VAT

The Senate has approved the sum of N11,352,457,101.70 as year 2020 budget for the Nigeria Police Trust Fund (NPTF), the implementation of which will lapse by April 30, 2021.

The office of the Auditor-General for the Federation (AuGF) has expressed concerns over irregularities and weaknesses in financial regulations across ministries, departments and agencies (MDAs) of government, especially in the disbursement and utilisation of public funds.

From this amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government received N226.998 billion, the states N177.171 billion, the Local Government councils N131.399 billion while the oil-producing states received N26.777 billion (13% derivation) and cost of collection/transfer and refunds gulped N75.966 billion.

Nigeria civil aviation in the last one week has been receiving world commendation. The sector which was recently rated as having one of the highest number of unserviceable aircraft in the world is suddenly being seen as one with the highest potentials on the Africa continent, capable of competing with the best in world civil aviation.

The International Monetary Fund, the global financial watchdog, is projecting that Nigeria’s Dangote Refinery would provide an elixir for the country’s economy when it is completed and starts production by 2022.

Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020.

The International Monetary Fund (IMF) on Monday said the Nigerian economy is at a critical juncture, having been weakened by falling per capita income, double-digit inflation, limited buffers, significant governance vulnerabilities, and the global pandemic.

The International Monetary Fund (IMF) says that Nigeria’s outlook remains challenging and charged the federal government to urgently undertake policy adjustments.

The Federal Executive Council (FEC) yesterday approved N35 billion for the building of power station by the Nigerian Export Processing Zone Authority (NEPZA), in Akamkpa, Cross River State.

Total revenues amounting to about N2.94 trillion were generated as both Value Added Tax (VAT) and Company Income Tax (CIT) in 2020, according to the National Bureau of Statistics (NBS).

The National Bureau of Statistics (NBS) says Value Added Tax (VAT) increased by N29.98 billion from N424.71 billion generated in the third quarter to N454.69 billion in the fourth quarter, 2020 (Q4 2020).

The federal government generated N454.69 billion revenue from value-added tax (VAT) in the fourth quarter of 2020, a report by the National Bureau of Statistics (NBS) has shown.

The former SGF is answering to a 10-count charge the EFCC entered against him and however pleaded not guilty. The Prosecution alleged that the charge is bordering on diversion of funds, criminal conspiracy and official corruption before Justice Charles Agbaza, on November 30, 2020, following the demise of Justice Jude Okeke, the previous trial judge.

“The distribution is as follows: Federal Government got N23.904 billion, the States received N79.682 billion, Local Government Councils got N55.777 billion while Cost of Collection by FIRS and NCS is N6.854 billion and allocation to NEDC project amounted to N5.141 billion.”

The Government of Ekiti State has disclosed plans to purchase drones (unmanned aerial vehicles) as parts of measures to boost security surveillance, expose criminal hideouts and combat security challenges in the State.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Tuesday disclosed that out of N8.26 trillion spent on capital projects, debt servicing and payment of salaries and pensions in 2020, N118.37 billion went into COVID-19-related capital spend.

Consumers of the Liquefied Petroleum Gas, LPG, would have more domestic supply, as the Nigeria LNG Limited, has started the supply of 450,000 metric tonnes, MT in 2021.

The domestic debts owed by state governments and the Federal Capital Territory rose to N4.19tn at the end of the third quarter of 2020, with Lagos, Rivers and Akwa Ibom as the three most indebted, according to the latest data from the Debt Management Office.

Treasury chief Rishi Sunak had committed to ending the widely unpopular tax on tampons and sanitary pads in his budget in March but the change could only take effect Friday after Britain had finally left the economic orbit of the European Union.

Governor Sule, while signing the 2021 budget proposal of one hundred and fifteen billion, seventy two million naira only (N115.72bn 2021) at the government house in Lafia, Wednesday, said that the 2021 budget proposal is predicated on the National and State oil Benchmark of $40pbn, Foreign Exchange rate of N379/US$1, oil Production Output of 1.86mbn, Inflation rate of 11.95%; an average SRA of N2.9 billion monthly as well as VAT of N991.7m monthly and Exchange Gain of N185.8m monthly.

The figure was released Wednesday night by the Federation Accounts Allocation Committee (FAAC), after its December meeting held at the Federal Ministry of Finance headquarters, Abuja.

The Federal Government says its Social Housing Programme, one of the components of the National Economic Sustainability Plan (NESP), is targeted at low income earners.