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.
Health
Ultimate Health HMO appoints 2 directors
Ultimate Health Services (UHS), a Health Maintenance Organisation (HMO), has announced the appointment of Tosin Adefeko and Bolajoko Abiola-Odunowo as directors to its board to strengthen capacity and functionality.
The Managing Director/Chief Executive Officer of UHS, Mr Lekan Ewenla, made this known in a statement on Tuesday in Abuja.
Ewenla said that the appointments, made by the HMO’s Board of Directors and shareholders, were in line with global corporate governance and best practices.
He said that it was also a reflection of the organisation’s ongoing commitment to enhancing diversity and empowering women in leadership positions within the organised private sector.
“The appointments of Adefeko and Abiola-Odunowo are in-line with the organisation’s commitment to promoting gender inclusivity.
“It is also in accordance with the global agenda for gender inclusiveness in the corporate world and political appointments,” he said.
Ewenla added that the appointments were intentionally done to enhance the organisation’s growth focusing on private and informal sectors, various groups and associations in the country.
He said that enrolment into the health insurance programme is now mandatory for all Nigerians and legal residents.
Ewenla described Adefeko as a corporate executive and entrepreneur with over 25 years of experience.
“She has successfully led businesses and delivered impressive results in the financial services, print and broadcast media, marketing and communication industries.
“Adefeko is passionate about gender inclusion, equity, and female empowerment.
“She is an active member of Women in Managing Business; has served in several committees and chaired the communications committee for the annual conferences for three years,” he said.
The managing director equally described Abiola-Odunowo as a distinguished business executive with a multi-faceted career spanning over three decades in finance, law, and logistics.
He said that she would bring a unique combination of financial and legal expertise, and strategic business development into the board of Ultimate Health HMO.
“Abiola-Odunowo has vast experience in treasury management and financial analysis, with a strong understanding of financial operations and risk management.
“She has expertise in oil and gas, real estate, and environmental law, with a special focus on regulatory compliance and legal frameworks within complex industries,” Ewenla added.
NAN
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