FIRS collects N1tn VAT in six months, says NBS – Newstrends
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FIRS collects N1tn VAT in six months, says NBS

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4 years ago

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  • FIRS to appeal judgment stopping collection in Rivers

The National Bureau of Statistics says the Federal Inland Revenue Service generated N1 trillion from Value Added Tax (VAT) in six months even as the FIRS vows to appeal the ruling that voided its jurisdiction on VAT collection.

A Federal High Court sitting in Port Harcourt on Monday declared that Rivers, not the FIRS, should collect VAT, and Personal Income Tax (PIT) in Rivers State.

The NBS said the FIRS raked in N512.25 billion in the second half as against the N496.36 billion it generated from VAT in the first quarter.

The revenue is N185.05b higher than the N327.20 billion generated by the Service in the corresponding period of last year.

The sectoral distribution of VAT data for Q2 2021, indicated a 3.20 per cent increase on Quarter-on-Quarter and 56.56 per cent rise Year-on-Year.

According to the NBS, the manufacturing sectors generated the highest VAT with N44.89 billon, tailed by professional services’ N29.30 billion.

The NBS report said commercial and trading generated N21.96 billion; textile and garment industry realised the least and closely followed by pioneering and pharmaceutical,  soaps and toiletries yielding N77.74 million, N169 million and N188.71 million respectively.

The report shows that out of the revenue generated in Q2 2021, N187.43 billion was generated as non-import VAT locally; N207.69 billion as non-import VAT for foreign.

It said the remaining N117.13 billion came in as NCS-import VAT.

On who should collect VAT, the FIRS said it will challenge the court ruling stripping it of powers to collect VAT and PIT in the South-South state.

The Value Added Tax Act states that “tax shall be administered and managed by the FIRS Board.

The board, the Act stated, “may do such things as it may deem necessary and expedient for the assessment and collection of the tax and shall account for all amounts so collected in accordance with the provisions of this Act.

It notes that “a taxable person shall on supplying taxable goods or services to his accredited distributor, agent, client or consumer, as the case may be, collect the tax on those goods or services at the rate specified in section 2 of this Act.

The Act also stipulates that “a taxable person shall render to the Board, on or before the 21st day of the month following that in which the purchase or supply was made, a return of all taxable goods and services purchased or supplied by him during the preceding month in such manner as the Board may, from time to time, determine.

“A person who imports taxable goods into Nigeria shall render to the Board returns on all the taxable goods imported by him into Nigeria. In this regard, any payment made to duly authorised government agents shall be deemed to have been made to the FIRS.”

The Act proposes FIRS chairman; FIRS directors and legalm adviser; a director in the Nigerian Customs Service and three representatives of the state governments as members of the Joint Tax Board (JTB).

The distribution of VAT revenue is carried out as 15 per cent to the federal, 50 per cent states and the Federal Capital Territory (FCT) and 35 per cent to the 774 local government areas.

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More heads to roll in NNPCL, subsidiaries as Ojulari assumes office

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1 day ago

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April 3, 2025

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Engineer Bashir Bayo Ojulari

More heads to roll in NNPCL, subsidiaries as Ojulari assumes office

There are indications that more heads will roll in the Nigerian National Petroleum Company Limited, NNPCL and its subsidiaries as Engineer Bayo Ojulari yesterday assumed office as the new Group Chief Executive Officer.

This was even as the management and staff of NNPC Ltd welcomed the appointment of a new GCEO Officer and Board of Directors for the company by President Bola Ahmed Tinubu.

However, checks Vanguard showed that the reorganisation would start from the corporate headquarters to the subsidiaries, including Upstream, Gas and Power, new Energy, Downstream and Non-Energy businesses.
The checks indicated that the reorganisation would be targeted at ensuring that round pegs are placed into round holes based on the commitment of the new leadership to achieve national goals and objectives in the oil and gas industry.

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It was confirmed that the businesses to be impacted include the NNPC E&P Limited (NEPL), NNPC Upstream Investment Management Services (NUIMS), NNPC Energy Services Limited (EnServ), NNPC Engineering and Technical Company (NETCO), NNPC New Energy Limited (NNEL), NNPC Gas Infrastructure Company (NGIC), NNPC Gas Marketing Limited (NGML), and NNPC Gas & Power Investment Services (NGPIS).

