Skip to main content

FAAC Shares N736.782bn October Revenue To FG, States, LGs

By Abuja Daily Mail


The Federation Account Allocation Committee (FAAC) has shared a total sum of N736.782 billion October 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for November 2022.

The N736.782 billion total distributable revenue comprised distributable statutory revenue of N417.724 billion, distributable Value Added Tax (VAT) revenue of N213.283 billion, Exchange Gain revenue of N5.775 billion and N100.000 billion Augmentation from Non-oil Revenue

In October 2022, the total deductions for cost of collection was N33.555 billion and total deductions for transfers, savings and refunds was N186.749 billion.

The balance in the Excess Crude Account (ECA) was $472,513.64.

The communiqué confirmed that from the total distributable revenue of N736.782 billion; the Federal Government received N293.955 billion, the State Governments received N239.512 billion and the Local Government Councils received N177.086 billion. The total sum of N26.228 billion was shared to the relevant States as 13% derivation revenue.

Gross statutory revenue of N622.270 billion was received for the month of October 2022. This was lower than the sum of N825.710 billion received in the previous month by N203.440 billion.

From the N417.724 billion distributable statutory revenue, the Federal Government received N206.576 billion, the State Governments received N104.778 billion and the Local Government Councils received N80.779 billion. The sum of N25.591 billion was shared to the relevant States as 13% derivation revenue.

For the month of October 2022, the gross revenue available from the Value Added Tax (VAT) was N229.041billion. This was higher than the N203.960 billion available in the month of September 2022 by N25.081billion.

The Federal Government received N31.992 billion, the State Governments received N106.642 billion and the Local Government Councils received N74.649 billion from the N213.283 billion distributable Value Added Tax (VAT) revenue.

The N5.775 billion from the Exchange Gain revenue was distributed as follows: the Federal Government received N2.707 billion, the State Governments received N1.373 billion, the Local Government Councils received N1.058 billion and the relevant States received N0.637 billion as 13% derivation revenue.

From the N100.000 billion Augmentation, the Federal Government received N52.680 billion, the State Governments received N 26.720 billion and the Local Government Councils received N20.600 billion.

According to the Communiqué, in the month of October 2022, Value Added Tax (VAT) and Companies Income Tax (CIT) increased significantly while Oil and Gas Royalties, Petroleum Profit Tax (PPT) Import Duty recorded considerable decreases. However, Excise Duty increased marginally.


Comments

Post a Comment

Popular posts from this blog

'Why Health Workers Went On Strike For 13 Months Under My Administration As Governor' - Peter Obi

By Abuja Daily Mail
 The Presidential candidate of the Labour Party, Peter Obi past records as Anambra state governor has been brought to bear in a Channels Townhall meeting. The questionnaire who asked Peter Obi why he subjected the health sector to such a long strike during his administration.  Peter Obi in response to that question alleged that there are certain things that goes on behind the scenes that people who are not in government have no clue about. Obi claimed that the people in charge of the health sector frustrated his government despite the investment in which they had made to make the sector to work. He revealed why that strike went on for months, he said, ''That is a very good question. I thought you would have said what happened between me and them and how it ended. The health workers are not the only people who went on strike, the NUT also went on strike. And this is the reason why, when we came in, things were not working in the health sector.  I didn't have one single sch...
Post a Comment
Read more

Scarcity Of New Notes: Tinubu Is Fighting For Nigerians, Says Fashola

By Abuja Daily Mail
The Minister of Works and Housing Babatunde Fashola has affirmed President Muhammadu Buhari is strongly behind All Progressives Congress (APC) presidential candidate, Asiwaju Bola Tinubu. He noted that the naira redesign policy of the Central Bank of Nigeria (CBN) “is hurting Nigerians” and needs to be reviewed. He said: “I saw the President, and I’m not one to tell you what I discussed with the President in private. I saw him and what he told me dispelled all rumors and I didn’t ask him. “We were just having a conversation, and he (Buhari) just said “I’ve to do this… This is very important for our campaign”…that’s much I’m going to say. That dispels all of these hearsays.” Fashola further stated that Tinubu was fighting for Nigerians when he expressed concerns about the scarcity of the new notes. “It is in the interest of the opposition to create or spin a criticism of a impact of a policy, and that’s the impact of policy. “Our candidate has not said don’t change the naira, but it is ...
Post a Comment
Read more

2023: FG Begins Capacity Building For Police Officers

By Abuja Daily Mail
 Federal government has flagged off capacity building on emotional intelligence aimed at increasing self-awareness, self-management, social awareness and relationship management, for improved service delivery by the rank and file of the Nigeria Police Force (NPF). The commencement of the one day sensitisation workshop and capacity building by the minister of Police Affairs, Dr. Muhammad Maigari  Dingyadi took place at the Murtala Nyako Multi-purpose hall in Yola, Adamawa State. The ministry’s spokesperson, Bolaji Kazeem, stated in a statement that the minister said due to the demanding nature of police duties, a police officer is exposed to stress and anxiety which could be transferred to members of the public resulting in infractions noting that near absence of self-management in some policemen has resulted in bringing the reputation of the entire force to odium and near disrepute.  In his words, “the good news is that the Ministry of Police Affairs is working closely wi...
Post a Comment
Read more