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FG Makes N909 Billion From VAT in 2017 - Politics - Nairaland

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Governors Approve Withdrawal Of $1 Billion From ECA To Fight Boko Haram / Lagos Can't Generate VAT And Others Take 50℅ - Ambode / Adeosun: 55% Of Nigeria’s VAT Is From Lagos (1) (2) (3) (4)

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FG Makes N909 Billion From VAT in 2017 by Nobody: 10:29pm On Jan 11
Between October 2016 and September 2017, the federation account received a total inflow of N908.9bn in Value Added Tax receipts from the Federal Inland Revenue Service, figures obtained from the National Bureau of Statistics have revealed.

An analysis of the VAT report obtained from the NBS showed that the amount was collected from 28 sectoral activities during the period under review.

A breakdown of the amount showed that the sum of N207.35bn was generated in the fourth quarter of 2016, while the first, second and third quarters of 2017 had N204.77bn, N246.3bn and N250.56bn, respectively.

In the report signed by the Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale, the bureau said the manufacturing sector with N115.76bn generated the highest amount of VAT revenue.

The NBS report said the manufacturing sector is closely followed by professional services and oil producing sectors with both generating N83.76bn and N47.6bn respectively.

On the other hand, the report said the mining sector generated the least VAT of N136.38m in the one year period.

Other sectors that generated the lowest VAT revenue are the local governments with N798.08m and pharmaceutical, soaps and toiletries with N1.55bn.



The report read in part, “Sectoral distribution of VAT data for Q3 2017 reflected that the sum of N250.56bn was generated as VAT in Q3 2017 as against N246.30bn generated in Q2 2017 and N196.70bn in Q3 2016.”

The framework under which VAT is administered allows the Federal Government to get 15 per cent of VAT revenue, while the states and local governments receive 50 per cent and 35 per cent, respectively.

The Minister of Finance,Mrs. Kemi Adeosun, had said that 55 per cent of the revenue generated by the Federal Government from VAT receipts was collected from Lagos State.

Adeosun, had during a meeting with progressive governors forum explained that the balance of 45 per cent are generated from the remaining 35 states of the Federation and the Federal Capital Territory.

Giving a breakdown of the receipts from VAT, she said while Lagos accountedfor 55 per cent of VAT revenue, 20 per cent came from the FCT.

http://punchng.com/fg-makes-n909bn-from-vat-in-one-year/

3 Likes 1 Share

Re: FG Makes N909 Billion From VAT in 2017 by Nobody: 10:31pm On Jan 11
Lagos contributed over 450 billion to VAT in 2017 and yet we don't get Special Status undecided

28 Likes 1 Share

Re: FG Makes N909 Billion From VAT in 2017 by bloodmoneyspita: 10:40pm On Jan 11
how much did the north contribute?

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Re: FG Makes N909 Billion From VAT in 2017 by Desyner: 10:45pm On Jan 11
Nigeria is a nation with huge potential but it is rapidly being neutralized by population even before the potential comes close to being realized.

10 Likes

Re: FG Makes N909 Billion From VAT in 2017 by Desyner: 10:47pm On Jan 11
bloodmoneyspita:
how much did the north contribute?
They can contribute but they hardly do.
Re: FG Makes N909 Billion From VAT in 2017 by Desyner: 10:48pm On Jan 11
Statsocial:
Lagos contributes over 450 billion to VAT in 2017 and yet we don't get Special Status undecided
The special status Lagos gets is that of no-man's-land. What a pity!

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Re: FG Makes N909 Billion From VAT in 2017 by Nobody: 10:53pm On Jan 11
Desyner:
Nigeria is a nation of potential that's rapidly being neutralized by population even before the potential comes close to being realized.
Lol you are right.
Me actually thinks that a less socialist drift would give Nigerians reasons not to give birth to many kids. If we continue at this rate funding higher education, healthcare would become a very very serious problem in the future.
I imagine what Lagos would have been if it had, say just 5 million people.

