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

Published

2 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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Foreign news

Kashmir Solidarity Day: Pakistani Envoy To Nigeria Appeals for UN Intervention

Published

1 hour ago

February 5, 2025

The Gleamer

Ibrahim Lawal

The High Commissioner of Islamic Republic of Pakistan to Nigeria, Mr Sohail Ahmad Khan has appealed to the United Nations and it’s relevant Human Rights machinery, Civil Society Organisations, Media Houses and other defenders of Human Rights to fulfill their obligations towards besieged Kashmiris by playing their part to end the rule of tyranny and oppression.

The envoy who frowned at the alleged convention of Jammu and Kashmir into a world’s most militarized zone and the largest prison on earth

In a statement of Solidarity issued on Wednesday in Abuja by High Commissioner of Islamic Republic of Pakistan Abuja, Nigeria, H.E Mr Sohail Ahmad Khan expressed displeasure on the prolonged conflict in Indian Illegally Occupied Jammu and Kashmir, where the struggle for self-determination has left an indelible mark on the lives of innocent Kashmiris.

According to the statement, February 5th Kashmir Solidarity Day serves as an annual reminder of the prolonged conflict in Indian Illegally Occupied Jammu and Kashmir, where the struggle for self-determination has left an indelible mark on the lives of innocent Kashmiris.

“Multiple UN Resolutions unambiguously declare that the final disposition of the State of Jammu and Kashmir will be made in accordance with the will of the people expressed through the democratic method of a free and impartial plebiscite conducted under the auspices of the United Nations.

“Numerous international, UN organizations as well as UN Special Rapporteurs have reported gross human rights violations in Jammu and Kashmir.

“Media and press is under tremendous pressure by Indian Government especially in Indian Illegally Occupied Jammu and Kashmir which is evident from India’s ranking of 161 out of 180 countries as per 2023 World Press Freedom.

“Jammu and Kashmir has been converted into world’s most militarized zone and the largest prison on earth. Pakistan stands firm with Kashmiri brothers and sisters and will continue to provide unwavering diplomatic support.

“Pakistan demands that International community including United Nations and it’s relevant Human Rights Machinery, Civil Society Organizations, Media Houses and other defenders of Human Rights to fulfill their obligations towards besieged Kashmiris by playing their part to end the rule of tyranny and oppression.”

Meanwhile, Kashmir Solidarity Day marked with special prayers for the martyrs of Kashmir, mass rallies, peace walks and symposiums highlighting the plight of Kashmiris under Indian rule across the globe.

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