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Explainer: VAT War Might Crush States Revenue
Value Added Tax, according to the Federal Inland Revenue Service, is a consumption tax paid when goods are purchased and services rendered. It is borne by the final consumer; that is all goods and services, both produced within or imported into the country, are taxable- except those exempted by the VAT Act. The VAT charge…
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FG, States, LGs share ₦696.965 In August
In August 2021, the government, at all levels, in Nigeria shared the sum of ₦696.965 billion as federation allocation. This is according to the details of the communiqué provided by the Deputy Director (Information), Ministry of Finance, Oshundun Olajide. The Federal Government received ₦289.257 billion; states got ₦217.183 billion; Local Governments received ₦161.541 billion. The…
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Domestic Aircraft Movement Drops by 28.5%
Data from the Nigerian Civil Aviation Authority have shown that the harmonised domestic aircraft movement in Nigeria slumped by 28.5 percent in 2020. NCAA data, the air industry apex regulator, showed that there was a steady increase in the aircraft movement from 2017 to 2019 at the airports, including Lagos, Abuja, Port Harcourt, Enugu, and…
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In Five Months, FG, States, LGs Suffer N329.6bn Shortfall
The Federation Account Allocation Committee shared the sum of N3.18tn to the three tiers of government between January and May this year. The FAAC –managed on a legal framework– allows funds to be shared under three major components. They are statutory allocation, Value Added Tax distribution; and allocation made under the 13 percent derivation principle.…
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FAAC Shares N605bn In May 2021
A total sum of N605.958 billion has been shared by the three tiers of government as revenue from the federation accounts allocation committee in May 2021. In a statement, Charles Nwodo, spokesperson of the federal ministry of finance, budget and national planning, said the disbursed fund is lower by N11 billion when compared to the…
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FG, States, LGs Share N681.33bn In March
The Federation Accounts Allocation Committee has shared a total of N681.33bn as March 2021 federation revenue to the federal, states and local governments including all relevant agencies in the country. During this month a sum of N154bn was transferred to the non-oil revenue savings and the balance in the Excess Crude Account was $72.413m. These…
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IGR: Only Three States Fiscally Sustainable
Following the release of the Internally Generated Revenue by states, the report has shown that only Lagos, the Federal Capital Territory (FCT) and Ogun State are fiscally sustainable. According to the ‘Internally Generated Revenue At State Level – Q4 and full-year 2020 report‘ released by the National Bureau of Statistics (NBS), the 36 states of…
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FAAC Disburses N604 Billion In November 2020
The sum total of N604 billion was disbursed by the Federation Account Allocation Committee to the three tiers of government in November 2020. This is according to the FAAC report for the month of November 2020, released by the National Bureau of Statistics (NBS). According to the report, the monthly disbursement declined by 5.6 percent…
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FAAC: Lagos State Still Self Sufficient
The economy of Lagos is very crucial to the Nigerian economy serving as the commercial capital of the country over the years. The Lagos Gross Domestic Product [GDP] accounts for 26.7% of Nigeria’s total GDP and more than 50% of non-oil GDP. Over 50% of Nigeria’s non-oil industrial capacity is located in Lagos. Ranking among…