News Top Stories

FAAC: Increase in VAT boosts October allocation to N736.782bn

Increase in Value Added Tax (VAT) collection in the sum of N229.041billion in October has raised the amount available for sharing to the three tiers of governments, federal states and local government councils to N736.782 billion. The amount was approved at the end of Fed-eration Account Allocation Committee (FAAC) meeting, which held in Abuja, according to a statement issued by Henshaw Ogubike, Director (Information, Press and Public Relations) at the Office of the Accountant General of the Federation.

The amount shared comprised statutory revenue of N417.724 billion, distributable Value Added Tax (VAT) of N213.283 billion, Exchange Gain revenue of N5.775 billion and N100.000 billion Augmentation from Non-oil Revenue. Deductions for cost of collection was N33.555 billion and total deductions for transfers, savings and refunds was N186.749 billion. Of total distributable revenue of N736.782 billion, the Federal Government received N293.955 billion, state received N239.512 billion while local government councils received N177.086 billion.

A sum of N26.228 billion was shared to the relevant states as 13 per cent 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, states received N104.778 billion while local government councils received N80.779 billion. A sum of N25.591 billion was shared to the relevant states as 13 per cent 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 statement added. Of VAT realised, the Federal Government got N31.992 billion, states received N106.642 billion and 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: Federal Government received N2.707 billion, the State Governments received N1.373 billion, local government councils received N1.058 billion and the relevant states received N0.637 billion as 13 per cent derivation revenue.

 

TRY IT TONIGHT!!! ---

 

Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...

   

CLICK HERE FOR FULL DETAILS.

 

%d bloggers like this:
Fake Richard Mille Replica Watches, www.richardmille.to The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica