The Federation Account Allocation Committee (FAAC) on Thursday disclosed that the federal, state and local governments in the country shared a total sum of N636.602 billion in April 2022 from the federation account accruals. The FAAC gave these figures in a communiqué issued at the end of its virtual meeting for May 2022. In a […]
The National Bureau of Statistics (NBS) on Friday reported that accruals to the federation accounts from Value Added Tax (VAT) last year totaled N2.07 trillion, representing 33 percent year-on-year (YoY) increase in value when compared with the N1.55 trillion generated in 2020. The federal statistical data coordinating agency in its ‘Sectoral Distribution of VAT Report […]
The Federation Accounts Allocation Committee (FAAC) on Tuesday disclosed that it shared a total sum of N590.546 billion to the three tiers of government as federation account allocation for the month of February, 2022. A statement by the Deputy Director, Ministry of Finance, Budget and National Planning, Mr. Tunde Oshundun, on behalf of the Director […]
MultiChoice Nigeria and the Federal Inland Revenue Service (FIRS) have agreed to settle the pending dispute over the company’s tax liability outside court. Part of the agreements reached requires the company to withdraw all pending lawsuits, while FIRS will now conduct a forensic system of the company’s accounts. A statement jointly signed by the parties […]
The House of Representatives lawmakers have rejected proposal to move the collection of the Value Added Tax (VAT) to the Exclusive Legislative List during their ongoing deliberations on the amendments of the 1999 Constitution. In the vote for or against the proposal on Tuesday, majority of the Green Chamber’s lawmakers were against the addition of […]
The Federal Inland Revenue Service (FIRS) on Thursday disclosed that it achieved over a hundred percent of its collection target for the year 2021 despite the global economic challenges occasioned by the Coronavirus pandemic, as well as the 2020 disruption of business activities by nationwide protests. The Special Assistant Media & Communication to the Executive […]
The Federation Accounts Allocation Committee (FAAC) shared a total of N675.946 billion as disbursements from the November 2021 Federation Account Revenue to the federal, states and local governments. The figures of the total amount distributed to the tiers of government were contained in a Communiqué issued at the end of a virtual meeting of the […]
The Federal Inland Revenue Service (FIRS), has said that only 41 million taxpayers are captured in the nation’s tax net so far in a population of over 200 million citizens. The Chairman of the federal revenue agency, Mr. Muhammad Nami, disclosed this at the ‘Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill’ in […]
Oyo State Governor, Seyi Makinde, on Wednesday laid before the House of Assembly N294.51 billion Appropriation Bill for 2022 fiscal year for consideration, projecting that in the fiscal year the government has plans to generate N79.8 billion as Internally Generated Revenue (IGR).. Tagged “Budget of Growth and Opportunities”, the sum of N156 billion, representing 52.97 percent of […]
The Federation Accounts Allocation Committee (FAAC) on Wednesday disclosed that the three tiers of government shared a total sum of N696.965 billion as distributable revenue from the Federation Accounts in August. The FAAC gave the figures in a communiqué issued at the end of its virtual meeting in September 2021. The committee stated that N696.965 […]