- NGX All-Share Index extends losses by 2bps as market cap sheds N8.62bn
Data released by the National Bureau of Statistics shows that the major revenue generating agencies in the country, comprising, Nigeria Customs Service, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission, received ₦22.53 billion, ₦32.83 billion, and ₦25.15 billion respectively, as cost of revenue collections in May 2024.
According to the NBS May 2024 Disbursement Report, released at the weekend, the Federation Account Allocation Committee distributed the sum of ₦2.19 trillion to the three tiers of government in May 2024 from the total revenue generated in April 2024.
A breakdown of the amount disbursed comprised ₦1.23 trillion recorded from the Statutory Account, ₦438.88 billion from Exchange Gain, ₦18.77 billion from Electronic Money Transfer Levy and ₦500.92 billion from Value Added Tax.
According to NBS, the data which was provided to it statutorily by the Office of the Accountant General of the Federation also revealed that allocations to the three tiers of government for May 2024 saw the Federal Government receiving a total of ₦390.41 billion, the 36 States collected a total of ₦493.40 billion, while the 774 Local Governments Areas across the country were credited a total of ₦293.82 billion.
The sum of ₦120.45 billion was shared among the oil-producing states from the 13 percent derivation fund.
“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria revealed that ₦255.24 billion was disbursed to the FGN consolidated revenue account, ₦6.03 billion was received as a share of derivation and ecology, ₦3.02 billion as stabilization fund, ₦10.13 billion for the development of natural resources, and ₦10.63 billion to the Federal Capital Territory, Abuja,” the reported stated.
Meanwhile, Nigerian equities extended losses to open the week as the All-Share Index closed 2bps weaker to settle at 100,006.79 points.
Selloffs in FBNH (-0.65%), DANGSUGAR (-0.86%) and TRANSCORP (-5.45%) were the primary drivers of the market’s decline, outweighing gains in GTCO (+0.32%), ZENITHBANK (+0.40%) and ACCESSCORP (+2.08%).
As a result, the ASI year-to-date (YTD) return fell to 33.75 percent, while the market capitalisation lost ₦8.62bn to close at ₦56.57trn.
Analysis of Monday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 18.98 percent.
A total of 689.98m shares valued at ₦7.17bn were exchanged in 9,635 deals. ELLAHLAKES (+0.00%) led the volume chart with 271.49m units traded while GTCO (+0.32%) led the value chart in deals worth ₦1.94bn.
Market breadth closed negative at a 0.96-to-1 ratio with declining issues outnumbering advancing ones.