Index to Nigerian Newspapers

Lagos, Rivers, FCT, Oyo Earn N4.18tr VAT in 11 Months

The Nigerian Federation Accounts Allocation Committee (FAAC) distributed N5.718 trillion in Value Added Tax (VAT) revenue between January and November 2024. Three states Lagos State, Rivers State, Oyo State, and the Federal Capital Territory earned a combined 4.183 trillion Naira—with Lagos receiving 2.401 trillion Naira, Rivers getting 914.88 billion Naira, the Federal Capital Territory receiving 571.8 billion Naira, and Oyo State getting 285.9 billion Naira leaving the remaining 33 states to share 1.534 trillion Naira under a current sharing formula where the Federal Government gets 15 percent, states and the capital territory take 50 percent, and local governments receive 35 percent, while a new tax reform bill proposing to adjust these shares to 10 percent for the Federal Government, 55 percent for states and the capital territory, and 35 percent for local governments has sparked debate, though Independent Media and Policy Initiatives Chairman Omoniyi Akinsiju strongly supported the proposed legislation in Abuja as a vital move to revamp Nigeria's economy.

CHIBUEZE, Joseph, Agbajileke Owede & Adegoke Johnson | 1.Revenue sharing--Nigeria 2.Taxation--Law and legislation | Guardian | Monday, December 16, 2024