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Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months - Politics - Nairaland

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It’s Unfair For Lagos, Rivers, FCT To Have 70% VAT Proceeds – FIRS Boss / Lagos, Rivers, FCT, Ogun Earned More Than Other 33 States combined 2020-NBS / Zainab Ahmed: We Have Identified Plans To Generate ₦18 Trillion Revenue (2) (3) (4)

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Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Edygrin(m): 7:45am On Dec 16
Out of the N5.718 trillion distributable Value Added Tax (VAT) revenue shared by the Federation Accounts Allocation Committee (FAAC) between January and November 2024, three states and the FCT earned N4.183 trillion as their share, leaving the remaining 33 states to share the remaining N1.534 trillion.

Based on the current VAT revenue sharing formula, Lagos State gets 42 per cent, meaning that the state alone takes home N2.401 trillion as its share during the period; Rivers State, which takes 16 per cent, got N914.88 billion during the same period, FCT with 10 per cent got N571.8 billion; while Oyo state that takes 5.2 per cent got N297.336 N285.9 billion.

The VAT sharing formula has become a contentious issue in recent times following the introduction of a new tax reform bill, which proposes radical changes to the current sharing formula.

According to the current formula, the Federal Government receives 15 per cent of VAT, states and the FCT take 50 per cent, while local governments take 35 per cent.

Of the 50 per cent meant for the states, each state retains 20 per cent of the VAT collected within its borders as derivation, 30 per cent is distributed based on the states’ population, while the remaining 50 per cent is shared equally among all the states.

According to the Presidential Committee on Fiscal Policy and Tax Reforms, this sharing formula does not take into account the fact that over 70 per cent of goods and services are consumed outside the head offices of the firms rendering those services or producing those goods but only recognises where VAT is remitted.

The new formula, which it proposes, gives Federal Government 10 per cent of VAT revenue, states and FCT, 55 per cent and local governments 35 per cent.

MEANWHILE, the Independent Media and Policy Initiatives (IMPI) has thrown its weight behind the tax reform bills currently awaiting approval by the National Assembly, hailing it as a bold move to revamp Nigeria’s economy.

Speaking during the organisation’s press conference in Abuja, yesterday, Chairman of IMPI, Omoniyi Akinsiju, emphasised the significance of the proposed legislation, stating that it was crucial for generating revenue, fostering enterprise growth, and enhancing citizens’ purchasing power.


He expressed dismay over what he called ‘unwarranted controversy’ about the reforms, particularly the VAT-sharing formula, calling it a distraction from the transformative benefits of the bills.
https://guardian.ng/news/lagos-rivers-fct-oyo-earn-n4-18tr-vat-in-11-months/

5 Likes

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by MamaOghenero(f): 8:12am On Dec 16
Visit these states and you will realize that you're in a failed country. Poor infrastructure and terrible governance. Even the Lagos miscreants claim Gbola Tinumbu built singlehandedly.

15 Likes 3 Shares

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by NairalandForumo: 8:13am On Dec 16
Hmmm
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Tayorshd87(m): 8:14am On Dec 16
Good but we want it to reflect in the current economy situation because people are really hungry.

Tinubu is on the right track but we might change the country for good if he didn't start these moves today 🤔

IF SUBSIDY IS NOT A PROBLEM THE PAST ADMINISTRATION FROM JONATHAN,BUAHRI WONT BE CHANNTING ABOUT IT.


SO ONLY TINUBU IS BOLD ENOUGH TO REMOVE BUT YET WE HAVENT BEEN SEEING THE IMPACT YET 😢

TIME IS GOING PLZ

3 Likes

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Hasino2258: 8:14am On Dec 16
hmmm
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Tayorshd87(m): 8:15am On Dec 16
MamaOghenero:
Visit these states and you will realize that you're in a failed country. Poor infrastructure and terrible governance. Even the Lagos miscreants claim Gbola Tinumbu built singlehandedly.

