Connect with us

General News

Revenue rises as FAAC shares N902bn to FG, states, LGCs in December

Published

on

FAAC
FAAC

Amidst increase in revenue accruable to the federation account, the Federation Account Allocation Committee (FAAC) has shared N902.053 billion to the Federal Government, States and Local Government Councils.

The amount was the revenue accruable to the federation account in November 2022.

Out of the amount, the Federal Government received N358.515 billion, the State Governments received N270.836 billion and the Local Government Councils received N204.130 billion.

A total sum of N68.572 billion was shared to the relevant oil-producing states as 13% derivation revenue.

A communiqué issued at the end of the FAAC meeting for December  2022 stated that the N902.053 billion total distributable revenue comprised distributable statutory revenue of N681.079 billion, distributable Value Added Tax (VAT) revenue of N202.839 billion, Exchange Gain revenue of N7.164 billion and N10.971 billion Electronic Money Transfer Levy (EMTL) revenue.

In November 2022, the total deductions for cost of collection was N40.695 billion and total deductions for transfers, refunds and levies was N232.288 billion.

The balance in the Excess Crude Account (ECA) was $473,754.57

The communiqué confirmed that gross statutory revenue of N938.618 billion was received for the month of November 2022.

This was higher than the sum of N622.270 billion received in the previous month by N316.348 billion.

From the N681.079 billion distributable statutory revenue, the Federal Government received N323.094 billion, the State Governments received N163.878 billion and the Local Government Councils received N126.343 billion. The sum of N67.765 billion was shared to the relevant states as 13% derivation revenue.

For the month of November 2022, the gross revenue available from VAT was N217.825 billion. This was lower than the N229.041 billion available in the month of October 2022 by N11.216 billion.

The Federal Government received N30.426 billion, the State Governments received N101.420 billion and the Local Government Councils received N70.994 billion from the N202.839 billion distributable VAT revenue.

The N7.164 billion Exchange Gain revenue was distributed as follows: the Federal Government received N3.349 billion, the State Governments received N1.699 billion, the Local Government Councils received N1.309 billion and the relevant States received N0.807 billion as 13% derivation revenue.

From the N10.971 billion Electronic Money Transfer Levy (EMTL) revenue, the Federal Government received N1.646 billion, the State Governments received N5.485 billion and the Local Government Councils received N3.840 billion.

According to the communiqué, in the month of November 2022,  Oil and Gas Royalties and Petroleum Profit Tax (PPT) recorded significant increases while  Import and Excise Duties increased marginally.

However, VAT and Companies Income Tax (CIT) decreased considerably

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General News

Clergy Urged To Put Members’ Welfare Above All Else

Published

on

Anglican Church logo

At a solemn ordination service in Abuja, senior church leaders have called on pastors to make the well-being of their congregations a top priority, following the example of Jesus Christ.

Speaking during the priesthood ordination and installation of a Sub Dean at the Cathedral Church of Advent, Life Camp, Abuja, the retired Bishop of the Anglican Diocese of Okene, Rt. Rev. Emmanuel Ajulo, described pastors as shepherds charged with the care of their flock. He urged them to shun worldly distractions and focus on meeting the spiritual and material needs of their members.

Bishop Ajulo also encouraged the newly ordained priests to remain faithful to their calling by teaching God’s word without compromise.

In his charge, the Primate of the Church of Nigeria, Anglican Communion, Most Rev. Henry Ndukuba, urged the new clergy to preach the undiluted gospel and foster religious harmony wherever they serve. He expressed confidence that their new roles would help promote peace and unity in society.

The service also featured prayers for national leaders and divine intervention in addressing the current global economic challenges.

Continue Reading

General News

1,000 Prayer Warriors Storm Ilorin for Tinubu, Nation’s Deliverance

Published

on

President Bola Ahmed Tinubu

In a dramatic show of faith and patriotism, over 1,000 fiery prayer warriors from across Nigeria will descend on Ilorin, Kwara State, this Saturday, lifting their voices in intense intercession for President Bola Tinubu’s success and Nigeria’s survival in the face of biting economic woes and mounting insecurity.

The spiritual siege, themed “Walking in Domini”, is the maiden convention of the Organisation of African Instituted Churches (OAIC), with its Kwara State Chairman, Evangelist Thomas Adeboye, vowing that “heaven will hear and respond to Nigeria’s cry.”

Aside from marathon prayers, the gathering will roll out free medical outreach to locals across Kwara’s LGAs, a gesture aimed at touching both body and soul.

Adeboye, lamenting Nigeria’s “troubling economic and security realities”, called for a nationwide prayer uprising, insisting that Tinubu has shown the will to revive the nation but needs massive divine backing to succeed.

“Banditry, a collapsing economy, and political tension demand we seek God’s face like never before,” he declared. “We will storm heaven for wisdom for the President and governors to steer Nigeria to safety.”

The convention will also feature awards to distinguished personalities, soul-lifting worship, fiery sermons, and unity-driven lectures—all capped with thunderous prayers for Nigeria’s redemption.

Adeboye urged the President to ensure every policy has “a human face,” stressing that Nigerians must not only endure but also enjoy the fruits of governance.

With the OAIC promising to reaffirm believers’ authority in Christ and rally spiritual boldness in the face of national challenges, Ilorin is set to become the epicentre of a powerful spiritual warfare for Nigeria’s destiny.

 

 

Continue Reading

General News

Nigerian Anglicans Condemn Lesbian Archbishop of Wales, Deepening Global Anglican Rift

Published

on

Anglican Church logo

…Church leaders accuse Welsh counterparts of “spiritual decadence” and “abandonment of faith”

The Church of Nigeria (Anglican Communion) has issued a forceful condemnation of the election of Rt. Rev. Cherry Vann, an openly lesbian cleric, as the Archbishop of Wales. The move is the latest in a series of developments that have deepened divisions within the global Anglican Communion over sexuality and doctrine.

In a statement from Primate The Most Rev’d Henry Ndukuba, the church denounced the election as a “serious departure from biblical teaching” and a sign of “spiritual decadence” and “an outright abandonment of the faith once delivered to the saints.”

Archbishop Ndukuba warned that Bishop Vann’s elevation compromises the Anglican Church’s global mission and could obstruct evangelism. He compared the situation to the controversial tenure of Most Rev. Katherine Jefferts Schori, former Presiding Bishop of the U.S. Episcopal Church, who also faced intense criticism from conservative Anglicans for her progressive views.

The Primate accused Bishop Vann of being complicit in the “ongoing crisis” around same-sex issues, stating that the election is a “clear revelation that many who claim to be members of the body of Christ cannot endure sound doctrine” (2 Timothy 4:3–4).

The Church of Nigeria called on Anglicans worldwide to reject “rebels” and “apostates” and to instead support conservative bodies like the Global Anglican Future Conference (GAFCON).

“The Church of Nigeria (Anglican Communion) condemns, unequivocally rejects, and will not recognize the election of Rt. Rev. Cherry Vann as Archbishop of Wales,” Ndukuba declared. He concluded with a solemn warning that without repentance, the Church in Wales risks losing “complete relevance” and its leaders will face judgment.

 

Continue Reading