₦airaland Forum

JAMO84:
But I booked June 15 flight for 75k, almost 50 days in advance. Someone that booked 3 days advance is 95k. Na we dey do ourselves in this country.

urobodoski419:
These price slashes are still audio chief. The disel price slashes has not reflected in pump price and transport costs. Either the retailers and drivers are greedy , or na audio price slash.

JuanDeDios:
I don't know. Seems everyone is obsessing over "Lagos to London".

The total revenue that accrued to the coffers of the government from Value Added Tax between October 2023 and March 2024 increased by 58 per cent, Saturday PUNCH investigation has shown.

This was contained in the various financial reports released by the Federation Account Allocation Committee between October 2023 and March 2024.

According to a statement issued on November 22, 2023 by the Director (Press and Public Relations) of the Ministry of Finance, Stephen Kilebi, FAAC said it shared N906.96bn among the three tiers of government for October 2023.

The committee disclosed that part of the shared funds included VAT of N347.343bn, which it said, was N43.793bn higher than the N303.550bn distributed in the preceding month.

“The Federation Account Allocation Committee at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax for October 2023 was N347.343bn, which was an increase from the N303.550bn distributed in the preceding month, resulting in an increase of N43.793bn.

“From that amount, the sum of N10.894bn was allocated for the Cost of Collection, and the sum of N10.003bn was given for Transfers, Intervention and Refunds. The remaining sum of N323.446bn was distributed to the three tiers of government of which the Federal Government got N48.517bn, the states received N161.723bn, and Local Government Councils got N113.206bn,” the FAAC stated in its November release.

Investigations by Saturday PUNCH showed that the VAT generated in November was N335.656bn, which was lower than the October estimates, but between December 2023 and March 2024, the VAT revenue steadily increased.

It was N458.622bn in December 2023, N420.733bn in January 2024, and N428.80bn in February 2024.

In a statement by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday, April 19, 2024, FAAC said the gross revenue from VAT for March 2024 amounted to N549.698bn, which was N89.210bn higher than the preceding month’s estimate.

FAAC had attributed the increase in VAT to the country’s economic growth and improved tax compliance, but a comparison of the N347.343bn VAT generated in October 2023 with the N549.698bn VAT made in March 2024 gave a difference of N202.355bn, which was 58 per cent of the October figure.

However, the Federal Competition and Consumer Protection Commission on Friday, April 19, 2024 attributed the prevailing hike in the cost of goods in the country to multiple taxations and transportation costs.

The FCCPC said it came about this after a comprehensive investigation into the factors contributing to the relentless hike in the prices of goods across the country.


The FCCPC Director, Surveillance and Investigation, Mrs B. Adeyinka, disclosed this while briefing journalists during a market surveillance to enforce prices in Masaka Markets, Nasarawa State last week.

She said the FCCPC conducted extensive interviews with marketing executives and sellers across various sectors of the country’s economy before arriving at the discovery.

“Despite government efforts to stabilise the currency, prices remain high. Our findings point to a complex web of factors, including multiple layers of taxation and transportation costs that are driving prices up,” she said.

Recall that the Federal Government in October last year hinted that it might raise VAT rates from 7.5 per cent in the medium term to probably 15 per cent as the International Monetary Fund had over time advised.

The Federal Government had said, “The VAT projections over the medium term are based on holding the rate at 7.5 per cent. Raising the VAT rate, however, remains a policy option for government to keep in view over the medium term.”

The government had at that time said it wouldn’t raise the VAT rate but would intensify efforts at improving VAT coverage and collection efficiency.

But speaking with Saturday PUNCH, a former chairman of the Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, said there was a strong connection between the increased VAT revenue and the hike in the prices of goods in the country.

He said, “Of course, there is. You know the VAT is a percentage of the price of those things. And in many cases, prices have doubled recently. For instance, if something costs N100 and the VAT is 7.5 per cent, but if the same thing is now N200, that means the VAT proceeds will double.

“It is like that for practically all products that are ‘vatable’. So, there is a very strong correlation between the increases in the prices of goods and services and the VAT revenue.

“Don’t forget that all those importations are also ‘vated’. You know the costs of imports now. All the prices have gone up. So, the VAT on all of them has increased.

“Ideally, if not that the volume of sales drop, we should be taking about close to a 100 per cent increase in VAT revenue.

However, due to the fact that the increase in price has also led to a decrease in volume, that is why we are not talking of even a higher percentage. But there is a very strong correlation between the prices and increase in VAT revenue.”

