• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Federal, States, Councils share N736.782bn

Allocation

The Matters Press by The Matters Press
November 23, 2022
Reading Time: 2 mins read
0
Buhari launches eNaira, first digital currency in Africa

The Federation Account Allocation Committee (FAAC) has shared N736.782 billion to the three tiers of government as Federation Allocation for the month of October.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

This is contained in a statement issued by Mr Phil Abiamuwe-Mowete, Director (Information/Press), Ministry of Finance, Budget and National Planning on Wednesday.

The N736.782 billion is 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, and the LGCs got N177.086 billion.

Meanwhile, the oil producing states received N26.228 billion as derivation (13 per cent of mineral revenue).

The communiqué issued indicated that the Gross Revenue available from VAT for October was N213.283 billion which was an increase as against what was 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.

“The Gross Statutory Revenue of N417.724 billion distributed is lower than the sum received in the previous month, from which the Federal Government was allocated the sum of N206.576 billion.

“Sstates got N104.778 billion, LGCs got N80.779 billion, and oil derivation (13 per cent mineral revenue) got N25.591 billion.

“Also, N70 billion Augmentation was distributed to the three 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.”

It was also noted that the sum of N5.775 billion from Exchange Gain was shared.

Out of the N5.775 billion, the Federal Government received N2.707 billion, and the states got N1.373 billion.

The LGCs also received N1.058 billion and Derivation (13 per cent of mineral revenue) got N0.637 billion.

It also said that Oil and Gas Royalties, Petroleum Profit Tax (PPT) and Import Duty recorded considerable decreases.

Meanwhile, VAT, and Companies Income Tax (CIT) increased significantly, and Excise Duty increased marginally.

The communiqué said the total revenue distributable for October was drawn from Statutory Revenue of N417.724 billion, VAT of N213.283 billion, and Exchange Gain of N5.775 billion.

It was also drawn from N100 billion Augmentation from non-oil revenue.

This brought the total distributable funds for the month to N736.782 billion.

However, the balance in the Excess Crude Account (ECA) as at Nov. 23 stood at 472,513.64 dollars.

Tags: Allocation
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
July petrol pump price ranges between N140.80 and N143.80

Average price of diesel in October hit N801.09 per litre – NBS

Nigeria, nine others fail to sign air market deal

Airline operators unite, to expand growth in aviation industry

Recommended Stories

DMO raises N615bn Sukuk fund for roads

FEC, NASS yet to approve Eurobond transaction advisers – DMO

March 16, 2024
Trading in Nigerian stock market dips further N83bn

Equity market recovers, investors gain N390bn

March 1, 2024
DEEPENING NIGERIA-CHINA RELATIONS UNDER THE FOCAC FRAMEWORK

DEEPENING NIGERIA-CHINA RELATIONS UNDER THE FOCAC FRAMEWORK

September 6, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In
Call Us