Banking. Revenue. TechnoBiz
The Federation Accounts Allocation Committee (FAAC), on Wednesday at its meeting shared to the three tiers of government a total sum of N604.004 billion as federation allocation for the month of October 2020. From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N220.751 billion, the States got N161.825 […]
The Federation Accounts Allocation Committee (FAAC) yesterday at the end of its virtual meeting disclosed that the three tiers of government shared a total sum of N682.060 billion from the federation account as their allocations for the month of August 2020. Out of the sum, inclusive cost of collection to NCS, DPR and FIRS, the […]
The Federal Inland Revenue Service (FIRS) on Thursday stated that non-oil tax receipts had consistently contributed 75% to 90% of total tax collections over the past few months. The FIRS Director, Communications and Liaison Department, Dr. Abdullahi Ahmad, quoted the Executive Chairman of the service, Mallam Muhammad Nami, as disclosing this during a courtesy call […]
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed,has projected that based on current micro and macroeconomic indices of the nation’s economy, there are strong indications that the nation’s economy would rebound in the first quarter of next year. The past few months had been challenging for the federal government as the devastating […]
The Nigeria Customs Service, NCS, has reported that it generated a total sum of N976.6 billion intothe Federation Account between January and August 2020. The disclosure, which was made public in a document released by the Service’s Public Relations Office, indicated that the larger chunks of the revenue collected were from import duty and Value […]
The National Bureau of Statistics (NBS) has reported that out of the N275.12 billion raked in as Value Added Tax (VAT) in the third quarter of this year, the Professional Services sector accounted for the highest collection, totalling N32.09 billion,. Overall, the NBS, in its just published ‘Sectoral Distribution Of Value Added Tax (Q3,2019) report […]
The Federation Account Allocation Committee (FAAC), on Wednesday confirmed at the end of its meeting held in Abuja that the three tiers of government shared N702.058 billion as allocations from the Federation Account for the month of October 2019. The distributions were from Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Solid Minerals Revenue, […]
A Federal High Court has ruled that Value Added Tax (VAT) do not cover the field of consumption tax chargeable by states as the Constitution did not vest powers on the Federal Government to legislate over consumption tax on individuals or goods and services consumed in hotels, restaurants and event centres. With the ruling, the […]
Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Friday appealed to Nigerians to show understanding on the proposal by the government to increase Value Added Tax (VAT) rate from 5% to 7.5% in view of the fiscal necessity to boost the nation’s non-oil revenue earnings to finance critical programmes of the […]
The Federal Account Allocation Committee (FAAC) on Thursday disclosed that the three tiers of government shared the sum of N740.880 billion in August from revenue accruals to the Federation Account during the month. A breakdown of shared revenues to the tiers of government showed that Federal Government got N301.804 billion, representing 52.68 per cent, while […]