Reflect7:
it's called Ragi Mudde, and they eat it with their hands, just like us.

https://m.recipes.timesofindia.com/img/79624206/Master.jpg

favor914:
Fubara shouldn’t push his luck too much, there is always a bigger bully around the corner, no honor amongst thieves, let the FG not give Fubara the treatment Obasanjo meted out on Lagos State & Governor Tinubu.

favor914:
That is because State Assemblies have failed to react, now they Rivers State House of Assembly wants to use Mumu Fubara as the first example for local government reforms.

favor914:
Then The Federal Government should with hold Rivers State Federal allocation also?

Travellers in Nigeria may soon benefit from lower airfares following the drop in the price of Jet A1, the fuel used by airlines.

As reported by the PUNCH, the Dangote Petroleum Refinery announced on Tuesday a further price cut for diesel and aviation fuel, with the new rates set at N940 and N980 per litre, respectively.

This reduction has sparked hopes among airline representatives, travel agency leaders, and frequent travellers for a potential decrease in airfares.

The President of the Association of Foreign Airlines and Representative in Nigeria, Kingsley Nwokoma, highlighted the importance of aviation fuel in determining ticket prices.

“Normally, airfares would drop because aviation fuel is a big component. When you put all the financial components together that make up your ticket, it’s a very significant factor,” he said.

Nwokoma noted that the reduction might be linked to the presence of Dangote refinery and stressed the need for a holistic approach to understanding its impact on ticket prices.

“If truly there is a reduction in the price of Jet A1, then ticket prices must come down because Jet A1 is a major component in operational costs and the cost of tickets.”

United Nigeria Airlines spokesperson, Achilleus Uchegbu, shared similar sentiments, stating that everyone expects airfares to drop with the reduction in aviation fuel prices. “Although I do not know how soon the price drop will happen, we are hopeful,” he said.

Also speaking with the PUNCH, the President of The National Association of Nigeria Travel Agencies, Susan Akporiaye, pointed out the potential benefits of lower airfares.


“The expectation is for the fares to drop, and it will result in more people travelling, which gives my members more tickets to issue, increasing income,” she said.

Frequent air traveller and CEO of Prestige Pharmacy, Sandra Ebele, welcomed the news, noting the positive impact it could have on businesses and passenger affordability.

“As a frequent air traveller, I’m thrilled to hear about the drop in aviation fuel prices from N1,400 to N980. This should lead to lower operating costs for airlines, which could translate into more affordable ticket prices for passengers and business owners like me, which will, in turn, affect my business,” she said.

However, Ebele cautioned that reduced fuel costs might not immediately result in lower ticket prices due to other factors like demand, competition, and operational expenses.

Another frequent traveller, Ifeanyi Samuel, expressed a similar perspective, emphasizing the complexities of airline operations.


However, he is optimistic about the potential positive effect it may have throughout the industry.

“It might even inspire airlines to add new routes or increase the frequency of existing ones, which would offer greater flexibility for my business travel need.”

“Also, I’d like to add that at least I get to save more from the money I should have budgeted for a plane ticket anytime I have a business appointment,” he said

vanitybutiwanti:
you're a clown, is it right for a state governor to withhold allocation? You will learn from Rivers State, don't worry, allocations will be paid directly to lga accounts, just sit back, watch and learn.

vanitybutiwanti:
what makes it unenforceable? The problem with you guys, when you support an individual, you lose your sense of reasoning, is it right for a governor to withhold allocation of duly elected LGA Chairmen? Just imagine Tinubu withholding state allocation

NairaOcean:
The Economic and Financial Crimes Commission (EFCC) has initiated steps to retrieve the substantial school fees paid by Yahaya Bello, the former governor of Kogi State, to the American International School of Abuja. Bello, whose tenure as governor ended last year, had allegedly made an advance payment totaling $845,000 for his children's school fees. The school has offered to refund 760,000 dollars of the said amount.

Namaster:
People who watch Nigerian movies are trying.

uniquetechng:
NEPAL and which modular refineries ?
Let them sustain domestic consumption first before thinking of export.

garfield1:
It is better to give an incumbent.besides aiyedatiwa is a long time ally of tinubu

Namaster:
are STUPID and easy to manipulate. The last election was a reflection of that.

garfield1:
With aiyedatiwa,agboola has a chance.if APC had picked Barr oke,it would have been a walkover.

CheapHomes1:
if you cant spoon feed yourself, what makes you think you can spoon feed others? if you read the article, then kindly tell me how many barrels of crude oil dangote refinery refines per day

uniquetechng:
Who else will be refining for export ?

CheapHomes1:
did you not go thru the article? if you say you did then you can easily say how many barrels of crude oil dangote refinery refines per day