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FG May Increase VAT Rate By 2.5% In 2021 - Politics - Nairaland

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#EndSARS: Sagay Says FG May Forcefully End Protests If Youths Continue / You Can’t Increase VAT, Tinubu Tells FG / Nigerian Government May Increase VAT To Fund New Minimum Wage (2) (3) (4)

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FG May Increase VAT Rate By 2.5% In 2021 by Saao(m): 8:27pm On Nov 15

Federal Government on Tuesday disclosed that it has spent N7.09 trillion as at the end of the third quarter of 2020 fiscal year, just as it unveiled plans to introduce additional 2.5% Value Added Tax (VAT) rate in 2021 fiscal year as part of efforts aimed at increasing revenue generation.

Minister of Finance, Budget and National Planning, Dr Zainab Ahmed disclosed this while presenting the overview of the 2020 fiscal outcomes and budget implementation/2021 budget defence to the House Committee on Finance, chaired by Hon. James Faleke.

According to documents presented to the Committee, as at the end of Q3 2020, Federal Government’s revenue available for budget funding (excluding GOEs) was N2.83 trillion, 70% of target. Federal Government share of oil revenues was N1.203 trillion (representing 158% performance, over and above the prorated sum in the revised 2020 budget) while non-oil tax revenues totalled N927.47 billion (76% of revised target).

Companies Income Tax (CIT) and Value Added Tax (VAT) collections were N486.68 billion and N137.03 billion, representing 79% and 64% respectively of the prorate revised targets for the period. Customs collections were N303.76 billion (78% of revised target). Other revenues amounted to N697.75 billion, of which independent revenues was N390.50 billion.

On the expenditure side, N9.97 trillion was appropriated (excluding GOEs and project tied loans), while N7.09 trillion (representing 94.7% of the prorate N7.48 trillion) was spent. Of the expenditure, N2.54 trillion was for debt service and N2.43 trillion for personnel cost, including pensions. As at end of September 2020, N873.9 billion had been released for capital expenditure.

While responding to various questions raised by the lawmakers, Dr Ahmed explained that: “Release on Service Wide Votes for two items, the first one is pension fund the second one is a support fund for universities – we have been disbursements to. On pension, we have a provision in the 2021 budget of N150 billion but will still sit down with PENCOM on how to disburse.

“Mr. President has approved that the Oronsoye report be implemented and has directed the SGF and Head of Service to carry out that process. Many agencies have come on stream and the size of government expenses has increased. The essence is to cut down expenses by fusing some Agencies and reducing the number of agencies we have.

“The 2021 budget of the Ministry of Finance is about automation to enhance the efficiency of revenue collection in the agencies. Very soon we will be. Currently, we have an automation process that enables us to capture the revenue. We have monthly reconciliation exercise in all the major agencies to confirm that the revenue as reported are complete. We set up the National Social Investment Programme, N279.10 billion has so far been released,” the Minister noted.
https://tribuneonlineng.com/fg-may-increase-vat-rate-by-additional-2-5-in-2021/

3 Likes 5 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by IME1: 8:29pm On Nov 15
Why not now
loooooooooooooooong hiss lipsrsealed

Nothing positive or citizen friendly...

Thank God my help is in the name of the Lord Who made heaven and earth not any any man not even on myself...

God alone

128 Likes 7 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by sapientia(m): 8:30pm On Nov 15
Next Level Change

When government tells you 2.5% just expect 5%

When tell you next year

Expect it this year

Liars don't usually change

58 Likes 5 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by slawormiir: 8:31pm On Nov 15
Damnnn niggarrrr
Isoright...
That won't prevent me from smoking my weed anyday anytime twice on Monday while I patiently wait to see how long i can cope with this government before I go find one Africa country go relax

45 Likes 2 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by obami007(m): 8:31pm On Nov 15
Loolz


Make we kukuma just sell this country na

3 more years to go, chai!!!

17 Likes 1 Share

Re: FG May Increase VAT Rate By 2.5% In 2021 by Luckydubby7(m): 8:35pm On Nov 15
Ok
But buhari regime shall.

3 Likes 2 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by Edopesin: 8:54pm On Nov 15
Revenue that will be channeled and used in building more and more physical infrastructure. The concept of human infrastructure is alien to the people in powers, any hiccup they are off to Europe for medicare ignoring the citizens that cannot afford such luxury

30 Likes 1 Share

Re: FG May Increase VAT Rate By 2.5% In 2021 by Nbotee(m): 8:54pm On Nov 15
Jus kuku kill us and finish us pata pata...

41 Likes 5 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by huptin(m): 8:59pm On Nov 15
See hen, this government's plan is to starve as many Nigerians to death as possible. Its their own way of reducing the population of this country, if not why would a government wake up everyday thinking of how to plunge all its citizens into poverty?

87 Likes 6 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by bsalawu: 9:02pm On Nov 15
Nooo. Pls start now!

2.5% small self.... let’s kukuma increase it by 100% to make it 15% of invoice value!


Rada rada

60 Likes 8 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by irepnaija4eva(m): 9:11pm On Nov 15
Lol...
As long as all man from the North, West, South they share the brunt of this calamity of a Government.. grin grin grin

Especially those pple from there who thought they will be immune from this atrocious government...

