The Federation Account Allocation Committee (FAAC) disbursed a total sum of ₦636.602 billion to the federal government, states, and local government councils for April 2022. This was contained in a communiqué issued at the end of a virtual meeting of the FAAC for May 2022. The ₦656.602 billion total distributable revenue comprised distributable statutory revenue of ₦461.189 billion, distributable Value Added Tax (VAT) revenue of ₦166.522 billion, the sum of ₦8.891 billion being Excess Bank Charges Recovered, and augmentation of ₦20 billion. In April 2022, the total deductions for the cost of collection was ₦29.609 billion and the total deductions for transfers and refunds was ₦147.651 billion. The balance in the Excess Crude Account (ECA) was $35.377 million. The FG received ₦257.611 billion, state governments received ₦201.256 billion and local government councils received ₦149.251 billion. The sum of ₦48.485 billion was shared to the relevant states as 13 percent derivation revenue. April’s figure was lower than the ₦933.304 billion received in the previous month. According to the release, Petroleum Profit Tax (PPT) and excise duties increased marginally, while oil and gas royalties, import duty, Companies Income Tax (CIT), and Value Added Tax (VAT) all recorded significant decreases.

Nigerian manufacturers cut a total of 4,451 jobs in 2021, according to the Manufacturers Association of Nigeria (MAN). In its half-yearly review of the economy, the association said 11,949 job losses were recorded in the manufacturing sector in 2020. The total historical cumulative direct jobs in the sector were estimated at 1,671,441 by the end of 2021, based on surveys conducted since 2013. According to the report, a total of 16,110 direct jobs were created in 2021 as against 8,692 jobs in 2020. “The net job created in the sector in 2021 stood at 11,659 while net job losses in 2020 were 3,257. The trend thus shows that the manufacturing sector is rebounding following the gradual return of economic activities in the sector after a year onslaught brought by COVID-19 pandemic,” it added.

Investors in the Nigerian capital market earned more than ₦1 trillion from dividend payout by companies listed on Nigerian Exchange Limited (NGX) year-to-date (YTD). Dangote Cement, MTN Nigeria, and 8 others emerged as the highest companies in terms of total dividends paid while Nestle, Total Energies Plc and 8 others emerged as the highest in terms of dividend paid per share. According to corporate action from the NGX website, 57 quoted companies across 11 sectors have so far paid out ₦1.107 trillion. This includes financial services (22 companies), consumer goods (9) industrial goods (4), healthcare (4), oil and gas (3), ICT (2) and one each from conglomerates, agriculture, construction and natural resources. The data showed that Dangote Cement paid out ₦340.8 billion; MTN Nigeria Communications (₦174.4 billion); BUA Cement (₦88 billion) and Zenith Bank (₦87.9 billion). Nestle Nigeria Plc topped in terms of dividend per share at ₦25.50 per share. Dangote Cement Plc posted about ₦20 per share while Total Energies, Airtel Africa, MTN Nigeria, Okomu Oil, Presco, BUA Foods, Zenith Bank, and GTCO followed in order.

Heavy fighting raged in the eastern Democratic Republic of Congo on Thursday between the army and M23 rebels, who are waging their most sustained offensive since a 2012-2013 insurrection that briefly overran the major city of Goma. The army recaptured its base in Rumangabo from the M23 but the rebels still appeared to control much of the surrounding area, said Emmanuel de Merode, director of the Virunga National Park, who is based in the town. There was also heavy fighting overnight near the town of Kibumba, about 20 km (12 miles) northeast of Goma near the border with Rwanda, de Merode added. M23 spokesman Willy Ngoma told Reuters that the rebels had routed the army and allied militias, which he said had started hostilities. Ngoma said the M23 was now satisfied, but when asked if the group might move on Goma, he added: “The day that will be necessary for our defence, we will not hesitate.” The M23 insurgency stems from the long fallout of the 1994 genocide in Rwanda. The group’s leadership is from the Tutsi ethnic group and has justified its attacks by saying it is battling the Democratic Forces for the Liberation of Rwanda (FDLR), a militia founded by ethnic Hutus who fled Rwanda after participating in the genocide. In 2012, the M23 captured Goma, a city of more than 1 million people, before being chased out by Congolese and U.N. forces into Rwanda and Uganda the following year. Late on Wednesday, Congo’s government renewed accusations that Rwanda, which is led by President Paul Kagame, a Tutsi, was backing the M23. Rwanda said it was not involved in what it described as an intra-Congolese conflict and in turn, accused the Congolese army and FDLR fighters of shelling Rwandan territory on 19 March and 23 May.