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FAAC Shares N680.783 Billion May 2022 Revenue To FG, States And LGCs

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The Federation Account Allocation Committee (FAAC) has shared a total sum of N680.783 Billion May 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) for June 2022, held in Abuja. adsbygoogle || []).push({}); adsbygoogle || []).push({});   

The N680.783 billion total distributable revenue comprised distributable statutory revenue of N385.004 billion,  distributable Value Added Tax (VAT) revenue of N198.512 billion and Electronic Money Transfer Levy (EMTL) revenue of N97.267 billion. 

In May 2022, the total deductions for cost of collection was N36.996 billion and total deductions for transfers and refunds was N186.672 billion. 

The balance in the Excess Crude Account (ECA) was $35.377 million.  

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The communiqué confirmed that from the total distributable revenue of N680.783 billion; the Federal Government received N229.563 billion, the State Governments received N241.824 billion and the Local Government Councils received N175.942 billion. The sum of N33.454 billion was shared to the relevant States as 13% derivation revenue. 

A gross statutory revenue of N589.952 billion was received for the month of May 2022. This was lower than the N635.037 billion received in the previous month by N45.085 billion.  

From the  N385.004 billion distributable statutory revenue, the Federal Government received N185.197 billion, the State Governments received N93.934 billion and the Local Government Councils received N72.419 billion. The sum of N33.454 billion was shared to the relevant States as 13% derivation revenue.   

In the month of May 2022, the gross revenue available from the Value Added Tax (VAT) was N213.179 billion.  This was higher than the N178.825 billion available in the month of April 2022 by N34.354 billion.  

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From the N198.512 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N29.777 billion, the State Governments received N99.256 billion and the Local Government Councils received N69.479 billion. 

The Federal Government received N14.590 billion; the State Governments received N48.634 billion and the Local Government Councils received N34.043 billion from the N97.267 billion Electronic Money Transfer Levy (EMTL). 

According to the Communiqué, in the month of May 2022,  Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable increases, Import Duty increased marginally while Petroleum Profit Tax (PPT) and Excise Duties decreased marginally. Oil and Gas Royalties decreased significantly.    

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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IMF Predicts Drop In Global Economic Growth In 2023-24

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International Monetary Fund, IMF
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The International Monetary Fund (IMF) has predicts that global economic growth is projected to fall from 3.5 per cent in 2022 to 3.0 per cent in both 2023 and 2024.

This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2023: “Near-Term Resilience, Persistent Challenges” released on Tuesday. adsbygoogle || []).push({}); adsbygoogle || []).push({});

The report said though the forecast for 2023 was modestly higher than predicted in the April 2023 WEO, it remained weak by historical standards.

“Compared with projections in the April 2023 WEO, growth has been upgraded by 0.2 percentage points for 2023, with no change for 2024.

“The forecast for 2023–24 remains well below the historical (2000–19) annual average of 3.8 per cent.

“It is also below the historical average across broad income groups, in overall Gross Domestic Product (GDP) as well as per capita GDP terms. ”

The report also said that advanced economies continued to drive the decline in growth from 2022 to 2023, with weaker manufacturing, as well as idiosyncratic factors, offsetting stronger services activity.

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“For advanced economies, the growth slowdown projected for 2023 remained significant, from 2.7 per cent in 2022 to 1.5 per cent in 2023.

“About 93 per cent of advanced economies are projected to have lower growth in 2023, and growth in 2024 among this group of economies is projected to remain at 1.4 per cent.”

While the report said in emerging markets and developing economies, the growth outlook was broadly stable for 2023 and 2024, although with notable shifts across regions.

“For emerging market and developing economies, growth is projected to be broadly stable at 4.0 per cent in 2023 and 4.1 per cent in 2024, with modest revisions of 0.1 percentage point for 2023 and –0.1 percentage point for 2024.”

The report showed growth in Sub-Saharan Africa is projected to decline to 3.5 per cent in 2023 before picking up to 4.1 per cent in 2024.

It revealed that economic growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April WEO projections, reflecting security issues in the oil sector.

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The report showed that economic growth in Nigeria is projected at 3.2 per cent in 2023 and decline to 3.0 in 2024.

The report said Global headline inflation was expected to fall from 8.7 per cent in 2022 to 6.8 per cent in 2023 and 5.2 per cent in 2024.

“Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward. ”

It said inflation could remain high and even rise if further shocks occur, including those from an intensification of the war in Ukraine and extreme weather-related events, triggering more restrictive monetary policy.

