SAMUEL MOBOLAJI Nigeria’s nine oil-producing states earned a combined N1.51 trillion from the 13 per cent oil derivation fund in 2025, more than double the N671.92 billion received in 2024. The sharp increase underscores how fluctuations in crude oil earnings continue to reshape sub-national fiscal strength. The derivation fund, reserved strictly for oil-producing states as […]
The Federal Account Allocation Committee (FAAC) disbursed a record N22.44 trillion to the Federal Government, States, and Local Governments in 2025, marking one of the largest fiscal injections in Nigeria’s history. Data from the Office of the Accountant-General of the Federation showed that allocations rose sharply across all tiers during the year under review. The […]
The Nigeria Revenue Service (NRS) has allayed the fears of several millions of Nigerian banking population that the new Nigeria Tax Act imposes Value-Added Tax (VAT) on banking services, including electronic money transfer, fees and commission. The NRS dispelled the news of the alleged imposition as incorrect and misleading. Special Adviser on Media […]
Nigeria’s Value Added Tax (VAT) revenue for the second quarter of 2025 stood at ₦2.06 trillion, marking a 32.15 percent increase on a year-on-year basis compared to Q2 2024. This figure was contained in the VAT Q2 2025 report released by the National Bureau of Statistics (NBS) on Tuesday in Abuja. However, on a quarter-on-quarter […]
The Federation Account Allocation Committee (FAAC) says it distributed N2 trillion among the three tiers of government in July 2025. The disclosure was made at the August FAAC meeting chaired by Wale Edun, minister of finance and coordinating minister of the economy. In a statement on Friday, Muhammed Manga, director of information and public relations […]
The Federation Account Allocation Committee (FAAC) says it disbursed N1.82 trillion to the federal, state, and local governments as allocation for June 2025 — an increase of N170 billion from the N1.65 trillion shared in May. The announcement was contained in a statement signed by Bawa Mokwa, director of press at the Office of the […]
PHILIP CLEMENT, ABUJA The federal government has raked in a total of N496.39 billion from Value Added Tax in the first quarter of 2021. The said amount was disclosed by the National Bureau of Statistics (NBS). This represents a nine per cent quarter-on-quarter (QoQ) increase in VAT when compared with N454.69 billion generated in Q4’20. […]
By Rotimi Fadeyi, The Federal Government on Wednesday said there was no plan to increase taxes or Value Added Tax (VAT). Minister of Finance, Budget and National Planning, Zainab Ahmed disclosed this while briefing State House correspondents shortly after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the Presidential Villa. […]
By Philip Clement The federal government has generated N424.71 billion from Value Added Tax (VAT) in the thirdquarter of 2020 (Q3 2020). It represents an increase of 29.80 per cent from N327.20 billion in the second quarter of 2020 (Q2 2020) quarter-on-quarter (QoQ). This was contained in the sectoral distribution of Value Added Tax for […]
The lawmaker representing the Andoni/Opobo/Nkoro Federal Constituency of Rivers State in the House of Representatives, Awaji-Inombek Abiante, tells LEKE BAIYEWU about fiscal federalism and agitation for resource control, Daily Times reports. You sponsored a bill that seeks to make each state to retain not less than 50 per cent of the revenue generated from its natural resources but […]
.As FG slashes revenue projections for relevant agencies The Federal Inland Revenue Service has clarified on the recent announcement regarding charges on Automated Teller Machine (ATM) transactions as well as WhatsApp messages. Speaking to Daily Times, the Director Communications department of the FIRS, Abdullahi Ismaila Ahmad said details of the planned charges are still being […]
Lagos – Dr Zainab Ahmed, Minister of Finance, Budget and National Planning, on Friday said that Value Added Tax (VAT) increment would contribute to inflation rise, said that it would moderate over time. She further dispelled the report that the Federal Government was planning to borrow N2trillion pension funds for infrastructure development. Ahmed stated this […]
Abuja – Chairman, Senate Committee on Finance, Sen. Solomon Adeola has said that the Finance Bill was not only about Value Added Tax (VAT). He said that it was a composite bill seeking amendment in seven Acts of the National Assembly with removal of taxes for some sectors in the economy contrary to popular sentiment about […]
Taking critical looks at the Federal Government’s proposed VAT rate increase, from 5% to 7.2%, BudgIT has analysed what that “revenue uptake” would mean, and also the implications, for each state in Nigeria (assuming collection charges remain the same). ANALYSIS: 2018 Q4 Budget Implementation Report As part of its transparency drive, BudgIT has analysed the […]