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

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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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Politics

APPEAL COURT VERDICT APC CHIEFTAIN, GOLOLO APPEALS FOR CALM

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By Abdul lateef Bamgbose
All progressive Congress chieftain Dr. Garus Gololo, has called for calm and reconciliation while congratulating senator Aishatu Binani, the All progressive Congress ( APC), governorship candidate in Adamawa state.
Gololo the All progressive congress ( APC), chieftain, also the coordinator of the North – East pressure group, made the call in Abuja , on Thursday while briefing the press on the outcome of the court of Appeal ruling which uphold the candidature of senator Aishatu Binani, in Adamawa state.  
“The verdict of the Appeal Court is the reflection of the will of the electorates who voted for Senator Binani in that primary and the teaming youth that are behind her in the state”
“I want to also appeal to the All progressive Congress ( APC), presidential candidate Asiwaju Ahmed Tinubu and his running mate Kashim Shetima to immediately take advantage of this ruling by calling all the parties to order.
Without Binani the party stand to lose not the governorship election but the presidential election in Adamawa state” he said
Dr. Gololo also called on Nuhu Ribadu, to put the outcome of the primary behind him in the interest of the party.
“It will not do Nuhu Ribadu or the APC any good to continue on the warring path, the election is almost here. Binani should as a matter of fact remain focus and embrace all the parties. The Verdict is a victory for the party and members of the APC in the state.

The Court of Appeal in Yola on Thursday upheld the governorship candidacy of All Progressives Congress candidates, Emmanuel Bwacha and Aishatu Ahmed also known as Aisha Binani for Taraba and Adamawa states respectively.
The Appeal Court set aside a ruling by the High Court nullifying their candidacy and ordered that their names be forwarded to the Independent National Electoral Commission as the APC governorship candidates for both states.
In the court’s sitting presided over by a panel of three justices of the Court of Appeal, which had justice T. Y Hassan as the presiding judge and two others, Judge M. O. Bolaji and J. G. Abundaga, as JCA 1 and JCA 2.
The Federal High Court in Yola, Adamawa State, had on October 13, nullified the candidature of Binani as the governorship candidate of the APC in the state. Based on suit FHC/YL/CS/12/2022 filed by another APC governorship aspirant in Adamawa, Nuhu Ribadu, the court declared Binani’s candidature invalid and unlawful.
The court also refused to order a fresh APC governorship primary in Adamawa State.
Dissatisfied by the court ruling, which refused to order a fresh primary that would have enabled him, contest the governorship,  Ribadu filed an appeal in suit NO.CA/YL/203/2022 between him and All Progressive Congress and two others.

However, the court in it’s ruling on Thursday dismissed the appeal filed by Ribadu but allowed Binani’s appeal seeking to overturn the judgement given by the Federal High Court presided over by Justice Abdulaaziz Anka.
Similarly, This medium sreported on September 20, 2022 that the Federal High Court sitting in Jalingo, and presided over by Justice Simon Amobeda, nullified the governorship primary election that produced Senator Emmanuel Bwacha, as the candidate of the All Progressives Congress in the 2023 election.
In his ruling in the case filed by one of the governorship aspirants, David Kente, the judge directed INEC to conduct a fresh governorship primary in the state within 14 days.

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