They also include NNPC Trading Limited (NTL) NNPC Retail Limited (NRL), NNPC Shipping Limited (NSL), NNPC RefChem Limited (NRCL), NNPC Downstream Investment Services (NDIS), Nigerian Pipelines and Storage Company Limited (NPSC), National Energy Reserve Management Company (NERMC), NNPC Non-Energy Investment Services (NNIS), NNPC Foundation Limited/Gte, NNPC Academy, NNPC Properties Limited (NPL), and Health Maintenance Organization (HMO) and Research Technology and Innovation (RTI).

 

More heads to roll in NNPCL, subsidiaries as Ojulari assumes office

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NNPCL hikes petrol pump price to N950/litre

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1 day ago

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April 3, 2025

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NNPCL hikes petrol pump price to N950/litre

The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices to N925 per litre in Lagos and N950 per litre in Abuja, effective April 2, 2025.

This represents an N65 increase from the previous price of N860 per litre in Lagos and an N70 increase from the previous price of N880 in the North.

Last week, MRS and other independent marketers increased the price of petrol, raising its pump price to ₦930 per litre in Lagos and ₦960 for residents living in the northern part of the country.

Industry experts stated that the new increase is a direct fallout of the recent suspension of sales of petroleum products in naira by the Dangote refinery.

The adjustment reflects changes in Nigeria’s deregulated fuel market, including competition, supply costs, and global oil price trends.

It also coincides with the appointment of new leadership at the national oil firm, NNPCL, by President Bola Tinubu on Wednesday. The board was also restructured.

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The NNPCL retail stations in Fadeyi, Ago Palace Way, and Ogba, as well as the NNPC station on College Road, have adjusted their prices to N925.

In Ikeja, outlets on Acme Road and the Lagos-Abeokuta Motorway have also raised their pump prices to the new rate.

However, due to logistical delays, not all NNPC stations in Lagos may have updated their prices simultaneously.

In the Federal Capital Territory, the national oil firm station located along the Kubwa motorway upped its price to N950 from N880 per litre. Other stations along Wuse effected the same increase.

This adjustment follows months of price competition. In March 2025, NNPC dropped their pricing to N860 per litre, matching Dangote Refinery’s lower rates.

However, due to rising global oil prices, exchange rate fluctuations, and changes in crude oil sourcing costs, NNPC has now revised prices upward.

Earlier in 2025, NNPC had supplied petrol at N925 per litre in December 2024 before various price adjustments.

The present rate in Lagos remains cheaper than in certain other places, including Abuja, where rates recently stood at ₦880 per litre.

NNPCL hikes petrol pump price to N950/litre

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Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria 

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2 days ago

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April 3, 2025

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Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria 

 

Leading distributor and importer of high-quality automotive spare parts and lubricants in Nigeria, Winpart by CFAO, has commenced the distribution of Cworks batteries in Nigeria.

Cworks is a premium automotive battery brand from Toyota Tsusho Corporation.

The battery introduction, the company says, marks a new era of reliability, durability, and high performance for Nigerian motorists and businesses.
The firm in a statement obtained by Newstrends says as an official distributor and importer of top-quality automotive spare parts, Winpart by CFAO has continued to bring globally trusted brands to Nigeria, ensuring that vehicle owners and businesses have access to world-class solutions.

Developed under the renowned Toyota Tsusho Corporation, Cworks batteries are engineered to deliver superior power, a longer lifespan, and consistent performance in all driving conditions.

Winpart by CFAO says CWorks is a product of “renowned Toyota Tsusho excellence, designed to meet global automotive standards; long-lasting performance, built for durability and resilience on Nigerian roads and weather conditions.”
The company disclosing that the batteries are now available through Winpart by CFAO outlets added that the product would facilitate “reliable power supply, ensuring smooth engine starts and sustained power for all vehicle types”.
General Manager of Winpart by CFAO, Mohamed TALEB, said, “We are excited to introduce Cworks batteries to Nigerian motorists. As a brand from Toyota Tsusho Corporation, Cworks battery reflects the same commitment to quality and performance that Toyota is known for worldwide.

“With Winpart by CFAO, Nigerians can now enjoy a battery that delivers reliability, longevity, and value.”

According to the firm, through Winpart by CFAO, Cworks batteries will be available across Nigeria via authorized dealers and service centres, ensuring easy access to high-quality battery solutions.
The company added that more information on CWORKS Batteries, can be obtained from its website- www.winpart.com.ng.

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