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VAT: Lagos, Abuja generate N69.4bn of N83.2bn January revenue Ikeja

Posted by Sunmola Olalekan Private Ikeja
Price: NGN 10
Lagos State generated N50.4 billion or 60.8 per cent of total N83.2 billion generated from Value-Added tax (VAT) into Federation Account in January 2019. According to documents related to the Federation Account Allocation Committee (FAAC), Federal Capital Territory (FCT) came a distant second with N18.9 billion. Oyo State was third on the list with a VAT collection of N3.0 billion for the month. Rivers and Kano were the only remaining states that crossed the billion naira make with N1.9 billion and N1.2 billion respectively. The document, however, revealed that the Nigeria Customs Service (NCS) also contributed N21.2 billion to the VAT pool during the month under review.
Cumulatively, N205.2 billion has been generated into VAT account between January and February this year.
This is N52.1 billion short of the projected N257.3 billion for the two month period. Meanwhile, Federal Inland Revenue Service (FIRS) repoted to the FAAC meeting which held on February 27 that it recovered N47.5 billion from waivers on taxes and penalties granted to some companies. A representative of FIRS told the meeting that a balance of N was still outstanding as at January .

Source: Tribune
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