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VAT: What states generated, received in past 8 months

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  • Lagos, Rivers, Oyo record highest in generation

  • Kano displaces Rivers, Oyo in collections

  • Zamfara generates N75 m, gets N4.5 b monthly

As the Value Added (VAT) war rages, Saturday Vanguard has obtained details of collections made   by each state and what it was allocated by the Federation Allocation Committee (FAAC), between January and August of this year, which indicates that the Federal Inland Revenue Service (FIRS) Offices in Lagos, Rivers and Oyo states recorded the highest collections.

Lagos generated N429. 203 billion; Rivers, N90. 293 billion, while Oyo came third with N64. 646 billion.

However, in the allocation of VAT revenue, Kano  came second, displacing Rivers and Oyo from the top places on the table, after Lagos.

Lagos received the sum of N139. 587 billion; Kano which generated N24 . 492 billion received the second highest allocation of N 47. 082 billion, while Rivers was in the third position as it got N 46. 270 billion.

However, it received the sum of N35. 716 billion (about N4.5 billion monthly), placing it at the forth position on the allocation table.

Kaduna which recorded a VAT revenue of N18. 262 billion, came after Zamfara with an allocation of N32. 726 billion, while Kastina which generated N3. 738 billion in the period under review got N31. 539 billion.

An analysis based on the six geo-political zones showed that South West had the highest allocation of N256. 737 billion, particularly because of the huge allocation to Lagos state.

North West had the second highest allocation of N219. 813 billion.

The oil producing region of South-South N 162. 598 billion.

North East and North Central received N129. 801 billion and N129. 154 billion respectively; while the South East kept the rear with N 109.629 billion allocation.

A table showing what each state generated between January –August 2021 and the allocation to each of them3

No. STATE VAT GENERATED VAT ALLOCATION
1 Abia 2.290b 20.020b
2 Adamawa  3.689b 22.260b
3 Akwa Ibom 8.39b 27.749b
4 Anambra 5.938b 25.001b
5 Bauchi 5.309b 25.613b
6 Bayelsa 12.536b 17.659b
7 Benue 1.268b  24.527b
8 Borno  3.442b 25.896b
9 Cross River 2.347b 20.478b
10 Delta 13.964b 27.854b
11 Ebonyi 7.894b 18.768b
12 Edo  8.284b 22.588b
13 Ekiti  6.635b 19.756b
14 Enugu 5.485b 20.729b
15 Gombe 4.028b  17.650b
16 Imo  1.941b 25.111b
17 Jigawa 3.375b 26.369b
18 Kaduna 18.262b 32.726b
19 Kano  24.492b 47.082b
20 Kastina 3.738b 31.539b
21 Kebbi  1.284b 22.162b
22 Kogi 3.286b 22.282b
23 Kwara 3.471b  18.998b
24 Lagos 429.203 b 139.587b
25 Nassarawa 2.495b 16.872b
26 Niger 3.723b 25.042b
27 Ogun 11.823b 25.141b
28 Ondo 4.554b 22.107b
29 Osun 1.995b 24.766b
30 Oyo  64.646b 45.136b
31 Plateau 5.208b  21.433b
32 Rivers  90.293b 46.270b
33 Sokoto 4.978b 24.219b
34 Taraba 1.756b 18.469b
35 Yobe  9.445b 20.525b
36 Zamfara 598.133m 35.716bn
37 FCT 235.794bn NOT ELIGIBLE

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JUST IN: Air Peace Suspends Flights To South Africa Over Aviation Fuel, Visa Delay

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Air Peace

Citing the increasing cost of aviation fuel and scarcity as well as the delay in the issuance of visa to intending passengers, Air Peace has suspended its flights to South Africa.

The suspension, which takes effects from August 22, is for a period of 60 days, the Airline said in a notice.

Daily Trust reports that domestic airlines had been forced to adjust their schedules over the recurring scarcity of Jet fuel as well as the skyrocketing price of the product.

But added to this, according to Air Peace, was delay by the South African authorities to issue visa to prospective passengers which was said to be affecting the load factor on Air Peace’s flight to Johannesburg.

