Index to Nigerian Newspapers

The Federation Account Allocation Committee (FAAC) disbursed N 786.161 billion in May 2023 federation account revenue to stakeholders. The Federal Inland Revenue Service (FIRS) has partnered with the Market Traders Association of Nigeria (MATAN) to collect and remit consumption tax to the informal sector. The total distributable revenue included statutory revenue of N519.545 billion, VAT revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion. The total deductions for cost of collection were N38.238 billion, while total deductions for transfers and refunds were N163.193 billion. The gross statutory revenue for May was N701.787 billion, surpassed by April's N217.743 billion. The distributable VAT revenue for May was N251.607 billion, with the federal government receiving N37.741 billion, states receiving N125.804 billion, and local government councils receiving N88.062 billion. The ECA balance stood at $473,754.57 as of June 22, 2023. The FIRS aims to improve VAT remittance by the informal sector through a new initiative called the VAT DIRECT Initiative (VDI).

The Federation Account Allocation Committee (FAAC) disbursed N 786.161 billion in May 2023 federation account revenue to stakeholders. The Federal Inland Revenue Service (FIRS) has partnered with the Market Traders Association of Nigeria (MATAN) to collect and remit consumption tax to the informal sector. The total distributable revenue included statutory revenue of N519.545 billion, VAT revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion. The total deductions for cost of collection were N38.238 billion, while total deductions for transfers and refunds were N163.193 billion. The gross statutory revenue for May was N701.787 billion, surpassed by April's N217.743 billion. The distributable VAT revenue for May was N251.607 billion, with the federal government receiving N37.741 billion, states receiving N125.804 billion, and local government councils receiving N88.062 billion. The ECA balance stood at $473,754.57 as of June 22, 2023. The FIRS aims to improve VAT remittance by the informal sector through a new initiative called the VAT DIRECT Initiative (VDI).