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Value Added Tax

National Bureau of Statistics NBS

NBS: Nigeria earned N275 billion from VAT in Q3

The country earned a total of N275.12 billion from Value Added Tax in the third quarter of this year, figures released by the National Bureau of Statistics have revealed.
The National Bureau of Statistics (NBS) said the average cost of refilling a five kilogramme (kg) cylinder of Liquefied Petroleum Gas (Cooking Gas) increased to N2,05.14 in August from N2,01.45 recorded in July.

Why federal government plans to ban consumer ownership of gas cylinders – official

The Federal Government’s plan to ban consumer ownership of Liquefied Petroleum Gas (LPG) cylinders is aimed at enhancing safety and deepening cooking gas penetration in the country, an official said on Tuesday.
President of the Senate, Ahmad Ibrahim Lawan (left) with the Senate Minority Whip, Senator Philip Tanimu Aduda, during the plenary on Tuesday, November 19, 2019. 5

Labour, OPS slam senate, federal government over finance bill

Nigeria’s Senate decision to approve 56 amendments in Finance Bill, an executive bill submitted by President Muhammadu Buhari, seeking an approval to raise tax rates payable by consumers and business entities to augment Federal Government’s declining cashflow, last week opened another pandora box of debate as to the fate of ordinary citizens when it eventually gets signed into law by the president in the days and weeks ahead.
Nigeria’s Senate on Thursday passed the Finance Bill for the third time.

Senate approves 7.5% VAT increase

The Senate passed the 56 amendments on the 2019 Finance Bill but some senators kicked against the increase in VAT during the presentation and consideration of the report of the Senate Committee on Finance.
Nigeria’s Senate on Thursday passed the Finance Bill for the third time.

Senate passes VAT increase bill

President Muhammadu Buhari on October 8 presented the Finance Bill to a joint session of the National Assembly for consideration and passage into law.
Ahmed Idris, the Accountant-General of the Federation (AGF)

Federal government, states, local councils share N702.058 billion for October

The Federal government, States and Local government Councils on Wednesday shared a total of N702.058 billion to the three tiers of government for the month of October 2019.

FEC approves N5.72 billion for NDIC projects, 12 consultancy services

The Federal Executive Council (FEC) has approved N5.72 billion for the construction of Nigeria Deposit Insurance Corporation’s (NDIC) zonal office in Bauchi and for 12 consultancy services for development of NDIC’s offices.
A lawyer walks through the compound at the Federal High Court in Ikoyi district in Lagos, Nigeria, May 8, 2018. REUTERS/Akintunde Akinleye

Tax assessment: Court fixes January 30 for MTN’s suit against AGF

A Federal High Court Lagos on Tuesday further adjourned hearing until Jan. 30 and Jan. 31, 2020, a suit filed by MTN Nigeria Communication Ltd, against the Attorney General of the Federation, over alleged N242 billion and 1.3 billion dollars import duties and withholding tax assessments.
national assembly abuja

ActionAid wants Senate or House of Reps scrapped to reduce high cost of governance

In order to reduce the high cost of governance involved in bi-cameral legislature, ActionAid Nigeria has called for the scrapping of the Senate or the House of Representatives.
ActionAid Nigeria

ActionAid advises federal government on 2020 budget, VAT, sexual harassment, others

A non-governmental and non-partisan organization, ActionAid Nigeria, AAN, Sunday, advised the Federal Government on the proposed 2020 Budget Appropriation Bill, Value Added Tax, VAT, Sexual Harassment in Tertiary Education Institution Prohibition Bill, and other national issues.
Members of the minority parties in the House of Representatives have faulted the suspension of the Minority Leader, Mr Ndudi Elumelu, and five other leaders of the caucus by the Peoples Democratic Party.

PDP caucus cautions House of Reps on 2020 budget

Members of the main opposition Peoples Democratic Party (PDP) in the House of Representatives at the weekend cautioned that the House should not rubberstamp the N10.33 trillion 2020 budget.