Air Peace in the notice expressed optimism that the issues which warranted the suspension would have been addressed before October.

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It said, “We hereby inform the flying public that effective from August 22, 2022, our Johannesburg flight operations will be suspended till October 8, 2022.

“This development is regretted but has become inevitable due to the delayed issuance of South African visas to travellers, worsening forex crunch and the increasing cost of aviation fuel as well as its scarcity.

“However, having informed the South African High Commission in Lagos of the effects of the difficulty in getting SA visas by Nigerians, which consequence is the abysmally low passenger loads on our flights to and from Johannesburg, we believe that the situation will have improved within the next 60 days. Hence, our willingness to resume operations on the October 8, 2022.

“Passengers whose flights are affected have the option of rescheduling to fly before August 22, 2022 or from October 9, 2022. Passengers can also request a refund…

“We apologise for the inconveniences caused and will keep the public updated while we hope the situation improves.”

Daily Trust

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Davido, Tuface, Ned Nwoko, others on alert as Ferrari recalls nearly every car

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Super-rich Nigerians and celebrities who drive Ferrari will have to surrender their Italian luxury sports car to the manufacturer to fix a major problem.

Ferrari has discovered a big stopping problem, with 19 of its models dating back to 2005 reportedly at risk of a potential brake failure, according to the National Highway Traffic Safety Administration (NHTSA).

Some of those known to have the super luxury car in Nigeria are singer Davido; former Arsenal and Super Eagles sensational striker Kanu Nwankwo; rapper and billionaire daughter DJ Cuppy; Ned Nwoko with his Nollywood wife, Reginal Daniels, and another famous ex-Super Eagles player Obafemi Martins.

MotorTrend, an online auto journal, on Monday reported the NHTSA filing as indicating that the issue had to do with the brake fluid reservoir cap which “may not vent properly, creating a vacuum inside the brake fluid reservoir, and resulting in a brake fluid leak that may lead to a partial or total loss of brake function.”

According to the NHTSA recall report, a whopping 23,555 Ferraris are implicated and will need to be serviced.

Owners are expected to receive messages from Ferrari with instructions for proactive repairs before September 24, 2022.

Considering the average price of a Ferrari is at least hundreds of thousand dollars, some quick math proves billions of dollars worth of Ferraris are potentially defective.

The report said Ferrari would replace the brake fluid reservoir cap and update the software in the affected vehicles to provide for a different warning message if the vehicle should lose sufficient brake fluid.

In the meantime, if your Ferrari flashes a “low Brake Fluid” warning, NHTSA directs you to pull off of the road as soon as it is safe to do so and have the car immediately towed to a Ferrari service centre.

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Buhari overrules NNPC, approves Seplat’s acquisition of ExxonMobil’s $1.3bn assets

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President Muhammadu Buhari has approved acquisition of ExxonMobil shares in the United States by Seplat Energy Offshore Limited.

Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement on Monday said his Buhari granted the approved as Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector.

He said Exxon Mobil had entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, and Mobil Exploration Nigeria Inc, both registered in Delaware, USA.

There had been opposition from the NNPC Ltd, and the Akwa Ibom State Government which hosts most of the assets earlier on the transaction but the ministerial approval puts this to rest.

Adesina added that the President had given ministerial consent to the deal, considering the extensive benefits of the transaction to the Nigerian Energy sector and the larger economy.

He said the President, in commitment to investment drive in light of the Petroleum Industry Act, granted consent to the Share Sales Agreement, as requested by the parties to the transaction, and directed that the approval be conveyed to all the parties involved.

The presidential spokesman said Exxon Mobil/Seplat would carry out operatorship of all the oil mining licenses in the related shallow water assets towards production optimization to support Nigeria’s OPEC quota in the short term as well as ensure accelerated development and monetization of the gas resources in the assets for the Nigerian economy.

Adesina said President Buhari also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat.

The deal worth about $1.3bn will take a 40 per cent stake in four OMLs, including over 90 shallow-water and onshore platforms and 300 producing wells.

 

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