JUST IN: Naira stable at N364/$ as NNPC completes refund of N450bn to Govt

The stability of naira yesterday was at N364 per dollar in the parallel market and was attributed to weak demand for dollar and increased supply due to dollar sale to bureaux de change by the Central Bank of Nigeria (CBN) yesterday.

Also the Nigeria National Petroleum Corporation (NNPC) has completed the refund of N450 billion to the federation account, to be shared among the federal, states and local governments.
The Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse, made the statement on Thursday in Abuja at the monthly meeting of Federal Accounts Allocation Committee (FAAC).


Isa-Dutse, who represented the Minister of Finance, Mrs Kemi Adeosun at the meeting, said that NNPC completed the payment in April this year.

Recalled that apart from oil revenue, NNPC had for 67 consecutive months, paid additional N6.33 billion into the federation account to be shared among the three tiers of government. The payment commenced in September 2011 after auditing of the accounts of the oil firm, showed that it had been under remitting to the federal government.


During the FAAC meeting, a total of N462.4 billion was shared as revenue among the three tiers of government. The amount is N46.6 billion more than what the three tiers of government shared as revenue in April. Adeosun said that the N462.4 billion was distributed under four distributable sub-heads.

“The distributable statutory revenue for the month is N317.6 billion. There is also a proposed distribution of N64.8 billion being the exchange rate differentials. “Therefore, the total revenue distributable for the current month including VAT of N79.9 billion is N462.3 billion,” she said.

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