decreased by 0.21 per cent compared to November 2024 at 2.77 per cent.”
The report said on a year-on-year basis in December, the rural inflation rate was 32.47 per cent, which was 5.37 per cent higher compared to the 27.10 per cent recorded in December 2023.
“On a month-on-month basis, the rural inflation rate was 2.32 percent, which decreased by 0.19 percent compared to November 2024 at 2.51 per cent.”
On states profile analysis, the report showed that in December, all items’ inflation rate on a year-on-year basis was highest in Bauchi at 44.06 per cent, followed by Sokoto at 42.43 per cent, and Kebbi at 41.47 per cent.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Katsina at 28.33 percent, followed by Delta at 29.23 per cent, and Imo at 29.99 per cent.
The report, however, said in December 2024, all items inflation rate on a month-on-month basis was highest in Kogi at 5.40 per cent, followed by Cross River at 4.38 per cent, and Sokoto at 4.29 percent.
“Yobe -1.82 per cent, followed by Kano at -0.57 percent and Abuja at 0.02 per cent recorded the slowest rise in month-on-month inflation.”
The report said on a year-on-year basis, food inflation was highest in Sokoto at 57.47 per cent, followed by Zamfara at 46.39 per cent, and Edo at 46.32 per cent.
“Ogun at 34.24 per cent, followed by Rivers at 35.43 per cent and Kwara at 35.58 per cent recorded the slowest rise in food inflation on a year-on-year basis.”
The report, however, said on a month-on-month basis, food inflation was highest in Kogi at 6.53 per cent, followed by Sokoto at 6.21 per cent, and Cross River at 5.90 per cent.
“Yobe at -3.21 per cent, followed by Kano at -1.29 per cent and Abuja at -0.79 per cent, recorded the slowest rise in inflation on a month-on-month basis.”