• Advertise
  • Opinion
  • Features & Interviews
  • Investigation
  • Contact
Sunday, February 5, 2023
  • Login
No Result
View All Result
NEWSLETTER
The Lagos Today
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    29 Nigerian Referees Get FIFA Badges

    29 Nigerian Referees Get FIFA Badges

    Why Arsenal Are Winning- Guardiola

    Why Arsenal Are Winning- Guardiola

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Beyonce rakes in $320k per minute for Dubai concert 

    Beyonce rakes in $320k per minute for Dubai concert 

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Eight states register for NSSFF American Football Championship

    Eight states register for NSSFF American Football Championship

    Big Brother Titans: 20 Housemates Compete For $100,000

    Big Brother Titans: 20 Housemates Compete For $100,000

    Kenya Suspends 16 Players And Coaches For Match-fixing

    Kenya Suspends 16 Players And Coaches For Match-fixing

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    29 Nigerian Referees Get FIFA Badges

    29 Nigerian Referees Get FIFA Badges

    Why Arsenal Are Winning- Guardiola

    Why Arsenal Are Winning- Guardiola

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Beyonce rakes in $320k per minute for Dubai concert 

    Beyonce rakes in $320k per minute for Dubai concert 

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Eight states register for NSSFF American Football Championship

    Eight states register for NSSFF American Football Championship

    Big Brother Titans: 20 Housemates Compete For $100,000

    Big Brother Titans: 20 Housemates Compete For $100,000

    Kenya Suspends 16 Players And Coaches For Match-fixing

    Kenya Suspends 16 Players And Coaches For Match-fixing

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Business

FAAC shares N736.782bn October Revenue to FG, States and LGCs

by Rosemary Opara
November 23, 2022
in Business
2 min read
0
0
Naira Appreciates At Black Market as External Reserves Rise to $620m
Share on FacebookShare on Twitter

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.

Follow us on social media
  • Facebook
  • Twitter
  • Instagram

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Tags: Federation Account Allocation Committee (FAAC)
Previous Post

Sanwo-Olu seeks State Govt’s Input in Electricity Bill

Next Post

Why I Approved Redesign Of Naira Notes- Buhari

Rosemary Opara

Rosemary Opara

Related Posts

El-Rufai Accuses CBN Of Printing Only ₦300bn New Notes After Mopping N2 Trillion 

El-Rufai Accuses CBN Of Printing Only ₦300bn New Notes After Mopping N2 Trillion 

by Segun Adewunmi
February 4, 2023
0

The Kaduna State Governor, Nasir El-Rufai, has accused the Central Bank of Nigeria (CBN) of printing only N300 billion new...

NASS queries CBN over unremitted $3.3bn

Naira: CBN Begs Nigerians, Vows To Stop PoS ‘Extra’ Charges

by Idonosan Debe
February 4, 2023
0

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has appealed to Nigerians to show understanding, adding that the...

Next Post
Why I Approved Redesign Of Naira Notes- Buhari

Why I Approved Redesign Of Naira Notes- Buhari

Please login to join discussion

Recommended

Lagos Partners Sterling Bank To Deliver Private Covid-19 Tests Through Lagos Biobank

Lagos Partners Sterling Bank To Deliver Private Covid-19 Tests Through Lagos Biobank

2 years ago
BREAKING: Naira to Trade at N386 as CBN Resumes Forex Sales Aug. 31

Naira Appreciates at N490 Per Dollar

2 years ago

Popular News

    Newsletter

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency Academic Staff Union of Universities (ASUU) ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu Bitcoin CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) China Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Donald Trump Drug Trafficking EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu Insecurity Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Rape Strike action UK United states US

    News

    • Business
    • National
    • Politics
    • Tech

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    No Result
    View All Result
    • Home
    • News
      • Lagos News
      • National News
      • World News
    • Entertainment
    • Opinion
    • Business
    • Features & Interviews
    • Best Of Lagos
    • Things To Do

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    %d bloggers like this: