Laolu Akande, the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), disclosed this while briefing State House correspondents on the outcome of the meeting of the National Economic Council held in Abuja on Thursday
Browsing: Value Added Tax
The NBS announced the figure in a sectoral distribution of value added tax report for third quarter, 2017 posted on the bureau’s website posted in Abuja.
The Minister, who released the details of the 2017 VAT collection on Tuesday in Abuja, said the highest VAT collection of N86.71 billion was achieved in September 2017, while N84.67 billion and N83.315 billion were recorded in May and October respectively
Banu said that the October allocation was a N496 million reduction from the N3.5 bilłion the state government received in September from the Federal Account Allocation Committee.
The report, styled: “State of the States,” ranks all the 36 states in Nigeria, with Rivers, Lagos, Ogun and Kano the leaders
It stated that the value generated in the quarter was greater than N204.77 billion generated in the first quarter of the year and N187.03 billion realised in the second quarter of 2016.
Okowa said the estimate was made up of N147.5 billion recurrent expenditure and N150.5 billion capital expenditure.
Idris made this known at the end of the monthly Federal Accounts Allocation Committee meeting on Thursday in Abuja
Amosun said the claim that Lagos State contributes more than Ogun State cannot be true as Ogun State has the highest number of industries in the country.
There was a drastic fall in revenue from companies income tax due to the expiration of the deadline for filling returns
The shared amount comprised the Month’s Statutory distributable revenue of N317.562 billion, the gross revenue available from the Value Added Tax was N79.985 billion as against N84.673 billion distributed in the preceding month, resulting in a decrease of #4.688 billion
This was contained in a communiqué issued by the Technical sub-Committee of Federation Accounts Allocation Committee at the end of its meeting
It would be recalled that Shettima Umar Abba Gana, the Acting Chairman of RMAFC, had in July 2016 canvassed for the upward review of value added tax from 5 per cent to about 7.5 per cent in order to improve the country’s revenue base
Speaking with journalists on the allocation for the State from the FAAC, the governor explained in his breakdown that the state received N1.16 billion as statutory allocation
The figure was disclosed in a communique issued at the end of the meeting of the Federation Accounts Allocation Committee
Adeosun made the disclosure while addressing a news conference on the outcome of the Federation Account Allocation Committee
The Federal Government got N220.484 billion (52.68 per cent); states, N111.832 billion (26.72 per cent); while the local governments got N86.218 billion (20.60 per cent)