The report said financial sector turbulence could resume as markets adjust to further policy tightening by central banks.

“China’s recovery could slow, in part as a result of unresolved real estate problems, with negative cross-border spillovers.

“Sovereign debt distress could spread to a wider group of economies.”

It, however, said on the upside, inflation could fall faster than expected, reducing the need for tight monetary policy, and domestic demand could again prove more resilient.

The report said in most economies, the policy priorities remained to achieve sustained disinflation while ensuring financial stability.

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“Therefore, central banks should remain focused on restoring price stability and strengthening financial supervision and risk monitoring.

“Should market strains materialise, countries should provide liquidity promptly while mitigating the possibility of moral hazard.

“They should also build fiscal buffers, with the composition of fiscal
adjustment ensuring targeted support for the most vulnerable.

The report said improvements to the supply side of the economy would facilitate fiscal consolidation and a smoother decline of inflation toward target levels.

NAN

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Debt Servicing: Gombe State Govt Spent N33bn in 4 Years – Transition Report

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Chairman of the Gombe State Transition Management Committee, Dr Ibrahim Daudu
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  • N6 billion for settlement of four years backlog of gratuities owed retirees from 2014 to 2017

The Gombe State Government has paid about N33billion from the N100bn debt inherited from the administration of former governor Ibrahim Dankwambo. adsbygoogle || []).push({}); adsbygoogle || []).push({});

The Chairman of the Gombe State Transition Management Committee, Dr Ibrahim Daudu, made this known while submitting the 2023 transition report to Gov. Inuwa Yahaya on Monday.

Daudu said that Gov. Yahaya also paid N6 billion to settle four years backlog of gratuities owed retirees from 2014 to 2017.

According to him, the payment to retirees is the largest payment of gratuity made by any government in Gombe State.

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“During the course of our work, we were able to determine that out of over N100 billion in debt inherited from the previous administration, your administration has paid approximately N33 billion,” he said.

The chairman also stated that the state government within the period was able to attract N26 billion as a result of its prudent public financial management through the implementation of the State Fiscal Transparency, Accountability and Sustainability programme.

He said that in view of the state’s prudent resource management, Gombe State ranked fourth most successful state in public financial management in the country.

While commending Yahaya for effectively managing the finances of the state in spite of the huge economic challenges caused by COVID-19 and economic recession, the Daudu-led committee urged the government to boost the state’s internally generated revenue going forward.

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The 11-member committee which was inaugurated on  May 26 further advised the state government to within the next four years, reform the civil service while prioritising job creation.

The News Agency of Nigeria (NAN) reports that the major responsibilities assigned to the committee was to develop a blueprint for consolidating on the achievements made during Yahaya’s first administration.

Also, to incorporate lessons learned, identify priorities, policies, and programmes for the new administration.

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Euromoney Awards: GTBank Ranked Best Bank in Nigeria

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Guaratny Trub bank, gtb rank high at euromoney awards for excellency 2023
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Guaranty Trust Bank Ltd. has been ranked the”Best Bank in Nigeria” at the Euromoney Awards for Excellence 2023.

The bank said in a statement on Monday that the latest recognition underscored the bank as the leading financial institution in Nigeria. push({}); adsbygoogle || []).push({});

Announcing the award, Euromoney said: “Nigeria’s best bank, Guaranty Trust Bank, has continued to do a good job of convincing investors that it is better placed than its key competitors to deal with the risks ahead and perhaps to take advantage of opportunities in economic and policy transition.

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“Despite a difficult operating environment, the bank continues to deliver exceptional results as the flagship franchise of Guaranty Trust Holding Company Plc.

“It recorded a profit before tax of N214.2 billion, pre-tax return on Equity (ROAE) of 23.6 per cent, and Cost to Income Ratio (CIR) of 48.0 per cent for the period ended, Dec. 31, 2022.”

Euromoney is an authority for global banking and financial markets and the annual awards for excellence, celebrates financial institutions that demonstrate leadership, innovation, and resilience in the markets they operate.

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Commenting on the award, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd., said, “we are honoured to be named the Best Bank in Nigeria by Euromoney.

“This recognition reflects our unwavering commitment to the values of excellence and innovation which form the bedrock of our value proposition as an institution and has guided the mother-brand to achieve remarkable success for over 30 years.

“As part of a thriving financial holding company, we will continue to prioritise service delivery and innovation whilst maintaining our strong financial performance,” she said.

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