FAAC SHARES N736.782BN REVENUE AMONG FG, STATES, LGCs FOR OCTOBER 2022

The photo above,Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning.

The Federation Account Allocation Committee (FAAC) has shared a total sum of N736.782 billion Federation Account Revenue among the Federal Government, States and Local Government Councils for October 2022.

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 were N33.555 billion and total deductions for transfers, savings and refunds were N186.749 billion.

The communiqué confirmed that from the total distributable revenue of N736.782 billion; the Federal Government received N293.955 billion, the State Governments – N239.512 billion and the Local Government Councils – 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 – N104.778 billion and the Local Government Councils – 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 – N106.642 billion and the Local Government Councils – 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 – N1.373 billion, the Local Government Councils – N1.058 billion and the relevant States – N0.637 billion as 13% derivation revenue.

From the N100.000 billion Augmentation, the Federal Government received N52.680 billion, the State Governments – N 26.720 billion and the Local Government Councils – 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.