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The Federal Accounts Allocations Committee (FAAC) has approved a total of N264.98 billion to be shared by the three tiers of government in July. This shows an increase of 18.5 per cent when compared with N223.669 billion released in June.
The Federal Accounts Allocations Committee (FAAC) has approved a total of N264.98 billion to be shared by the three tiers of government in July.
This shows an increase of 18.5 per cent when compared with N223.669 billion released in June.
According to the Monthly Stock Market Review, a newsletter of the Nigerian Stock Exchange (NSE) which reviewed activities in the financial sector of the economy in the month of July and released to newsmen yesterday, an amount of N32.52 billion was shared from the excess crude oil accounts, thus bringing the total allocation to N297.5 billion.
The review revealed that the Central Bank of Nigeria (CBN) withdrew the last tranche of N30 billion from the vaults of 15 banks holding the Nigeria National Petroleum Corporation (NNPC) funds.
Apart from this, NNPC withdrew N30 billion in accumulated credits to major oil marketers in respect of product supply.
During the period under review, it noted that the liquidity pressure was worsened by the net debit cash reserve of N30.2 billion which was significantly higher than that of the preceding month's N1.9 billion.
These actions caused an upward spike in interbank interest rates and reduction in demand in the weekly government securities market.