January 30, 2023

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FG, States, LGs share N736.78bn in October 


The Federation Account Allocation Committee (FAAC), has shared the sum of N736.782 billion to the three tiers of presidency for the month of October, 2022.

From this acknowledged quantity, inclusive of Gross Statutory Income, Worth Added Tax (VAT), Alternate Acquire and augmentation from Non Oil Income, the Federal Authorities obtained N293.955 billion, the States obtained N239.512 billion, the Native Authorities Councils acquired N177.086 billion, whereas the Oil producing states obtained N26.228 billion as derivation, (13% of Mineral Income).

The Communiqué issued by the Federation Account Allocation Committee (FAAC), on the finish of the assembly, indicated that the Gross Income obtainable from the Worth Added Tax (VAT) for October 2022 was N213.283 billion which is a rise over the amounted distributed within the previous month. 

A breakdown confirmed that the federal authorities acquired N31.992 billion, the States obtained N106.642 billion whereas the native governments acquired N74.649 billion.

Accordingly,  the gross statutory income of N417.724 billion distributed was decrease than the sum obtained within the earlier month, from which the federal authorities was allotted the sum of N206.576 billion, States acquired N104.778 billion, native governments acquired N80.779 billion, and 13 per cent derivation to grease producing states was N25.591 billion.

Additionally, N70 billion Augmentation was distributed to the three tiers of presidency with the federal authorities receiving  N36.876 billion, States acquired N18.704 billion, and Native Authorities Councils acquired N14.420 billion.

As well as, one other N30 billion Augmentation from Non Oil Income was distributed, because the  federal authorities obtained N15.804 billion, the States acquired N8.016 billion, whereas the Native Authorities Councils obtained N6.180 billion.

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The Communiqué additional disclosed that, the sum of N5.775 billion from Alternate Acquire was shared because the federal authorities obtained N2.707 billion, States acquired N1.373 billion,  Native Authorities Councils obtained N1.058 billion and 13 per cent derivation was N0.637 billion.

It additionally revealed that Oil and Fuel Royalties, Petroleum Revenue Tax (PPT) and Import Obligation recorded appreciable decreases, whereas Worth Added Tax (VAT), and Firms Earnings Tax (CIT) elevated considerably, and Excise Obligation elevated marginally.

In line with the Communiqué, the entire income distributable for the present month of October was drawn from Statutory Income of N417.724 billion, Worth Added Tax (VAT) of N213.283 billion, Alternate Acquire of N5.775 billion, and N100 billion Augmentation from Non Oil Income, bringing the entire distributable for the month to N736.782 billion.

Nevertheless, the steadiness within the Extra Crude Account (ECA) as at twenty third November, 2022 stood at $472,513.64.