But if they ask u to pay vat for development u go shout bad government

27 Likes 2 Shares

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Sannisege: 8:15am On Dec 16
MamaOghenero:
Visit these states and you will realize that you're in a failed country. Poor infrastructure and terrible governance. Even the Lagos miscreants claim Gbola Tinumbu built singlehandedly.
Human beings are talking and this thing sef dey talk.

24 Likes 1 Share

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Shnew: 8:16am On Dec 16
B
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Quelme: 8:17am On Dec 16
Southern Nigeria is the Real Madrid of Nigeria!!!

9 Likes 1 Share

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by DeltaOil: 8:20am On Dec 16
Wetin dey vex me be say most VAT is not generated by the state indigenes

We all the commercial tribe of Nigeria

Nevertheless let the tax bill be passed, so that states will cut their coat to their various sizes.

1 Like

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by MamaOghenero(f): 8:21am On Dec 16
Sannisege:
Human beings are talking and this thing sef dey talk.

E pain am! cheesy

3 Likes

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by badoh(m): 8:21am On Dec 16
MamaOghenero:
Visit these states and you will realize that you're in a failed country. Poor infrastructure and terrible governance. Even the Lagos miscreants claim Gbola Tinumbu built singlehandedly.
Only insane people will believe your ranting. What have you contributed to the growth of your country except to deh attack govt every time

16 Likes 1 Share

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Skyehigher1: 8:24am On Dec 16
Ok
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by omowolewa: 8:24am On Dec 16
Okay
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by eleniyan2020: 8:24am On Dec 16
MamaOghenero:
Visit these states and you will realize that you're in a failed country. Poor infrastructure and terrible governance. Even the Lagos miscreants claim Gbola Tinumbu built singlehandedly.
focus on your state,leave another state it people said he build..

12 Likes 1 Share

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Tochitee(m): 8:26am On Dec 16
MamaOghenero:
Visit these states and you will realize that you're in a failed country. Poor infrastructure and terrible governance. Even the Lagos miscreants claim Gbola Tinumbu built singlehandedly.
But the governor buying the future of your unborn generations with kerosine in Abia is better Abi??when will water get to Enugu?

11 Likes 1 Share

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by kheny12(m): 8:26am On Dec 16
With all the earnings, only Lagos state and fct are developed. But the citizens are not enjoying the country.
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by datola: 8:29am On Dec 16
MamaOghenero:
Visit these states and you will realize that you're in a failed country. Poor infrastructure and terrible governance. Even the Lagos miscreants claim Gbola Tinumbu built singlehandedly.

You hypocrite, first take the plank out of your own eye, and then you will see clearly to remove the speck from your brother's eye

6 Likes 1 Share

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by ivandragon: 8:31am On Dec 16
One critical thing that needs to happen is the commercial exploration of natural resources across states.

The bitumen in Ondo state alone can tar all the roads in Nigeria, provide raw materials for roofing and generate massive revenue for both state and federal governments without increasing the tax burden.
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Sleekfingers: 8:31am On Dec 16
And Oyo state is like that ?
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by 004gist: 8:36am On Dec 16
Why are they pushing this narrative about VAT all of a sudden?

For ages Naija delta has produce oil n got just 13%

We want even development and that's the excuse they gave all this while soo lets stick to it.

1 Like 1 Share

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Uranos: 8:43am On Dec 16
Upon all these billions still no job,no infrastructure, hardship everywhere and all those aforementioned states looks like wilderness

1 Like

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by bobby007(m): 8:43am On Dec 16
MamaOghenero:
Visit these states and you will realize that you're in a failed country. Poor infrastructure and terrible governance. Even the Lagos miscreants claim Gbola Tinumbu built singlehandedly.
and una dey escape to those states every night

4 Likes

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by jayAjoku(m): 9:01am On Dec 16
Very good let the south continue to progress and let the north continue to sponsor terrorism and poverty and let hisbah continue breaking alcohol bottles

1 Like

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by MightySparrow: 9:04am On Dec 16
MamaOghenero:
Visit these states and you will realize that you're in a failed country. Poor infrastructure and terrible governance. Even the Lagos miscreants claim Gbola Tinumbu built singlehandedly.

