The Federal, States, and Local Governments have received a total of N736.782 billion in October 2022 Federation Account Revenue from the Federation Account Allocation Committee (FAAC).
This information can be seen in the statement that the Federation Account Allocation Committee (FAAC) released following its meeting in November 2022.
The entire distributable revenue of N736.782 billion was made up of N417.724 billion in distributable statutory revenue, N213.283 billion in distributable Value Added Tax (VAT), N5.775 billion in distributable exchange gain revenue, and N100.000 billion in augmenting non-oil revenue.
Deductions for transfers, savings, and refunds totaled N186.749 billion in October 2022, while deductions for cost of collection totaled N33.555 billion.
$123 million donated from Jeff Bezos will help the US fight homelessness
He said that in addition to assisting those who can bring humanity together in the face of severe social and political conflicts, the majority of his riches would be donated to charity.
The billionaire’s plans to give away the majority of his wealth were initially announced at that time.
In the meantime, Bezos has already come under fire from detractors for refusing to sign the Giving Pledge, a commitment made by hundreds of the world’s wealthiest individuals to devote the bulk of their wealth to charity organizations.
Bezos went above and above the Giving Pledge, saying that the key to donating his fortune was “figuring out how to do it in a levered fashion.”
The Federal Government received N206.576 billion from the N417.724 billion distributable statutory revenue, followed by the State Governments with N104.778 billion and the Local Government Councils with N80.779 billion. The remaining N25.591 billion was distributed to the relevant States as 13 percent derivation revenue.
Value Added Tax (VAT) gross receipts for the month of October 2022 were N229.041 billion. This was N25.081 billion more than the N203.960 billion that was available in September 2022.
From the N213.283 billion distributable Value Added Tax (VAT) revenue, the Federal Government earned N31.992 billion, State Governments received N106.642 billion, and Local Government Councils took home N74.649 billion.
As a result of the Exchange Gain revenue, N5.775 billion was divided as follows: N2.707 billion went to the Federal Government, N1.373 billion to the State Governments, N1.058 billion to the Local Government Councils, and N0.637 billion went to the relevant States as a 13 percent derivation revenue.
The Federal Government received N52.680 billion from the N100 billion Augmentation, while State Governments kept N26.720 billion and Local Government Councils received N20.600 billion.
Value Added Tax (VAT) and Companies Income Tax (CIT) increased significantly in the month of October 2022, while Oil and Gas Royalties, Petroleum Profit Tax (PPT), and Import Duty saw notable decreases. Excise Duty did, however, slightly rise.
