{"id":1353,"date":"2017-11-01T02:24:30","date_gmt":"2017-11-01T02:24:30","guid":{"rendered":"http:\/\/nigerianews.ca\/?p=1353"},"modified":"2017-11-01T02:29:07","modified_gmt":"2017-11-01T02:29:07","slug":"nigeria-generates-n797-billion-from-vat-in-10-months-of-2017-adeosun","status":"publish","type":"post","link":"https:\/\/nigerianews.ca\/nigeria-generates-n797-billion-from-vat-in-10-months-of-2017-adeosun\/","title":{"rendered":"Nigeria generates N797 billion from VAT in 10 months of 2017 \u2013 Adeosun"},"content":{"rendered":"
\n

\"WBG-IMF<\/p>\n

October 31, 2017<\/p>\n

Agency Report<\/p>\n

The Minister of Finance, Kemi Adeosun, on Tuesday said about N797.51 billion revenue generated from Value Added Tax (VAT) between January and October was transferred into the Federation Account.<\/p>\n

Mrs. Adeosun released details of the 2017 VAT collection in a statement by her Special Media Adviser, Oluyinka Akintunde, in Abuja<\/p>\n

She said that the non-oil revenue represented 46.15 per cent of the 2017 VAT budget of N1.728 trillion.
\nShe said it also showed an increase of 19.78 per cent over the corresponding period in 2016.<\/p>\n

She 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.<\/p>\n

The lowest VAT earning of N69.20 billion was in March.<\/p>\n

From the collections, Mrs. Adeosun said that the federal government got 15 per cent of the revenue, while the states and local governments received 50 per cent and 35 per cent.<\/p>\n

Mrs. Adeosun reiterated the federal government\u2019s commitment to aggressively growing the tax revenue base to drive economic growth.<\/p>\n

\u201cRevenue mobilisation is key to national growth and critical to the success of Nigeria\u2019s economic reform agenda,\u201d she said.<\/p>\n

\u201cWe have an unacceptably low level of non-oil revenue and much of that is driven by a failure to collect tax revenues.<\/p>\n

\u201cWith 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.<\/p>\n

\u201cImproving VAT and other tax collections is key to Nigeria\u2019s revenue strategy”<\/p>\n

Mrs. Adeosun said that the country\u2019s 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.<\/p>\n

\u201cThe Nigerian Government is committed to the diversification of the nation\u2019s revenue base.<\/p>\n

Nigeria\u2019s sole dependence on oil poses enormous challenge on the economy.<\/p>\n

\u201cOil is only 13 per cent of our Gross Domestic Product (GDP) but it represents 70 per cent of government\u2019s revenue, which means if anything happens to oil, it affects everybody.<\/p>\n

\u201cThe question we need to ask ourselves is: Why is the remaining 87 per cent of GDP contributing so little to government\u2019s revenue?<\/p>\n

\u201cIf 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\u2019ll be able to maintain some level of stability,\u2019\u2019 she said.<\/p>\n

Mrs. Adeosun 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.<\/p>\n

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) were tax complaint.<\/p>\n

(NAN)<\/p>\n<\/header>\n","protected":false},"excerpt":{"rendered":"

October 31, 2017 Agency Report The Minister of Finance, Kemi Adeosun, on Tuesday said about N797.51 billion revenue generated from Value Added Tax (VAT) between January and October was transferred into the Federation Account. Mrs. Adeosun released details of the 2017 VAT collection in a statement by her Special Media Adviser, Oluyinka Akintunde, in Abuja […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[66],"tags":[],"class_list":["post-1353","post","type-post","status-publish","format-standard","hentry","category-top-news","entry"],"yoast_head":"\nNigeria generates N797 billion from VAT in 10 months of 2017 \u2013 Adeosun<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nigerianews.ca\/nigeria-generates-n797-billion-from-vat-in-10-months-of-2017-adeosun\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria generates N797 billion from VAT in 10 months of 2017 \u2013 Adeosun\" \/>\n<meta property=\"og:description\" content=\"October 31, 2017 Agency Report The Minister of Finance, Kemi Adeosun, on Tuesday said about N797.51 billion revenue generated from Value Added Tax (VAT) between January and October was transferred into the Federation Account. 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