That amount is more than our 2012 and 2013 budget. So what will they do with the income from oil sales?. I will not accept any excuses from GEJ for not giving us 24/7 electricity by the end of this year. They should also tackle housing problems. BRING DOWN THE PRICE OF CEMENT TO NEAR N1000.

Namiad:
it seems u are poor...is only d poor that talk they way u did.moreover,that was was how tax started..from taxing d rich nd govt seemed to make big bucks from it and d decided to tax d poor to mak bigger bucks
secondly,d govt is not transparent an accontable for d litte d hav taxed nd yet u still want them to tax more...

You have not made any sense. So because the government hasn't managed our finances properly, they should stop taxing people?

What warped logic.

First, notice that the projection in the budget was surpassed by the previous year's total and the current earnings. This produces two distinct impressions:
1.The attitude of the FG to internally generated revenue other than direct oil sales is less than satisfactory.
2.There is no assigned value for this revenue stream, it simply adds to the numbers but it has no direct bearing on capital or recurrent expenditure.
I am not an economist by profession, but this is what I understand from the continual over performance of the FIRS with respect to the collection of taxes. It is also distressing among other things, if this much revenue is collected with no clear assignment, responsibility,or relativity; this government mentioned the return of toll gates.
how exactly is tax utilized? those who opine that it is not enough must come forward with more tenable arguments other than population size, because: An amount retrieved and utilized must certainly be visible to the populace either as infrastructure, incorporated to increase per capita income, or as a source of balancing budgetary deficit.
So the question arises why borrow more funds when you are utilizing less of your internal potential ?

grafikii: U must be a mofo yourself, u didn't bother to read the post before commenting, smh, Yoruba mumu.
@topic
What do they do with the money, u guess is as good as mine

Plz is ds guy insulting himself? #justasking#

error

HNosegbe: These, FIRS said, were all pooled together into the Federal Government’s Consolidated Revenue Fund Account.



]

now that is the end of the story

grafikii: And how much did we earn from oil, yet some hat wearing mofos we keep shouting niger Delta money.

thatch just how much they get in a quarter from Oil revenue, dont be fooled,check how many millions of barrels of oil get sold in a day

Namiad:
it seems u are poor...is only d poor that talk they way u did.moreover,that was was how tax started..from taxing d rich nd govt seemed to make big bucks from it and d decided to tax d poor to mak bigger bucks
secondly,d govt is not transparent an accontable for d litte d hav taxed nd yet u still want them to tax more...

Is only the slowpoke sorry illitrate that gbagan the way u do

And who says income taxation is right in the first place? Always borrowing policies of the west and imposing it gullible person who don't know their rights. There are no income taxes in U.A.E,The Bahamas,Oman,Cayman Islands,Kuwait...The income tax law is not even found in the US constitution but the brutal and evil IRS,who's standard the devilish nigerian govt is following,brought this up in 1913 by altering the 16th amendment..copy copy country..IRS-fIRS,FDA-NAFDAC,no they have Biotechnology to poison our foods with GMOs...devils!

bleufaucon: And who says income taxation is right in the first place? Always borrowing policies of the west and imposing it gullible person who don't know their rights. There are no income taxes in U.A.E,The Bahamas,Oman,Cayman Islands,Kuwait...The income tax law is not even found in the US constitution but the brutal and evil IRS,who's standard the devilish nigerian govt is following,brought this up in 1913 by altering the 16th amendment..copy copy country..IRS-fIRS,FDA-NAFDAC,no they have Biotechnology to poison our foods with GMOs...devils!

Kill the white devils!

lol

yes we made 5trillion,the main question now is what is its implication on the Nigerian Economy?

So where is the money? God help us.

HNosegbe: My comments:

1. N5trillion is about $33billion, about 8% of the value of Apple. It's chicken change, really, for a country of 160-odd million people.

2. There is need for the Federal Government to explain to us the rationale for further borrowing when its revenue targets are being exceeded.

3. If the FG can raise such monies from taxes, what are the states doing?

4. The government should extend the tax net to cover "luxury" items such as private jets, yachts, mansions and other items of ostentation purchased by the elites. There's no reason we shouldn't slam a 40% tax rate on private jet purchases by our politicians, businessmen and pastors, for instance.

5. Specific proportions of these funds should be set aside for infrastructure and savings for the future. I expect such excess revenues to be transferred to the Sovereign Wealth Fund to ensure that something is left for our children.

You no. 1 point is innately ridiculous! How can you compare a company whose stocks and value is based on speculation to the "hard" earnings of a country? Or did you not realise that Apple within two months lost over £15bn of her worth due to speculation?

The silent point of this article is this; If taxes are truly raised and collected in Nigeria, budgetary provisions would be met and the crude earnings would sure up our reserves and our currency would regain value within 5years! Imagine, despite the slackness in the taxation system and collection of taxes, FG still rake in this much. Imagine how much FG will rake in if much effort in put into collecting 70% of the taxes due the treasury!

Oroh o! Tax officials don grow rich! I wonder how FIRS-boy got for meeting that target.

Corrupt Official don exceed their targets!! I wonder how much they made to their personal pockets.

Looters don get more money to loot!!! I wonder how much will be Farukgated from that N5trillion.


Anyway, Lion won't eat grass, no matter what!!!!

Omo_Tier1:
You no. 1 point is innately ridiculous! How can you compare a company whose stocks and value is based on speculation to the "hard" earnings of a country? Or did you not realise that Apple within two months lost over £15bn of her worth due to speculation?

The silent point of this article is this; If taxes are truly raised and collected in Nigeria, budgetary provisions would be met and the crude earnings would sure up our reserves and our currency would regain value within 5years! Imagine, despite the slackness in the taxation system and collection of taxes, FG still rake in this much. Imagine how much FG will rake in if much effort in put into collecting 70% of the taxes due the treasury!

You wanna compare earnings? Fine. Apple earned over $41 billion dollars for the FY ended September 2012 (Source). A company still earns more than our country. So what's your point?

gregg2: Nigeria is a poor country!

BACK TO SENDER.

You wanna compare earnings? Fine. Apple earned over $41 billion dollars for the FY ended September 2012 (Source). A company still earns more than our country. So what's your point?[/quote]
mehn!.how can you compare apple to Nigeria?i gikwa ahu?...on what basis?

This is indeed a great news but IMO, it also reveals the level of corruption in the system. The last time i checked, the entire 2012 budget was 4.877 trillion naira which means that this revenue from taxes should have funded completely the budget with even an excess of about 120 billion naira leaving no basis for neither deficit nor any form of borrowing to fund inexisting deficit. The entire receipts from oil sales in 2012 should therefore have been saved either in the SWF or ECA. I stand to be corrected but i think the 2012 expenditure was still based on receipts from oil sales with even a price benchmark and borrowing through issuance of bonds to fund "deficit". We therefore need to know what has happened to the 5 trillion naira tax receipt.