5 Likes 1 Share

Re: FG Makes N909 Billion From VAT in 2017 by Nobody: 11:04pm On Jan 11
Desyner:
They can contribute but they hardly do.
Sometimes I wonder how far this nation would have gone if it was just SS/SE/SW-though they have their differences but they would have fared far better together than this current arrangement. When we pull our natural, human resources and intellectual worth together we would have been on cruise right now. South Africa might even ve a learner.

I just see Northern Nigeria as a burden or yoke on the South. We would always have to drag the North along. And you know how hard it would be dragging something bigger than you forward. You would move at snail speed! If the North was smaller it would have been easier but they are to big to be redundant without pulling everyone down in all spheres.

And since we can't have a secession it is important that we create very "Independent States" where Abuja is thoroughly deemphasized and the states have their resources to each develop at its own pace.

39 Likes 6 Shares

Re: FG Makes N909 Billion From VAT in 2017 by bedspread: 11:28pm On Jan 11
Let's see the Money Work

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Re: FG Makes N909 Billion From VAT in 2017 by Jaytecq(m): 9:56am On Jan 12
so where is the money?

3 Likes

Re: FG Makes N909 Billion From VAT in 2017 by takenadoh: 9:56am On Jan 12
More money for the Aboki's for their North east commission from "haram" beer pple are drinking. Well done shocked shocked

5 Likes

Re: FG Makes N909 Billion From VAT in 2017 by yudee233: 9:57am On Jan 12
VAT should be extended to cover both cow and other commodities

12 Likes 1 Share

Re: FG Makes N909 Billion From VAT in 2017 by Franking: 10:00am On Jan 12
yudee233:
VAT should be extended to cover both cow and other commodities

They still won't pay.

8 Likes 1 Share

Re: FG Makes N909 Billion From VAT in 2017 by seguno2: 10:00am On Jan 12
Mostly collected in Lagos and other southerners on Haram alcohol for sharing and spending by mostly northerners due to their more local government areas and states.

6 Likes 2 Shares

Re: FG Makes N909 Billion From VAT in 2017 by lonelydora(m): 10:01am On Jan 12
Some APC members will be smiling at this news. 909 billion to be looted.

1 Like

Re: FG Makes N909 Billion From VAT in 2017 by chiedu7: 10:02am On Jan 12
bloodmoneyspita:
how much did the north contribute?
The Norths contribution to Nigeria are Boko Haram & Foolani Herdmen.

Statsocial:

Sometimes I wonder how far this nation would have gone if it was just SS/SE/SW-though they have their differences but they would have fared far better together than this current arrangement. I just see Northern Nigeria as a burden or yoke on the South. We would always have to drag the North along. And you know how hard it would be dragging something along you also would move at snail speed.

And since we can't have a secession it is important that we create "Independent States" where Abuja is thorough deemphasized and the state have their resources to each develop at its own pace.
Prophet no need tell u that the North is a burden to the South.

The sooner we all Unite in the South the better.

13 Likes 5 Shares

Re: FG Makes N909 Billion From VAT in 2017 by Praktikals(m): 10:05am On Jan 12
Buhari is running a very transparent government. Even JAMB under Buhari remitted more funds to government coffers than all PDP presidents put together. Sai Baba till 2023

8 Likes 1 Share

Re: FG Makes N909 Billion From VAT in 2017 by EarthXmetahuman: 10:06am On Jan 12
Monkkey dey work, baboon dey chop.

2 Likes 1 Share

Re: FG Makes N909 Billion From VAT in 2017 by crispus09(m): 10:06am On Jan 12
oga o lagos do work north sitdown dey chop it

2 Likes

Re: FG Makes N909 Billion From VAT in 2017 by iamtardey(m): 10:09am On Jan 12
ok

2 Likes

Re: FG Makes N909 Billion From VAT in 2017 by fuckbmc: 10:13am On Jan 12
yet, zero development.

smh

3 Likes

Re: FG Makes N909 Billion From VAT in 2017 by holluphemydavid(m): 10:13am On Jan 12
Statsocial:

Sometimes I wonder how far this nation would have gone if it was just SS/SE/SW-though they have their differences but they would have fared far better together than this current arrangement. I just see Northern Nigeria as a burden or yoke on the South. We would always have to drag the North along. And you know how hard it would be dragging something along you also would move at snail speed.

