TINUBU IDENTIFIES CREATIVE SECTOR AS KEY TO ECONOMIC DIVERSIFICATION. (PHOTO).

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  President Bola Tinubu has identified the creative economy as a pivotal element of his administration’s economic diversification agenda, reaffirming his commitment to positioning Nigeria’s creative sector as a driving force for global influence. The President stated this at the launch of the 2024 Abuja International Carnival at Eagle Square, Abuja. President Tinubu, represented by Vice-President Kashim Shettima, said the carnival reaffirms the essence of who Nigerians are—”a people of culture, a people of art, a people of colour, and a people of shared values”. In a statement signed by the Senior Special Assistant to The President on Media & Communications, Office of The Vice President, Stanley Nkwocha, under the theme, “Carnival of Renewed Hope: A Pledge to My Country”, the event showcased performances from across Nigeria and beyond, demonstrating the administration’s commitment to cultural diplomacy. The Federal Ministry of Art, Culture, and the Creative Economy, working alongsi
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FAAC MEETING: THE FG, STATES AND LGCs SHARE N736.782 BILLION FOR THE MONTH OF OCTOBER 2022.(PHOTO).#PRESS RELEASE.

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FAAC MEETING

FEDERAL MINISTRY OF FINANCE, BUDGET AND NATIONAL PLANNING.

PRESS RELEASE 


THE FG, STATES AND LGCs SHARE N736.782 BILLION FOR THE MONTH OF October 2022.



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.

The Communiqué further disclosed that, the sum of N5.775 billion from Exchange Gain was shared thus: Federal Government received N2.707 billion, States got N1.373 billion,  Local Government Councils received N1.058 billion and Derivation (13% of Mineral Revenue)  got N0.637 billion.

It also revealed that Oil and Gas Royalties, Petroleum Profit Tax (PPT) and Import Duty recorded considerable decreases, while Value Added Tax (VAT), and Companies Income Tax (CIT) increased significantly, and Excise Duty increased marginally.

According to the Communiqué, the total revenue distributable for the current month of October was drawn from Statutory Revenue of N417.724 billion, Value Added Tax (VAT) of N213.283 billion, Exchange Gain of N5.775 billion, and N100 billion Augmentation from Non Oil Revenue, bringing the total distributable for the month to N736.782 billion.

However, the balance in the Excess Crude Account (ECA) as at 23rd November, 2022 stands at $472,513.64

Signed:
Phil Abiamuwe-Mowete
D (Information/Press)
Wednesday,  November 23rd, 2022


 

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