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Nigeria earns N103.87 bln from VAT in May, says NBS

By on September 4, 2020 0 95 Views

Nigeria shared a total of N103.87 billion generated from Valued Added Tax (VAT) among the three tiers of government in June, the National Bureau of Statistics (NBS) said late Friday.

The amount disbursed among the three tiers of government was generated through VAT in the month of May and shared through the federation accounts in June, the data showed.

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The government also released the sum of N7.09 billion to the Federal Inland Revenue Service (FIRS) as part of the cost of collecting tax revenue for the month of May, according to the report of the data agency.

Other revenue generating agencies such as the Nigeria Customs Service (NCS) and the Department of Petroleum Resources (DPR) received N5.24 billion and N1.98 billion, respectively as the cost of revenue collections, the report stated.

The Federation Account Allocation Committee (FAAC) also disbursed the sum of N547.31 billion to the three tiers of government in June 2020 from the revenue generated in May 2020.

The amount disbursed, the NBS said comprised of N413.95 billion from the Statutory Account, N103.87 billion from Valued Added Tax (VAT), N1.01 billion from Excess Bank Charges Recovered for the Month and N28.47 billion Exchange Gain Differences.

Federal Government received a total of N219.80 billion from N547.31 billion. States received a total of N152.47 billion and Local Governments received N114.09 billion.

The sum of N37.02 billion was shared among the oil producing states as 13 percent derivation fund, the report showed.

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