The Commerce Africa African Reneissance
Related Articles
The Federation Account Allocation Committee (FAAC), at its Meeting shared a total sum of N736.782 billion to the three tiers of government, as Federation Allocation for the month of October, 2022.
From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and augmentation from Non Oil Revenue, the Federal Government received N293.955 billion, the States received N239.512 billion, the Local Government Councils got N177.086 billion, while the Oil producing states received N26.228 billion as derivation, (13% of Mineral Revenue).
The Communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for October 2022 was N213.283 billion which was an increase distributed in the preceding month. The distribution is as follows; Federal Government got N31.992 billion, the States received N106.642 billion, Local Government Councils got N74.649 billion.
Accordingly, the Gross Statutory Revenue of N417.724 billion distributed was lower than the sum received in the previous month, from which the Federal Government was allocated the sum of N206.576 billion, States got N104.778 billion, LGCs got N80.779 billion, and Oil Derivation (13% Mineral Revenue) got N25.591 billion.
Also, N70 billion Augmentation was distributed to the three (3) tiers of government as follows; the Federal Government received N36.876 billion, States got N18.704 billion, Local Government Councils received N14.420 billion.
In addition, another extra N30 billion Augmentation from Non Oil Revenue was distributed as follows; Federal Government received N15.804 billion, the States got N8.016 billion, while the Local Government Councils received N6.180 billion.
