{"id":18765,"date":"2017-10-31T16:06:01","date_gmt":"2017-10-31T15:06:01","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=18765"},"modified":"2017-10-31T16:06:01","modified_gmt":"2017-10-31T15:06:01","slug":"federation-account-records-n797bn-vat-revenue-ten-months-adeosun","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/federation-account-records-n797bn-vat-revenue-ten-months-adeosun\/","title":{"rendered":"Federation Account records N797bn VAT revenue in ten months \u2013 Adeosun"},"content":{"rendered":"

The Federation Account recorded\u00a0 a total revenue inflow of\u00a0 N797.51bn from Value Added Tax between January and October this year, the Minister of Finance has said.<\/span><\/p>\n

Adeosun who released the details of the VAT on Tuesday in Abuja noted that\u00a0the highest VAT collection of N86.71 billion was achieved in September 2017.<\/span><\/p>\n

She added that the sum of N84.67bn and N83.315bn were recorded in May and October, respectively.<\/span><\/p>\n

On the other hand, she explained that the month of March experienced the lowest VAT earning of N69.20bn<\/span><\/p>\n

The framework under which VAT is administered allows the\u00a0 Federal Government to get15 per cent of VAT revenue, while the states and local governments receive 50 per cent and 35 per cent, respectively.<\/span><\/p>\n

The finance minister reiterated the<\/span>\u00a0Federal Government\u2019s commitment to aggressively growing the tax revenue base.<\/span><\/p>\n

\u00a0She said,\u00a0<\/span>\u201cRevenue mobilisation is key to national growth and critical to the success of Nigeria\u2019s economic reform agenda.<\/span><\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cWe have an unacceptably low level of non-oil revenue and much of that is driven by a failure to collect\u00a0<\/span><\/p>\n

tax revenues.<\/span><\/p>\n

\u00a0\u201cWith a tax to Gross Domestic Product ratio of only six per cent, which is one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth. Improving VAT and other tax collections is key to Nigeria\u2019s revenue strategy.\u201d<\/span><\/p>\n

She said that the Federal Government would continue to collaborate with State Governments as part of its determined efforts to grow the non-oil revenue base, including raising the VAT collection to\u00a0<\/span>N100bn monthly.<\/span><\/p>\n

The government, she added, would also extend its tax compliance to the private sector as well as intensify efforts in ensuring that the Ministries, Departments and Agencies were tax complaint.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Federation Account recorded\u00a0 a total revenue inflow of\u00a0 N797.51bn from Value Added Tax between January and October this year, the Minister of Finance has said. Adeosun who released the details of the VAT on Tuesday in Abuja noted that\u00a0the highest VAT collection of N86.71 billion was achieved in September 2017. She added that the …<\/p>\n","protected":false},"author":6,"featured_media":17693,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[884,36,740,575],"coauthors":[2391],"class_list":["post-18765","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-adeosun","tag-cbn","tag-nse","tag-sec"],"yoast_head":"\nFederation Account records N797bn VAT revenue in ten months \u2013 Adeosun - National Wire<\/title>\n<meta name=\"description\" content=\"The Federation Account recorded\u00a0 a total revenue inflow of\u00a0 N797.51bn from Value Added Tax between January and October this year, the Minister of Finance has\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/federation-account-records-n797bn-vat-revenue-ten-months-adeosun\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federation Account records N797bn VAT revenue in ten months \u2013 Adeosun - 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