Business

FG generated N709bn via VAT in Q1 2023 – NBS

Published

11 months ago

June 14, 2023

FG generated N709bn via VAT in Q1 2023 – NBS

The Federal Government generated N709.59bn through Value Added Tax (VAT) in the first quarter of 2023, the National Bureau of Statistics (NBS) has said.

It stated this in its “Sectoral Distribution of Value Added Tax” report for Q1 2023, released Tuesday.

The figure, it said, represented a growth rate of 1.75 per cent on a quarter-on-quarter basis from N697.38bn in Q4 2022.

Out of the total amount generated, it said local payments stood at N436.10 billion, foreign VAT payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1 2023.

The NBS said on a quarter-on-quarter basis, the activities of households recorded the highest growth rate at 349.86 per cent, followed by construction with 95.64 per cent.

FIRS

“On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate with –53.54 per cent, followed by real estate activities with –47.01 per cent,” the report said.

Regarding sectoral contributions, the report said the top three largest shares in Q1 2023 were manufacturing with 29.65 per cent, information and communication with 19.29 per cent and mining & quarrying with 12.24 per cent.

It said activities of extraterritorial organisations and bodies recorded a minor share with 0.02 per cent, followed by activities of households as employers, undifferentiated goods and services-producing activities of households for own use with 0.03 per cent and water supply, sewerage, waste management, and remediation activities with 0.04 per cent.

However, the NBS said that on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56 per cent from Q1 2022.

CIT

In its Company Income Tax (CIT) data for Q1 2023, the NBS said the CIT in the first quarter of 2023 was reported at N469.01 billion.

It said the figure indicates a growth rate of -37.79 per cent on a quarter-on-quarter basis from N753.88 billion in Q4 2022.

It noted that local payments received were N300.78 billion, while foreign CIT payments contributed N168.23 billion in Q1 2023.

On a quarter-on-quarter basis, the bureau said the financial and insurance activities recorded the highest growth rate with 50.42 per cent, followed by construction with 42.32 per cent.

On the other hand, it said water supply, sewerage, waste management, and remediation activities had the lowest growth rate at – 69.38 per cent, followed by other service activities at -60.13 per cent.

Regarding sectoral contributions, the NBS said the top three largest shares in Q1 2023 were financial & insurance activities with 22.94 per cent, manufacturing with 20.91 per cent and information and communication with 11.89 per cent.

Conversely, it said the activities of households as employers, undifferentiated goods and services-producing activities of households for own use recorded the

least share with 0.01 per cent, followed by water supply, sewerage, waste management and remediation activities with 0.04 per cent and activities of extraterritorial organisations and bodies with 0.12 per cent.

“However, on a year-on-year basis, CIT collections in Q1 2023 decreased by 14.96 per cent from Q1 2022,” it said.

Business

Finally, NERC unbundles TCN, creates new system operator

Published

1 day ago

May 4, 2024

Trends Admin

Finally, NERC unbundles TCN, creates new system operator

The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).

The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.

The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.

By this order, the TCN is expected to transfer all market and system operation functions to the new company.

The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.

The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.

Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”

Business

Naira depreciates again, trades at N1,402/$

Published

2 days ago

May 3, 2024

Trends Admin

Naira depreciates again, trades at N1,402/$

The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

Published

4 days ago

May 1, 2024

Trends Admin

Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.