Just 3 more years to go.. grin grin

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Re: FG May Increase VAT Rate By 2.5% In 2021 by XXXXTENTACION: 9:29pm On Nov 15
Sai baba






sai baba till the end cool

30 Likes 1 Share

Re: FG May Increase VAT Rate By 2.5% In 2021 by otokx(m): 9:42pm On Nov 15
It appears there is an agreement that the increment should be done immediately.
Re: FG May Increase VAT Rate By 2.5% In 2021 by Rugaria: 9:48pm On Nov 15
This man is choking us... He is tightening the noose... This man wants to kill us! He is adding to our burden! If we don't find a way to push this man off, this man will suffocate us all to death.

81 Likes 6 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by tamdun: 9:55pm On Nov 15
Baba Buhari, u are a disappointment, I wonder why some southerners are still supporting Buhari, he really disappointed a lot of us who used to support him.
Am 100% sure most of the tax will come from south, the burden on South is just too much, our leaders better wake up.

48 Likes 6 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by Daddysidhan: 10:07pm On Nov 15
Buhari is truly a TERRORIST or how do we explain this madness of every month anti people policies hanhan haba kilode, se this stupid old man wan kill us ni.

42 Likes 4 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by Obagreatdatoye(m): 10:12pm On Nov 15
Nonsense regime. .contact me for your logo, flyer and banner ad. Get my contact from my signature. Thanks
Re: FG May Increase VAT Rate By 2.5% In 2021 by Agbegbaorogboye: 10:13pm On Nov 15
Buhari just dey test Nigerians' barometer grin cheesy

66 Likes 4 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by rontolo(m): 10:19pm On Nov 15
They should increase it to 10%. Buhari needs money to feed his cows

14 Likes 1 Share

Re: FG May Increase VAT Rate By 2.5% In 2021 by LordviccoDaGuru(m): 10:20pm On Nov 15
Rugaria:
This man is choking us... He is tightening the noose... This man wants to kill us! He is adding to our burden! If we don't find a way to push this man off, this man will suffocate us all to death.

4 Likes

Re: FG May Increase VAT Rate By 2.5% In 2021 by LordviccoDaGuru(m): 10:21pm On Nov 15
it's a welcome development

2 Likes

Re: FG May Increase VAT Rate By 2.5% In 2021 by Liposure(m): 10:32pm On Nov 15
This is not what we bargain for

2 Likes

Re: FG May Increase VAT Rate By 2.5% In 2021 by Morningstarrr: 12:49am On Nov 16
I’ve always maintained that, both PDP and APC are evils But the former is an evil with a conscience. The latter on the other hand, is a greater evil without an atom of human sympathy.

Choose your evil wisely

63 Likes 8 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by Moferere: 2:15am On Nov 16
Before 2023, VAT go reach like 20%
Shebi na Buhari, austerity measures grin grin grin

20 Likes 4 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by INSTANTCASH345(m): 4:25am On Nov 16
Naso . This is how corrupt government do.

Funny enough, the northerners don't pay this tax . Even their gold company is exempted from tax.

Ask Dangote to produce his last 3 years tax reports, umba ,he doesn't have.

Tinubu was the one who opened the eye of the presidency to this tax mantra in such a way that, they can impoverish more the already downtrodden citizens.

Recently I don't allow my acct to have fund at month ends else,some banks will remove over 2k as tax and other charges. Last month was hell to my bank acts.

I leave my money online these days. If I need any,I quickly withdraw from ecurrency and use.

Ads:

Let your money work for you. Trade with Instantcash with as low as $500 and make $50 weekly guaranteed.

Only serious investors should chat us up on WhatsApp/telegram @Matic_1 for a trial or instant investment.

17 Likes 3 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by joe4christ(m): 4:25am On Nov 16
I love this. Is this not what you want Nigerians
This is the change u voted for. So, shut da fvck up and enjoy this regim and then vote in another worst leader into power. Una never see anything! grin

18 Likes 1 Share

Re: FG May Increase VAT Rate By 2.5% In 2021 by 4tomandchi: 4:26am On Nov 16
When a leader is clueless the followers suffer that is the case of my Country Nigeria. God please deliver us!

1 Like

Re: FG May Increase VAT Rate By 2.5% In 2021 by obonujoker(m): 4:28am On Nov 16
Oya now.... Baba do good....

Jubril is really doing is work of destroying this country

8 Likes 1 Share

Re: FG May Increase VAT Rate By 2.5% In 2021 by Deathissweet: 4:29am On Nov 16
This people don’t think. They just jump into conclusion like women

8 Likes 2 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by MrHighSea: 4:30am On Nov 16
no jobs.
whr u wan see VAT collect.

2 Likes 2 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by persius555(m): 4:30am On Nov 16
This government ruined the economy with archaic and retrogressive policies only to run around the globe borrowing money like a junkie high on octane.

At this rate we'll be worse off than Greece after the financial meltdown.

A government that rolls out fictitious social welfare worth a billion for the masses, only to turn around and impose VAT and fuel hike running into trillions at the expense of the same masses.

Isn't this deceit? Like they say, you can't give what you don't have.

15 Likes 2 Shares

Re: FG May Increase VAT Rate By 2.5% In 2021 by Pio44: 4:30am On Nov 16
North will still suffer it more

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