VAT: What states generated, received in past 8 months – Newstrends
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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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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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