You are getting certain things wrong. When we say Tinubu built Lagos, we are not saying or claiming he owns all the houses and businesses but the mechanism of human resources, political engineering, financial infrastructure,and social indices that make things work..
Aside that, there is no way you will mention Yoruba land without Oduduwa, the progenitor of all, Oranmiyan, the influencer and the that expanded the frontier of the Yoruba race, Awolowo, the architect of modern and greatness of yoruba race. He laid the foundation of what others envy today. Then Tinubu is trying to etch his name in golden plate of the great He knows, among other things, to source for leaders and doers to move things forward. Wether you like or not, he is our leader today. He is bold, strong, and resilient, and focused.

Naturally, there is nothing wrong with Nigerian's economy, by wrong people have been running it. Where we spend the most, is the most unproductive. Imagine the human lives being claimed by insurgencies in the north, imagine how much tax payers money go into curbing them. Imagine how many out of school children, future urchins and potential tools in the hands of islamists!Is Is it a Yoruba boy who is in school or learning a trade that can easily be lured into banditry? An Igbo boy serving his ọgá with a view of becoming a future business giant? Anywhere in the south, we are known for something positive.

So, Tinubu is our man, he built Lagos and still building it through those he has planted his philosophy. The north has been spending free money. Let them work, let them develop their youths and children. Without the north, Nigeria wíll be a safer and prosperous state.
Bless you

5 Likes

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Mckraz01: 9:04am On Dec 16
Tayorshd87:


But if they ask u to pay vat for development u go shout bad government

Na good government dey collect tax without noise
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by UncleAyo: 9:13am On Dec 16
There is need to modify this parasitic setup.

Each region should be ready and held responsible for their socioeconomical progression.

3 Likes

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by Kukutente23: 9:17am On Dec 16
grin cheesy grin
Interesting
After all the noise about parasites, this article is saying 4 states took over 70% of VAT allocation

I don't believe it though

It does not tally with the numbers

Besides, FCT does not get VAT allocation or has the formula changed?
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by idahme(m): 9:20am On Dec 16
DeltaOil:
Wetin dey vex me be say most VAT is not generated by the state indigenes

We all the commercial tribe of Nigeria

Nevertheless let the tax bill be passed, so that states will cut their coat to their various sizes.


Tax has nothing to do with indegenship but residents which includes indegens and non indegens. How do you even come about indegens not paying tax or most Vat generated by non indegens? Do you know what VAT is to make this assertion? Are you saying indegens don't consume goods and services in their domain?

3 Likes

Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by idahme(m): 9:26am On Dec 16
kheny12:
With all the earnings, only Lagos state and fct are developed. But the citizens are not enjoying the country.
These are the states that has enjoyed the lion share of the revenue from the country name another. If Rivers even enjoyed 10% of the revenue it has produced to Nigeria since 1960 this would have been different. Why you mentioned this two is because they have been capital for over 85 years and 34 years respectively.
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by tommy589(m): 9:27am On Dec 16
Let them implement food sufficiency programme before this new VAT sharing. I still don't know how this sharing would translate to better living standard with this wicked governors in power.
There's this morning thread on what's obtainable with 9,500 Naira in a city claimed to be the most expensive in Russia. We will need ×3 or more to buy such food items in Nigeria.
Life is going to be more meaningful if the right programmes are set up,right from the LG to encourage food production
Re: Lagos, Rivers, FCT, Oyo Earn ₦‎4.18 Trillion VAT In 11 Months by idahme(m): 9:28am On Dec 16
004gist:
Why are they pushing this narrative about VAT all of a sudden?

For ages Naija delta has produce oil n got just 13%

We want even development and that's the excuse they gave all this while soo lets stick to it.


Hahaha, if this pulls through, we in the Niger Delta will be foolish not to ask for 60% derivation from oil resources from our domain. Only my state Rivers can boost of huge VAT from the Niger Delta all other ND states will take the bullet so the best bet is to push for same thing from oil and gas derivation

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