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FAAC SHARES N736.782 BILLION OCTOBER 2022 REVENUE TO FG, STATES AND LGCs

Published

4 years ago

November 23, 2022

By Lateef Taiwo

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.

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Musawa Seeks Broader Significance for June 12

Published

5 hours ago

October 3, 2026

The Gleamer

Joel Ajayi

The Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, Esq., says June 12 must be remembered as a sacrifice that gave Nigerians democracy, beyond its status as a public holiday.

In a statement signed on Saturday by the Senior Assistant Media & Publicity to the Honourable Minister,Federal Ministry of Art, Culture, Tourism and the Creative Economy Dr Nneka Ikem Anibeze Ph.D in Abuja.

Musawa stated this at the national premiere of “MKO”, a film on Chief Moshood Abiola, held at the Wole Soyinka Centre for Culture and Creative Arts, Lagos, to mark Nigeria’s 66th Independence Anniversary.

She said 33 years after June 12, 1993, many young Nigerians know it only as a holiday, but the film turns it back into memory.

“For too many young Nigerians, June 12 is simply a public holiday. This film tells them that our democracy did not arrive by chance. It was fought for. It was defended. It was paid for. This documentary is in honour of the heroes of June 12, the men and women who gave their lives for the mandate of June 12, 1993 and for the democracy Nigeria enjoys today,” the Minister said.

Musawa hailed President Bola Ahmed Tinubu, Chief Host, for his participation in the June 12 struggle and paying the price in exile, adding that Nigeria’s creative industry will keep telling the story of its democracy with courage.

“Through film and the creative economy, Nigeria will preserve its history. A nation that forgets its past loses its way to the future. Nigeria has a story and our story deserves to be told,” she said.

Earlier, the director of the investigative documentary, Ose Oyamendan, said the film was in honour and memory of heroes who fought for Nigeria’s democracy.

“There was Hope ’93 and now there is Renewed Hope. There was a man who sacrificed his life so we may have democracy and there is a man who almost lost his life fighting for democracy who is now helping build a lasting democracy.

“There was a great man called Bashorun MKO Abiola and there is now another great man called Asiwaju Bola Ahmed Tinubu. Democrats. Nationalists. Nation builders. Leaders of men and women. We must never forget our story. We must always honour and remember our heroes,” Oyamendan said.

Top government officials including President Bola Ahmed Tinubu, the wife of the President Senator Oluremi Tinubu; Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, Chairman of the Nigeria Governors’ Forum AbdulRahman AbdulRazaq, Chief of Staff to the President Rt. Femi Gbajabiamila, state Governors, members of the National Assembly, Ministers and other distinguished dignitaries attended the premiere.

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