Guinness: VAT increase’ll impact manufacturers negatively

Chairman of Guinness Nigeria Plc, Mr. Babatunde Savage, has expressed concern over the proposed increased in Value Added Tax, VAT, rate, stating that it would negatively impact manufacturing firms in the country, increase the cost of doing business and further reduce the disposable income of Nigerians.
President Muhammadu Buhari Wednesday in Abuja administered oaths of office on members of the newly constituted Presidential Economic Advisory Council (PEAC), and also set an agenda of what they should accomplish in the shortest possible time. 4

Federal government fails to meet economic recovery targets – report

Macro-economic targets set out by the Federal Government in the Economic Recovery and Growth Plan have been underachieved, a report released by the Centre for Democracy and Development has said.
All Progressives Congress (APC) Nigeria

APC urges federal government to withhold Bayelsa’s N7 billion VAT refund

The All Progressives Congress (APC) has appealed to the Federal Government to withhold a N7billion Value Added Tax (VAT) refund to the Bayelsa State Government for people’s sake.

Minister predicts significant drop in food prices

A statement issued yesterday from the minister’s office, explained that he made these comments when he hosted a United Nations Industrial Development Organisation (UNIDO) delegation led by the Representative to the Economic Communities of West African States (ECOWAS) and Regional Director, Nigeria Regional Hub, Mr. Jean Bakole.
Ahmed Idris, the Accountant-General of the Federation (AGF)

Federal government, states, local councils share N693.529 billion for September

The Federal Government, 36 states and the Federal Capital Territory and 774 local government areas shared N693.529 billion as of September allocation disbursed by the Federation Account Allocation Committee (FAAC).
The minister of Finance, Budget and National Planning Mrs Zainab Ahmed disclosed this on Tuesday during her maiden meeting with top officials of the two merged ministries at the headquarters of Budget and National Planning in Abuja.

We will not reach 80% revenue performance for 2019 – minister

Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning, says the nation will not be able to reach 80 per cent revenue performance for 2019.
President Muhammadu Buhari on Tuesday proposed a capital expenditure of N46 billion for the Ministry of Health in the 2020 appropriation bill he submitted to the National Assembly.

Senators: 2020 budget projections unrealistic

Some senators, yesterday, dismissed projections of President Muhammadu Buhari’s N10.33 trillion 2020 budget proposal as unrealistic.

Recent Stories

Former Edo state Attorney-General and Commissioner for Justice, Barr. Osagie Obayuwana, has urged the National Assembly to repeal the law setting up the Department of State Services (DSS), saying it has outlived its usefulness.

Former Edo attorney-general urges National Assembly to repeal DSS law

Former Edo state Attorney-General and Commissioner for Justice, Barr. Osagie Obayuwana, has urged the National Assembly to repeal the law setting up the Department of State Services (DSS), saying it has outlived its usefulness.
A senator representing Ondo South Senatorial District, Nicholas Tofowomo, on Saturday condemned the re-arrest of Omoyele Sowore by the personnel of the Department of State Services inside the courtroom on Friday where Justice Ojukwu was presiding

Ondo lawmaker decries DSS court room invasion

A senator representing Ondo South Senatorial District, Nicholas Tofowomo, on Saturday condemned the re-arrest of Omoyele Sowore by the personnel of the Department of State Services (DSS) inside the courtroom on Friday where Justice Ijeoma Ojukwu was presiding.
The Nigeria Police Command in Rivers says it intercepted and arrested two fake soldiers allegedly involved in a robbery operation within new Port Harcourt GRA on Wednesday.

Police nab man for allegedly killing neighbour in Niger

The Police in Niger have arrested one Mohammed Isa, 27, of Dogon Ruwa village of Bosso Local Government Area of the state, for allegedly shooting and killing his neighbour, Umaru Abubakar, 30, with a Dane gun.

Federal government files appeal against $9.6 billion P&ID judgement

Nigeria’s Federal Government (FG) on Friday filed a new and substantive challenge in the English Courts in the ongoing fight against the vulture-fund-backed P&ID.
Thobile Mbopkwa from South Africa has emerged the champion of the IAU African Championship held in Remo on Saturday.

South Africans emerge winners of Remo marathon

Thobile Mbopkwa from South Africa has emerged the champion of the IAU African Championship held in Remo on Saturday.