Home Business VAT up by N9bn as FG shares half a trillion

VAT up by N9bn as FG shares half a trillion

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nec-meeting-adeosun-osinbajoKemi Adeosun, minister of finance, on Tuesday in Abuja said N510.2 billion was shared among the federal, states and local governments as revenue realised in August.

She told reporters after the meeting of the Federation Account Allocation Committee (FAAC) in Abuja that the amount is higher than the N493.6 billion shared in July by N16.6 billion.

She said that during the month, N315 billion was generated as statutory distributable revenue, a figure higher by N27.22 billion than the N287.8 billion received in the previous month.

She added that “the sum of N6.3 billion was refunded to the Federation Account by Nigerian National Petroleum Corporation (NNPC)”.

“There is a proposed distribution of N35 billion Excess Petroleum Profit Tax. Also, there was the exchange gain of N84.2 billion proposed for distribution,” she said.

Adeosun also said that Value Added Tax (VAT) was N75.9 billion as against N66.9 billion generated in July, indicating an increase of N8.9 billion.

She added that mineral revenue for the month was N158.7 billion, while that of July was N119.4 billion; non-mineral revenue for August was N156.3 billion, and that of July was N168.4 billion.

Giving the breakdown of revenue among the three tiers, Adeosun said that the federal government received N187.3 billion, representing 52.68 percent, while states got N95.0 billion, representing 26.72 percent.

Local governments, she said, received N73.2 billion, amounting to 20.60 percent of the amount distributed, while N18.4 billion, representing 13 per cent derivation revenue, was shared among oil producing states.

Crude oil export volume increased by 2.2 million barrels in May in spite of the brief force majeure declared at Qua Iboe and Bonny Terminals.

She also said that there was $109 million revenue increase in federation export sales as a result of the increase in average price of crude oil from $42.2 in April to $46 per barrel in May.

She said there was a rise in dutiable imports which contributed significantly to the increase recorded by import duty and VAT, while the balance of the excess crude account stood at 2.91 billion dollars.

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