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FAAC SHARES N736.782 BILLION OCTOBER 2022 REVENUE TO FG, STATES AND LGCs
By Lateef Taiwo
The Federation Account Allocation Committee (FAAC) has shared a total sum of N736.782 billion October 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for November 2022.
The N736.782 billion total distributable revenue comprised distributable statutory revenue of N417.724 billion, distributable Value Added Tax (VAT) revenue of N213.283 billion, Exchange Gain revenue of N5.775 billion and N100.000 billion Augmentation from Non-oil Revenue
In October 2022, the total deductions for cost of collection was N33.555 billion and total deductions for transfers, savings and refunds was N186.749 billion.
The balance in the Excess Crude Account (ECA) was $472,513.64.
The communiqué confirmed that from the total distributable revenue of N736.782 billion; the Federal Government received N293.955 billion, the State Governments received N239.512 billion and the Local Government Councils received N177.086 billion. The total sum of N26.228 billion was shared to the relevant States as 13% 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, the State Governments received N104.778 billion and the Local Government Councils received N80.779 billion. The sum of N25.591 billion was shared to the relevant States as 13% 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 Federal Government received N31.992 billion, the State Governments received N106.642 billion and the 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: the Federal Government received N2.707 billion, the State Governments received N1.373 billion, the Local Government Councils received N1.058 billion and the relevant States received N0.637 billion as 13% derivation revenue.
From the N100.000 billion Augmentation, the Federal Government received N52.680 billion, the State Governments received N 26.720 billion and the Local Government Councils received N20.600 billion.
According to the Communiqué, in the month of October 2022, Value Added Tax (VAT) and Companies Income Tax (CIT) increased significantly while Oil and Gas Royalties, Petroleum Profit Tax (PPT) Import Duty recorded considerable decreases. However, Excise Duty increased marginally.
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Youth Groups Hail Tinubu’s Vision for Regional Development
…Commend NCDC, 20-Year North Central Development Plan
Youth groups have hailed President Bola Ahmed Tinubu’s vision for regional development following the establishment of the North Central Development Commission (NCDC) and other regional development commissions.
The groups made the commendation in separate statements on the sidelines of a stakeholders’ engagement organised by the NCDC in Abuja.
The President of the Nigerian Youth Congress, Jethro Annum, and the NYCN State Chairman of Niger State, Ambassador Abdullahi Muhammed Ishaq, who spoke on behalf of the NYCN North Central Chairmen, described the NCDC as a catalyst for development.
They said the Commission’s 20-year development plan reflects the need for long-term planning and aligns with the broader development vision of President Tinubu for the country.
Similarly, the Empowerment for Unemployed Youth Initiative (EUYI), in a statement signed by its National Coordinator, Danesi Momoh, and the North Central Youth Mobilization and Sensitization (NOCYMS), led by Hon. Iorwuese Ayo Fidelis, commended the NCDC for convening a broad stakeholders’ engagement aimed at developing a clear and sustainable development direction for the region over the next 20 years.
The engagement, which brought together key stakeholders and voices from across the North Central region, was described as a significant step towards developing a plan that reflects the aspirations, realities and potential of the people.
The youth leaders described the initiative as timely and forward-looking, stressing that young people and students must remain an integral part of conversations about the future of the region.
They noted that the North Central is home to millions of young Nigerians whose energy, skills, ideas and innovation can contribute significantly to the region’s economic and social transformation when provided with the right opportunities.
“Students and young people are not only beneficiaries of development; we are also partners in building the future we desire. Any 20-year development plan for the North Central must therefore give serious attention to education, skills development, employment, entrepreneurship, technology and youth participation,” they said.
The youth representatives further assured the NCDC of their readiness to work closely with the Commission and other relevant stakeholders to advance initiatives that will create meaningful opportunities for students and young people across the region.
They expressed confidence that sustained collaboration among the Commission, governments, educational institutions, organised youth bodies, traditional institutions, the private sector and other stakeholders could help translate the region’s enormous potential into measurable and sustainable development.
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NANS Seeks Students’ Inclusion in NCDC’s 20-Year Development Plan
…Commends Commission, Urges Quarterly Engagements
The National Association of Nigerian Students (NANS), Zone C, has called for sustained inclusion of students and young people in the North Central Development Commission’s (NCDC) 20-year development agenda.
