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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.
Featured
Governor Obaseki Congratulates Edo Citizens on Prestigious National Award
By Esho Ayemoba in Benin
The Edo State Governor, Mr. Godwin Obaseki, has congratulated citizens of Edo State origin who have been bestowed with prestigious national awards, in recognition of their invaluable contributions to Nigeria’s development.
The governor, in a statement, lauded the awardees for their immense contributions to the socioeconomic growth and development of the country and for being worthy ambassadors.
He said, “It is with great pride that I extend my heartfelt congratulations to the esteemed citizens of Edo State origin who have been bestowed with prestigious national awards, in recognition of their invaluable contributions to Nigeria’s development and for being worthy ambassadors of our beloved country.
“I offer my felicitations to Augustine Oyarekhua Alegeh SAN, Chief (Dr) Leemon Agbonjagwe Ikpea and Prince Clem Ikanade Agba, on their distinguished investiture with the Commander of the Order of the Niger (CON) awards.
“I also applaud Charles Ekhoeutowmen Idahosa and Maj. Gen. Anthony Bamidele Omozoje for their meritorious conferment of the Officer of the Order of the Federal Republic (OFR) awards.”
The governor continued, “Furthermore, I extend my heartfelt congratulations to the recipients of the Officer of the Order of the Niger (OON) awards, Dr. Mrs. Owen Omogiafo and Victor Ifijeh. Their exceptional achievements deserve commendation.
“I must also commend Victor Osimhen, who has been honoured with the Member of the Order of the Federal Republic (MFR) award for his remarkable exploits in the realm of football, which have earned you global acclaim.
“As a government, we take immense pride in the fact that you, our sons and daughters, have attained a well-deserved elevated status for your outstanding achievements and for raising the bar in your different pursuits and spheres of influence.”
“We extend our best wishes for success in all your future endeavours, as you continue to enhance the reputation of our dear state and nation,” Obaseki added.
Maj. Gen. Omozoje, attended Eghosa Anglican Grammar School, Benin-City, graduating with excellent grades in 1984, this was before attending the Nigeria Defence Academy Kaduna and other prestigious Military schools overseas.
He is currently the Chief of Policy and Planning, Nigeria Army, Abuja.
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