News
FAAC SHARES N736.782 BILLION OCTOBER 2022 REVENUE TO FG, STATES AND LGCs
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.
Law & Crime
Court sentences killers of Ogun couple, son, to death by hanging
The Ogun State High Court in Abeokuta on Monday sentenced three persons to death for killing a couple, Kehinde and Bukola Fatinoye and their son, Oreoluwa, on 1 January 2023.
Trial judge Basirat Adebowale sentenced the trio – Lekan Adekanbi, was the family’s driver, Odetola Ahmed and Adeniyi Waheed – in a judgement which lasted for more than three hours, DailyPost reports.
The News Agency of Nigeria (NAN) reports that the defendants were charged with 24 counts of armed robbery, armed robbery, conspiracy to murder, murder, arson, escape from lawful custody, perverting the course of justice and receiving stolen property, among others.
Gruesome murder
The assailants reportedly trailed Mr Fatinoye, a former employee of the Central Bank of Nigeria (CBN), and his wife, Bukola, alongside their son, Oreoluwa, as they were returning home from the 2022/2023 crossover service at the Christ Anglican Church Iporo-Ake, Abeokuta.
The couple who lived at Oba Karunwi Road, a street behind former Governor Ibikunle Amosun’s residence, in Ibara GRA, Abeokuta, at about 1:30 a.m. were robbed, gruesomely murdered and their house set ablaze.
The assailants reportedly tied their son, Oreoluwa, and adopted son, Felix, with ropes and threw them into a river along Adigbe-Obada Road.
Penalties
Delivering judgement on Monday, the judge held that the prosecution proved its cases against the three defendants beyond reasonable doubt.
She found the three principal defendants guilty of murder.
The judge held that the convicts did not deserve mercy, as their lawyers had requested, because of the way they killed the couple and their son.
She convicted them of counts one to nine, handing them death by hanging or lethal injection, life imprisonment with hard labour, 14 years imprisonment among others for the various offences.
“The sentence of this court on Adekambi Lekan in respect of count II is that you be hanged by neck until you’re dead or by lethal injection.
“May God have mercy on your soul,” the court held.
The judge also convicted Ms Fadairo, the wife of Mr Adekanbi, to two years imprisonment for perverting the course of justice by hiding her husband.
Meanwhile, Mr Adekanbi’s mother, Adenike, was also sentenced to one year imprisonment for making false statements to police officers.
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