TheNewsGuru

Tag: Revenue

  • Apple iPhone 7 posts $78.4bn revenue

    Apple iPhone 7 posts $78.4bn revenue

    Strong sales of Apple’s iPhone 7 have helped the California-based company post record 78.4 billion dollars revenue in the fiscal first quarter ending in December, the company said on Wednesday.

    The company also recorded a 3.3 per cent increase year-on-year, following the sale of 78.3 million Smartphone worldwide.

    “We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch,” the company said in a statement.

    The iPhone is Apple’s most important product, making up some 70 per cent of the company’s business.

    According to market research company Canalys, Apple is now selling more Smartphone that main rival Samsung.

    In the previous fiscal year, sales for the iPhone had decreased, especially in China, the world’s biggest Smartphone market.

     

    NAN

  • FG, States, LGs share N400bn revenue in January

     

    The Federal, State and Local Governments on Friday shared N400 billion revenue among themselves for the month of January.

    The shared amount is N13.1 billion more than what they shared as revenue in December.

    The Minister of Finance, Mrs Kemi Adeosun, at the monthly Federation Account Allocation Committee, FAAC meeting said the N400 billion was distributed under four sub-heads.

    These are: statutory allocation, where the sum of N224.88 billion was allocated, Value Added Tax N79.27 billion, exchange gain N52.84 billion, and excess Petroleum Profit Tax N42.99 billion.

    “After deducting cost of collections to the revenue generating agencies, the Federal Government got N105.76 billion, states N53.64 billion, and local government councils, N41.35 billion.”

    In addition, she said the sum of N15.5 billion was given to the oil producing states, based on the 13 per cent derivation principle.

    For VAT allocation, Adeosun said the Federal Government received N11.4 billion, states N38 billion, while Local Government Councils got N26.63 billion.

    Adeosun said that the Federation generated N145.6 billion as Mineral Revenue and N103.1 billion as non-Mineral revenue, while the excess crude account is 2.45 billion dollars.

    Adeosun said that the force majure Forcados, Qua Iboe and Brass terminals was still impacting negatively on revenue generation.

    Speaking, the Chairman, Forum of Finance Commissioners in Nigeria, Mr Mahmoud Yunusa, said that states were determined to keep improving their internally generated revenue.

    “Low federation revenue has become a blessing in disguise to us. Initially almost all the states relied heavily on FAAC.

    “But now, because the money is no longer there, it has forced us to look inwards at the opportunities and potentials in our respective states and beginning to explore them.

    “We had to look at cutting cost in running governance and blocking all revenue leakages,’’ he said.

  • FG signs agreement with IOCs to increase revenue by $2bn

    FG signs agreement with IOCs to increase revenue by $2bn

    The agreement that Nigeria signed with International Oil Companies, IOCs on Thursday will increase the nation’s revenue by $2 billion per annum, according to the Minister of State for Petroleum, Dr Ibe Kachikwu.

    According to Kachikwu, net payments to the Federation Account is expected to double from about seven billion dollars to over 14 billion dollars by 2020.

    ”The immediate effect of the new cash call policy will increase net revenue per annum by about $2 billion.

    ”These strategies which are fully supported by the National Economic Council (NEC) will lead to an increase in national production from the current 2.2 million barrels per day (mbpd)to 2.5mbpd by 2019.

    ”It will also see a reduction in Unit Technical Costs from $27.96/Barrel Oil Equivalent (boe) to $18/boe,” he said.

    The agreement signed with international oil companies will enable the nation exit from the joint Venture Cash Call (JVC) arrears accumulated over 14 years, totalling 6.8 billion dollars.

    Kachikwu outlined other innovations and initiatives championed by the ministry over the past year as revamping the sector, restoring investors’ confidence and positioning Nigeria’s Oil and Gas value chain for profitability.

    He said the agreement was historic, adding it would bring clarity and stability to the management of the country’s main revenue source.

    Kachikwu said based on historical records, the current Cash Call system was structurally defective and failed to address the perennial Joint Venture funding challenges being experienced in the industry where the Federal Government under-funding of the industry through JV Cash Calls stood at $9.125 billion by September.

    ”This new arrangement will guarantee payments of statutory Oil and Gas Royalties and taxes by NNPC and its JV partners as well as profit from its investments in the Joint Ventures,” Kachikwu said.

    Earlier, while displaying his scorecard in the past year, Kachikwu said the Ministry was able to, among others, see to the successful election of Mohammed Barkindo of Nigeria as the Secretary-General of the OPEC.

    He said the ministry successfully mobilised OPEC members and Non-OPEC Oil Producers to dialogue on the stabilisation of the global market in Doha; Algiers which culminated into the achievement of freeze on production at the 171st conference in Vienna.

    It also ensured rise in oil prices to $55/per barrel for the first time in 16 months after negotiations with non-OPEC producers.

    ” Nigeria’s successfully negotiated an exemption from the production freeze and the successful hosting of the 52nd Conference of Ministers of African Petroleum Producers Association in March.