₦airaland Forum

ademasta:
But una depend on gas

Cos if not oil, then it is gas

Very soon, you will start hawking that your oyel and gas in Lagos holdups because the price of Oil in the international market is tending towards $0.

AgbariOjukwu1:
My friend will you shut up. Which Aba? that very dirty town that ought to be burnt to the ground.

How many places do you even know in Ogun State that you are talking sef. I have been to Aba twice before.

There is no point in ABA u would stand and not be able to count 10 factories ...u so much believe in your propaganda

Sammy07:
Jesus over 10,000.

Chimo, bia, lie small small nah.
I didn't graduate from IPOB bureau of statistics, In University of IPOB.


Or you meant 2 by 2 shops?

This one don't know ABA yes over 10,000 factories

There are over 2000 Bakery alone in ABA even ...Oga travel and stop yarning dust

mrvitalis:
This one don't know ABA yes over 10,000 factories

There are over 2000 Bakery alone in ABA even ...Oga travel and stop yarning dust

Abeq, keep your lies.
Are we counting barkeries as industries??

If Aba has over 10,000 factories, I wonder why abia IGR is low.
Probably you don't know the means of generating IGR.

Anyways, I'm talking of industries not bakery factories.
You probably counted 2 by 2 shops and block factories, pure water factories as industries

Sammy07:
Abeq, keep your lies.
Are we counting barkeries as industries??

If Aba has over 10,000 factories, I wonder why abia IGR is low.
Probably you don't know the means of generating IGR.

Anyways, I'm talking of industries not bakery factories.
You probably counted 2 by 2 shops and block factories, pure water factories as industries

U want us to declare igr so aboki would come and collect 30%

Keep declearing what u don't have to show off we would keep sharing the 30% lol
Mugu

mrvitalis:
U want us to declare igr so aboki would come and collect 30%

Keep declearing what u don't have to show off we would keep sharing the 30% lol
Mugu

Oil revenues account for nearly all government revenue – 69% in 2017.

Corporation taxes, VAT, customs, and other levies make up the rest.

States are financed in two ways:
with the funds they generate through personal income taxes and other levies – known as Internally Generated Revenue (IGR), or the money they receive from the FG every month from the Federation Account Allocation Committee (FAAC).

The local governments are also financed through a mix of allocations from the FG and IGR.

At the end of every month, the FG gathers all the money it has generated from crude oil sales, customs and taxes, and so on. 13% of any revenue made from natural resources is returned to the origin state of those resources, in line with the derivation principle.

Other deductions are made for the costs associated with collecting revenues, and the rest of the funds are shared across the three tiers of government. The FG keeps 52.68% for its budget (goes to the FCT), the states share 26.72%, and local governments get 20.60%.

Each state receives a proportion of federal revenues based on a "Horizontal Allocation Formula".

The first 40% of revenues is shared equally across the states. The rest is determined by population (30%), landmass (10%), IGR (10%) and social development factors (10%), which include things like school enrollment, number of hospital beds and most peculiarly, the amount of rainfall in the state.

Sammy07:
Oil revenues account for nearly all government revenue – 69% in 2017.

Corporation taxes, VAT, customs, and other levies make up the rest.

States are financed in two ways:
with the funds they generate through personal income taxes and other levies – known as Internally Generated Revenue (IGR), or the money they receive from the FG every month from the Federation Account Allocation Committee (FAAC).

The local governments are also financed through a mix of allocations from the FG and IGR.

At the end of every month, the FG gathers all the money it has generated from crude oil sales, customs and taxes, and so on. 13% of any revenue made from natural resources is returned to the origin state of those resources, in line with the derivation principle.

Other deductions are made for the costs associated with collecting revenues, and the rest of the funds are shared across the three tiers of government. The FG keeps 52.68% for its budget (goes to the FCT), the states share 26.72%, and local governments get 20.60%.

Each state receives a proportion of federal revenues based on a "Horizontal Allocation Formula".

The first 40% of revenues is shared equally across the states. The rest is determined by population (30%), landmass (10%), IGR (10%) and social development factors (10%), which include things like school enrollment, number of hospital beds and most peculiarly, the amount of rainfall in the state.

U are speaking grammar federal government collects 30% of all igr generated in every state

StreetFight:
Very soon, you will start hawking that your oyel and gas in Lagos holdups because the price of Oil in the international market is tending towards $0.

Smiles

mrvitalis:
U are speaking grammar federal government collects 30% of all igr generated in every state

is there any prove of that?


States are in control of their IGR.
As at 2018. (it might have changed now).

Ability of states to meet their
recurrent expenditure obligation with state-owned
revenue like value added tax, 13 percent
derivation and IGR. In terms of weight, In
was assigned 35 percent weight as it was critical
that personnel and overheads (recurrent
expenditure) of government are covered with tax
revenue and other associated revenue peculiar to
the state like 13 percent derivation paid to oil-
producing states without resorting to borrowing.
While growing states IGR by widening the
personal income tax net is ideally the path for most
states, some may use indirect tax through
increased Value Added Tax undertaking due to
socio-religious norms, political pressure and from
the policy front adopted in 1991. States with
natural resources like oil and solid minerals should
explore those resources given the socio-
economic status of most Nigerians at this time as
it gets increasingly difficult to tax already heavily
taxed people.
Alternatively, some states may keep operating
costs (like personnel and overhead costs) low to
free up more spending for social and economic
infrastructure. States like Rivers, Lagos, Delta,
Bayelsa and Edo sit on top

but you collect from federal that does depend on it right