NewStats: 3,263,732 , 8,181,188 topics. Date: Saturday, 07 June 2025 at 03:32 PM 1t2m47

@VIVIANGIST

FG Releases Breakdown of 2017 VAT Revenue For 10 Months

 FEDERAL MINISTRY OF FINANCE 

PRESS STATEMENT

TUESDAY, OCTOBER 31, 2017

Federation recorded N797bn VAT revenue in 10 months - Adeosun

…VAT is key to Nigeria’s revenue strategy

…To extend tax compliance to Private Sector


Revenue from Value Added Tax (VAT) grossed N797.51 billion into the Federation between January and October 2017, the Honourable Minister of Finance, Mrs. Kemi Adeosun, revealed on Tuesday.

The non-oil revenue represents 46.15 per cent of the 2017 VAT budget of N1.728 trillion.

It is however an increase of 19.78 per cent over the corresponding period in 2016.

The Minister, who released the details of the 2017 VAT collection on Tuesday in Abuja, said the highest VAT collection of N86.71 billion was achieved in September 2017, while N84.67 billion and N83.315 billion were recorded in May and October, respectively.

The lowest VAT earning of N69.20 billion was in March 2017.

The Federal Government gets 15 per cent of VAT revenue, while the States and Local Governments receive 50 per cent and 35 per cent, respectively.

Adeosun reiterated the Federal Government’s commitment to aggressively growing the tax revenue base in order drive economic growth.

“Revenue mobilisation is key to national growth and critical to the success of Nigeria’s economic reform agenda. We have an unacceptably low level of non-oil revenue and much of that is driven by a failure to collect tax revenues.

“With 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’s revenue strategy,” Adeosun said.

She added that the country’s revenue strategy to improve tax through the Voluntary Assets and Income Declaration Scheme (VAIDS), would lead to a broader tax base and more sustainable revenue for all tiers of government.

“The Nigerian Government is committed to the diversification of the nation’s revenue base. Nigeria’s sole dependence on oil poses enormous challenge on the economy.

“Oil is only 13 per cent of our Gross Domestic Product (GDP) but it represents 70 per cent of government’s revenue, which means if anything happens to oil, it affects everybody.

“The question we need to ask ourselves is: why is the remaining 87 per cent of GDP contributing so little to government’s revenue? If we are able to have those other revenues which are much more stable, predictable and less volatile, then if the oil price goes down, we’ll be able to maintain some level of stability.”

She assured 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 N100 billion monthly.

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 (MDAs) are tax complaint.

Released by

Oluyinka Akintunde
Special Adviser, Media & Communications to the Hon. Minister of Finance
Federal Ministry of Finance
Abuja

Via ; http://www.viviangist.ng/fg-releases-breakdown-of-2017-vat-revenue-for-10-months/

Cc; lalasticlala

Dedicating my FTC to all the hustlers out there your pocket will never run dry. Amen

Assuming the regions generating the Value added taxes were published, igbo land will surely be at the bottom. Their region is so unproductive yet they want biafra. The IGR of ogun state alone is bigger than the entire 5 south eastern states. The south west and the South south are the regions sustaining the country. Yet the Yorubas and Ijaws never talked about secession. Empty barrel truly makes the loudest noise

FTC...

Finally

OK.. What are we to do with it now?

How much came from beer and alcoholic beverage businesses?
And how much is going to alcohol forbidding states?

So?

It is interesting to know that the most civilised countries survives on tax, but we have oil as an addition and yet we are in penury and squalor. The British should not have left Nigeria.

Everyone knows that Buhari is the most transparent person we've had in a long while, just that with the way he was fronting MrIntergrity people are just looking for the least opporrunity to hurl his name in the mud and he is Slow and lackadaisical in dealing with failing of his cabinet, hence giving his opposition some ropes to hang him.

These days we get to see everything thats going on, though some things still go on under the carpet, but it is still a lot of improvement from when we never got to know jack about the things happening to our economy

Kudoz to the presidency

I no kuku understand

Good over to you wailers please note that wailing is allowed

Seen. This one na paper work sha.

Who the VAT help?

Like this will stop them from looting. Mchew

APC and lie

Thief's over to u all, go and loot us dry

gud 4 dem

ayxmania:
I no kuku understand

Seconded

Please save space for peeps who understands the breakdown abi na break up

After collecting the VAT, the so called leaders still loot it and travel abroad to save it for their great grandchildren

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A further breakdown will show that the south west contributed more than 50 percent of that figure.

This is wat I call ....ABILITY...

alright

That is a sign that your projections are not feasible, you guys need to be more feasible. All these revenue jack up in order to inflate expenditures does not make sense try to be real.

What about budget implementation and performance?

whateverkay:
Assuming the regions generating the Value added taxes were published, igbo land will surely be at the bottom. Their region is so unproductive yet they want biafra. The IGR of ogun state alone is bigger than the entire 5 south eastern states. The south west and the South south are the regions sustaining the country. Yet the Yorubas and Ijaws never talked about secession. Empty barrel truly makes the loudest noise

Funny how you don't know the meaning of VAT or the NE and NW have started consuming alcoholic

Empty figures without impact!