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FAAC: 3 tiers of government shared N604 billion as federation allocation for October

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Ministry of Finance has revealed that N604.004 billion was shared among the 3 levels of government as league distribution for October.

The Permanent Secretary, Ministry of Finance, Budget and National Planning, Mr. Aliyu Ahmed, on Wednesday uncovered N604.004 billion was shared among the three levels of government as league allotment for October.

As per a news report by NAN, this assertion was given by Mr. Hassan Dodo, the Director for Information toward the finish of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

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The N604.004 billion shared incorporated the expense of assortment to Nigeria Customs Service (NCS), Department for Petroleum Resources (DPR), and Federal Inland Revenue Service (FIRS).

Be that as it may, during the period under audit, the Federal Government got N220.751 billion, the States got N161.825 billion, while the Local Government Councils (LGCs) got N120.588 billion.

Oil-creating states got N31.902 billion as induction (13% of mineral income) and the expense of assortment/move and discounts got N48.939 billion.

The Federation Accounts Allocation Committee unveiled that gross income accessible from the Value Added Tax (VAT) for October was N126.463 billion. This was against N141.858 billion disseminated in the former month of September, bringing about an abatement of N15.395 billion.

The gross income accessible from the Value Added Tax (VAT) for October was dispersed as follow:

The Federal Government got N17.642 billion.

States got N58.805 billion.

Neighborhood Government Councils got N41.167 billion

While Cost of Collection/Transfer and Refund got N5.059 billion

Designation to NEDC venture got N3.794 billion.

In like habits, the circulated Statutory Revenue of N378.148 billion got for the month was higher than the N341.501 billion got for the earlier month by N36.647 billion.

For the conveyed Statutory Revenue of N378.148 billion:

Government got N166.195 billion

States got N84.296 billion.

LGCs got N64.989 billion

Induction (13% Mineral Revenue) got N21.581 billion

Cost of Collection/Transfer and Refund got N40.086 billion.

(Understand MORE: FG records N1.14 trillion spending shortage in a quarter of a year)

The report likewise uncovered that Oil and Gas Royalty, Companies Income Tax (CIT) expanded generously. In any case, Import Duty, Excise Duty, VAT, and Petroleum Profit Tax (PPT) recorded abatements.

The council revealed that the absolute income distributable for the current month was increased with the amounts of N72 billion and N7.392 billion from Forex Equalization and FGN Intervention separately.

This included expansion of N20 billion from the Stabilization Act, which is owing to the low income to be shared to the three levels of government. This takes the all out Distributable Revenue to N604.004 billion.

Notwithstanding, the advisory group expressed that the equilibrium in the Excess Crude Account as of Nov. 18 stands at 72.409 million dollars.

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Olamide’s 11th studio album “UY Scuti” hits the air waves

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Legendary musician and game changer rapper, Olamide lets loose his 11th music album to hit the air waves and bless ears of fans and all music lovers. The title – UY Scuti.

On UY Scuti, Olamide tends towards Pop, R&B and Reggae/Dancehall infused records compared to what he’s done predominantly his entire career, i.e, Hip-Hop/Rap (even blending it to create street jams) and Afrobeat songs.

UY Scuti shows a more relaxed side of Olamide where he creates smooth and laid-back tunes over a span of 28 minutes, a total of 10 songs, that is. The promotional record for the album—“Rock”—already alerted fans to the sound evolution Olamide was on and the song itself (which was released just over a month ago) is a stellar itself just like the title of the album suggests, staying on different charts ever since, generating very impressive stream numbers and always being played to our ears, thanks to the massive airplay country-wide.

Features on the album include Jaywillz (on “Jailer), Layydoe (on “Rough Up”), fast-rising Pop and R&B act – Fave makes a two-time appearance, back-to-back at that on track 6 (“Want”) and track 7 (“PonPon”) while longtime collaborator and fellow rapper, Phyno rounds up the list with “Somebody”.

Olamide on UY Scuti explores subjects giving off love and sensual feelings and not hard grimey or early life lessons learnt from the ghetto. UY Scuti is sure to be that album music lovers play at the end of a stressful day or while baby making.

Stream, download, listen to Olamide on UY Scuti.

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Music: Hardman-“Why?” (Prod by Pitar Pypar)

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Hardman-“Why?” (Prod by Pitar Pypar)

This is a sensational song for everyone also a dedicated to present situations in our country.. Song by HARDMAN (Prod by Pitar Pypar)

Download: Click Here

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Music: Honeymoon-“Darling” Mp3 (Prod by Pitar Pypar)

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Honeymoon-“Darling” Mp3 (Prod by Pitar Pypar)

Am Akinwole oyindamola , popularly known as honeymoon is a ondo base , indigenous singer from ondo state . Am back to this music scene with this brand new catchy tune ‘darling’

Download: Click Here

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