The association made the call while commending the NCDC for convening a broad stakeholders’ engagement to shape a long-term development direction for the region.
The Coordinator of NANS Zone C, Comrade Abiola Azeez Babatunde, said students and young people must not be treated merely as beneficiaries of development, but as active partners in shaping the future of the North Central.
According to him, the region’s large youth population represents a significant pool of energy, skills, ideas and innovation that can contribute to economic and social transformation if properly harnessed.
“Students and young people are not only beneficiaries of development; we are also partners in building the future we desire,” he said.
Babatunde said any 20-year development plan for the region should give serious attention to education, skills development, employment, entrepreneurship, technology and youth participation.
He described the NCDC stakeholders’ engagement as timely and forward-looking, saying it provided an important platform for different interests across the region to contribute to the development conversation.
Also in attendance was Comrade Anzaku Shedrack CNS, Head of Emergency and Disaster Management, NANS, who represented the NANS President, Comrade Akinteye Babatunde GCNS.
Shedrack commended the Commission for the initiative and urged it to sustain similar engagements quarterly.
He also assured the NCDC that NANS was pleased with the 20-year development roadmap and would continue to support the Commission in advancing initiatives aimed at developing the region.
NANS Zone C further pledged to work with the Commission and other stakeholders to promote initiatives capable of creating opportunities for students and young Nigerians across the North Central.
The association called for continuous engagement with the student constituency, stressing that their experiences, concerns and ideas should form part of the region’s long-term development agenda.
It expressed optimism that sustained collaboration among the NCDC, governments, educational institutions, organised youth bodies, traditional institutions, the private sector and other stakeholders would help unlock the region’s potential and promote inclusive growth.
Aluta Continua, Victoria Ascerta.
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2027: Stay Off Imo State, Lawyers Warn Wike
Imo Lawyers for the Defence of Democracy have called on the Minister of the Federal Capital Territory, Nyesom Wike, to stop what it termed public attacks on Imo State Governor, Senator Hope Uzodinma, saying political disagreements should be resolved through democratic dialogue and constitutional means.The group made the call in a statement signed by its Secretary, Ifeoma Chukwunyere on Friday, September 18, 2026, amid what it described as increasingly personal exchanges between Wike and Uzodinma over political developments within the All Progressives Congress.The lawyers said the APC Governors’ Forum had rejected what they described as Wike’s “Rainbow Coalition” political arrangement, arguing that the disagreement should be addressed with the forum rather than through personal attacks on Uzodinma.According to the group, the forum’s position was based on concerns that the political arrangement could weaken the APC or create divided loyalty within the party.“We recognise the constitutional right of every Nigerian, including public officials and political actors, to express political opinions, criticise policies and participate in political activities,” the group said.“However, that freedom must not become a licence for personal attacks, intimidation or unnecessary escalation.”The lawyers said Uzodinma, as the governor of Imo State, should be allowed to discharge his responsibilities without political exchanges creating tension capable of affecting the peace and stability of the state.They urged Wike to desist from further public comments concerning the governor, insisting that political disagreements should focus on policies, programmes, political positions and verifiable facts rather than personal exchanges.The group also warned political actors against turning Imo State into a battleground for political supremacy.“Imo State is not a battlefield for political supremacy. Its people have the constitutional right to choose their leaders and determine their political future without undue interference, intimidation or external pressure,” it said.The lawyers further called on political parties, leaders, supporters and media platforms to avoid inflammatory language that could provoke confrontation.They urged Uzodinma to continue to operate within the Constitution and the laws of the country, while allowing relevant political and legal institutions to handle legitimate disagreements.The group also appealed to President Bola Tinubu to encourage restraint among political actors, particularly in relation to the dispute between Wike and Uzodinma.Addressing Wike directly, the lawyers said: “Mr. Minister, Imo State belongs to its people. You are not from Imo, so stay off Imo.”They stressed that disagreements over political strategies, elections, alliances and political actors in the state should be settled through democratic debate and constitutional processes.The group said it would continue to monitor developments affecting constitutional governance, democratic participation, political freedom and peace in Imo State.“Our position is simple: Democracy must prevail. The Constitution must prevail. The rule of law must prevail,” the statement added.
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