And since we can't have a secession it is important that we create "Independent States" where Abuja is thorough deemphasized and the state have their resources to each develop at its own pace.
agreed with u,people from dat side aint just worth it

4 Likes

Re: FG Makes N909 Billion From VAT in 2017 by Donpresh95(m): 10:16am On Jan 12
Ndị Awusa Will rush and commend the president but they will never thank God for Igbo/ Yoruba people that made this possible. God bless Igbo

2 Likes

Re: FG Makes N909 Billion From VAT in 2017 by israelmao(m): 10:16am On Jan 12
How has it better the lot of ordinary Nigerians?They keep churning out figures of proceeds made from this and that.

2 Likes

Re: FG Makes N909 Billion From VAT in 2017 by Nobody: 10:18am On Jan 12
The FG should not forget that the bulk of that sum was mined in Lagos and must do the needful in sharing it.

Re: FG Makes N909 Billion From VAT in 2017 by triple996(m): 10:18am On Jan 12
Statsocial:

Sometimes I wonder how far this nation would have gone if it was just SS/SE/SW-though they have their differences but they would have fared far better together than this current arrangement. I just see Northern Nigeria as a burden or yoke on the South. We would always have to drag the North along. And you know how hard it would be dragging something bigger than you forward. You also would move at snail speed.

And since we can't have a secession it is important that we create very "Independent States" where Abuja is thoroughly deemphasized and the states have their resources to each develop at its own pace.
After Lagos, Abuja follows with 20% generated
Before rivers, Kano, kaduna with 6,5,1% respectively
So Abuja is not north ba
Continue deceiving urself
D region with d least contribution is SE(RIVERS 6%)

4 Likes

Re: FG Makes N909 Billion From VAT in 2017 by LegendaryArnold(m): 10:18am On Jan 12
*made
Re: FG Makes N909 Billion From VAT in 2017 by ikorodureporta: 10:19am On Jan 12
All these false figures......lagos said they made N503B IGR
Re: FG Makes N909 Billion From VAT in 2017 by Donpresh95(m): 10:19am On Jan 12
Praktikals:
Buhari is running a very transparent government. Even JAMB under Buhari remitted more funds to government coffers than all PDP presidents put together. Sai Baba till 2023

Jamb zombies remitted more money because they mistakenly forget to regularise2015/2016 Private university students which made Dem to pay 2 times
Re: FG Makes N909 Billion From VAT in 2017 by Duru009(m): 10:28am On Jan 12
Where is this money oooo !
Re: FG Makes N909 Billion From VAT in 2017 by davodyguy: 10:30am On Jan 12
They made and not 'makes'

It was last fiscal year measured between October 2016 and September 2017

October 2016 and September 2017 FG made 909 billion.

This year January - December, 2018 FG may either make same amount or more than that.

Giving a breakdown of the receipts from VAT, she said while Lagos accounted for 55 per cent of VAT revenue, 20 per cent came from the FCT.

Out of 36 states, one state contributed 55%, then we are left with 45%.

Lets analyze the remaining 45%.

Out of the 45%, 20% was made from Abuja, which is not included in the 36 states.

We are left with 25%.

This means that 35 states including all Niger Delta States contributed a paltry 25%.

I'm sure from the 25%, Ogun state may have contributed 5%, meaning the other 34 states contributed 20%.

5 Likes

Re: FG Makes N909 Billion From VAT in 2017 by Wiseandtrue(f): 10:32am On Jan 12
with their multiple taxes

Milking the poor to enrich themselves undecided

No achievements beneficial to the masses

The worst regime Nigerians have witnessed so far.

That girl wey give Abacha Apple, where you dey now

2 Likes

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